SoFi expects AI to increase rate transparency, transactions

Digital bank SoFi is optimistic that AI will boost FI transparency and therefore customer transactions as the technology advances and becomes more entrenched in the industry. While some industry leaders might see AI — or SI, for superintelligence, as President Donald Trump calls it — as a risk to the deposit business, SoFi Chief Executive Anthony Noto said it will drive rate transparency and product awareness, helping consumers navigate and select options. "I don't see SI as a risk to the deposit business," Noto said on SoFi's third-quarter earnings call today. "I think it's going to add a tailwind to what we do." "The more awareness we have, the more products we drive.” Instead of using search engines to identify rates, AI agents will eventually identify rates and delineate each rate’s details, such as hidden fees, requirements, minimum deposit amounts and limits, Noto said. "I love what SI is going to do for the world as it relates to transparency and awareness," he said. Q3 product growth The $56.8 billion bank added a record 1.2 million customers in Q3, bringing its total to 17.1 million customers, a 35.1% increase year over year. SoFi also added a record 2.2 million products during the quarter, bringing its total to 26.7 million products, a 43.8% increase YoY. SoFi defines "products" as the individual financial accounts, loans, credit cards and tools that a customer has opened or is actively using on the bank's platform. Products per customer increased to about 1.56, up from 1.47 in Q3 2025, and 51% of new products were opened by existing members, SoFi reported. [caption id="attachment_57390234" align="alignnone" width="1235"] (Courtesy/SoFi)[/caption] Chief Financial Officer Chris Lapointe noted on the call that, as of Q3, 37% of customers use two or more products, up from 33% a year earlier. Financial services Q3 net revenue was $525.1 million, up 25.1% YoY, and revenue per product was $90, down 13.5% YoY, but up 2.3% quarter over quarter. Lending services Q3 net revenue was $821.3 million, up 66.5% YoY, and adjusted revenue per product was $942, up 20.5% YoY. "Revenue per product shows how well we monetize those relationships and it increased in both financial services and lending this quarter," Lapointe said. SoFi's Technology Platform segment reported Q3 net revenue of $87.4 million, down 23.7% YoY. The bank attributed the decrease to a large client transitioning off the platform by yearend 2025. "Excluding revenue from that client in both periods, technology platform revenue grew 18% year over year," Noto said. By the numbers SoFi reported adjusted net revenue of $1.4 billion in Q3, up 44.4% YoY. The bank also reported in Q3: Adjusted net income of $243 million, up 74.3% YoY; Adjusted diluted earnings per share of 18 cents, up 63.6% YoY; and Technology and product development expense of $197.7 million, up 18.3% YoY. Shares of SoFi ( NASDAQ: SOFI ) were up/down xx% from market open to $xx as of market close today. SoFi has a market capitalization of $21.4 billion. Register here for early-bird pricing for the FinAi Banking Summit, taking place March 1-2 in Denver. View the full event agenda here .

SoFi expects AI to increase rate transparency, transactions

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SoFi expects AI to increase rate transparency, transactions

Digital bank adds 1.2M customers in Q3

CaixaBank grows agentic AI capabilities with Google Cloud

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