Marcus, the digital-only bank offered by Goldman Sachs (NYSE:GS), has launched a new service to generate more value for its users. According to a note from the firm, Marcus Insights will enable users to link external accounts from thousands of institutions to get personalized insights on an individual’s financial situation.
Marcus Insights will allow users to see different checking, savings, loan, retirement, and investment accounts side by side with the Marcus account.
Insights will also feature spending data that helps to highlight where you are spending your money – or how you are saving it.
The service is available now for iOS users with the Android version coming soon.
Other Fintechs have sought to accomplish the same as Marcus Insights but Marcus benefits from a solid amount of deposits in both the US and the UK.
Marcus is one of a couple of digital-only banks in the US that holds a charter. The retail-focused app is a key part of Goldman’s strategy to leverage its deep expertise in wealth management as it scales the platform. As of June 2020, Goldman Sachs reported $91.74 billion in consumer deposits.