Is SoFi Poised to Disrupt Online Banking?
From no monthly account fees to getting your paycheck two days early, SoFi (NASDAQ: SOFI) is establishing a comprehensive financial ecosystem for its current and prospective customers. In this clip from "The Future of Fintech" on Motley Fool Live, recorded on Feb. 10, Motley Fool contributors Matt Frankel, Will Healy, and Jason Hall discuss the scale at which SoFi is expanding and analyze how it might upend the banking industry and convert customers from more traditional banking institutions.
Matt Frankel: Will SoFi be successful at getting customers to abandon their long-held checking accounts? Let me tell you what they're offering. In addition to that 1% interest rate, they're offering no monthly account fees, a big ATM network, 55,000 ATMs are going to be in-network. Their paycheck will be direct deposited two days before payday if they set up a recurring direct deposit, which is a very unique feature. They're in cashback programs. They're courting local businesses specifically toward their cashback programs. No fee overdraft, coverage up to $50 of overdraft protection for your account that's free. Everything's on your phone. Their app is better than anything I've seen from most brick-and-mortar banks. They're doing a great job getting their name out there. The SuperBowl is about to be played in SoFi Stadium. They're doing a great job of marketing. But, do you think people will actually abandon their checking accounts? Will, we'll start with you.
Source Fool.com
