"access to traditional checking and savings accounts with luxury benefits,"
"If you think about an incumbent, they have certain benefits, They're very muscular from a regulatory standpoint, like they know how to deal with regulators; they've got global scale; they've got tens, hundreds of millions of customers; lots of assets."
"The disadvantage is that they're sometimes slow to adopt new technologies, they don't have the best engineering teams, they can't move very fast, they can't hire the best talent. We don't have those downsides. We have great talent, we move really quickly, we use the best technology."
Robinhood will offer banking services for premium members this fall, including checking and savings accounts with luxury benefits, cash deliveries, international transfers, estate planning, and whole-family accounts. Robinhood is not FDIC insured, leaving deposits without federal deposit insurance. CEO Vlad Tenev contrasted incumbents' strengths—regulatory expertise, global scale, tens or hundreds of millions of customers, and large assets—with Robinhood's strengths: faster adoption of technology, strong engineering talent, and agility. Robinhood has faced federal regulatory investigations and saw the SEC drop its probe into the company's crypto unit in February.
Read at Business Insider
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