One fintech opened more new checking accounts than all U.S. credit unions combined
One fintech opened more new checking accounts than all U.S. credit unions combined
Last year, one single solitary fintech opened more new checking accounts than the entire U.S. credit union system combined. What’s worse is that 23% of the deposits used to open those accounts came from credit unions. But don’t worry: here’s the playbook.
Today, SoFi’s stadium naming rights alone probably cost more than most credit unions’ annual marketing spend, but the organization didn’t come into existence with ~$40B in assets.
It was born out of an opportunity — or more accurately, the absence of opportunity. In the wake of legislative shifts in 2010, borrowers looking to pay for education found themselves with fewer options than ever before, and SoFi was born.
Now, in the wake of the Big Beautiful Bill that stripped billions in federal funding, countless credit union members find themselves out of options again . . . unless the system steps up.
In this webinar, LendKey’s Ryan Giffin and Ron Shevlin of Cornerstone Advisors share the playbook SoFi used (and continue to use) for growth, and detail the opportunities for credit unions to do the same.
The conversation was facilitated by Mission Brands Consulting’s Sam Plester.
Watch the webinar.
Key takeaways
- Price the relationship, not the product
Credit unions typically price education loans as products, SoFi prices them as relationships. That single shift in perspective helps drive 85% of SoFi members to hold multiple products. - Budget isn’t an excuse
With millions of people left short-changed and unfunded after the Big Beautiful Bill, “not having budget” to compete with SoFi simply isn’t an excuse. The members are there, the question is whether credit unions will be there for them? - Education lending is a smart foot in the door, not just a product
Even members who don’t need a student loan respond positively to institutions that offer one — 76% said it matters to them regardless of personal need. - The data infrastructure has to come first
Relationship pricing, relevant cross-selling and AI initiatives all require robust data infrastructure. Credit unions will be limited by how well they can execute the SoFi playbook without those fundamentals.
If you’re looking to develop a more robust cross-selling program, trying to market on a tight budget, interested in getting the message out there about your solutions, or need a product and systems audit, we can help. Reach out to learn more.