Marcus, the online lending arm of US banking major Goldman Sachs, has deployed Infosys’ Finacle core banking solution for its consumer lending business.
The Finacle platform, which was implemented in eight months, will manage the complete consumer loan-servicing life cycle at the bank through the cloud.
The technology vendor said that the solution adheres to federal and state regulations, thereby eliminating the costs associated with building a compliant technology platform in-house.
Marcus by Goldman Sachs (Digital Finance Technology) CTO Boe Hartman said: "With the successful deployment of the Finacle Core Banking Solution we have the agility to respond to customer needs, the scalability to adapt with market requirements while providing the superior customer experience required in today's competitive digital age."
Goldman Sachs launched Marcus in October 2016. The platform, named after one of the bank founders Marcus Goldman, allows borrowers to apply for no-fee personal loans of up to $30,000 and pay it in two to six years.