Marygold & Co. is an all-in-one banking app that acts as a private banker on your phone – a payment services and personalized banking app offering FREE FDIC-insured accounts and a Mastercard® debit card to anyone in the United States, providing a secure way to send, receive, spend and save with no banking fees or minimum requirements through a customizable mobile banking and financial services app built to organize financial lives. In this interview with TechBullion, the CEO talks about the future of mobile banking.
Please tell us more about yourself?
Nicholas Gerber, CEO The Marygold Companies and Marygold & Co. The Marygold Companies are a NYSE American public listed holding company. Our largest subsidiary is a $4.5 billion ETF money manager and our newest is Marygold & Co, our app led debit card fintech.
What is Marygold & Co and what unique solutions do you provide?
Marygold & Co is a fintech debit card and app which combines payments, savings and investing all in one curated high-tech, high-touch place.
Tell us more about the mobile banking industry, how big is this industry and what is the current global market size?
These days mobile banking is banking. Financial services like banking, brokerage, insurance, mortgages represent 10% of the American economy. It is one of the largest and oldest industries there is.
Walter Wriston, former CEO of Citibank once said you don’t need a bank, but you do need banking. Money is a huge and growing global market.
How does a private banker on your phone work and what are the benefits, could you give us a walkthrough of the Marygold & Co all-in-one banking app?
Our #2 employee, Nicole, title is head of customer satisfaction. This was two years before we had any clients! Now while that shows we care about the experience our clients get, calling the people who enjoy Marygold & Co clients instead of users or customers also shows it.
We benchmark clients experience with the best service available from any business. From not timing phone centers calls like Zappos, to making sure the app look and feel is clean and easy to understand like Apple, or being consistent from one interaction to the next like a McDonald’s.
Bringing high tech and high touch is what we mean by white gloves private banker experience. Something, until today, you had to have $5 million in assets or more to afford.
Where there is money, there are always security concerns, what are the security issues facing mobile banking?
We take the security of our clients private data seriously. From military-grade cryptographic encryption of all private individual information on the world’s best cloud providers like AWS, Microsoft Azure, and Google. To give granular control in the app to our clients about not just freezing a card on or off but turning swipe on or off, heck, our clients can turn the internet on or off at the click of a switch. They can continue to use the card as they want but no one can perform a card not present transaction.
The biggest concern all financial firms have is simple fraud. For example, getting a call from someone saying your bank account has been compromised and in order to restore it, you have to give that person your password. Don’t do it!
Reputable firms don’t ask for passwords. We already know it, why should we have to ask!?
As financial firms transition towards a digital future, how crucial is it to merge payments with banking solutions?
We have one life, one primary source of income, one way of looking at our wealth. Because of government regulations, payments, banking, brokerage, insurance, mortgages ect have been broken down into individual uncorrelated silos each with their own businesses offering products and esoteric terminology.
By combining all these services in one app, we make life easier and simpler. Finance does not have to be hard.
Anyone who thinks it should be is selling you FUD (fear, uncertainty, and doubt).
What other prevalent trends should we look out for in banking and payments and where do you see the future of mobile banking?
Marygold & Co exists to help organize our clients families financial lives. I would expect future trends to extend our objective. Helping clients remember passwords, organize important documents like Wills or Medical Directives. And extend sharing or information and permissions so that children and elders can have the extra help they made need. Or so that outside third parties like an accountant can see your account. Or account aggregation so clients can see all their accounts whether with Marygold & Co or at another bank or brokerage all in one place. Oh…
Are your payment services only available in the United States, do you have plans for global expansion?
Marygold & Co is currently only available in the USA today but we have plans to enter England before year end and then many countries in 2023 and beyond.
Do you have any available opportunities for investors and partnerships at Marygold & Co?
Marygold & Co is a 100% owned subsidiary of The Marygold Companies, a NYSE American publicity traded holding company. Our ticker symbol is MGLD.
Just call your broker or go online to buy or sell our stock any business day.
Do you have more information to share with our readers today on mobile banking and Marygold & Co?
The best time to have started planting a shade tree is 30 years ago. The next best time is today.
If your readers are serious about saving and investing for a goal like retirement, today is a great time to start.