Bazar Money Transfer的动态

Goldman Sachs has announced its decision to sell its Marcus Invest digital investing accounts to Betterment, marking a notable pivot in its consumer banking strategy. Initiated in 2021, Marcus Invest was designed to enhance Goldman’s retail banking presence, offering automated investment services tailored to individual risk profiles and timelines. ?? Goldman's Focused Retreat This move is part of Goldman's broader strategy to retreat from certain consumer banking aspects while reinforcing others. Despite stepping back from ventures like Marcus Invest and its credit card deal with Apple, Goldman remains committed to its Marcus Deposits platform, boasting over three million customers and managing over $100 billion in consumer deposits. ?? Betterment’s Growing Footprint As the largest independent digital investment advisor in the US, Betterment will absorb Marcus Invest's customer base and assets under management. Sarah Levy, CEO of Betterment, expressed enthusiasm for welcoming new customers and supporting their investment journeys with Betterment’s robust technology platform. ?? This transition reflects a strategic realignment within Goldman Sachs, focusing on areas where it can best leverage its strengths, and allowing Betterment to expand its service offerings in the digital investment space.

Exciting update for Corporate Members: updated Marcus by Goldman Sachs profile now live in the members area: https://lnkd.in/dtURADYt Launched in 2016, Marcus marked Goldman Sachs' bold entry into the retail and consumer banking markets. By leveraging Goldman Sachs' financial expertise and cutting-edge technology, Marcus offers competitive and user-friendly banking products. Initially focused on personal loans and high-yield savings accounts, Marcus has since expanded to include #CDs and investment management through #MarcusInvest. Marcus has always been a challenger brand with innovative and consumer-centric approaches. Key partnerships with Apple and Amazon have fortified its position in the digital ecosystem. Recent strategic shifts include the sale of personal loans and the transition of Marcus Invest customers to Betterment. Despite these changes, Marcus remains committed to its high-yield #savings platform, serving over three million customers and holding over $100 billion in consumer deposits. Key highlights ?? Fee-free proposition: no origination fees, prepayment penalties, or late fees on loans. ?? Competitive savings rates: high interest rates on savings accounts and CDs, including no-penalty CDs. ?? Customer-centric services: dedicated onshore call centers and a wealth of educational content on personal finance. ?? Technological and strategic innovations: ongoing investment in advanced digital technologies and strategic partnerships to enhance user experience. Corporate members can now access the full updated profile to explore more about this dynamic digital player: https://lnkd.in/dtURADYt #MarcusByGoldmanSachs #BankingInnovation #FinancialServices #CInnovation #FintechInsights #FintechInnovation #DigitalBanking #FinanceInsights #BankingRevolution #DigitalTransformation #BankingInnovation #FinancialGrowth #Finance #Banking #NeoBanking #FinancialServices #Fintech #BankingNews #TechInFinance #FinancialNews

Goldman Sachs is about to feel the heat as the Consumer Financial Protection Bureau (CFPB) prepares a hefty penalty—over $50 million—for its troubled consumer lending initiatives. The core of the issue? Persistent service failures with the Apple Card, from delayed refunds to inefficient billing systems. This situation underscores a significant shift in strategy for a bank long synonymous with investment banking and wealth management. With over $6.5 billion in losses since 2020, it’s clear that consumer lending has become a costly detour. As Goldman pivots back to its strengths, traditional banks must learn a vital lesson: in an era dominated by agile fintech, ignoring customer experience is no longer an option. Will the banking giants adapt, or will they continue to lag behind? The road ahead will determine if they can reclaim their competitive edge in a rapidly changing landscape.

Morgan Stanley recently selected Wise to facilitate its foreign exchange international settlement capabilities for its corporate customers. This is a situation where I think we should shed light on how smaller institutions can look to provide this capability for their clients. Not solely for major institutions like Morgan Stanley. As a fintech, Wise should be open to all banks that want to work with it. I do think there is a phenomenon where, as businesses grow and diversify their geographic reach, they develop a need for cross-border payments that did not exist before. Rather than looking to their current bank to provide them, they sign up with a larger bank that is known for having a global footprint. If a smaller institution acquires this capability in advance of it being explicitly demanded, it can hang on to some of those clients that would otherwise switch. In this way, providing cross-border payment capability is an important defensive move – apart from any additional revenue it might bring in. While I’m optimistic about the role that stablecoins and CBDCs can play in cross-border payments, I acknowledge that they are not there yet, and established firms like Wise are a good option right now. I expect that this announcement will help Wise win additional business by reinforcing its contention that it is capable of supporting the largest institutions. #MorganStanley #Wise #Fintech

In the fast-evolving world of wealth management, a new era is emerging that combines advanced technology with personalized service to meet the unique needs of high-net-worth individuals. These approaches go beyond traditional banking services to offer comprehensive financial integration, lifestyle support, and enhanced security measures tailored to the complexities of managing substantial assets in a globalized world. With a focus on multi-generational wealth management and seamless cross-border transactions, this innovative approach is reshaping how affluent clients manage their finances in the 21st century. #HNW #Technology #WealthManagement #Banking #MultigenerationalWealth

Great graphic from JP Morgan Investor Day relating to their wealth management and private banking business. I talk often about the need for Australian advice to emerge from the past and engage with tools, both in terms of technology and data. The skills being used by JPM advisers embrace change and innovation, this is also reflected in their commitment to training. The payoff is in the bottom row of the image. The outcomes are amazing. Often, it is said that deeper relationships come from sales skills but perhaps some clients can see the "value" in a financial advice approach that embraces the future. It is clear that the "things" that prevent the embrace of change, not always the government, are costing you dearly. These are the wealth management initiatives at J Morgan, the bank aims to create $1.5 billion in business value from AI and ML efforts by leveraging its vast data resources across multiple use cases. OmniAI Platform: JPMorgan developed the OmniAI platform to apply AI/ML at scale across its businesses. This platform supports data scientists by providing the necessary tools and environments to develop and deploy AI models efficiently IndexGPT: JPMorgan is developing a ChatGPT-like AI service named IndexGPT, designed to select investments tailored to customers using advanced cloud computing and AI technology JPMorgan has partnered with TIFIN to launch TIFIN.AI, a platform aimed at developing AI-powered fintech companies. This initiative focuses on creating AI assistants for client portfolio insights, alternative investing, and wealth management in the workplace JP Morgan is evidence of the success of embracing change and creating "value.". Advisers have had significant wins personally, with performance costs ballooning. Quality, efficiency and personalisation of advice can flourish with a data and methodology framework that would enable these tools to be reliably and affordably deployed. Australians deserve it. JP Morgan is spending a fortune on risk management, an aspect of Australian advice wrapped, last seriously considered, in an afternoon edition of the Daily Mirror. #financialadvice #superannuation #fintech #retirement #financialadvisors #financialplanning

Drawing Parallels Between Networking and Banking Trust is the foundation of banking. While banks offer various financial services, their success ultimately hinges on a single crucial factor: their ability to maintain customer confidence. ?The 2023 SVB Case Study Silicon Valley Bank's collapse in 2023 provides a powerful lesson in network effects. When $41 billion (20% of deposits) vanished in a matter of days, it wasn't just about numbers—it demonstrated how quickly information travels in tight-knit communities. SVB's unique customer base of startups, VCs, and tech companies formed an interconnected network where one company's actions influenced others, creating a cascading effect Just as banks rely on trust, your network thrives on strong, reliable relationships. Here’s what we can learn: ? 1. Focus on Long-Term Professional Relationships ?Trust takes time to build but moments to break. Prioritize meaningful, value-driven connections over transactional ones. Share relevant insights, offer genuine help, and focus on quality over quantity. 2. Guard Your Professional Integrity: Your reputation spreads quickly—much like SVB’s downfall. Rudeness or neglect in professional interactions can harm your credibility, whether you’re a startup founder, tech professional, or student. 3. Respect Time and Prepare for Interactions: Before any virtual meeting, do your homework. Respect their time by keeping the interaction focused and meaningful. Why These Insights Resonate With Me My work involves managing risks associated with mortgage-backed securities, a crucial financial instrument for banks. This perspective allows me to see the parallels between networking and banking: both rely heavily on trust, integrity, and long-term value. #NetworkingTips #ProfessionalGrowth #BankingLessons #IntegrityMatters #SVBInsights #CareerDevelopment #VirtualNetworking #ProfessionalIntegrity #LongTermSuccess #GradStudents #DataScienceNetworking Suggested Read: Anatomy of the SVB, Silvergate, and Signature bank collapse https://lnkd.in/enHnCbUn Image source: grok On a side note grok image generation based on context is top notch.

JPMorgan Chase’s ability to invest $17B in technology without batting an eye highlights the continual uphill battle that small and midsize banks face. While it’s crucial for these banks to invest in technology to offer competitive digital services, the reality is that simply matching these tech giants dollar-for-dollar isn’t feasible. So, what can small and midsize banks do? They need to focus on strategic alternatives that leverage their unique strengths: 1. Personalized Customer Service: Smaller banks can offer a level of personalized service that larger institutions often struggle to match. 2. Niche Markets: Focusing on specific community needs or specialized financial products can create a loyal customer base. 3. Agility and Innovation: Being smaller can mean being more agile. Rapidly adopting new technologies and fintech partnerships can provide a competitive edge. 4. Community Engagement: Deepening community ties and focusing on local economic development can build strong, loyal relationships. Investing in technology is essential, but it’s equally important to recognize that success lies in strategic differentiation. Small and midsize banks have unique advantages that, when leveraged properly, can ensure their growth and relevance in an increasingly digital world.

Apollo Global Management is at the fault line of a tectonic shift in banking. Here's why... In 2007 Citigroup towered over Wall Street. It was a $270 billion giant that seemed unshakeable. Fast forward to today and that titan has been cut down to less than half its former size. Nature abhors a vacuum and into this power void has stepped Apollo. With a bold $25 billion partnership with Citigroup to originate leveraged loans, Apollo is making its mark. Their market cap has surged to $70 billion, and they're not shy about their ambitions. Apollo has branded itself the next-generation financial services business and the numbers back up the bravado. Their goal? To double assets under management to a staggering $1.5 trillion by 2029, while generating $9 billion in net income. Apollo is stepping into the shoes of traditional banks, taking on balance sheet risks that regulations now prevent many banks from touching. While traditional banks are hamstrung by post-2008 rules and creaky infrastructure, Apollo is nimble, unencumbered, and hungry. They're redefining what a financial services company can be, tapping into institutional capital, retirement savings, and high-net-worth individuals alike. The era of banks and capital markets that defined finance from 1990 to 2020 isn't ending – it's evolving. And Apollo is leading the charge into this new frontier. The old guard might be the last to realise it, but the writing's on the wall. Wall Street, take note: the barbarians aren't at the gate anymore. They're in the boardroom. What do you think? Have you been following this story?

?? Have you noticed a shift in the banking landscape? Citi's game-changing digital solutions are setting new standards in wealth management and institutional banking, and this could be your next big opportunity! ?? Dive into the marriage of fintech and finance to learn how you, as an aspiring entrepreneur, can leverage these innovations for growth. From sophisticated data insights to sustainability initiatives, the opportunities are vast.? Want to learn how to maneuver these changes to your advantage? Discover strategies to elevate your entrepreneurial journey in the evolving financial world! ?? Curious? Get insights that could transform your approach! ?? #FintechInnovation #EntrepreneurialGrowth #DigitalBanking