In offering so many products, what economics of scale do they bring over established banks and credit unions? If there are any newly discovered efficiencies, they certainly aren't passed down to the consumer as the rates I've been quoted for their loan products are terrible; it's shocking that they get any organic business at all.
They call themselves "a new kind of finance company" but there's literally nothing new to benefit the consumer. If anything, they've taken multiple steps back because they're a 1990s boiler room down to their culture, their management, and especially their channel of sales: they masquerade as an "tech company," but really they're just a web form that prints leads to their sleazy call center.
If you tick the boxes of the specific demographic they're going after (High Earners, Not Rich Yet - as they call them at SoFi) and you make the mistake of giving them your information by applying for any one of their products, all the mini-Belforts at the company will relentlessly pitch you over the phone to trust them to manage all of your wealth... for a princely return of 1.18%.
They have no defensible moats, they have no IP, they have no talent on staff. Their Chief Technical Officer is the CEO's wife, who has a 1 year remote degree from Stanford and no prior experience in software. Seemingly her job is just to stand around and pretend everything is "normal" while her husband sexually assaults girls half her age in the room across. How sad.