Things SoFi Must Do To Outpace Competition

SoFi is fintech company that has undergone a major shift when the former CEO was replaced by Anthony Noto. Later in 2017, multiple employees and the former CEO were removed from position due to multiple alleged sexual harassment accusations. In his recent interview with ‘Mad Money’ host, Jim Cramer the new CEO goes onto mention significant facts about the company.

Anthony clearly mentions in his interview that his aim for SoFi is to build a next-generational financial institution to be able to prosper and develop a thriving financial currency system.

What Does Anthony Noto, CEO of SoFi Says?

With the interviewer Jim Cramer, Anthony Noto further states SoFi has multiple competitors in the FinTech market and the company collectively must ensure a few steps to remain the top company within the market. Anthony Noto mentions, “First, we have to have the best selection — and not just selection of each product, but variations of those products,” Noto said. “Second, we have to provide unmatched convenience. Anytime, anywhere, on any device, you should be able to access all of your financial information, do any activity that you want across the broad spectrum of products that we’ll launch over time. People need to be able to apply the fastest, get approved the fastest, get access to their money the fastest. They should be able to withdraw their money the fastest, pay somebody the fastest, invest in stocks the fastest.”

The niche market of any fintech consists of customers, refinance student, people who take out loans like mortgage loans, personal loans and even get career advice. The company has multiple other plans and introduce new products by 2019, in order to assist its customers. “We’re building a membership base, and the SoFi membership base will be a key advantage for us in that when you do something with us in financial services, we are going to continue to facilitate our relationship through things like professional networking, career advice, financial advice, live financial advice, so that you can make the best decisions on your path to achieve your financial goals,” the CEO stated.

The CEO states that the company did quite well even when it was undergoing through a major crisis, as the prime role of the company is to preserve its culture and assist its customers. In 2017, the company did $12.9 billion in loan volume and financing, up more than 60 percent year over year.
