SoFi Stock Doubled in 2023. Can It Do It Again in 2024?
2023 wasn't a great year for bank stocks or fintech stocks, many of which underperformed the market. Financial stocks feel the impact of rising interest rates more acutely than other companies, and that sparks concern among investors. However, fintech and banking superstar SoFi Technologies (NASDAQ: SOFI) gained 116% last year after plunging 71% in 2022. Let's see why SoFi stood out from its peers in 2023, and whether or not it could double again in 2024.
Banking is an industry as old as currency, although it's taken different forms over centuries. Today's banks are substantially different than they were a few decades ago, but technology has changed pretty much every industry, with few safe from disruption. That's why agility is so often praised as a positive quality when describing great companies and great stocks; if you can't change with trends, you can't compete.
SoFi offers a banking experience with the best that technology offers. It's completely digital, with an intelligently designed, easy-to-use interface that makes banking simple. Since most people wouldn't rate taking care of their finances as one of their favorite activities, the simple act of addressing pain points in personal finance is a powerful and attractive benefit for customers.
Source Fool.com
