YouTube/Marcus by Goldman Sachs
- Goldman Sachs is revamping GS Bank, its online retail banking service.
- GS Bank will be rebranded as "Marcus by Goldman Sachs," and offer a new mobile experience for users, according to an email sent out to customers by the US Bank.
Goldman Sachs is revamping GS Bank, its retail online bank aimed at Main Street.
The US bank sent an email to customers of GS Bank Thursday, saying the bank was rebranding the service to "Marcus by Goldman," was improving the "mobile experience," and would soon roll out tools to "improve your financial wellness." The bank is also rolling out a chat function where users can communicate with "savings specialists."
"Our brand name change and website enhancements will be ready in December," the bank wrote in the email alert. "For now, continue to access your account at GS Bank."
It's not clear if the new mobile experience is referring to a revamped mobile site or a possible app for GS Bank. The bank was earlier this year recruiting mobile developers to work in its Consumer Finance Technology division and build a "best of breed platform that is both elegant and powerful" for its "all digital retail bank."
GS Bank was launched in April 2016 as part of Goldman's effort to expand its footprint in retail banking. It offers customers a 1.30% interest rate on their deposits, which can be as low as $1, as well as 12 month- and 5 year-term CDs. The retail platform has $15 billion in deposits, according to a Goldman Sachs presentation.
Here are some shots from the email GS Bank sent to clients Thursday:
Goldman said it will offer the same rates, access, and level of customer service.
But it will improve a number of aspects, including a new chat feature for its mobile platform.
The bank said the revamped retail bank will offer new tools "to help improve your financial wellness."
See the rest of the story at Business Insider