Goldman Sachs is looking for inspiration from the big tech companies rather than big banks as it considers where to take its brand; Harit Talwar, global head of Goldman Sachs’ consumer business said, “We want to do what Amazon has done to retail, or what Apple has done to music, where you innovate on the distribution and consumption experience for the consumer. We want to give consumers a bank on a phone with products which are valuable, easy and transparent.” Goldman sees itself as well positioned because of its balance sheet, its lack of a legacy technology stack and its in-house prowess; they want to be a full service digital bank for consumers with products focused on how people spend, borrow, plan and invest; a checking account is in the works and digital investment products will roll out next year; Talwar added, “Our overall vision is to help consumers take control of their financial lives.” Tearsheet.
