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22.11.2018

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    Marcus by Goldman Sachs

    Goldman Sachs

    Savers in the UK have faced low interest rates for a decade. Marcus by Goldman Sachs was launched with an innovative thought: savers deserve better. Thanks to 149 years of heritage and the latest tech, we were able to launch an easy-access savings account with a market leading rate.

    What customer problems did you set out to solve?

    Consumers had lost interest in savings. The prevailing impression was that no good rates were available*. Even savvy savers who inspected the Best Buy tables found better deals came with a lot of small print. Our research found most UK adults want to save, but a quarter do not even have a savings account*. That's where we spotted an opportunity. We could offer consumers the benefit of our financial know-how as an online-only account, resulting in efficiencies that we could pass to our customers in the shape of a consistently competitive interest rate. *Research: Opinium, 5K adults, June 2018

    What differentiates your proposition from other offerings in the market?

    First and foremost it's our interest rate: 1.5% AER which at launch topped the table for easy access online accounts. Our commitment to be consistently competitive reassures that this is no here-today, gone-tomorrow offer. Another key differentiation point is simplicity. The account is easy to set up online with a matter of clicks. Money is simply transferred in and out from a single nominated account. There are no fees or charges associated with the Marcus account. Customer support is available from a UK-based call centre who are helpful and friendly. All our team are trained to answer calls, up to and including our MD. And we are part of Goldman Sachs - consumers know they are investing in a bank with 149yrs of heritage and expertise

    What impact has the proposition had? For example - in the industry, on your customers or commercially within the business.

    • A week after launch, we had signed up an expectation-beating 50,000 customers.
    • We have been endorsed by industry figures Money Saving Expert Martin Lewis and Which?
    • And perhaps our biggest sign of success is that we have kick-started interest rate competition in the easy-access savings market.

    What’s next for your proposition?

    We are looking to bring the same simple and innovative thinking to other financial services products. Initial positive reaction to Marcus by Goldman Sachs has inspired us to think of other ways to put our financial know-how and cutting-edge tech hard to work for UK customers. Watch this space!

    Find out more about Marcus by Goldman Sachs here

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