How Fintech Is Transforming Consumer Finance

Goldman Sachs Exchanges

Julia McGonagle

Business

4.4 • 1K Ratings

🗓️ 13 October 2016

⏱️ 27 minutes

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Summary

Purpose-driven loans - for housing, education and automobiles - comprise most of the consumer credit market, with credit cards making up most of the rest. But the industry is undergoing a profound shift, as new entrants leverage responsive technologies to offer better experiences for consumers. Harit Talwar, head of Digital Finance at Goldman Sachs, discusses the evolving role of technology in finance and the launch of the firm's new online personal loan platform, Marcus by Goldman Sachs. This podcast was recorded on August 17, 2016, with portions re-recorded on October 12, 2016. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. The information contained in this podcast was prepared for general information purposes only, does not constitute research, advice or a recommendation from any Goldman Sachs entity to the listener and is not a substitute for personalized financial advice. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast. Goldman Sachs and its affiliates expressly disclaim any liability (including any direct, indirect, or consequential loss or damage) for this podcast and its content. Copyright 2016 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where people from our firm share their insights on developments
0:13.3	currently shaping markets, industries, and the global economy.
0:16.6	I'm Jake Seawert, Global Head of Corporate Communications here at the firm.
0:20.8	Just like any industry you can name, technology shifts over the last decade have allowed new
0:24.7	entrance to pop up in the consumer credit space.
0:28.1	At the same time, consumers are thinking differently about how they access and use credit.
0:33.0	Here to speak to us about this changing landscape is Harat Tawar,
0:37.0	who joined Goldman Sachs last year to lead Goldman's effort
0:40.0	to incubate its own online consumer financial business.
0:44.0	That new business is called Marcus by Goldman Sachs.
0:47.0	Harret, welcome to the program.
0:48.0	Thank you, Jake.
0:50.0	Harret, you've worked in the consumer credit business for 30 years,
0:54.2	and most recently with a focus on credit cards.
0:57.2	Size that market for us.
0:59.5	What does the consumer business look like today?
1:01.9	How does the credit card fit into it, and just tell
1:04.3	us what the opportunity is there for businesses and for consumers?
1:08.1	Sure, Jake.
1:09.2	To use the often repeated statement that the consumer is a very important part of the U.S. economy.
1:16.5	And for the consumer to be a very important part of the U.S. economy, consumer credit is a very important
1:22.0	part of the US economy.
	...

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