Robinhood, the fintech brokerage firm that offers commission-free transactions through a mobile app, announced the launch of a web-based platform on Wednesday.
âOur mission is to make financial services more accessible to more people,â said Baiju Bhatt, co-founder and CEO of Robinhood, in an interview with Benzinga. “Robinhood For Web is a much bigger canvas that we can build on.”
Bhatt says the online trading platform is primarily for educating people interested in investing in the stock market. However, the company faces an interesting product design challenge, as around half of its users have already invested in another platform.
To equip themselves to create an online brokerage product that worked as an entry-level educational tool and provided enough functionality for a seasoned trader, Robinhood spent three months researching consumers.
âWe found that when people buy stocks online, it looks like [the way they shop] on an e-commerce site there’s a lot of comparison shopping, âBhatt said.
See also: From Graduate Physics Student to Financial Disruptor: Robinhood’s Vlad Tenev
The company realized that the user experience that people are used to Amazon.com, Inc. (NASDAQ: AMZN) and apps like Spotify could be applied to brokerage. Much like Spotify, Robinhood For Web will feature âCollectionsâ of actions, which are essentially playlists of similar actions. The playlist will also have an onboard social sharing aspect that shows the prices others have paid for a track and what other tracks they have purchased.
Robinhood has also partnered with Morningstar, Inc. (NASDAQ: MORN) to feed its analyst notes into the app, so users get expert opinions as well as crowd sentiment.
The company has 3 million users and Bhatt claims that Robinhood has saved its users over $ 1 billion in commissions.
Photo credit: Robinhood
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