- 1SoFi is testing AI in dispute resolution, suspicious activity reports and member interactions.
- 2Management sees tokenized SoFi loans as a way to open lending to small-dollar investors.
- 3The company has hired engineering teams to push both AI and crypto initiatives.
SoFi is putting artificial intelligence to work across the business and is weighing a blockchain-based way to sell its loans in small pieces, CEO Anthony Noto told analysts on the company's second-quarter earnings call.
AI in the back office and the front end
Noto said SoFi is implementing and testing AI applications in internal processes such as dispute resolution and the filing of suspicious activity reports. The company is also applying the technology to how it deals with members, with the stated goal of helping them "get their money right." To drive the work, SoFi has brought on teams of engineers.
Crypto rails and tokenized loans
SoFi already uses blockchain technology so customers can move money over crypto rails or invest directly in the underlying cryptocurrencies. Management also sees a larger role for it down the road: reintroducing a form of peer-to-peer lending and investing.
Noto described the idea as tokenizing SoFi loans so they can trade in liquid markets in dollar-sized increments, instead of the tens of thousands of dollars typically required. In his framing, anyone could then invest in loans much as they buy equities.
He called crypto a key area of focus for management and said the company has added significant expertise, including substantial engineering talent, to advance the effort. No timeline or product details were offered in the remarks.
Source reporting: deBanked.
