Robinhood CEO谈AI、扩张与英国养老金市场

I mean, if you look at pension wealth in the UK, the top 10% of people who invest in pensions in Britain, they own about 64% of all private pension wealth. So is quite kind of limited. I mean, there's about a third of people in the UK don't have a pension at all. So I think those those points are interesting. I wonder, though, what you think so specifically about whether if mandate comes in for the UK, what that will mean for the business, whether, you know, if you're appealing to those pension investors, what it means, if there has to be a focus on UK assets rather than something that Robinhood does now, of course, which is to try to help people a lot of the time, invest in U.S. stocks.

Um, yeah. I think it's an interesting question. I, I think that, um, generally speaking, people, uh, benefit from choice. I think customers don't like being told exactly what to invest in. And I think one of the problems with the current pension offerings here is that they're they're quite limited. Um, now, I also understand that there's policy objectives in every conversation that I have here, whether it be with government or industry.

People understand that it's important to have the UK markets and the London Stock Exchange listings, which have a storied history and have unfortunately been in decline over the past few decades, for them to be revitalized. Um, and I think policy incentives can, can be introduced to do that, but I would I would probably stop short of mandating, uh, too many things and in fact, treat it as, as an incentive. Um, I mean, there's no doubt that in general, um, you know, pensions or in the US, we have employer sponsored 401 KS can really drive participation and make a huge difference and be a great tool to improve people's savings.

Help them. Help them build wealth. Mhm. Um, so more, more can be done for sure. And I think it's pretty promising that, you know, we've been we've been in the UK now through several administrations. They all they all pretty much seem to agree on this. Mhm. Um like you were saying you investors benefit from choice. You've built this US retail investing giant on this. But people in the UK continually seem to choose property cash savings rather than stocks.

Um how do you change that. You've been here a while. Why hasn't it been a success story in the UK the same way you are in the US? Well, we've been doing very well in the in the UK. I think it's just a little bit earlier in our evolution. Uh, I mean, remember it took, uh, five years for Robinhood to get to 10 million funded accounts in the U.S. and, you know, now Robinhood, uh, obviously is, uh, uh, a very large company, close to 30 million funded accounts globally, and we're up to 1 million outside of the US.

But, uh, it's it's very nascent. Right. And we've had so much more time to compound our user base, compound assets in the U.S. than than in other markets. We've really invested in making the offering market leading in our home market. But the UK is very important for us as well. I mean, our name's Robin Hood. Uh, the legend originated here. You can tell that the brand is is growing and we've never been first to market with with our offerings.

We're typically a company that comes in into an established space, uh, offering just better products at lower prices. And so, um, over time, what we see is an acceleration of assets moving to our platform from the incumbents and an acceleration in user growth. And, uh, that's what we're seeing. You know, in the UK, we're at the point where the business is sustainable, and it's just about how quickly we could accelerate and invest in further growth.

Yeah. It's interesting. I'm going to come back to the Robin Hood legend later on. Oh great person. Yeah. Because, uh, yeah. Um, in terms though of that competition, I kind of mentioned it in the introduction, um, that there is competition and, and I know you've been working hard to build Robin Hood in the UK and you're hoping for more. JP morgan's invested about £1 billion into Chase in the UK, which is a new entry into the kind of app world they they've also opened up in Germany.

They're looking to open up in Spain, in France, Italy, Netherlands and elsewhere. Jamie Diamond, um, was saying how he's jealous of revolute. Um, and the, you know, that JP morgan's kind of targeting again Europe. How do you withstand the competition from from the US banks who are also eyeing this market. I mean, uh, I think the US banks, their efforts in the UK are generally pretty nascent. Um, I think, of course, there's the incumbent neo banks and neo brokers here, but they, they have a bit of a different approach than us.

I mean, if you think about Robinhood, what we uniquely stand for is ownership and in particular investing in equity participation. And I don't think, uh, anyone really focuses on that and has the products and the wonderful value proposition that, that we have when it comes to these things. Do you think that there's any regulatory danger in offering investors an app that kind of pairs what are perhaps seen as lower risk, like index tracking, like US stock investments on the one hand, and then on the other hand, much riskier proposals like purpose that you're launching, like crypto, like prediction markets.

Is there any regulatory danger in having that in one package aimed at retail investors? Well, I think that regulators, uh, care about a few things, chiefly. The most important thing is to make sure customers understand what's being offered to them. And so, you know, we make sure that we're communicating who the the different products are regulated by. And, you know, in particular, not to make it sound like crypto, for instance, is subject to the same protections like SIPC or FDIC insurance.

Um, and, you know, as we're getting into products that offer maybe the same underlying value proposition and becomes even more important. So, for example, we, uh, announced and launched Robinhood urn, which is a stablecoin powered, uh, uh, lending product so you can lend your dollar stablecoin. And right now, uh, we, we, uh, help customers generate a 7% API, uh, which is industry leading. But it's also important to understand it's not an FDIC insured savings and checking product.

We have insurance, but we had to, uh, really innovate and create a new offering with Lloyd's of London and Realm to to make sure customers do get, uh, sort of trad fi protection for these new stablecoin powered products. Uh, so I think that's important. I think a lot of smaller offshore, unscrupulous players try to blur the distinction. I think that can be very dangerous when you make it seem like other, you know, crypto powered products.

Uh, sound like they're FDIC insured. And I do think that the regulators should be rightfully paying attention to that. But it being in one App. Um, yeah, I think I don't think that's very relevant, especially nowadays when everything is on one phone. So it's very easy to just, you know, tap another button and you get a completely different product. So I guess I don't think we should be looking at it on an interface level that what I think makes it relevant is we are looking to get sort of massive moves in the cost be right.

And I think what makes your app so enticing is you've spent all this conversation to try to talk about changing the European investor's appetite for risk, and how will it work if there is an eye bubble going on and some of these investors start seeing double digit downturns, will they stay on your app if we start to see that bubble pop? Yeah, I mean, I think this is one of those things that, again, differentiates Robinhood because we care about ownership and we try to align our products and services to maximize that ownership over time.

And you know, if you're someone that and we try to appeal and incentivize that behavior and ownership is like a, um, lifelong thing. 50 to 60 years. So our customers don't really focus too much on what's happening. You know, I

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