Liz Hoffman

speaker

299 appearances 5 recordings 1 series first heard Aug 2017 last heard Aug 2020

Liz Hoffman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Investment Banks' Newest Revenue Source: The HR Department · 14 Feb 2019 podcast

Yeah.

So Goldman over the last two or three years has really been pushing into retail banking.

They haven't done it in the past.

And the big problem if you are a startup retail bank is how do you get customers?

You can build a lot of branches, which is really expensive.

You can send a lot of direct

mail, which is really expensive.

You can buy referrals from other websites, which is also expensive.

So they've decided to go basically ask companies to access their employees.

So big companies have tens, hundreds of thousands of employees who need to bank somewhere.

And Goldman finds it easier to just go to HR and say, can you give us a contract and we will offer savings accounts and loans and all kinds of products for all of your employees.

Exactly right.

Now, this is a competitive space, right?

Most people, you know, if your 401k is managed by Fidelity...

you didn't choose Fidelity, your employer did.

And so you may not have a lot of loyalty or particularly care to engage with them in your day-to-day banking.

And so it's a really fine line.

And in fact, Goldman, one way they've been doing this is to create these financial literacy and wellness websites that can be offered to employees.

The idea being that it's sort of a pipeline of potential customers.

You know, they made one of these for Google last year.

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