Finance

Goldman Sachs made Marcus Insights available to anyone, including consumers who aren’t existing customers

  • Goldman Sachs has made its Marcus Insights tools available to anyone.
  • This move carries the dual benefit of boosting the Marcus app’s usefulness for existing clients and potentially driving customer acquisition.
  • Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about subscribing here.

The free suite of personal finance management (PFM) tools dubbed Marcus Insights is now available to any iOS, Android, or web user, regardless of whether they are a customer of Goldman Sachs’ digital-only offshoot, per an email sent to Insider Intelligence.

Goldman Sachs' consumer and wealth management net revenues

Goldman Sachs makes Marcus Insights tools available to anyone.
Business Insider Intelligence

This marks an expansion from the initial September rollout to only Marcus customers on iOS. Users need only link their external bank accounts—including checking, saving, brokerage, or retirement accounts, among others—to create a dashboard of their finances and get insights into their spending per month; across categories like shopping, dining and drinks, and home; and, for iOS users only, with their most frequented merchants.

This enhanced PFM functionality could greatly increase the utility of the Marcus app for existing savings account or loan users. Marcus’ flagship products are a high-yield savings account and personal loans of $3,500–$40,000, and its app was previously meant for little besides managing those accounts—like viewing account balances or making transfers.

But now with the wider launch of Marcus Insights, existing savings or loan customers can choose to aggregate their external account information and use Marcus to stay on top of their entire financial lives. This could drive engagement with Marcus and boost the app’s importance to its users’ lives, provided that customers like Marcus Insights better than the PFM options offered by their other primary bank or by fintechs that focus only on PFM tools, like Mint.

Offering Marcus Insights to noncustomers for free is also a bold customer acquisition strategy that could draw new clients into the Marcus fold. The features could attract consumers who currently don’t have access to PFM tools that meet their needs or who are looking for a way to manage and view their financial accounts from a centralized hub.

And once those customers are using the Marcus platform to stay on top of their financial lives, the digital bank will have ample opportunities to cross-sell them on products like its high-yield savings account, or its upcoming checking or brokerage accounts, potentially driving revenues as well as engagement.

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