How Credit Unions Can Steal SoFi’s Playbook

Fifteen years ago, SoFi was founded with a single student loan product. Fast forward to today and they are a $38 billion deposit growth machine with more than 13.6 million members. New research from LendKey and Cornerstone Advisors takes a closer look at how SoFi has achieved such rapid growth and what credit unions can do to leverage fintech strategies for their own member acquisition.

Watching history repeat itself

In 2010, the government passed legislation to restructure federal student loan programs, including the elimination of federal lending through banks and credit unions. The rationale was simple enough: instead of subsidizing private lenders, the government would fund loans itself, and in doing so keep education more affordable (theoretically).

With such reduced margins and opportunity, many lenders exited both the federal and private student loan markets entirely within 24 months, leaving borrowers with fewer options. But little can inspire innovation quite like a vacuum. SoFi was founded in 2011 to address this newly created gap in the student lending market and its growth since is nothing short of phenomenal. Were it a credit union, SoFi’s $38B in assets would see it rank as the third largest, while only Navy Federal Credit Union could boast more than SoFi’s 13.6 million members.

Now, history is repeating itself once more with the Big Beautiful Bill. Industry experts estimate this legislation, which has imposed new federal student loan borrowing limits and eliminated the affordable SAVE repayment plan, will generate a $10 billion lending gap that the private market will absorb. The question for credit unions is clear: will they be there when their members need them the most, or will it be SoFi . . . again?

An undeniable growth opportunity

Education lending has become such a political football, it’s easy for credit unions to dismiss this opportunity out of hand, but it’s a foolish move to do so.

First-off, the hot issue for politicians is federal student lending, whereas the opportunity for credit unions is in the private market. A quick look at some of the facts can clear up that confusion and reframe the risk.

Second is the simple fact that offering these products generates growth. Period. It’s literally SoFi’s origin story. Yes, SoFi now concentrates on broader asset classes, but more than three-quarters of SoFi members say it matters that the company helps young consumers manage student debt, even if they’ve never taken out a student loan there themselves. Being seen to support people who need it the most matters—and isn’t that what credit unions exist to do?

But the real magic lies in the strength of SoFi’s cross-sell operations. The majority of student loan borrowers (85%) go on to open other products with SoFi. Nearly half (45%) of SoFi members (and yes, they do call them “members”) do direct deposit, and another third are considering moving their direct deposit to SoFi.

Every way you look at it, there’s growth.

Four factors driving SoFi’s member acquisition

So how does SoFi do it? It’s not rocket science, there’s just a relentless consistency to their style, and it’s one that credit unions can just as easily adopt:

1. Addressing frustrations The top complaints that SoFi members had about their previous financial institutions included low savings interest rates, high product fees, and a lack of transparency around rates and fees. These are all issues that credit unions can easily address, too.
2. Offering incentives SoFi’s financial wellness mission was cited as the fourth most important reason for joining the fintech, but more economical reasons landed higher on the list. Getting a sign-up bonus or promotional APY, as well as no-fee banking with no minimum balance, draws members in droves to SoFi. Again, much of this is table stakes for credit unions.
3. Switching made easy SoFi members say the ability to link external accounts and the simplicity of the direct deposit setup were big factors in switching. Plus, the dangling carrot of a sign-up bonus or promotional APY kept them motivated to see it through
4. Referrals made even easier Almost 60% of SoFi members have referred someone else to join. SoFi’s referral program is enticing, with up to $300 for the referrer on a loan referral, $75 for a deposit account referral, and the referred member receives a bonus too. Maybe it’s time for credit unions to crunch the numbers on more compelling referral incentives

Credit unions already hold all the cards

Americans already associate credit unions with the traits SoFi has spent years and a generous marketing budget working to build: trust, community focus, and fair pricing. Just 16% of Gen Z and millennial consumers think credit unions can’t compete with fintech companies. In fact, if a credit union matched SoFi’s digital experience and product range, half of younger consumers say they’d move their primary relationship to the credit union.

It’s all there for the taking. SoFi proved that in 2011. Now, if credit unions play their cards right during this new phase of federal student loan upheaval, they can play SoFi at their own game. This is a chance for credit unions to diversify their loan portfolios, attract the next generation of members, and support their communities. It’s a chance to improve financial health and wellbeing at scale. It’s a chance for the system to grow for the long-term. This is a win-win-win.

Download your free report for more insights

This article draws on original research from LendKey and Cornerstone Advisors, based on an April 2026 survey of nearly 1,200 SoFi members and 9,300 Americans.

Download the full report, “How Credit Unions Can Steal SoFi’s Playbook,” free from LendKey.