SoFi Says No More to Staying in an Unfulfilling Relationship
SoFi announced its new brand campaign, “Break Up With Bad Banking”, inspiring people to move out of unfulfilling relationships with their banking institutions and move on with SoFi, an all-in-one banking app disrupting the personal finance category that allows consumers to save, spend, borrow, earn, invest and protect their money all in one place just in time for the season of love.
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“We are committed to creating meaningful and lasting relationships with our members. When you move on with SoFi, you’re entering a relationship that prioritizes you. Our robust product offering puts you and your financial needs first to help you get your money right—and ultimately help you achieve financial independence.”
Research shows that the average adult in the United States has used the same primary checking account for fourteen years.1 This statistic coupled with the fact that financial institutions only have a 33% approval rating shows it’s time to stop settling for mediocre.2 SoFi’s last brand campaign of 2021 explored the celebratory feeling that comes with members getting their money right with SoFi. This latest campaign drives a call to action to break up with bad banking ahead of Valentine’s Day by moving on with SoFi so consumers can relish in that same celebratory feeling.
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“Sometimes we stay in relationships that don’t fulfill us even though we know it’s time to break up. Our new ‘Break Up with Bad Banking’ campaign is a call to action for consumers to wake up from financial complacency and join a bank that truly understands their wants and needs,” said Lauren Stafford Webb, Chief Marketing Officer of SoFi. “We are committed to creating meaningful and lasting relationships with our members. When you move on with SoFi, you’re entering a relationship that prioritizes you. Our robust product offering puts you and your financial needs first to help you get your money right—and ultimately help you achieve financial independence.”
The campaign is kicking off with a digital and influencer campaign and sweepstakes across TikTok, Instagram, and Twitter this week with accompanying television advertisements to air across all major national cable/streaming platforms beginning in early March.
As part of the campaign, SoFi is calling on members to Break Up With Their Bank with the opportunity to win several prizes. One opportunity is through a national three-day TikTok challenge where participants are encouraged to share their break up story using an original song made in partnership with Jax of @JaxWritesSongs and the hashtag #SoFiBreakUpChallenge. Throughout the campaign, SoFi will be rewarding people with $75,000 in SoFi Reward Points and the grand prize winner will be awarded $25,000 in rewards points at the end of the contest period. Another opportunity will be during Super Bowl LVI where SoFi will be hosting a conversation on Twitter, calling on members to #MoveOnWithSoFi. Throughout pivotal moments of the big game, SoFi will provide prompts via its Twitter account giving away up to $25,000 in prizes.
This announcement comes on the heels of SoFi announcing the completion of its acquisition of Golden Pacific Bancorp, Inc. (OTCPK: GPBI) and its wholly owned subsidiary Golden Pacific Bank, N.A. (together, “GPB”). SoFi will offer an industry-leading Annual Percentage Yield (APY) up to 1.00% for members with direct deposit*, providing 33 times the national average interest on balances. Research confirms that over half of consumers consider savings account interest rates the most important type of interest rate.
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