Goldman Sachs is sending its online lending business “Marcus” to the UK after hitting a $2 billion milestone for the initiative last year. The bank has seen steady improvement in its online performance over the past couple years, but the expansion of Marcus could mean the difference between breaking even and breaking through on the digital front.
Though Marcus will only offer savings accounts in the UK for now, it was launched in 2016 as an online savings and fee-free loans service for the masses. And perhaps more specifically, millennials, for whom Goldman Sachs has been molding its tactics to for some time now. For example, the bank cultivated a deft content and paid media strategy on LinkedIn and Twitter, securing the highest share of voice out of all brands tracked in Gartner L2’s Digital IQ Index: Financial Services. In the financial sector, these two platforms center on recruitment and retention and brand-building and communication respectively—ideal for millennials, who are set to make up 75% of the workforce by 2025.
By putting effort into creating content that resonates with customers on social platforms such as LinkedIn and Twitter, Goldman Sachs was able to successfully address fallout from the financial crisis of 2008, while other prominent financial institutions turned toward advertising to cast their brands in a more positive light. Similarly, the expansion of Marcus can help strengthen customer connections while also fostering a larger community.