How Many Customers Does Marcus By Goldman Sachs Have

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How many customers does Marcus by Goldman Sachs have? This is a question many people ponder as they consider an online savings or lending platform. Marcus, the consumer banking arm of investment banking giant Goldman Sachs, has seen significant growth since its launch. While exact real-time numbers can fluctuate, here's a comprehensive look at what we know and how to understand their customer base.

Let's dive in and unravel the customer numbers of Marcus by Goldman Sachs, and what factors contribute to them!


Understanding Marcus by Goldman Sachs' Customer Base: A Step-by-Step Guide

Marcus by Goldman Sachs has strategically expanded its reach since its inception, attracting a broad spectrum of customers interested in its digital banking solutions. Understanding their customer numbers involves looking at various components of their offerings.

How Many Customers Does Marcus By Goldman Sachs Have
How Many Customers Does Marcus By Goldman Sachs Have

Step 1: Get Ready to Explore Marcus's Reach!

Are you curious about the scale of Goldman Sachs' venture into consumer banking? You're in the right place! Marcus has become a noteworthy player in the online banking space, and its customer count reflects its success in attracting users with competitive rates and a streamlined digital experience.

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Step 2: Decoding the Numbers - What We Know

It's important to note that publicly released figures for Marcus's customer base can vary depending on the specific product line and the reporting period. However, we have several strong indicators of their impressive growth.

Sub-heading 2.1: Overall Customer Count

As of April 2022, Marcus by Goldman Sachs, combined with relationships built through the Apple Card, was serving more than 13 million customers across its various offerings in the United States and the United Kingdom. This represents a substantial increase from less than 10 million in late 2021.

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More recently, as of May 2024, Marcus's deposits platform alone serves over three million customers globally and holds well over $100 billion in consumer deposits. This indicates a strong and dedicated base of savers.

Sub-heading 2.2: Early Traction and Growth Milestones

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  • Initial Launch (2016): Marcus was launched by Goldman Sachs to address consumer pain points with traditional banking, focusing on simplicity and transparency.

  • Rapid UK Expansion (2018): Within just 40 days of opening in the UK, Marcus attracted a landmark 100,000 customers, opening a new account every 35 seconds. This demonstrated significant consumer demand for their offerings.

  • Acquisition Impact: In April 2018, Goldman Sachs Bank USA acquired Clarity Money, a personal finance management app, welcoming over one million Clarity Money customers to the Marcus family. This was a strategic move to boost their customer base.

  • Apple Card Partnership (2019): A major driver of Marcus's customer growth has been its partnership with Apple for the Apple Card. This collaboration significantly expanded Goldman Sachs' reach into consumer lending. The Apple Card accounts for a large portion of Marcus's overall customer figures.

  • GreenSky Acquisition (Announced 2022): Goldman announced the acquisition of GreenSky, a home improvement lending platform, expecting it to generate an additional one million Marcus customers a year. This further illustrates their commitment to expanding their consumer reach.

Step 3: Factors Influencing Marcus's Customer Acquisition

Several key factors contribute to Marcus's ability to attract and retain a large customer base.

Sub-heading 3.1: Competitive Rates and No Fees

Marcus is well-known for offering high-yield online savings accounts and Certificates of Deposit (CDs) with competitive interest rates and no monthly fees. This appeals to consumers looking to maximize their savings without incurring unnecessary charges.

Sub-heading 3.2: The Goldman Sachs Brand Appeal

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Despite its digital-only nature for consumers, Marcus benefits significantly from the 150+ years of expertise and trust associated with the Goldman Sachs name. This heritage provides a sense of security and reliability that can be particularly appealing in the financial sector.

Sub-heading 3.3: User-Friendly Digital Experience

Marcus emphasizes an intuitive digital experience through its website and mobile app. This focus on simplicity and ease of use aligns with the preferences of modern consumers who prioritize convenient online access to their financial tools.

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Sub-heading 3.4: Product Diversification and Partnerships

Beyond savings, Marcus has diversified its product offerings to include personal loans and, notably, the Apple Card. These varied offerings, along with strategic partnerships, allow Marcus to cater to a wider range of financial needs and attract different segments of the market.

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Sub-heading 3.5: Customer Satisfaction

Marcus has been recognized for its customer satisfaction. For instance, in May 2024, Marcus Online Savings Account was named #1 in Customer Satisfaction with Savings Accounts in the J.D. Power 2024 U.S. Direct Banking Satisfaction Study. High customer satisfaction often leads to positive word-of-mouth and continued growth.


Step 4: The Future of Marcus's Customer Base

While Goldman Sachs has made some strategic shifts regarding its broader consumer banking ambitions (e.g., selling GreenSky and exploring options for the Apple Card partnership), it remains committed to the Marcus Deposits platform. This focus suggests a continued effort to grow its base of savings and CD customers. The introduction of new products like a Marcus checking account (which was being piloted with employees in early 2022) could further expand its customer reach in the future.


Frequently Asked Questions

Frequently Asked Questions (FAQs) about Marcus by Goldman Sachs Customers

Here are 10 related FAQ questions, all starting with "How to," along with their quick answers:

  1. How to find the most up-to-date customer numbers for Marcus by Goldman Sachs?

    • Quick Answer: The most accurate and recent figures are typically found in Goldman Sachs' quarterly earnings reports, investor presentations, or official press releases. Financial news outlets also report on these figures.

  2. How to become a customer of Marcus by Goldman Sachs?

    • Quick Answer: You can become a customer by opening an Online Savings Account, a Certificate of Deposit (CD), or applying for a personal loan directly through their website or mobile app.

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  4. How to contact Marcus by Goldman Sachs customer service?

    • Quick Answer: Marcus offers customer support via phone and online chat, often with 24/7 availability for savings account inquiries.

  5. How to open a high-yield savings account with Marcus?

    • Quick Answer: Visit the Marcus by Goldman Sachs website, click "Open an Account," and follow the online prompts to provide your information and link an external bank account.

  6. How to transfer money into a Marcus account?

    • Quick Answer: You can transfer funds electronically from a linked external bank account, set up direct deposits, mail a check, or send a domestic wire transfer.

  7. How to check my Marcus by Goldman Sachs account balance?

    • Quick Answer: You can check your balance by logging into your Marcus account on their website or through the Marcus mobile app.

  8. How to close a Marcus by Goldman Sachs account?

    • Quick Answer: You typically need to contact Marcus customer service directly by phone or secure message to initiate the account closure process.

  9. How to apply for a personal loan with Marcus by Goldman Sachs?

    • Quick Answer: Visit the personal loans section of the Marcus website and complete their online application, which will involve providing financial details for a credit assessment.

  10. How to utilize the Marcus by Goldman Sachs mobile app?

    • Quick Answer: The app allows you to schedule transfers, review transactions, track earned interest, and manage your accounts on the go.

  11. How to benefit from the competitive rates offered by Marcus?

    • Quick Answer: By depositing your savings into their high-yield online savings accounts or CDs, you can earn significantly more interest compared to traditional bank accounts.

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Quick References
TitleDescription
bloomberg.comhttps://www.bloomberg.com
businesswire.comhttps://www.businesswire.com
goldmansachs.comhttps://www.goldmansachs.com/careers
bbb.orghttps://www.bbb.org
spglobal.comhttps://www.spglobal.com

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