Robinhood is preparing to bring new features to its users, including home cash delivery and an artificial intelligence (AI) tool for investment research.
According to a March 27 blog post, Robinhood will offer savings accounts to Gold users through its banking partner, Coastal Community Bank.
One new feature, Robinhood Banking, allows customers to request physical cash to be brought to their homes. The company says the service will work in a way similar to ordering a ride or food delivery. Users can request money without visiting a branch or ATM.
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Vlad Tenev, Robinhood CEO, explained that while food and grocery delivery are common, banking has not seen the same progress. He mentioned that in the past, only private banks offered this type of service, usually for large amounts and with added security.
Robinhood is also preparing to release Robinhood Strategies, a feature that will let users explore investment options that include both individual stocks and exchange-traded funds (ETFs). The company aims to help users find pre-made strategies instead of building portfolios from scratch.
Additionally, Robinhood plans to launch a tool called Cortex, which will use AI to help users research the market. It will provide summaries, trends, and stock ideas based on market data. According to Tenev, the idea for Cortex came after talking to users about what tools they felt were missing.
Meanwhile, Robinhood is under investigation by Massachusetts officials, led by Secretary of State Bill Galvin. What happened? Read the full story.
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