FinTech News
SoFi Debuts AI-Powered Financial Chatbot: SoFi Coach
SoFi is delivering a new tool to members: an AI-powered chatbot called SoFi Coach.
About SoFi Coach:
This week, the FinTech-turned-national bank SoFi revealed its latest feature. SoFi Coach is a new chat tool that offers personalized money insights for members. According to the company, the Coach was built with the help of SoFi’s financial planning team and, in early testing, nearly 70% of those who engaged with the tool went on to make “meaningful steps” toward improving their finances.
To get started with SoFi Coach, customers will first want to connect their accounts. Via Relay, members can link accounts from more than 12,000 institutions. Once this is completed, users can ask SoFi Coach about spend tracking, debt management, planning for life milestones, and more. Additionally, SoFi notes that the tool can be used to take action, such as setting up recurring savings transfers, paying down debt, or even opening a new account.
The rollout of SoFi Coach begins with SoFi Plus members. However, the tool is expected to eventually reach other users. A SoFi Plus membership currently comes at a cost of $10 per month and includes other perks such as 4.50% APY on savings (up to $20,000), 1% match on eligible deposits to taxable SoFi Invest accounts, 2x rewards points on qualifying account activity, and more.
What They’re Saying:
Discussing the launch of SoFi Coach, SoFi CEO Anthony Noto said, “The formula for getting your money right is simple: spend less than you make and invest the rest. But too many people don’t have the information to do that with confidence. 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.”
Adding to that, SoFi’s Head of Advice & Planning Brian Walsh commented, “Foundational financial support, like understanding what you can spend while still making progress toward your goals, shouldn’t be a luxury. We’re focused on turning moments of uncertainty into clear next steps so members can make smarter decisions, build healthier spending habits, and confidently plan for their future.”
My Thoughts:
When I’ve written about these types of AI chatbots in the past, I’ve been a bit skeptical about their actual usefulness. That’s the case once again — although I’m willing to be proven wrong. And, as a SoFi member, I’ll hopefully have the chance to check out SoFi Coach for myself (although, since I don’t have SoFi Plus, I’ll have to wait).
Ultimately, if SoFi Coach really can help point people in the right financial direction and/or assist them in taking the first steps toward their money goals, then I’ll be thrilled. With that, I look forward to seeing more from this new tool as it rolls out.
Author
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