Who are Axos Financial's competitors, and what are the alternatives?
Axos competes in four markets, and its fiscal 2026 10-K describes the rivals in each by type rather than by name: internet-based banks large and small, brick-and-mortar banks with websites, thrifts, credit unions and fintechs for deposits; savings banks, commercial banks, mortgage bankers and brokers, insurers, private equity firms and hedge funds for real estate loans; and broker-dealers, advisory firms and banks for its clearing business. The named rivals are on the record elsewhere. For online deposits, the large publicly traded internet banks include Ally and SoFi, and Axos has bought deposits from two digital rivals, Jenius Bank ($2.3 billion, May 2026) and Capital One's IRA book (about $1.9 billion, September 2026). In RIA custody, where Axos Advisor Services holds about $48 billion, it competes with the big three, Schwab, Fidelity and Pershing, and with Betterment, and in 2023 it won a $3.1 billion RIA from Schwab; in October 2026 its sales team was targeting every adviser who custodies with Fidelity. For startups, buying Arc put Axos against Brex, now part of Capital One, and Mercury, the digital banks Arc grew alongside after SVB failed. Non-banks are the real rivals in two places: brokerages and money market funds for deposits, and private equity, hedge funds and insurers for commercial real estate loans.[1][2][3][4][5][6][7][8][9][10]
Data as of Oct 19, 2026 · Axos Bank profile updated Oct 19, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does Axos Bank say about its competition?
"The market for banking and financial services is intensely competitive, and we expect this competition to continue. The Banking Business Segment primarily attracts deposits through its banking sales force and online acquisition channels. Competition for those deposits comes from a wide variety of depository and non-depository financial institutions. The Banking Business Segment competes for these deposits by offering superior service and a variety of deposit accounts at competitive rates. In real estate lending, we compete against traditional real estate lenders, including large and small savings banks, commercial banks, mortgage bankers, mortgage brokers, insurance companies, private equity firms and hedge funds."[1]
"In our Securities Business Segment, we face significant competition in providing clearing and advisory services based on a number of factors, including price, speed of execution, perceived expertise, quality of advice, reputation, range of services and products, technology, and innovation. ... Axos Clearing competes directly with numerous other financial advisory and investment banking firms, broker-dealers and banks, including large national and major regional firms and smaller niche companies. Additionally, certain competitors are not broker-dealers and, therefore, are not subject to the broker-dealer regulatory framework." (Form 10-K for the fiscal year ended June 30, 2026, Item 1 "Competition", filed August 20, 2026.)[1]
"Technology has also lowered barriers to entry and made it possible for non-bank, financial technology companies ('FinTechs') to offer products and services traditionally provided by banks. ... Our competitors also include large, publicly-traded, internet-based banks, as well as smaller internet-based banks; 'brick and mortar' banks, including those that have implemented websites to facilitate online banking; and traditional banking institutions such as thrifts, finance companies, credit unions and mortgage banks." (Item 1A, Risk Factors.)[1]
Who competes with Axos Bank in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Online consumer and business deposits | Ally Financial | Bank | Axos's 10-K names large, publicly traded internet-based banks among its competitors; Ally's 2025 10-K says it has no branch network and gathers deposits through online and digital channels.[1][2] |
| Online consumer and business deposits | SoFi | Bank | SoFi is a publicly traded internet-based bank of the kind Axos's 10-K lists as a competitor, and SoFi's own 10-K describes competition for deposits among banks, challenger banks and technology and retail companies.[1][3] |
| Online consumer and business deposits | Capital One | Bank | Capital One's 10-K reports strong and increasing competition in the direct banking market, and Axos bought about $1.9 billion of Capital One's IRA deposits, closed September 21, 2026.[11][5] |
| Online consumer and business deposits | Brokerages, mutual funds and prepaid cards | Broker or asset manager | Axos's 10-K says consumers can now keep funds that would have been bank deposits in brokerage accounts, mutual funds or general-purpose reloadable prepaid cards, a disintermediation that could cost it deposits.[1] |
| Clearing and custody for RIAs (Axos Advisor Services) | Charles Schwab | Bank | In 2023 CG Advisor Network, a $3.1 billion RIA, left Schwab Advisor Services for Axos Advisor Services; in October 2026 Schwab, with $5.7 trillion of RIA custody assets, and Axos were both courting advisers affected by Fidelity's new $100 million minimum.[7][6] |
| Clearing and custody for RIAs (Axos Advisor Services) | Fidelity Investments | Broker or asset manager | WealthManagement.com reported on October 6, 2026 that Axos Advisor Services, a $48 billion custodian, has its sales team targeting every advisor who custodies with Fidelity after Fidelity said it would drop advisers with less than $100 million in client assets.[6] |
| Clearing and custody for RIAs (Axos Advisor Services) | BNY Pershing | Bank | InvestmentNews describes Schwab, Fidelity Institutional and BNY Mellon Pershing as the traditional big three custodians that independent firms such as CG Advisor Network look beyond when they move to Axos.[7] |
| Clearing and custody for RIAs (Axos Advisor Services) | Betterment Advisor Solutions | Fintech | InvestmentNews profiled Axos and Betterment together as smaller, tech-forward custodians winning breakaway advisers from the big three (February 2026), and both made offers to Fidelity-custodied advisers in October 2026.[8][6] |
| Clearing and custody for RIAs (Axos Advisor Services) | Altruist (being acquired by Vanguard) | Fintech | WealthManagement.com lists Altruist, which agreed to sell to Vanguard, among the custodians making their case to Fidelity's sub-$100 million advisers in October 2026, alongside Axos, Betterment and Schwab.[6] |
| Banking and cash management for startups (Arc) | Brex (Capital One) | Fintech | American Banker notes Axos's Arc deal came about three months after Capital One closed its $5 billion purchase of Brex and its AI-native platform; Bank Automation News reported in 2023 that Arc, Brex and Mercury, all San Francisco digital banking platforms, each gained startup clients and deposits after SVB failed.[9][10][12] |
| Banking and cash management for startups (Arc) | Mercury | Fintech | Bank Automation News named Mercury with Arc and Brex as the San Francisco digital banks that won startup deposits after SVB failed; Mercury reported about $2 billion of deposits and thousands of new customers in the weeks after.[10] |
| Commercial real estate and specialty lending | Private equity firms, hedge funds and insurers | Non-bank lender | Axos's 10-K names insurance companies, private equity firms and hedge funds among the lenders it competes with in real estate lending.[1] |
| Commercial real estate and specialty lending | Savings and commercial banks | Bank | The same 10-K passage lists large and small savings banks and commercial banks as traditional real estate lenders competing with Axos; its commercial and industrial book was about $9.5 billion, 36.4% of loans, at June 30, 2026.[1] |
| Single-family mortgage | Mortgage bankers and mortgage brokers | Non-bank lender | Axos's 10-K names mortgage bankers and mortgage brokers among its real estate lending competitors and says its mortgage origination volume varies with seasonal and interest-rate swings.[1] |
How do the AI and digital offerings of Axos Bank's competitors compare?
Axos Bank first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| Axos Financial (this page) | Enterprise AI programme, OutSystems Agent Workbench and Arc[13][14][15][9] | Index 56.7 (#50); 12 use cases, 10 in production | Proxy: Technology Committee chair named; Axos Clearing head retired (Sep 24, 2026)[16] |
| Ally Financial | Ally.ai open to all 10,000-plus employees since July 2025; generative call summaries covering about 5 million calls.[17] | Index 76.5 (#27); 13 use cases, 9 in production | CRO: AI should be 'an accelerant', not just something to control (Oct 1, 2026)[18] |
| SoFi | SoFi Coach, a chat-based AI financial guide; nearly 500,000 conversations by July 2026.[19][20] | Index 80.4 (#20); 17 use cases, 14 in production | SoFiUSD settlement live on Mastercard (Sep 22, 2026)[21] |
| Capital One | Eno assistant in the app, online, by text and email since 2017.[22][23] | Index 86.9 (#9); 13 use cases, 13 in production | Second on the Evident AI index for a fourth year (Oct 6, 2026)[24][25] |
| Brokerages, mutual funds and prepaid cards | Not disclosed | No profile | Not disclosed |
| Charles Schwab | Claude for Financial Advisors with Anthropic, connected to Schwab Advisor Center for 16,000-plus RIAs (September 2026).[26] | Index 80.7 (#19); 19 use cases, 15 in production | How Charley was built: employee testing, confirmation before any change (Oct 8, 2026)[27] |
| Fidelity Investments | Not disclosed | No profile | Not disclosed |
| BNY Pershing | BNY Pershing runs about 160 'digital employees' with badge numbers and human managers (March 2026).[28] | Index 89.8 (#5); 14 use cases, 12 in production | Q3 call: '400-plus' AI solutions in production; AI spend not broken out (Oct 15, 2026)[29] |
| Betterment Advisor Solutions | Not disclosed | No profile | Not disclosed |
| Altruist (being acquired by Vanguard) | Not disclosed | No profile | Not disclosed |
| Brex (Capital One) | Brex AI agents for expenses, policy review, audit and accounting; nearly 70% of expenses on Brex handled entirely by automation (March 2026).[30][31] | 7 use cases, 7 in production | Coding agents migrate 180 microservices (Jul 22, 2026)[32] |
| Mercury | Mercury Command (June 16, 2026) turns natural-language requests into staged financial work held for review.[33] | 6 use cases, 5 in production | Mercury Books: AI-driven accounting (Sep 16, 2026)[34] |
| Private equity firms, hedge funds and insurers | Not disclosed | No profile | Not disclosed |
| Savings and commercial banks | Not disclosed | No profile | Not disclosed |
| Mortgage bankers and mortgage brokers | Not disclosed | No profile | Not disclosed |
Who should look beyond Axos Bank, and where?
| If you are | Look at | Why |
|---|---|---|
| Customers who want to bank in a branch | A bank with a national branch network, such as JPMorgan Chase | Axos attracts deposits through its banking sales force and online acquisition channels, and its 10-K contrasts that franchise with branch-intensive banking models. JPMorgan Chase Bank's 10-K describes U.S. branches in 48 states and Washington, D.C.[1][35] |
| Members who want an AI money coach inside their bank app | SoFi | Axos's CEO said in July 2026 it had not had an AI product for clients before Arc, which serves businesses. SoFi Coach, a chat-based guide built with SoFi's planners, launched for SoFi Plus members in June 2026 and logged nearly 500,000 conversations by July.[36][19][20] |
| Independent advisers who want AI tools from their custodian | Charles Schwab Advisor Services | Axos Advisor Services stresses transparent pricing and transition support for breakaway advisers (February 2026). Schwab connects Anthropic's Claude to Schwab Advisor Center for its 16,000-plus RIAs (September 2026), and is the only RIA custodian in that program.[8][26] |
| Startups that want a finance platform not owned by a bank | Mercury | Arc became part of Axos on July 20, 2026 and Brex part of Capital One on April 7, 2026. Mercury, the third of the San Francisco startup banking platforms Bank Automation News grouped with them in 2023, launched Mercury Command, an AI layer for staged financial work, in June 2026.[37][12][10][33] |
| Small businesses that want SBA loans with AI-assisted origination | Live Oak Bank | Live Oak originates small SBA 7(a) loans through Live Oak Express on Casca's AI platform, with $56 million of Express originations in the first quarter of 2026. Axos's small-business AI is Arc's cash-management and CFO agent rather than lending.[38][39][9] |
Which digital banks has Axos taken deposits from?
Axos has grown its online deposit base partly by buying books from other digital banks and from a direct-bank rival. Figures as filed.
| Seller | What Axos bought | Signed | Closed |
|---|---|---|---|
| Jenius Bank (SMBC MANUBANK) | All US consumer deposits of the digital bank: about $2.6 billion at signing, about $2.3 billion at closing | February 12, 2026 | May 2, 2026[40][4] |
| Capital One | IRA deposits held in savings and CD accounts: about $3.2 billion at signing, about $1.9 billion at closing | April 22, 2026 | September 21, 2026[41][5] |
| Arc Technologies | An AI-native cash-management and debt-marketplace platform for technology companies, with its Archie CFO agent | July 7, 2026 | July 20, 2026[15][37] |
| Verdant Commercial Capital | Equipment-leasing lender, for $43.5 million | September 22, 2025 | Not stated in the sources[42] |
Who are Axos Bank's biggest competitors?
Its 10-K names types, not firms: internet-based banks, branch banks with websites, thrifts, credit unions and fintechs for deposits; banks, mortgage bankers, insurers, private equity firms and hedge funds for real estate loans; broker-dealers and banks in clearing. By name, the record points to Ally, SoFi and Capital One in online deposits; Schwab, Fidelity, Pershing and Betterment in RIA custody; and Brex and Mercury for startup banking.[1][2][6][7][10]
Axos vs Ally: how do they compete?
Both gather deposits online, the market Axos's 10-K describes as including large, publicly traded internet-based banks; Ally's 10-K says it has no branch network. Beyond deposits they diverge: Ally's 10-K describes an automotive finance business, while Axos funds commercial real estate and specialty lending and runs a clearing and RIA custody business.[1][2]
Is Axos a competitor of Charles Schwab?
In RIA custody, yes. Axos Advisor Services, with about $48 billion in custody, took the $3.1 billion RIA CG Advisor Network from Schwab Advisor Services in 2023, and in October 2026 both were courting advisers affected by Fidelity's new $100 million minimum. Schwab is far larger, with $5.7 trillion of RIA custody assets.[7][6]
Who competes with Axos for startup and tech-company banking?
Since buying Arc Technologies in July 2026, Axos meets Brex, which Capital One bought for $5 billion and closed in April 2026, and Mercury. Bank Automation News grouped Arc, Brex and Mercury as the San Francisco digital banking platforms that won startup clients after SVB failed in 2023. Banking Dive reported Axos sees small businesses as structurally underserved by traditional banks.[9][10][43]
Does Axos compete with non-banks?
Yes, in two places by its own account. Its 10-K says consumers can hold funds in brokerage accounts, mutual funds or prepaid cards instead of deposits, and that insurance companies, private equity firms and hedge funds compete with it in real estate lending. It also notes that fintechs now offer products traditionally provided by banks.[1]
What are alternatives to Axos for independent advisers?
The big three custodians, Schwab, Fidelity Institutional and BNY Pershing, plus smaller tech-forward custodians such as Betterment Advisor Solutions and Altruist, which agreed to sell to Vanguard. Fidelity will drop advisers with less than $100 million in client assets by June 2027, and Schwab says it has no asset minimum.[7][8][6]
Which deposit books has Axos bought from rivals?
Two in 2026, both from banks it competes with for deposits. Axos closed the purchase of about $2.3 billion of Jenius Bank's consumer deposits on May 2, 2026, and of about $1.9 billion of Capital One IRA deposits on September 21, 2026, against $3.2 billion at signing. Axos ended fiscal 2026 with $24.6 billion of deposits.[4][5][41][37]
Does Fidelity compete with Axos?
In RIA custody, yes. After Fidelity said it would drop custody clients with less than $100 million in assets, Axos Advisor Services, a $48 billion custodian, had its sales team targeting every adviser who custodies with Fidelity, WealthManagement.com reported on October 6, 2026. Axos's head of securities, Mike Watson, called Axos a non-competitive partner that provides no proprietary asset management.[6]
Who competes with Axos in commercial real estate lending?
Axos's 10-K names large and small savings banks, commercial banks, mortgage bankers and brokers, insurance companies, private equity firms and hedge funds as its real estate lending competitors. Its commercial and industrial loans, which include lender finance, capital call facilities and equipment loans, were about $9.5 billion, 36.4% of the loan book, at June 30, 2026.[1]
- Axos Financial, Inc. Annual Report on Form 10-K for the fiscal year ended June 30, 2026
- Ally Financial Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- SoFi Technologies, Inc. Annual Report on Form 10-K for 2025
- Axos Financial, Inc. Form 8-K (Item 2.01: completion of the Jenius Bank deposit acquisition)
- Axos Financial, Inc. Form 8-K (Item 2.01: completion of the Capital One IRA deposit acquisition)
- Custodians, RIA Platforms Target Fidelity Clients on Heels of $100M Minimum
- RIA with $3.1B leaving Schwab's custodian for Axos
- How alternative RIA custodians support advisors in motion
- Axos to buy San Francisco fintech and its AI technology
- Digital banks gain market share post-SVB
- Capital One Financial Corporation Annual Report on Form 10-K for 2025
- Capital One completes acquisition of Brex
- Axos (AX) Q3 2026 Earnings Call Transcript
- OutSystems Announces General Availability of Agent Workbench, Empowering Enterprises to Drive Business Impact with Agentic Systems
- Axos Financial, Inc. to Acquire Arc Technologies, Inc.
- Axos Financial, Inc. Proxy Statement (DEF 14A) for the 2026 annual meeting
- Ally Financial rolls out proprietary AI platform enterprise-wide
- The Most Powerful Women in Banking Women to Watch, #9, Stephanie Richard, Ally Financial
- Introducing SoFi Coach: An AI-Powered Financial Guide to Help Members Get Their Money Right
- SoFi second-quarter 2026 earnings release (8-K Exhibit 99.1)
- SoFi Becomes First National Bank to Go Live with Stablecoin Settlement across Mastercard's Global Payments Network
- Eno, your Capital One assistant
- Capital One launches Eno, gender-neutral virtual assistant
- JPMorganChase still tops AI ranking as big-bank lead widens
- Banks prioritize responsible AI, governance as use soars
- Charles Schwab and Anthropic to Bring Claude to Independent Registered Investment Advisors
- Charles Schwab's Amy Ruegg: AI Can Make Investing Easier, but Human Expertise Remains Key
- Agentic AI Arrives in Advisor Offices
- While embedding AI 'everywhere,' BNY won't disclose costs
- Capital One pushes deeper into AI, business payments
- Brex Helps Power OpenAI Global Spend and Financial Operations
- Agent automations for big migrations: How we accelerated framework upgrades by 32x with Cursor
- Introducing Mercury Command
- Mercury Launches Intelligent Accounting with Mercury Books (Business Wire via Morningstar)
- JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025
- Earnings call transcript: Axos beats Q4 2026 estimates as shares rise after hours
- Axos Financial, Inc. Reports Fiscal Year 2026 Results
- Huntington, Live Oak to invest in, deploy gen AI-based lending
- How AI is quickly overhauling one segment of SBA lending
- Axos Financial, Inc. Form 8-K (Item 1.01: agreement to acquire Jenius Bank consumer deposits)
- Axos Financial, Inc. Form 8-K (Item 1.01: agreement to acquire Capital One IRA deposits)
- Axos makes first deal since 2019, acquiring specialty lender
- Axos to buy Arc Technologies
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