As the startup looks to get its IPO plans back on track, it is now unveiling SoFi Money - a mobile first checking and savings product in a pursuit to become the financial hub and lucrative recommendation engine for its 500k members.
The challenge for SoFi, and for its rivals, will be finding the right cadence of recommendations. Get overeager, and customers may sour on the service. Meron Colbeci, SVP of product management, is highly attuned to this concern. “If a company uses this as a way to pump offers into the customer’s stream, they’re going to lose that trust very, very quickly,” he says. “Relevancy and personalization are going to be key.” If SoFi Money can master that balance, the company, worth $4 billion in its last financing round, may soon be able to get its IPO plans back on track.