Goldman Sachs wants to offer savings accounts in Germany
Goldman Sachs relies on new customer segment
In the past, Goldman Sachs was known primarily as a bank with a focus on key accounts. Thus, the German market was mainly processed by the Frankfurt Messeturm and put a special focus on DAX companies and professional investors. However, the European leader of the company, Richard Gnodde , now announced a change of strategy. The publication of the new online banking platform "Marcus" will now also target the German retail banking market. At the beginning, especially savings accounts are to be offered for the conquest of the mass market.
In general, the German market is described as particularly difficult, since it is dominated by savings banks and cooperative banks. Despite a shrinking number of branches - the shrinkage was six percent, according to Bloomberg - these established financial institutions account for two-thirds of the market as a whole.
Marcus - the platform for private investors
Behind the name Marcus hides the new online platform of Goldman Sachs, which was developed especially for private customers. The name of the platform is based on the founder of the company, Marcus Goldman. When the platform was launched in the US in 2016, the offer mainly included consumer credit . Subsequently, additional savings accounts were offered, which offered a return of 1.6 and thus offered a better interest rate than the market . Already in June, the new platform will be published on the British market. In the first step, the savings accounts are published in order to subsequently implement an extension to the private customer loans. The lending business is scheduled for 2019 . So far, Goldman Sachs has not yet announced a timetable for the German market launch.
Apple credit card is intended to attract new customers
The stagnating advisory business is causing weaker growth at Goldman Sachs , with the focus on private clients . In particular, the young and mobile clientele is in the focus of the company . The older clientele, on the other hand, relies on expensive branches , which, however, do not appear in the company's expansion plan. Since the founding of the bank, it has specialized in the financial market and wealth management of wealthy clients. Now the elitist financial institution is opening the door to new investors, taking a step that many banking experts consider necessary . Above all, these new customers should ensure that the profits climb again to new highs.
The recent cooperation between the bank and Apple should be a particular growth driver. According to Goldman Sachs will publish an Apple credit card , which in turn could attract millions of new customers to the platform Marcus . Apple wants to use the credit card to enter the financial market and offer customers a way to finance new equipment.
Despite the development of the retail market , the bank still wants to pursue a selective business policy. The market is nearing the end of low interest rates and rising interest rates could increase credit risk . According to Gnodde, the bank will focus on European private clients with a good credit rating . Customers with a bad credit rating are therefore not advised as potential customers .