Digital bank SoFi is launching a host of new products focused on lending, money management and investing. 

In the second quarter, the company launched SoFi Coach, a gen AI-driven smart financial guide tool that helps customers better understand their financial standing and guides financial planning, according to the company’s Q2 earnings reports published today.

SoFi Coach is powered by data from 12,000 connected financial institutions and 6.5 billion transactions to provide tailored financial suggestions, according to SoFi’s earnings report. 

The tool has handled nearly 500,000 conversations with more than 90% positive feedback since its launch on June 2, the report stated. More than half of those conversations focused on investing. 

In Q2, SoFi also brought AI to its investment platform SoFi Invest with the launch of the Composer tool, Chief Executive Anthony Noto, said during the earnings call. 

“Composer lets members turn investing ideas written in plain terms into strategies they can build, test and automate in minutes,” he said. 

Lending boom ahead 

As SoFi continues to deploy AI, it is adding new lending products to its catalog and said it expects significant growth from its lending business. 

“We had our best quarter ever for loan originations at $14.8 billion, which was up over $2.5 billion from just last quarter,” Noto said.  

The company’s nonlending products such as SoFi Invest, its credit card SoFi Credit Card and insurance solution SoFi Protect are regularly used by customers and lead them to its lending products, he said. 

“These products are more broadly appealing, are used much more frequently and have vastly lower customer acquisition costs than our lending products,” Noto said. 

SoFi’s goal is to be a lender between traditional FIs that move at a snail’s pace and new age fintech that charge “exorbitant rates,” Noto said. 

BY THE NUMBERS: In Q2, SoFi reported:  

• Adjusted net revenue of $1.2 billion, up 40% YoY;  

• Net income of $156 million, up 61% YoY; and  

• Noninterest income of $430 million, up 28% YoY. ]

Register here for the FinAi Lending Summit, set for Oct. 7-8 in Las Vegas. This inaugural event will include speakers from Fifth Third, Chase and Capital One as well as a fireside chat with Piermont Bank founder and Chief Executive Wendy Cai-Lee.