Robinhood's Innovative Credit Card

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And in the US, where UH sort of like E wallet, adoption has not been as high, credit cards are still primary. So there's somewhere around eight hundred million cards in circulation in the US, hundreds of millions of people have them. On average, they hold two to three cards per person,

so it's more mass market than even investing. More people hold credit cards than individual brokerage accounts in the US, And so if we wanted to serve customers in the totality of their financial needs and we want to grow wallet share with them, we need to have a solution for their spend. And people tend to stay on credit

cards as well. Once you get your first one, you're typically not going back to using debit for your transactions because of the rewards being so compelling and the economics and credit interchange being so high, it tends to be a one way door where once you become a credit card user, you tend to stay one. And so we wanted to take the Robinhood recipe of industry leading value and customer experience and build a credit card around that.

And to us, what that looks like is on the economics front, three percent cash back across the board, which is higher than any other card gives. We also wanted to build an awesome digital app around your credit card experience, and I think the team's done a really amazing job there. The app is beautiful, it's delightful, it's like really easy to use. I think that if you guys have a chance to try it, it's rolling out right now, you'll see what I mean. It's the craftsmanship of this app.

I don't think any other credit card product comes close. And then the third thing the physical design. So this is a solid of gold. It is minimal, you know, nothing nothing on the nothing on the front, not even the network logo, just the Robinhood logo and a little stamp here that shows that it's it's gold. It has the atomic number. There's no number on the back, so

from a security perspective, that's really good. You can you know if you happen to lose the card, although if you lose this one, you've got you've got bigger problems than just a plastic card. Of course, you don't have to change your number because it hasn't been compromised. So we really paid attention to all the details and asked ourselves, how can we make the best credit card product, and how can we deliver a mass market credit card that has the perks that you would only see given to

a high net worth credit card customer. And I think we've managed to do that, and the reception has been strong. Over a million people have signed up, actually over a million people signed up in the first month after we

made the announcement. And now we just have to deliver it to all those people in a reasonable timeframe, while making sure that as we enter this new category, we do it with we do it carefully and manage all of the all the borrowing and and all of the new things that you tend to see when when you enter a new product category.

You know, you see customers doing ride sharing. They request a ride, there's a driver, they pay for it, very valuable service. So I think it makes a lot of sense to me that AI would disrupt that space. Now, when you think about financial services, I think there's several areas that humans are providing service to customers that have the potential to be disrupted or fundamentally rethought in the next ten years. I think financial advice is clearly one

of them. You know, customers are paying a lot of money for finance advice. It's something that only the wealthiest customers can afford right now, and really really good advisors tend to want to serve you if you have millions of dollars but if you're just getting started, or if you have hundreds of thousands of dollars or tens of thousands, it's pretty tough going like you're not getting great experience,

not getting great service. So I think that can be fundamentally transformed by artificial intelligence, and that's an interesting problem that Robinhood can help solve for customers. The other thing is customer service. Providing customer service on a large scale. I think we'll be transformed by artificial intelligence, and particularly the transactional elements of you know, I have this problem, Help me interpret it, help me understand it, help me solve it. I think AI is going to be very

very important there. I'm less bullish on the applications of AI to self directed trading and in the active trading space. I think there are applications kind of on the boundaries there that help remove toil and things like that. But I think people fundamentally enjoy doing that themselves, and so I don't think you're going to see it being replaced

by robots anytime soon. But I could be wrong. I've been wrong about other things in terms of Robinhood's role in this, I mean, we've been early in AI since before it was called AI. It was called machine learning for a long time. Now if you say the words machine learning, people think that you're very old school. But yeah, generative AI, LMS. There's new technologies that have come in

that we're going to continue to incorporate. But from the very beginning, I think we were very quick to invest in this.

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