Speaker 1: Earners.
Speaker 2: What's up.
Speaker 1: You ever walk into a small business and everything just
Speaker 1: works like The checkout is fast, the receipts are digital,
Speaker 1: tipping is a breeze, and you're out the door before
Speaker 1: the line even builds. Odds are they're using Square. We
Speaker 1: love supporting businesses that run on Square because it just
Speaker 1: feels seamless. Whether it's a local coffee shop, a vendor
Speaker 1: at a pop up market, or even one of our
Speaker 1: merch partners, Square makes it easy for them to take payments,
Speaker 1: manage inventory, and run their business with confidence, all from
Speaker 1: one simple system. If you're a business owner or even
Speaker 1: just thinking about launching something soon, Square is hands down
Speaker 1: one of the best tools out there to help you start, run,
Speaker 1: and grow. It's not just about payments, it's about giving
Speaker 1: you time back so you can focus on what matters
Speaker 1: most Ready. To see how Square can transform your business,
Speaker 1: visit Square dot com backslash go backslash eyl to learn
Speaker 1: more that Square dot com backslash, go backslash eyl. Don't wait,
Speaker 1: don't hesitate. Let's Square handle the back end so you
Speaker 1: can keep pushing your vision forward. This episode is brought
Speaker 1: to you by P and C Bank, a lot of
Speaker 1: people think podcasts about work are boring, and sure they
Speaker 1: definitely can be, but understanding of professional's routine shows us
Speaker 1: how they achieve their success little by little, day after day.
Speaker 1: It's like banking with P and C Bank. It might
Speaker 1: seem boring to save, plan and make calculated decisions with
Speaker 1: your bank, but keeping your money boring is what helps
Speaker 1: you live or more happily fulfilled life. P and C
Speaker 1: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since
Speaker 1: eighteen sixty five is a service mark of the PNC
Speaker 1: Financial Service Group, Inc. P and C Bank National Association
Speaker 1: Member FDIIC.
Speaker 2: Talk about your credit card. I know you said that
Speaker 2: you have it. If you could show it that it'd
Speaker 2: be cool too. But yeah, why was that important for
Speaker 2: you guys to diversify your portfolio? Ad that? And what
Speaker 2: makes it different from other products in the financial services space?
Speaker 3: Okay, so here it is. It happens to be in
Speaker 3: my wallet. Can you guys see that.
Speaker 1: Nice fourteen care fourteen carrot with the logo at the top.
Speaker 2: Uh?
Speaker 3: Yeah, I think it's actually ten ten carrot if I'm
Speaker 3: not mistaken. Yeah, it has it has to be. It
Speaker 3: can't be that soft because you don't want it to
Speaker 3: bend while you're while you're swiping it. Let's see why
Speaker 3: is it important? I think that if you look in
Speaker 3: the US, UH, the vast majority of spend for our
Speaker 3: customers is credit card spend. So credit cards are a
Speaker 3: tool for lending money, but they're also a tool for
Speaker 3: for transacting and spending and buying things and paying bills.
Speaker 3: And in the US, where UH sort of like E wallet,
Speaker 3: adoption has not been as high, credit cards are still primary.
Speaker 3: So there's somewhere around eight hundred million cards in circulation
Speaker 3: in the US, hundreds of millions of people have them.
Speaker 3: On average, they hold two to three cards per person,
Speaker 3: so it's more mass market than even investing. More people
Speaker 3: hold credit cards than individual brokerage accounts in the US,
Speaker 3: And so if we wanted to serve customers in the
Speaker 3: totality of their financial needs and we want to grow
Speaker 3: wallet share with them, we need to have a solution
Speaker 3: for their spend. And people tend to stay on credit
Speaker 3: cards as well. Once you get your first one, you're
Speaker 3: typically not going back to using debit for your transactions
Speaker 3: because of the rewards being so compelling and the economics
Speaker 3: and credit interchange being so high, it tends to be
Speaker 3: a one way door where once you become a credit
Speaker 3: card user, you tend to stay one. And so we
Speaker 3: wanted to take the Robinhood recipe of industry leading value
Speaker 3: and customer experience and build a credit card around that.
Speaker 3: And to us, what that looks like is on the
Speaker 3: economics front, three percent cash back across the board, which
Speaker 3: is higher than any other card gives. We also wanted
Speaker 3: to build an awesome digital app around your credit card experience,
Speaker 3: and I think the team's done a really amazing job there.
Speaker 3: The app is beautiful, it's delightful, it's like really easy
Speaker 3: to use. I think that if you guys have a
Speaker 3: chance to try it, it's rolling out right now, you'll
Speaker 3: see what I mean. It's the craftsmanship of this app.
Speaker 3: I don't think any other credit card product comes close.
Speaker 3: And then the third thing the physical design. So this
Speaker 3: is a solid of gold. It is minimal, you know,
Speaker 3: nothing nothing on the nothing on the front, not even
Speaker 3: the network logo, just the Robinhood logo and a little
Speaker 3: stamp here that shows that it's it's gold. It has
Speaker 3: the atomic number. There's no number on the back, so
Speaker 3: from a security perspective, that's really good. You can you
Speaker 3: know if you happen to lose the card, although if
Speaker 3: you lose this one, you've got you've got bigger problems
Speaker 3: than just a plastic card. Of course, you don't have
Speaker 3: to change your number because it hasn't been compromised. So
Speaker 3: we really paid attention to all the details and asked ourselves,
Speaker 3: how can we make the best credit card product, and
Speaker 3: how can we deliver a mass market credit card that
Speaker 3: has the perks that you would only see given to
Speaker 3: a high net worth credit card customer. And I think
Speaker 3: we've managed to do that, and the reception has been strong.
Speaker 3: Over a million people have signed up, actually over a
Speaker 3: million people signed up in the first month after we
Speaker 3: made the announcement. And now we just have to deliver
Speaker 3: it to all those people in a reasonable timeframe, while
Speaker 3: making sure that as we enter this new category, we
Speaker 3: do it with we do it carefully and manage all
Speaker 3: of the all the borrowing and and all of the
Speaker 3: new things that you tend to see when when you
Speaker 3: enter a new product category.
Speaker 4: With the rise and acceptance of AI, have you, guys
Speaker 4: considered or are you working on any algorithmic robots for
Speaker 4: trading on the platform.
Speaker 3: I think that the really interesting use cases for AI
Speaker 3: tend to be things where maybe you have a human
Speaker 3: that's providing a valuable service to you that you're already
Speaker 3: paying for, or sort of like things that remove toil
Speaker 3: that you would do yourself, but that you really don't
Speaker 3: want to be doing, like filing your taxes or something. So,
Speaker 3: you know, in the first category, you see things like
Speaker 3: self driving vehicles, and there's a pretty clear market for that.
Speaker 3: You know, you see customers doing ride sharing. They request
Speaker 3: a ride, there's a driver, they pay for it, very
Speaker 3: valuable service. So I think it makes a lot of
Speaker 3: sense to me that AI would disrupt that space. Now,
Speaker 3: when you think about financial services, I think there's several
Speaker 3: areas that humans are providing service to customers that have
Speaker 3: the potential to be disrupted or fundamentally rethought in the
Speaker 3: next ten years. I think financial advice is clearly one
Speaker 3: of them. You know, customers are paying a lot of
Speaker 3: money for finance advice. It's something that only the wealthiest
Speaker 3: customers can afford right now, and really really good advisors
Speaker 3: tend to want to serve you if you have millions
Speaker 3: of dollars but if you're just getting started, or if
Speaker 3: you have hundreds of thousands of dollars or tens of thousands,
Speaker 3: it's pretty tough going like you're not getting great experience,
Speaker 3: not getting great service. So I think that can be
Speaker 3: fundamentally transformed by artificial intelligence, and that's an interesting problem
Speaker 3: that Robinhood can help solve for customers. The other thing
Speaker 3: is customer service. Providing customer service on a large scale.
Speaker 3: I think we'll be transformed by artificial intelligence, and particularly
Speaker 3: the transactional elements of you know, I have this problem,
Speaker 3: Help me interpret it, help me understand it, help me
Speaker 3: solve it. I think AI is going to be very
Speaker 3: very important there. I'm less bullish on the applications of
Speaker 3: AI to self directed trading and in the active trading space.
Speaker 3: I think there are applications kind of on the boundaries
Speaker 3: there that help remove toil and things like that. But
Speaker 3: I think people fundamentally enjoy doing that themselves, and so
Speaker 3: I don't think you're going to see it being replaced
Speaker 3: by robots anytime soon. But I could be wrong. I've
Speaker 3: been wrong about other things in terms of Robinhood's role
Speaker 3: in this, I mean, we've been early in AI since
Speaker 3: before it was called AI. It was called machine learning
Speaker 3: for a long time. Now if you say the words
Speaker 3: machine learning, people think that you're very old school. But yeah,
Speaker 3: generative AI, LMS. There's new technologies that have come in
Speaker 3: that we're going to continue to incorporate. But from the
Speaker 3: very beginning, I think we were very quick to invest
Speaker 3: in this.
Speaker 5: And illegal alien from Guatemala charged with raping a child
Speaker 5: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 5: accused of murdering a Texas man of Venezuelan charged with
Speaker 5: filming and selling child pornography in Michigan. These are just
Speaker 5: some of the heinous migrant criminals caught because of President
Speaker 5: Donald J. Trump's leadership. I'm Christy Noman, the United States
Speaker 5: Secretary of Homeland Security. Under President Trump, attempted illegal border
Speaker 5: crossings are at the lowest levels ever recorded, and over
Speaker 5: one hundred thousand illegal aliens have been arrested. If you
Speaker 5: are here illegally, your next you will be fined nearly
Speaker 5: one thousand dollars a day, imprisoned, and deported. You will
Speaker 5: never return. But if you register using our CBP home
Speaker 5: app and leave now, you could be allowed to return
Speaker 5: legally do what's right. Leave now. Under President Trump, America's laws,
Speaker 5: border and families will be protected.
Speaker 2: Sponsored by the United States Department of Homeland Security,