Bank

Goldman tries to appeal to regular people with the "buy, learn, apply" strategy

Thursday, September 17, 2020 by Robinhood Snacks | Disclosures

Jordan Belfort has left the chat... Wall Street OG Goldman Sachs is known for investment banking and underwriting IPOs (all while smoking cigars in the Hamptons). Its clients are mostly companies, governments, and billionaires — not retail customers like us. But Goldman has been trying to get more consumer-y and #relatable:

  • Marcus: Goldman's brand for regular people. The website launched in 2016 with savings accounts and loans. Goldman finally shipped an app in 2020.
  • Clarity Money: The personal finance app Goldman bought in 2018 for $100M. It helps you track your Trader Joe's sprees and subscription spend (so relatable).
  • Marcus Insights: The free financial management tool Goldman just launched in its Marcus app. You link your other bank accounts to get a full picture of your finances (yep, like Mint).

Lizzie McGuire has joined the chat... For existing Marcus customers, the Insights tool is a value-add. Once Marcus makes it available to non-customers, it can use it as a growth strategy. Marcus could also leverage the info it gains on your spending habits from linked accounts to target you with other products. Next up on its retail roadmap: checking accounts and investing.

THE TAKEAWAY

It's the "buy, learn, apply" acceleration strategy... Goldman could've built a tool like Clarity money itself, but buying it accelerated its roadmap to #relatability. Also: Goldman didn't want to build a whole product from the ground up without knowing if it would succeed. Now it's using its learnings from Clarity to launch insights in Marcus.