The banking industry is ready for disruption. Legacy stalwarts play a major role in how money moves around the world, but advancements in technology have been making waves in the banking space for some time. So-called "neobanks" -- including SoFi (NASDAQ: SOFI) -- have risen in popularity thanks to a unique approach of marrying financial services with a mobile-first platform.

SoFi offers many of the same products as larger banks do. However, you may not be familiar with the company as it doesn't have brick-and-mortar locations. Instead, it uses a digital-first platform that allows users to obtain loans and mortgages, invest in the stock market, or deposit a paycheck right from their phones.

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Source Fool.com