Digital-only banks are redefining retail banking in major markets around the world. Spurred on by consumer frustrations with incumbents and growing willingness to use digital channels for accessing financial services, these tech-savvy players have acquired customers at pace and ramped up pressure on established firms.
In the US, these challengers got off to a slower start than elsewhere, especially compared with Europe. But they’ve begun gaining traction in the last year.
One of the most unique players at the forefront of this disruption, though, is challenger brand Marcus, launched not by a startup, but by Wall Street giant Goldman Sachs.
To understand why Goldman launched Marcus and how it’s disrupting retail banking in the US, Insider Intelligence spoke with Omer Ismail, US head of consumer digital finance in the Americas for Goldman Sachs. From this discussion, we created a full case study on the challenges, strategies, and results of Marcus’ launch.
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