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How a Goldman Sachs brand is trying to erase debt stigma

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Barclays chief Jes Staley had a tough few weeks. He's been reprimanded for trying to unmask a whistle
 
May 7 · Issue #81 · View online
Tearsheet Weekly Newsletter
Barclays chief Jes Staley had a tough few weeks. He’s been reprimanded for trying to unmask a whistleblower and faced the anger of one of the world’s largest PE funds. 
He also went on record as target #1 for startups, as he publicly dissed fintech. “Large corporations [like Barclays] need robustness and stability, which are critical to the economy, and very expensive to maintain, and certainly to build from the ground up,” he said. “So I’m not concerned that new technologies will harm Barclays.” Hmmm.
– Zack Miller, Founder, Tearsheet
P.S. Join us at our Money Conference in New York City on June 5. We’ve just added two more speakers from HSBC and American Express, who will join a group of some of the top minds in digital finance. Find out more and sign up here.

Is PayPal the U.S. answer to Alipay?
Beyond merchants and consumers, PayPal has made bigger moves to reach the underbanked and small businesses. In a way, PayPal is starting to look like Alipay.
Ask a VC: RRE Ventures' Stuart Ellman
Most personal finance apps offer just one service, and the future may involve integrating many of them into a single tool. Stuart Ellman of RRE Ventures offers insights on what he looks for in fintech startups and why failure is important.
How drones are changing the way Allstate assesses damaged homes
Drones save insurers time and money, but privacy is still a concern. Tearsheet’s Suman Bhattacharyya has the story of how Allstate is among the first property and casualty insurers using aerial drones to assess damage.
Jill Castilla: Social media is an opportunity to humanize big banks
For a one-branch bank with just $250 million in assets, Citizens Bank of Edmond is one of the most innovative and forward-leaning banks of its size. CEO Jill Castilla talks to Tearsheet’s Tanaya Macheel about how social media has helped Citizens’ brand, business and community.
Why Elevate Credit created an in-house think tank
Elevate Credit, an online lender, offers small loans to non-prime borrowers. Elevate decided to take the research it does on its target market and publish it publicly through its in-house think tank, the Center for the New Middle Class.
How a Goldman Sachs brand is trying to erase debt stigma
Goldman Sachs wants customers to know they’re more than the debt they owe. Marcus, the online lending startup built inside the investment bank, is focused on a speaking a different language to a different type of client.
Five charts that show how physical bank branches are here to stay
people are still using their bank branches
Banks may be reducing their branch presence, but branches are still one of the most important parts of the business. According to these charts, banks aren’t getting rid of branches just yet.
Navigating a crisis
Wells Fargo’s chief marketer talks navigating a crisis. Meanwhile, ex-bankers have revealed that undocumented immigrant ‘clients’ filled quotas in Wells’ fraud.
Deal flow
  • Goldman Sachs joins expanded round in online lender, Nav.
  • Mortgage marketplace Morty raises $3M.
  • RateGravity, another mortgage lending marketplace, lands $2M.
What we're reading
  • Banks are closing branches all over the world, but why not in Hong Kong? (South China Morning Post)
  • China’s Ant set to ink $3.5 billion loan to help fund MoneyGram bid (Reuters)
  • PayPal launches a small biz toolset, ‘Business in a Box,’ with WooCommerce & Xero (TechCrunch)
  • Key to mobile wallet adoption? Rewards, Samsung Pay bets (Bank Innovation)
  • Credit Suisse has deployed 20 robots within bank, markets CEO says (Reuters)
  • Barclays ramps up fintech ambitions with the launch of Rise in Shoreditch (City AM)
Stay connected to Tearsheet
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  • Have a tip or story you’d like to share? Email us with drone pictures, social media postings from funny banks, and selfies from within still-standing branches to zack [at] tearsheet.co
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