SOFI - Prediction: This Will Be SoFi's Next Big Move
2024-06-21 05:51:00 ET
SoFi (NASDAQ: SOFI) has already done an excellent job of evolving from a niche student loan company into a large financial ecosystem that is designed to replace customers' traditional banks. And in full disclosure, I use SoFi as my primary bank and don't really miss my brick-and-mortar bank at all.
Despite its impressive growth, there are still several things SoFi doesn't offer that could help grow its deposit base and loan portfolio over time. For example, SoFi doesn't offer CDs to its banking customers, which are quite appealing to savers looking to lock in today's elevated interest rates. It offers a user-friendly brokerage platform with some excellent features, but doesn't support advanced options trading yet. And there are some account types SoFi doesn't offer -- for example, the inability to open a custodial investment account for a minor makes it impossible for me to completely ditch my traditional online broker.
The point is that there are numerous levers SoFi could pull in order to make its platform even more appealing as an all-in-one solution. But there's one in particular that I'm excited about: credit cards.
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Prediction: This Will Be SoFi's Next Big Move