1) did you listen to the fireside chat with noto? he hinted at some of the advantages of using a modern core; being able to see deposit flows in and out real time. hinted that some of the legacy regional banks don’t have as much real time insight (could have caused some of their issues) it’s a competitive disadvantage to be behind the 8 ball on comparison to their peers and not be able to use data real time to make decisions. this isn’t even talking about the inability to create new products and compete with peers.
2) so far, so good. it’s a biz model currently showing promise with the cross selling and product numbers. to me, the main selling point here is to incentive the usage of multiple products. give a 3% discount on sofi travel; give extra % off on monthly loan payments if paid through sofi money. the synergies they can create across the products will give them that “1+1 = 3” as long as they are offering best in class products, the flywheel will only accelerate adoption. they just can’t offer mediocre non competitive products. it’s the quality of each that’ll make or break it.
3) it’s always the right time to disrupt; the macro environment actually helped in a way; sofi was first to game on offering higher apy to their customers. then able to leverage tech and offer 2m fdic within a few weeks. other than that, they’ve been innovating: no overdraft fees, 2 day early pay, fractional shares, first roll out of mastercard installments for any bank,.. legacy banks are chasing, lagging but finally offering up higher rates. tech and mobile experience aside, it’s treating your members better that is actually disrupting legacy banks. the neobank/digital side is more of a catalyst for the younger generations though.
As someone who consulted on cloud computing to banks - they already are on public and private clouds, they also use bare metal platforms.
What a moron. Elon should censor is dumbass.
"Amazon Web Services" <- Amazon's server platform that they lease/rent computing space on to business that need server architecture without wanting to invest in hardware to roll their own. As part of the physical hardware, AWS also provides many software building blocks that are required to build up web services to make it functionally easier to use their computing resources.
I believe SOFI CEO Noto was the first one quoted as saying they wanted to build the "AWS of Fintech" with Galileo (and eventually their Technisys acquisition). They are aiming to provide architecture and software services to other fintechs and banks that are harder for smaller shops to build on their own. They also, in their most recent earnings call, said they are in the testing stages with a big legacy partner to move some services to Galileo.
Remains to be seen if they can expand on their vision or not.
I see this everywhere. In all industries. And my biggest takeaway is this. No one seems to understand what AWS actually is lol. FWIW: I’m an engineer with over a decade experience building tech on AWS.
SOFI is the fastest growing bank in the country. and that will continue. expansion to other countries coming soon. thats enough to keep me in. and if Noto believes in the tech then so do i.
I was with SoFi before I ever heard the name Chamath. For the general public, they won't know who Chamath is or why he is despised by salty retail investors.
If you search for 'SoFi' or 'SoFi Bank' on google, none of the first page hits talk about Chamath at all.
So I think your point is moot.
Is Sofi innovating? That is the question and it’s coming from someone who used to be in a stock.
Every SOFI bull is having a nut off the news of the student loan forgiveness. If your really excited and think the student loan business is gonna revolutionize the company, your Fukken delusional.
I sold the stock last year and have been happy ever since.
Agree with this. Taking off my investor cap, as a user, I'm basically currently forgoing about .5 in interest rate because the 'old banks' websites and/or apps are so bad.
I think this article explains why banks need a modern platform. [https://www.ey.com/en\_us/banking-capital-markets/why-banks-can-t-delay-upgrading-core-legacy-banking-platforms](https://www.ey.com/en_us/banking-capital-markets/why-banks-can-t-delay-upgrading-core-legacy-banking-platforms)
1. And yes, using "AWS of Fintech" saves time, upfront costs, and overcomes the hurdle of the manpower that is needed to upgrade the traditional bank system.
2. The all-in-one app will dominate the newer generation of customers for years to come as this tech-savvy generation with compact computers/ mobile phones want to do things in a simplistic, swift, and time-saving manner.
3. With all this mobile computational power where you can do banking on the go. You do not want to be left behind in this race to be the top Fintech bank. Now is the time to disrupt traditional and regional banks by offering multi-services to serve people throughout every aspect of money management and stages of their financial needs. It gives a unique ability to identify opportunities to better integrate products and discounts, develop solutions and deploy them at scale to improve access, lower costs, avoid redundancies and make the experience better for customers.
1. All of those points are valid, but will banks feel pressured enough to adopt SoFi's backend infrastructure? Just because SoFi has a strong product doesn't guarantee banks will adopt it.
2. I completely agree. It's universally accepted that an all-in-one app is extremely convenient and younger generations often adopt technology based on convenience. Technology is evolving rapidly. Will people want to handle all their finances through an app in the future? Will the app model stay relevant with so much tech being dropped. I even still don’t fully understand how Ai will play out in 3 years let alone apps in 10.
3. For more than a decade, banking apps have not seen significant progress. They proudly display features like mobile check deposits and online bank transfers, which have been available for over 20 years. The question is: why? Why haven't consumers been offered any new financial tech products in such a long time? This could be due to outdated regulations and technology, and a perceived lack of need for improvement. SoFi could be developing tech for banks that might go unused because regulators don't deem it mandatory.
I'm not claiming to be correct. I'm merely suggesting that we might be wrong.
I know you are a SoFi bull with SoFi Weekly and I have been quoted as a SoFi Bull as well so I understand your concern. I am not looking for a huge dominance by Fintech or SoFi's AWS over the traditional banks. However, I do believe SoFi's Fintech banking, diversity, and "AWS of Fintech" with its vertical integrations will be the winner of Fintech banking in this new era. SoFi will hold a substantial piece of this big financial sector pie when the fight is settled.
for the tech, it seems to be like Palantir in the way that they may be giving it away basically for free for a trial period. Palantir has done "proof of concept" trials with a lot of companies. i believe this is what Noto was eluding to when he said its not like 10, 20, 30 million people are immediately brought onto the Galileo platform. it will be a trickle of new customers in the trial....then when a customer sees the tech is working and they can save a certain amount of money then some(all) will become full blown clients.
When I worked in Banking back in the 90's when we had brick and mortar banks on every corner. I saw the switch from heavy Customer Service Reps trying to sell everything to customers walking inside the bank to cashing checks at ATM machine.
Adapt or die. The legacy banks will have to adapt.
Just someone who follows SOFI like the rest of us. But also literally the OP of this post lol
https://preview.redd.it/2ro97f49s03b1.png?width=658&format=png&auto=webp&s=4bcab2b98d50f3c3e5c4df48c945a04d40405515
1) did you listen to the fireside chat with noto? he hinted at some of the advantages of using a modern core; being able to see deposit flows in and out real time. hinted that some of the legacy regional banks don’t have as much real time insight (could have caused some of their issues) it’s a competitive disadvantage to be behind the 8 ball on comparison to their peers and not be able to use data real time to make decisions. this isn’t even talking about the inability to create new products and compete with peers. 2) so far, so good. it’s a biz model currently showing promise with the cross selling and product numbers. to me, the main selling point here is to incentive the usage of multiple products. give a 3% discount on sofi travel; give extra % off on monthly loan payments if paid through sofi money. the synergies they can create across the products will give them that “1+1 = 3” as long as they are offering best in class products, the flywheel will only accelerate adoption. they just can’t offer mediocre non competitive products. it’s the quality of each that’ll make or break it. 3) it’s always the right time to disrupt; the macro environment actually helped in a way; sofi was first to game on offering higher apy to their customers. then able to leverage tech and offer 2m fdic within a few weeks. other than that, they’ve been innovating: no overdraft fees, 2 day early pay, fractional shares, first roll out of mastercard installments for any bank,.. legacy banks are chasing, lagging but finally offering up higher rates. tech and mobile experience aside, it’s treating your members better that is actually disrupting legacy banks. the neobank/digital side is more of a catalyst for the younger generations though.
The lack of ability of SoFI to add level 1 options to their app makes me think the answer to number 3 is probably no.
I do wish they would add covered calls. When I contacted them they said it was in the pipeline 🤷🏻♂️
If sofi was in the U.K. I would switch 100 percent
Bingo 🎯
I have to admit, I didn’t know or foresee SO MANY ‘branchless, tech banks’ flooding the banking market. I also may be a bit daft.
As someone who consulted on cloud computing to banks - they already are on public and private clouds, they also use bare metal platforms. What a moron. Elon should censor is dumbass.
What does aws mean again?
"Amazon Web Services" <- Amazon's server platform that they lease/rent computing space on to business that need server architecture without wanting to invest in hardware to roll their own. As part of the physical hardware, AWS also provides many software building blocks that are required to build up web services to make it functionally easier to use their computing resources. I believe SOFI CEO Noto was the first one quoted as saying they wanted to build the "AWS of Fintech" with Galileo (and eventually their Technisys acquisition). They are aiming to provide architecture and software services to other fintechs and banks that are harder for smaller shops to build on their own. They also, in their most recent earnings call, said they are in the testing stages with a big legacy partner to move some services to Galileo. Remains to be seen if they can expand on their vision or not.
I see this everywhere. In all industries. And my biggest takeaway is this. No one seems to understand what AWS actually is lol. FWIW: I’m an engineer with over a decade experience building tech on AWS.
Piss off mate (Riley). Replace SOFI with Revolut and USA with Europe and you will see why this guy’s an idiot
SOFI is the fastest growing bank in the country. and that will continue. expansion to other countries coming soon. thats enough to keep me in. and if Noto believes in the tech then so do i.
If you wanted to bank with someone, would you rather bank with a known quantity or a despac that was associated with the stink of Chamath?
I was with SoFi before I ever heard the name Chamath. For the general public, they won't know who Chamath is or why he is despised by salty retail investors. If you search for 'SoFi' or 'SoFi Bank' on google, none of the first page hits talk about Chamath at all. So I think your point is moot.
I bank with Sofi and I am an investor (not a small amount either). And I knew about all these. I don't care. These are baseless.
Is Sofi innovating? That is the question and it’s coming from someone who used to be in a stock. Every SOFI bull is having a nut off the news of the student loan forgiveness. If your really excited and think the student loan business is gonna revolutionize the company, your Fukken delusional. I sold the stock last year and have been happy ever since.
1. Yes. 2. Yes. 3. Not quite. The right time actually began decades ago.
Agree with this. Taking off my investor cap, as a user, I'm basically currently forgoing about .5 in interest rate because the 'old banks' websites and/or apps are so bad.
SoFi is way behind Robinhood in terms of backend technology infrastructure. SoFi can’t even rollout dark mode properly.
I think this article explains why banks need a modern platform. [https://www.ey.com/en\_us/banking-capital-markets/why-banks-can-t-delay-upgrading-core-legacy-banking-platforms](https://www.ey.com/en_us/banking-capital-markets/why-banks-can-t-delay-upgrading-core-legacy-banking-platforms) 1. And yes, using "AWS of Fintech" saves time, upfront costs, and overcomes the hurdle of the manpower that is needed to upgrade the traditional bank system. 2. The all-in-one app will dominate the newer generation of customers for years to come as this tech-savvy generation with compact computers/ mobile phones want to do things in a simplistic, swift, and time-saving manner. 3. With all this mobile computational power where you can do banking on the go. You do not want to be left behind in this race to be the top Fintech bank. Now is the time to disrupt traditional and regional banks by offering multi-services to serve people throughout every aspect of money management and stages of their financial needs. It gives a unique ability to identify opportunities to better integrate products and discounts, develop solutions and deploy them at scale to improve access, lower costs, avoid redundancies and make the experience better for customers.
1. All of those points are valid, but will banks feel pressured enough to adopt SoFi's backend infrastructure? Just because SoFi has a strong product doesn't guarantee banks will adopt it. 2. I completely agree. It's universally accepted that an all-in-one app is extremely convenient and younger generations often adopt technology based on convenience. Technology is evolving rapidly. Will people want to handle all their finances through an app in the future? Will the app model stay relevant with so much tech being dropped. I even still don’t fully understand how Ai will play out in 3 years let alone apps in 10. 3. For more than a decade, banking apps have not seen significant progress. They proudly display features like mobile check deposits and online bank transfers, which have been available for over 20 years. The question is: why? Why haven't consumers been offered any new financial tech products in such a long time? This could be due to outdated regulations and technology, and a perceived lack of need for improvement. SoFi could be developing tech for banks that might go unused because regulators don't deem it mandatory. I'm not claiming to be correct. I'm merely suggesting that we might be wrong.
I know you are a SoFi bull with SoFi Weekly and I have been quoted as a SoFi Bull as well so I understand your concern. I am not looking for a huge dominance by Fintech or SoFi's AWS over the traditional banks. However, I do believe SoFi's Fintech banking, diversity, and "AWS of Fintech" with its vertical integrations will be the winner of Fintech banking in this new era. SoFi will hold a substantial piece of this big financial sector pie when the fight is settled.
for the tech, it seems to be like Palantir in the way that they may be giving it away basically for free for a trial period. Palantir has done "proof of concept" trials with a lot of companies. i believe this is what Noto was eluding to when he said its not like 10, 20, 30 million people are immediately brought onto the Galileo platform. it will be a trickle of new customers in the trial....then when a customer sees the tech is working and they can save a certain amount of money then some(all) will become full blown clients.
When I worked in Banking back in the 90's when we had brick and mortar banks on every corner. I saw the switch from heavy Customer Service Reps trying to sell everything to customers walking inside the bank to cashing checks at ATM machine. Adapt or die. The legacy banks will have to adapt.
agreed and hail2pitt
Ouch! First time I upvoted Pitt.
😂
And Who the fuck is Riley Smelley exactly?
Just someone who follows SOFI like the rest of us. But also literally the OP of this post lol https://preview.redd.it/2ro97f49s03b1.png?width=658&format=png&auto=webp&s=4bcab2b98d50f3c3e5c4df48c945a04d40405515
Will any of us bagholders break even and GTFO?
With your average, it is a longer road. My average is 5.01, so I feel good about making a comfortable profit.
I’m at $5.68 so in a similar boat but this things moving horizontally. Not great…
🤷🏻♂️
4. Will the federal government allow banks to be disrupted or will old money win.
The regulators are pretty clear they want big banks to compete with smaller banks.
Sofi will be alright even if it’s not the future all-in-one-app revolutionary banking app. Any bank can do that and some are