How the Pandemic Will Impact the Way Consumers Bank

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What will life look like on the other side of the coronavirus pandemic? It’s a question many people and prognosticators are ruminating over.

When it comes to our relationships with financial services, the cliché “everything is going digital” is apropos, according to Goldman Sachs Head of Consumer Business Harit Talwar. 

“We could have said that a few years ago and it would have been true, but I don’t think we realized how much it has accelerated,” Talwar said in a recent edition of Goldman Sachs’ The Daily Check-In. “As you know, in every walk of life everybody is online. And it is the same for financial services. So the acceleration of digitization of financial services who serve customers 24/7 is accelerating dramatically in front of our eyes as we speak. I wonder what traditional banks with thousands of thousands of brick-and-mortar branches are going to do.”

Watch the full interview with Talwar in the video above, in which he discusses what he’s hearing from Marcus customers during this unprecedented time, and the decision-making process behind the customer assistance program that’s available to Marcus and Apple Card customers.

Additional resources from Goldman Sachs

Are you a small business owner?
Goldman Sachs has committed to delivering $550 million across two separate initiatives to help small businesses and communities around the world. Learn more about these initiatives and get access to resources to help small businesses during this unprecedented time at the US Small Business Resource Center.

Want to learn more about how COVID-19 is impacting the economy and markets?
Explore research and insights from Goldman Sachs by visiting gs.com/covid-19.

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.