SoFi Technologies Inc ( SOFI ) shares are trading lower Thursday in possible reaction to Robinhood Markets Inc ( HOOD ) announcing new financial services, including Robinhood Banking.

What To Know: On Thursday at the company’s “Robinhood Presents: The Lost City of Gold” event, Robinhood introduced a suite of new wealth management features, including Robinhood Banking, Robinhood Strategies, and Robinhood Cortex.

Robinhood said it will launch the Robinhood Banking platform for Gold members in the fall. The new platform will provide access to traditional checking and savings accounts with “luxury benefits.”

Robinhood said it plans to offer 4% Annual Percentage Yield (APY) on savings accounts, 24/7 support, and up to $2.5 million in FDIC insurance. Users will also be able to access private banking services and even be able to get cash delivered to their doorsteps.

"With Robinhood Banking, we're trying to solve many of the challenges presented by legacy banks," said Deepak Rao, GM and VP of Robinhood Money.

"Robinhood Banking is thoughtfully designed to be as easy to use as possible, while still delivering cutting edge features historically reserved for the ultra-wealthy. We're pushing the boundaries of what you should expect from your bank."

Check This Out: Robinhood Expands Into Banking, Will Offer Customers 4% Savings APY And Cash Home Delivery

Robinhood Strategies offers the benefits of private wealth management without the cost and Robinhood Cortex is an AI investment tool designed to provide real-time analysis and insights.

SoFi shares appear to be facing some selling pressure in response to the announcements out of Robinhood. SoFi and Robinhood compete in the financial services space. Both companies also primarily target younger customers, often millennials and Gen Z. SoFi offers up to 3.8% APY on its high-yield savings account.

SOFI Price Action: SoFi shares were down 5.32% at $12.38 at the time of publication Thursday, according to Benzinga Pro.