Now playing
00:56
Banks are raking in profits. Why are stocks lagging?
Now playing
04:22
Levi's CEO has message for Mitch McConnell
Elon Musk's Neuralink says this monkey is playing Pong with its mind
From Neuralink/Youtube
Elon Musk's Neuralink says this monkey is playing Pong with its mind
Now playing
01:41
Elon Musk's company says this monkey is playing Pong with his mind
CNN
Now playing
02:36
The truth behind Covid-19 vaccines for sale on the dark web
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses.  (Photo by Andrew Harrer/Bloomberg via Getty Images)
Andrew Harrer/Bloomberg/Getty Images
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses. (Photo by Andrew Harrer/Bloomberg via Getty Images)
Now playing
01:53
Restaurants face a nationwide ketchup packet shortage
CNN
Now playing
03:53
Norwegian Cruise Line CEO to CDC: We want to be treated fairly
Getty Images
Now playing
02:18
This airplane-shaped bag is selling for more than some actual planes
A medical worker prepares to administer a dose of the AstraZeneca vaccine in Belgrade, Serbia, Tuesday, March 23, 2021. American federal health officials say results from a U.S. trial of AstraZeneca's COVID-19 vaccine may have included "outdated information" and that could mean the company provided an incomplete view of efficacy data. (AP Photo/Darko Vojinovic)
Darko Vojinovic/AP
A medical worker prepares to administer a dose of the AstraZeneca vaccine in Belgrade, Serbia, Tuesday, March 23, 2021. American federal health officials say results from a U.S. trial of AstraZeneca's COVID-19 vaccine may have included "outdated information" and that could mean the company provided an incomplete view of efficacy data. (AP Photo/Darko Vojinovic)
Now playing
03:46
These are all the complications AstraZeneca's vaccine has faced
A driver rides his car in front of the Lyft Drivers Hub in Los Angeles, California, March 29, 2019. Ride-hailing company Lyft made its Initial Public Offering (IPO) on the Nasdaq Stock Market on March 29th. (Photo by Apu Gomes/AFP/Getty Images)
Apu Gomes/AFP/Getty Images
A driver rides his car in front of the Lyft Drivers Hub in Los Angeles, California, March 29, 2019. Ride-hailing company Lyft made its Initial Public Offering (IPO) on the Nasdaq Stock Market on March 29th. (Photo by Apu Gomes/AFP/Getty Images)
Now playing
04:55
Lyft co-founder: Supporting voter access is important for business
Citigroup Chairman Richard Parsons delivers remarks on the US economy at the New York State Bar Association meetings in New York, January 28, 2009. Troubled US banking giant Citigroup last week named Parsons as its new chairman, the longtime top executive at media giant Time Warner, to steer it through its most challenging period.  AFP PHOTO / Emmanuel Dunand (Photo credit should read EMMANUEL DUNAND/AFP via Getty Images)
EMMANUEL DUNAND/AFP/AFP via Getty Images
Citigroup Chairman Richard Parsons delivers remarks on the US economy at the New York State Bar Association meetings in New York, January 28, 2009. Troubled US banking giant Citigroup last week named Parsons as its new chairman, the longtime top executive at media giant Time Warner, to steer it through its most challenging period. AFP PHOTO / Emmanuel Dunand (Photo credit should read EMMANUEL DUNAND/AFP via Getty Images)
Now playing
02:47
Dick Parsons: Georgia law is a bald-faced attempt to suppress Black vote
Resturant Yurkevcih Pkg 1
CNN
Resturant Yurkevcih Pkg 1
Now playing
02:55
Restaurants are still struggling, but see hope on the horizon
WASHINGTON, DC - SEPTEMBER 16:  Patrick Soon-Shiong, chairman and CEO of the Institute for Advanced Health, participates in a discussion at the Bipartisan Policy Center, September 16, 2014 in Washington, DC.  The Bipartisan Policy Center released a report titled Innovative Strategies from America's Business Leaders.  (Photo by Mark Wilson/Getty Images)
Mark Wilson/Getty Images North America/Getty Images
WASHINGTON, DC - SEPTEMBER 16: Patrick Soon-Shiong, chairman and CEO of the Institute for Advanced Health, participates in a discussion at the Bipartisan Policy Center, September 16, 2014 in Washington, DC. The Bipartisan Policy Center released a report titled Innovative Strategies from America's Business Leaders. (Photo by Mark Wilson/Getty Images)
Now playing
04:04
Patrick Soon-Shiong: We have to recognize racism and 'break it'
ATLANTA, GA - MARCH 03: Demonstrators stand outside of the Georgia Capitol building, to oppose the HB 531 bill on March 3, 2021 in Atlanta, Georgia. HB 531 will add controversial voting restrictions to the state's upcoming elections including restricting ballot drop boxes, requiring an ID requirement for absentee voting and limiting weekend early voting days. The Georgia House passed the bill and will send it to the Senate. (Photo by Megan Varner/Getty Images)
Megan Varner/Getty Images
ATLANTA, GA - MARCH 03: Demonstrators stand outside of the Georgia Capitol building, to oppose the HB 531 bill on March 3, 2021 in Atlanta, Georgia. HB 531 will add controversial voting restrictions to the state's upcoming elections including restricting ballot drop boxes, requiring an ID requirement for absentee voting and limiting weekend early voting days. The Georgia House passed the bill and will send it to the Senate. (Photo by Megan Varner/Getty Images)
Now playing
02:24
Coca Cola, Delta Airlines strike back at Georgia voting laws
Now playing
03:08
'I want women to be as rich as humanly possible': Meet TikTok's wealth coaches
Now playing
05:41
NFTs have completely transformed these digital artists' lives
P&G
Now playing
01:45
This new P&G ad confronts stereotypes against Black Americans
(CNN Business) —  

Earlier this year, Goldman Sachs (GS) bought a personal finance app. Now it’s tailoring it to lure a new generation of customers.

The company, which is doubling down on banking for regular people through its Marcus brand, has started to offer its own online savings accounts on the Clarity Money platform. Clarity lets people manage their money by tracking their spending, canceling unwanted subscriptions and recommending new products. It previously directed customers who wanted to set up savings accounts to Wells Fargo (WFC).

The change, made possible by the acquisition, lets customers access accounts with much higher interest, said Marcos Rosenberg, head of US deposits at Marcus. Marcus’ online savings accounts earn 2.05% interest, while the Wells Fargo accounts didn’t earn any interest, he said.

It also allows Goldman to direct Clarity Money’s more than 1 million users to the bank’s savings product. Users can still link non-Marcus bank accounts to Clarity if they already have savings accounts elsewhere.

The integration comes as Goldman Sachs works to grow its offerings for Main Street consumers, and not just Wall Street elite. Marcus is a key part of the bank’s plan to add $5 billion in revenue by 2020 under new CEO David Solomon. Goldman wants to diversify its businesses in part to offset struggles in its trading division.

It also coincides with a new marketing campaign for Marcus’ savings accounts. Goldman on Wednesday launched a new ad that features man-on-the street interviews in which passersby in New York show their surprise when told how little interest they’re earning on their savings. According to a survey by the company, 60% of Americans with savings accounts don’t know their interest rate.

Dustin Cohn, head of brand management for Marcus, said the bank hopes the campaign will let potential customers know that they’re leaving money on the table — and that they’ll consider Marcus as a result. “They can vote with their dollars and make their money work harder,” he said.

Goldman Sachs bought the Clarity Money app earlier this year to fuel growth in its Marcus consumer unit.
Bloomberg/Bloomberg/Bloomberg via Getty Images
Goldman Sachs bought the Clarity Money app earlier this year to fuel growth in its Marcus consumer unit.

Goldman launched its Marcus business in 2016 with personal loans for people who wanted to consolidate their credit card debt. Since then, the bank has built up its portfolio of retail banking products, including its high-yield online savings accounts and loans for home improvement projects. It began offering savings accounts in the UK last month.

Marcus now has $4 billion in loans on its balance sheet and about $28 billion in deposits.

The bank is expected to add a digital wealth management product soon. Last week, Marcus was moved into the company’s investment management division, indicating intent to roll out a suite of the investing and advisory services down the line.

Clarity Money is poised to play a vital role in the expansion of Marcus.

“We saw it as a front door to all of the Marcus offerings,” former CFO Marty Chavez, asked to explain the thinking behind the April acquisition, said on the company’s second quarter earnings call in July.

Clarity Money will also make it less expensive to bring in new customers, Chavez added — a challenge for Goldman, because people aren’t as familiar with Marcus as they are with long-established consumer banks.

Growth on the deposits side of Marcus, as well as new, fee-based offerings, could provide a cushion for Goldman’s fledgling consumer unit if the environment for loans gets trickier.

Bloomberg reported earlier this month that Marcus could cut its loan-origination target for next year because of concerns about the stage in the credit cycle. In a downturn, banks get hit if people can’t pay back their loans, and demand for credit shrinks.

On the company’s third quarter earnings call earlier this month, incoming CFO Stephen Scherr said that Goldman sees no “material evidence” that the credit environment is changing, but continues to monitor the situation closely.

“We are building this business for the long run, and we are not chasing volume targets,” Chavez said on the call. Scherr added that Marcus will grow loan volume in 2019 compared to 2018 — it’s just a question of by how much.