An AI assistant could help Goldman Sachs differentiate Marcus from competing neobanks amid falling interest rates
national average, the cuts could dampen consumer enthusiasm for opening an account with the digital bank. That's worsened by stiff competition from neobanks like Chime that offer high-yield savings accounts, PFM features, and low fees. A robust AI assistant with advanced money management features could draw in new sign-ups as well as drive engagement among existing Marcus accountholders — both of which could ultimately drive deposits.
In building its assistant, Goldman should zero in on the PFM capabilities that would be most valuable to consumers. BofA exemplifies a successful play at virtual assistant with Erica, which it has enhanced over time with capabilities like spending insights and the ability to respond to coronavirus-related inquiries — the assistant now counts
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