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Goldman Sachs CEO David Solomon speaks at the Vanity Fair New Establishment Summit.
- Goldman Sachs last year bought Clarity Money, a personal finance app, to bolster its Marcus retail banking business. Business Insider reported at the time that it was a part of an effort to build the ultimate financial destination for the masses.
- Last week, it was reported that Goldman Sachs is partnering with Apple to launch a new credit card paired with fresh iPhone features.
- To get an idea of what these iPhone features might look like, I tried using Clarity Money. The online product, which is akin to Mint, tracks all your income, expenses and spending patterns.
- The app is slick, but it lacks features of some of its competitors like Mint and Personal Capital.
Goldman Sachs stepped into the consumer banking in 2016, and last year it acquired Clarity Money, a personal finance app. Now it's stepping up its efforts.
Last week, it was reported that Goldman Sachs is partnering with Apple to launch a new credit card paired with fresh iPhone features.
The card will reportedly give customers additional features in Apple's wallet app and allow them to "set spending goals, track their rewards, and manage their balances," according to The Wall Street Journal.
That sounds similar to features already in use on the Clarity money app, so to get an idea of what these iPhone features might look like, I decided to try it out.
Similar to other fintech budgeting product like Mint, Clarity Money pulls users' transaction information associated with traditional bank accounts into its platform. Then, it generates data charts breaking down the spending activities into details and flagging up unusual expenditures. In addition, the app offers a credit monitoring tool enabling users to keep an eye on their finance health.
Right now, Clarity Money is available on iOS and Android. Users can also access it through a web browser.
Here's how it works:
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