Robinhood passes from broker to private bank

The New American Broker Robinhood took advantage of the organization of its second annual keynote to lift the veil on its new ambitions. Robinhood presents new services and among them, Robinhood Banking. This private bank offer is aimed at the most affluent clients of the platform and is integrated into broader ambitions brought by the broker to diversify his activities.

FACTS

• As a leading American FinTech in the field of investment democratisation, Robinhood will soon be able to boast of offering private banking services. His new offer, Robinhood Banking, defends its ambitions anyway.

• Robinhood Banking is due to be launched next fall but has already revealed the contours of its offer. It will offer individual cheque accounts (associated with a Mastercard debit card) attached but also open to the children of its customers.

• The offer will also be reserved for Robinhood Gold subscribers who will be able to enjoy all of its affinity features:
  • traditional savings offers combined with exclusive benefits,
  • estate planning service,
  • an international money transfer service,
  • a cash delivery service,
  • tax advice,
  • exclusive advantages such as tickets for prestigious events
  • Luxury experiences (MET gala, Monaco Grand Prix).

• To offer its new offering based on the use of an app (which will replace Robinhood Gold Card), Robinhood, which does not have a bank license of its own, has chosen to partner with Coastal Community Bank.

ISSUES

• Diversification : Robinhood Banking's presentation took place as part of FinTech's second annual keynote, during which FinTech also presented other major new features in the form of:
  • Robinhood Strategies, a heritage management platform,
  • Robinhood Cortex, an AI-powered investment tool, designed to provide real-time analysis and help investors optimize portfolio management.

• An upscale turn In addition to its AI-enabled service, which promises ever more quality, Robinhood now relies on Strategies and Banking to meet the needs of a demanding and heritage-intensive high-end clientele.

PERSPECTIVE

• The new services presented today by Robinhood are intended to be affinity but mainly complement the service Robinhood Gold proposed by the broker. This premium subscription service had to offer its users from the outset exclusive advantages and additional features to optimize their investment experience and offer them services such as: Robinhood Gold Card. The latter offer, launched Just a year ago by Robinhood, already has 100,000 users and a very long waiting list (about 3 million people).

• In parallel with the announcement of the launches of Robinhood Strategies, Cortex and Banking, the broker also highlights the success of its Gold offering, which accounts for nearly 3 million subscribers.

• On a broader theme of its diversification the broker works to enrich its services over time. In 2022, Robinhood announced for example, his intention to manage pension plans, and earlier, in 2021, presented a crypt wallet.

Traduit automatiquement via Libretranslate / Automatically translated via Libretranslate