SoFi Launches AI Coach to Personalize Financial Planning

SoFi Plus members can now get personalized help and financial insights through an artificial intelligence-powered, chat-based platform within the SoFi digital financial services app.

When members connect their accounts from more than 12,000 financial institutions, the new SoFi Coach can see a more complete view of their financial picture and answer members’ questions based on its real-time analysis of their financial situation, activity and goals, SoFi said in a Tuesday (June 2) press release.

SoFi Coach can help members track spending to see where their money goes and what recurring expenses they have; manage debt by comparing payoff options and exploring refinancing options; plan for major life goals by understanding what they can afford and what possible financial trade-offs exist; and take action by learning about possible next steps, the release said.

The chat-based platform can answer questions about how much the user spent on recurring subscriptions last year, whether they should focus on paying off their credit card or their personal loan first, and what home price they can afford, according to the release.

In early testing of SoFi Coach, 70% of engaged users took “meaningful steps to improve their finances,” such as paying down high-interest debt or moving money into higher-yield accounts, with help from the AI-powered tool, the release said.

“We built SoFi Coach to give more people access to smarter, AI-powered financial tools and the experience of our financial planning team, so our members can reduce debt, make their money work harder, and take the next step toward achieving their ambitions,” SoFi CEO Anthony Noto said in the release.

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SoFi reported in April that it added 1.1 million new members in the first quarter, bringing its total to 14.7 million, and that 43% of new products were taken by existing members.

During an earnings call in which these numbers were reported, Noto said the gain “clearly demonstrates the effectiveness of our Everything Financial Services app strategy and our ability to build deeper multi-product relationships with members, which in turn will drive a higher lifetime value.”

The PYMNTS Intelligence report “Digital-First Retention Playbook: Winning Gen Z Loyalty at Credit Unions” found that 62% of Generation Z consumers are open to using AI for “what if” financial planning.

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