On this episode, Abigail Bassett sits down with Elisabeth Kozack, Managing director and Co-head of consumer lending at Marcus by Goldman Sachs, to learn about digital pay options and money management. Elisabeth Kozack speaks on changes in spending and debt behaviors that have taken place during the pandemic, as well as how Americans can take better control of their financial wellness using digital tools and free resources.
HIGHLIGHTS FROM THIS EPISODE:
So let’s talk a little bit about digital banking. I’d like to know why it’s at the heart of the shift that we’re seeing in the marketplace in terms of how we buy and interact with brands and what we demand in order to maintain or improve our financial wellness in this current environment.
So in my view, banking won’t be about what was pre-COVID or post-COVID as digital and mobile banking has been on the rise for some time, but I think digital banking has truly become a part of our new normal. Mobile banking is actually searched by 50% since the beginning of 2020, and COVID-19 has forced us to think about things that we were resistant to trying before.
As you think about consumers that preferred to visit branches, in a shelter in place mentality, they weren’t able to do that any longer, and they recognized that digital banking offers a very personalized customer service experience. And when you think about digital banks, like Marcus, there’s also human beings behind the phone line seven days a week. And of course, you can still access your account 24/7 online or in the app in a way that enables you to be safe as a consumer, and also preserves the safety of that representative behind the phone.