SoFi Technologies Inc. (NASDAQ: SOFI) launched SoFi Coach, an artificial intelligence-powered chat platform that provides personalized financial guidance to members. The tool is initially available to SoFi Plus members and was developed in collaboration with the company's financial planning team.

SoFi Coach allows members to connect accounts from more than 12,000 financial institutions through the company's Relay financial management tool. The platform analyzes user financial data to provide personalized responses to questions about spending, debt management, and financial planning.

Members can use the tool to track spending patterns, compare debt payoff options, assess affordability for major purchases, and receive guidance on financial actions. The company stated that during early testing, nearly 70% of engaged test members took steps to improve their finances after using the platform.

"The formula for getting your money right is simple: spend less than you make and invest the rest. But too many people don't have the information to do that with confidence," said Anthony Noto, CEO of SoFi. "We built SoFi Coach to give more people access to smarter, AI-powered financial tools and the experience of our financial planning team."

The platform integrates with SoFi's existing financial services application, which serves 14.7 million members. SoFi plans to add features including subscription management, expense tracking, and cancellation tools over time.

SoFi Coach provides information and insights but does not offer investment advice or recommendations, according to company disclosures. Users remain responsible for their financial decisions, and the tool's responses are based on limited account information that may contain inaccuracies.

The launch expands SoFi's digital financial services platform as the company continues to develop AI-powered tools for its member base.