{"id":14037,"date":"2023-05-26T04:54:44","date_gmt":"2023-05-26T08:54:44","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/sofi-ceo-says-someone-making-100000-plus-really-struggles-to-live-the-american-dream\/"},"modified":"2023-05-26T04:54:45","modified_gmt":"2023-05-26T08:54:45","slug":"sofi-ceo-says-someone-making-100000-plus-really-struggles-to-live-the-american-dream","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14037","title":{"rendered":"SoFi CEO says someone making $100,000-plus \u2018really struggles to live the American Dream\u2019"},"content":{"rendered":"
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\n \u201c<\/span>\u201cIn many ways, someone today that\u2019s making $100,000-plus really struggles to live the American Dream for a variety of different reasons, and they need a relationship bank.\u201d\u201d<\/span>\n <\/p>\n


\n \u2014 SoFi Chief Executive Anthony Noto<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

SoFi Technologies Inc. Chief Executive Anthony Noto says the company\u2019s bank charter is paying big dividends as the company tries to satisfy its target demographic. <\/p>\n

The financial-services company caters to what it calls \u201chigh earners, not rich yet,\u201d and that customer base faces a multitude of challenges, according to Noto.<\/p>\n

\n

\u201cIf they overspend on their college education, they\u2019re going to be in a hole and they can\u2019t invest,\u201d he said at a JPMorgan investor conference Wednesday, according to a transcript from AlphaSense\/Sentieo. \u201cIf they buy a home that\u2019s too big relative to their means, they\u2019re not going to be able to save and they\u2019re going to constantly be running over budget. And so we want to be there for that relationship every day and to be there for all their major things, which means we have to help them borrow better, save better, spend better, protect better and invest better.\u201d<\/p>\n

Don\u2019t miss: SoFi CEO Noto remains an aggressive buyer of stock with new $500,000 purchase<\/strong><\/p>\n

In his view, SoFi\u2019s
\n SOFI,
\n -1.88%<\/bg-quote>
\n banking charter, acquired in January 2022, is helping the company get more involved in its customers\u2019 broader financial lives because it allows SoFi to capture direct deposits more easily and appeal to customers with its interest rates on savings and checking. <\/p>\n

\u201cA key to our strategy is building a primary relationship with a member so that we can be there and be trusted and be there when they make those decisions, and one way to drive primary relationship is having someone\u2019s direct deposit,\u201d he explained. <\/p>\n

\u201cVery little\u201d of the $2.7 billion in direct deposits that SoFi amassed during the first quarter related to banking-industry fallout, according to Noto, as SoFi\u2019s deposit momentum is \u201creally coming from the largest money-center banks.\u201d<\/p>\n

Don\u2019t miss: Why this SoFi bull says skeptics are misunderstanding the stock<\/strong><\/p>\n

The company remains on track to meet its target of at least $2 billion in deposits each quarter, he continued. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c\u201cIn many ways, someone today that\u2019s making $100,000-plus really struggles to live the American Dream for a variety of different reasons, and they need a relationship bank.\u201d\u201d \u2014 SoFi Chief Executive Anthony Noto SoFi Technologies Inc. Chief Executive Anthony Noto says the company\u2019s bank charter is paying big dividends as the company tries to satisfy […]<\/p>\n","protected":false},"author":1,"featured_media":14038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-14037","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSoFi CEO says someone making $100,000-plus \u2018really struggles to live the American Dream\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u201c\u201cIn many ways, someone today that\u2019s making $100,000-plus really struggles to live the American Dream for a variety of different reasons, and they need a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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