![]() In 2018, I came over and joined the Marcus product team, which has been a terrific opportunity. I was really inspired by the vision of building out a personal financial management tool that would help empower customers to take control of their financial lives and be champions of their money. And from there, I joined the Clarity Money team. I worked at American Express for about a decade, building products and features for their consumer and small business division. Most of my career has been in personal finance. The following excerpts were edited for clarity. Subscribe: Apple Podcasts I SoundCloud I Spotify I Google Podcasts Building the Marcus brand: Goldman’s 2021 vision for its consumer banking product.“Our ambition is to grow out the product set that's there, including in 2021, seeing checking and a wealth module to again grow out that platform in a more profound way.” “The long-term objective of what we're setting ourselves to do in consumer is to create a complete business that has a very robust platform on which millions of consumers will be able to control their financial destiny either through their own balance sheet or cash flow,” said Stephen Scherr, chief financial officer at Goldman Sachs, speaking at the Bank of America Merrill Lynch Future of Financials Conference this month. ![]() The bank has fully integrated the capabilities of the Clarity Money app, which it acquired in 2018. With personal loans, savings accounts, and Marcus Insights, its personal finance analysis tool, Goldman is building a comprehensive product suite. Marcus by Goldman Sachs, which launched four years ago, had $96 billion in deposits as of the third quarter of 2020. The acceleration of digital banking that took hold during the pandemic allowed for continued adoption of Goldman Sachs’s consumer banking product suite.
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