Brokerage Robinhood introduces 24/7 telephone assist after communications criticisms


NEW YORK, Oct 5 (Reuters) – Robinhood Markets Inc (HOOD.O) stated on Tuesday it had launched 24-hour buyer telephone assist, seven days every week, addressing criticisms over the app-driven retail brokerage’s communications that have been additionally implicated within the suicide of a consumer.

The fast-growing dealer shot to prominence earlier this 12 months in the course of the “meme” inventory buying and selling frenzy with its easy-to-use interface that made it successful amongst younger buyers, however customers have lengthy complained a few lack of response to inquiries.

Robinhood stated increasing its buyer assist would assist its customers really feel assured, knowledgeable and safe about investing, particularly when getting began in buying and selling property like cryptocurrencies.

“We need to help everyone feel like they are ready to become investors, that they belong, and that they will get the support they need in the moments they need it most,” Christine Brown, chief working officer of Robinhood Crypto, stated in an interview.

Robinhood got here beneath intense criticism in June 2020 after a 20-year-old investor named Alex Kearns died by suicide after he acquired a notification by the brokerage that he thought meant he had misplaced $730,000 on an choices commerce, after which was unable to contact anybody inside the firm to make clear the matter.

Kearns’ household sued Robinhood over the brokerage’s “misleading communications” that triggered their son to panic over what he wrongly believed have been enormous market losses. learn extra

The case was settled earlier this 12 months, Robinhood stated in a June regulatory filing.

Prior to the launch of 24/7 telephone assist, which has been rolled out in current weeks and is a primary for a significant cryptocurrency buying and selling platform, Robinhood’s 21.3 million lively customers primarily needed to correspond with the corporate by means of electronic mail, Brown stated.

Now customers can request a name by means of the app and listen to again from a skilled consultant, with the common wait time in current weeks at Robinhood Crypto of round half-hour, Brown stated.

“This is a human, live, talking to you anytime day or night for every issue that you might have at Robinhood,” she stated.

Reporting by John McCrank; Editing by Lincoln Feast.

Robinhood logo is seen on a smartphone in front of a displayed same logo in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo