- "Mad Money" host Jim Cramer interviews SoFi CEO Anthony Noto about his new role at the financial technology company and the allegations against SoFi's former CEO.
- Noto lists three things SoFi must do to outperform its competitors.
- Noto also addresses changes SoFi has made in light of the former CEO's departure.
SoFi's new CEO, Twitter veteran Anthony Noto, took the CEO role at the financial technology company to help build a next-generation financial institution, he told CNBC on Wednesday.
But to outperform the rest of the increasingly crowded fintech space, the privately held SoFi needs to do three things, Noto told "Mad Money" host Jim Cramer in an exclusive interview.
"First, we have to have the best selection — and not just selection of each product, but variations of those products," Noto said. "Second, we have to provide unmatched convenience. Anytime, anywhere, on any device, you should be able to access all of your financial information, do any activity that you want across the broad spectrum of products that we'll launch over time."
Noto's third initiative for the company — which helps its "members," or customers, refinance student and mortgage loans, take out personal loans and even get career advice — had to do with speed.
"People need to be able to apply the fastest, get approved the fastest, get access to their money the fastest. They should be able to withdraw their money the fastest, pay somebody the fastest, invest in stocks the fastest," the CEO said.
Formerly the COO and CFO of Twitter, Noto added that SoFi's initiatives will be underscored by the company's growing customer base.
"We're building a membership base, and the SoFi membership base will be a key advantage for us in that when you do something with us in financial services, we are going to continue to facilitate our relationship through things like professional networking, career advice, financial advice, live financial advice, so that you can make the best decisions on your path to achieve your financial goals," he told Cramer.
Focusing on its members has long been a strategy for SoFi. The company prides itself on maintaining lengthy relationships with customers, including during times of financial difficulty.
"If someone does lose a job, we want to help them find that next job and we've done a lot in the career services side of the equation," Noto said.
"We have a very aggressive and ambitious agenda to launch a number of products this year and into 2019 and so that's what we'll continue to focus on to build value for shareholders," the CEO added.
Noto officially started as CEO on March 1, succeeding SoFi's former CEO and founder Mike Cagney. Cagney and other SoFi executives were ousted from the company in late 2017 following September reports of alleged sexual misconduct at the online lender.
But even under pressure from the #MeToo movement, Noto said that SoFi's business "hasn't missed a beat." In 2017, the company did $12.9 billion in loan volume and financing, up more than 60 percent year over year, he said.
Still, Noto acknowledged how important company culture is to running an effective business.
"We're committed to having the best culture in the world," he told Cramer. "The great news is when I got to SoFi, the team had already made a commitment to improving the culture [and] started an initiative called One SoFi that's really about welcoming anyone and making anyone feel comfortable working there."