The new digital checking accounts will launch for Goldman’s Marcus clients later this year, though there is no word on the exact timing.
Marcus currently offers limited consumer banking tools, including savings, certificates of deposits, and loans. The bank also partnered with Apple in 2019 to serve as the banking partner behind the Apple credit card. Expanding into checking accounts will help Goldman Sachs diversify from its traditional investment banking offerings and move further into the everyday financial lives of consumers.
Goldman’s expansion into checking accounts comes as no surprise. The bank announced its intentions in February of last year. And the partnership with Marqeta is a logical one. The California-based company offers a tech-forward approach and counts fintechs such as Square and Klarna among its clients.
[Jim Marous:] “In the future, the Marcus brand will only grow… With the addition of wealth management and eventually checking accounts that are 100% supported by a mobile app, financial institutions of all sizes should take note of the potential for Goldman Sachs to be a major player in the marketplace…”