![]() Without taking a side, several critics have said the big banks failed when it came to PPP loans. On the Pandemic and PPP Loans: If COVID-19 has shown us anything, it’s the value of digital infrastructure. Sofi believes in reality, what’s best for shareholders is what’s best for stakeholders and instead focuses on a Return on Relationship. ![]() At the root of this mission is the significant difference in strategy Incumbent banks focus on a Return on Equity and make significant business decisions on what’s best for shareholders. The company’s mission or “number one goal” is to help its members get their money right. But over the last 20 years, as banks changed, the focus on relationships has changed with them. ![]() The idea is to offer customers simple products like a savings account, then be there as their financial needs become more complex and then provide mortgages or investments. On Business Strategy: Banks have always been built on a simple premise: relationships. He told this story through the lens of recent events like the pandemic and PPP loans and why he believes the future of banking will be defined by business strategy, not just technology. CEO Anthony Noto spoke at Lendit 2020 on why the company continues to be a standout and a go-to choice for the next generation.ĭuring a discussion titled “Where is Fintech Going and How SoFi Will Be Central to its Future” Noto delved into the company’s success and why he believes it’s poised to at the tip of the innovation speer as the future of banking becomes a reality. ![]() What began as a small fintech startup aimed at helping American students tackle their student loans has grown into a massive financial institution with its name on a Football Stadium. ![]()
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