Last updated on June 9th, 2019 at 08:01 pm
Goldman Sachs fintech consumer bank has been launched in Britain, dubbed Marcus.
It is a digital consumer savings platform meant for its own staff, it’s expected to extend to the public in the coming days, report has said.
Apart from wider adoption of fintech by countries around the world, corporate firms are also using technology to drive marketing and sales.
Goldman Sachs’ fintech consumer bank has been operating in the United States since 2016, accumulating more than $20 billion in deposits.
The move is part of Goldman’s target aimed at diversifying “its sources of funding and compete with rival U.S. lenders that have full retail banks,” reuters report says.
Goldman Sachs’ fintech consumer bank according to release by the financial giant will be offering an online savings account to customers in Britain, and help the company grow its consumer business.
Other firms that have been operating digital consumer saving account include HSBC and Barclays, and Atom Bank and Tandem, startup digital players in the industry.
We also learned that Goldman is making further moves to expand its consumer bank through acquisitions or buying a traditional lender.
The U.S. bank is not a novice in consumer banking and financial analysts predicted that acquiring a big retail lender “would help even out volatile results from businesses such as trading and investment banking,” reuters said.
Banking and fintech are inseparable as most banking activities have gone digital.
It would re recalled that a Kenyan holding recently said it’s partnering with other banks in Ethiopia with the aim of building on cross border mobile payments, using fintech.