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Goldman Sachs’ Marcus is winning the personal loans arms race

Remember when fintech wasn't really a thing? Nowadays, it feels like everything is fintech. Of course
November 19 · Issue #109 · View online
Tearsheet Weekly Newsletter
Remember when fintech wasn’t really a thing? Nowadays, it feels like everything is fintech. Of course, being truly innovative requires more than just hiring a chief customer officer, investing in an accelerator, and getting mentioned in the CB Insights newsletter.
– Zack Miller, Tearsheet
P.S. Tearsheet’s Hot Topic: Mobile Payments is nigh upon us. Don’t worry – there’s still time to get review our agenda, speaker roster, and purchase a ticket. Go here to join us (and the companies making a different in mobile payments).

With the simultaneous rise of PFM and voice as a banking channel, banks are rethinking their fiduciary responsibility to customers. Banks now also need to help customers thrive financially – one way to do that is conversationally.
Betterment, the world’s largest robo-adviser by assets under management, is launching a service it hopes will differentiate it from competitors by helping customers donate shares to charities.
The business customer experience in banking is taking cues from retail, and Bank of America is taking notice. This week, the bank launched a website for business card customers using Bank of America corporate cards.
Marcus by Goldman Sachs said it was going to lend $2 billion to customers by the end of this year. As of late Monday, it had already done that. That’s because the one-year-old GS sub-brand had a head start all along.
Banks are shifting from just talking about the customer experience to making it a step in some decision making processes. The newest most important role at banks? The chief customer officer
People don’t want to download more apps. Now, third-party financial apps want to become more like service portals, too, by getting into mobile bank accounts.
Citi is launching a series of customer experiences – concerts and pop-up ATM gifting machines. Its experiential marketing is part of a trend among financial brands to engage customers in the evolution of the brand story.
U.S. Bank and BNY Mellon initiated the first real-time payment transaction Monday – a test run for what’s expected to become a standard for many business and consumer payments. Finally.
On the podcast
The explosion of data in the world has quants hungry for new strategies. Quandl’s Tammer Kamel joins us on the podcast to talk about the market for alternative data.
What we're reading
Will cash disappear?
Square tests buying and selling bitcoin inside its payment app
PayPal makes growth play as market cap tops $90 billion
Kinder, gentler debt collector TrueAccord raises $22 million
The pros and cons of bank ‘intrapreneurship’ programs
Under Trump, banking watchdog trades its bite for a tamer stance
Kabbage gets $200M from Credit Suisse to expand its AI-based business loans
Alibaba sees cloud computing and online payment driving Singles’ Day international expansion
NerdWallet lays off 11 percent of staff due to missing profitability goals
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