Digital Banks Outpace JPMorgan in Growth

JPMorgan Chase is often considered one of the largest and most reliable banks in the US, but it's not growing as fast as some other digital banks.

SoFi Technologies, for example, added 1.1 million new customers in the second quarter, a 35% year-over-year increase, and 2.2 million new products, more than double customer growth.

This rapid expansion is thanks to SoFi's cross-sell strategy, which brings customers into the ecosystem and encourages them to adopt more products.

SoFi also continues to roll out innovative products and services, including crypto and AI-based ones, that appeal to its younger target base.

Nu Holdings, another digital bank, has been similarly successful in Latin America and plans to expand to the US soon.