Robinhood, the investing platform that boasts about its attention to making trading fun — and has drawn fire from lawmakers and others for being good at it — is making its user experience a little more sober.
The company stated on its blog Wednesday (March 31) that next week it will unveil new visuals to update what had been the scattering of digital confetti on device screens to “celebrate firsts with customers … first trades, their first steps with cash management and successful referrals of friends and family.”
The company doesn’t say much about the new user experience in the blog post, though the post did state that the company is “introducing new, dynamic visual experiences that cheer on customers through the milestones in their financial journeys.”
The post further stated that the company will “keep working to deliver a beautifully designed, intuitive product experience. We’ll keep pushing the status quo — because that’s how real change happens. And we’ll keep celebrating the steps you take in your investment journey.”
Robinhood engages in what is known as the “gamification” of the serious business of trading. Critics contend the approach rewards unsophisticated investors for making potentially consequential financial transactions.
The adjusted approach to interacting with customers announced today comes just days after Robinhood, which presents itself as a customer-friendly rebel in the investing world, took another mainstream step — filings documents to go public.
Robinhood is a pioneer in commission-free trading. Company executives have said the COVID-19 pandemic was a big boost, with workers stuck at home turning to recreational investing as a pastime. By one estimate, Robinhood’s app was downloaded 1.4 million times over just four days in January. Downloads don’t always translate into active accounts.
Traders using the platform drew attention earlier this year when they helped run up the stock of GameStop — this delivered a blow to some hedge funds that owned short positions, betting the stock would fall.