Connect with us

Crowdfunding

Robinhood Is Still Facing Many New Complaints and Lawsuits from Clients due to Lack of Proper Customer Support: Report

Avatar

Published

on

Leading digital investment platform Robinhood is facing numerous lawsuits from clients. The Fintech firm’s clients have been complaining about the lengthy delays when it comes to resolving their account issues. These problems have led to many users being unable to access their funds for months, according to a recent report.

Robinhood clients have voiced their concerns via social media and some people are quite angry at the firm, which has filed to go public and is seeking a $30 billion valuation.

Alex Mesa, Roinhood’s Head of Customer Experience, acknowledged that the firm has been struggling to keep up with its user base which is growing rapidly. Mesa confirmed that Robinhood is making considerable investments to improve its customer service.

In statements shared with WSJ.com, Mesa had said that if you, overnight, experience an increase of 350% of total volume, then there’s simply not enough personnel to address issues. That’s why the company has not been able to provide proper support, Mesa claims. The firm’s Chief Executive has also said that Robinhood will be expanding its customer support team as soon as possible.

Robinhood reportedly handles around $20 billion of client assets, and individual accounts have been insured up to $2 million cash and $10 million in stock. This means that clients are not at risk of potentially losing their deposits if Robinhood experiences problems or fails as a business.

Online, many angry Robinhood clients have been disclosing the issues they’ve experienced with the stock trading app. The firm’s customers allege that it has been “ghosting” them on their oustanding complaints. Many have also complained about having serious difficulties with accessing their funds in a timely manner.

Brenton Place, a Michigan resident, noted that it took around 5 weeks and many emails to finally get his Robinhood account unlocked. He had been denied access to his account due to some confusion regarding bank transfers, Place claims.

Place told the WSJ that he had been forced to wait helplessly as the value of his investment portfolio kept declining due to market crashes. While he could have sold off his holdings, the funds would still have staid stuck or locked in his account, he claims.

It’s worth noting that Robinhood was among the very first free digital or online stock trading platforms that contributed to the rise of GameStop shares in January of this year. That unprecedented rally is now commonly referred to as the “meme” stock rally.

Robinhood has also been criticized for temporarily preventing customers from purchasing GameStop shares and also the shares of other firms during the market frenzy. The Fintech firm claims that it was unable to meet the minimum deposit requirements at the main clearinghouse – which is why it was forced to suspend trading at that time.

Despite these issues, Robinhood has been gaining popularity. The company’s app was downloaded around 4.5 million times through this past Sunday, according to data from Apptopia.

Notably, Robinhood is also having to deal with tough questions regarding its customer service since the suicide of 20-year-old Alex Kearns (in 2020). Kearns was a University student who thought he had lost a lot of money on options trading via Robinhood.

Robinhood has, for a long time, been providing customer service only through email, and Kearns’ family claims in a lawsuit that he had sent several emails to the firm. However, he only got automated replies.

US Congress members tried to address these issues with Robinhood in February. During the meetings, the company’s lack of phone support for clients was cited as one of the many issues. Robinhood CEO Vlad Tenev stated that the firm would expand its customer service as fast as possible.

Options trading clients using Robinhood are now able to get help from customer support via phone, and in March 2021, the firm’s management said that it will be spending $11.7 million and will also recruit around 400 workers for its new customer-support center – which will be based in North Carolina.

Robinhood client Amy Vickers has expressed her frustration with the firm. Vickers told the WSJ that she had tried to move her stocks to Fidelity Investments when Robinhood had prevented its customers from buying GameStop shares in February of this year.

When Vickers found out that the transfer could lock up her positions for an extended time, she tried to reverse the transaction. However, she was reportedly unable to do so, even after trying to get in touch with Robinhood through email and the firm’s official website.

Robinhood told Vickers that it might take about a week to finalize the transfer, however, her last stock was transferred to Fidelity 18 days after she had initiated the transaction. By this time, her GME shares had dropped considerably.

The Robinhood team noted in its blog post:

“Over the past year, we’ve accelerated our investments in customer support. We believe great customer service incorporates a combination of real people and the best technology, and we continue to invest in both.”

Launched in 2013, Robinhood is one of the pioneers of zero-commission trading for the retail brokerage sector. Many young clients have been using the Fintech firm’s app, which now has around 13 million users. Robinhood is planning to conduct an IPO later in 2021, and also intends to sell some shares directly to its clients.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/04/174741-robinhood-is-still-facing-many-new-complaints-and-lawsuits-from-clients-due-to-lack-of-proper-customer-support-report/

Crowdfunding

Ethereum Smart Contracts will be Supported with Ontology EVM-Integrated Design Nearing Completion: Report

Avatar

Published

on

High-performance, high-throughput blockchain developer Ontology (ONT) has published its Weekly Report, ending May 11, 2021.

Ontology, which develops digital ID solutions and various other distributed ledger tech (DLT) applications, notes that ONTO and bloXroute announced a partnership to offer ETH “front-running” protection for wallet users (a move to further “safeguard and protect users against market manipulation”).

Ontology’s report also revealed:

  • 90% of the Ontology EVM-integrated design “has been completed, which will make Ontology compatible with the Ethereum smart contract ecology.”
  • 80% of the Layer 2 integration has been completed, exploring the integration of Ethereum Layer 2 on the Ontology MainNet.”
  • ONTO and ApeSwap are “currently running a joint liquidity mining campaign.”
  • Decentralized applications or dApps:
    • 115 dApps have been “launched on MainNet.”
    • 6,579,524 transactions “have been completed on MainNet, an increase of 25,362 from last week.”

As covered earlier this month, Ontology Founder Li Jun explains how blockchain and Self Sovereign ID solutions can protect users’ privacy online.

Jun had noted:

“Users clearly want to protect their personal information and place barriers between companies and their data where necessary. The onus therefore is on tech companies to provide them with the right tools and information to do so. Blockchain can play a major role in placing consumers back in the driving seat with data privacy, by allowing them to control the private information on a network which only approved individuals can access.”

Jun has also explained why decentralized finance or DeFi needs a more reliable credit scoring system.

Jun noted:

“What the DeFi industry has been missing is a credit scoring system that provides a full picture of an individual’s varied crypto assets across different wallets and chains. To increase trust and reputation when it comes to lending and borrowing through DeFi, we need a system that supports cross-chain interaction and verifiable credentials. By connecting user identities with personal accounts, users can bind their digital assets and contact addresses making it easy for the correct due diligence to take place.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175409-ethereum-smart-contracts-will-be-supported-with-ontology-evm-integrated-design-nearing-completion-report/

Continue Reading

Crowdfunding

Ethereum Smart Contracts will be Supported with Ontology EVM-Integrated Design Nearing Completion: Report

Avatar

Published

on

High-performance, high-throughput blockchain developer Ontology (ONT) has published its Weekly Report, ending May 11, 2021.

Ontology, which develops digital ID solutions and various other distributed ledger tech (DLT) applications, notes that ONTO and bloXroute announced a partnership to offer ETH “front-running” protection for wallet users (a move to further “safeguard and protect users against market manipulation”).

Ontology’s report also revealed:

  • 90% of the Ontology EVM-integrated design “has been completed, which will make Ontology compatible with the Ethereum smart contract ecology.”
  • 80% of the Layer 2 integration has been completed, exploring the integration of Ethereum Layer 2 on the Ontology MainNet.”
  • ONTO and ApeSwap are “currently running a joint liquidity mining campaign.”
  • Decentralized applications or dApps:
    • 115 dApps have been “launched on MainNet.”
    • 6,579,524 transactions “have been completed on MainNet, an increase of 25,362 from last week.”

As covered earlier this month, Ontology Founder Li Jun explains how blockchain and Self Sovereign ID solutions can protect users’ privacy online.

Jun had noted:

“Users clearly want to protect their personal information and place barriers between companies and their data where necessary. The onus therefore is on tech companies to provide them with the right tools and information to do so. Blockchain can play a major role in placing consumers back in the driving seat with data privacy, by allowing them to control the private information on a network which only approved individuals can access.”

Jun has also explained why decentralized finance or DeFi needs a more reliable credit scoring system.

Jun noted:

“What the DeFi industry has been missing is a credit scoring system that provides a full picture of an individual’s varied crypto assets across different wallets and chains. To increase trust and reputation when it comes to lending and borrowing through DeFi, we need a system that supports cross-chain interaction and verifiable credentials. By connecting user identities with personal accounts, users can bind their digital assets and contact addresses making it easy for the correct due diligence to take place.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175409-ethereum-smart-contracts-will-be-supported-with-ontology-evm-integrated-design-nearing-completion-report/

Continue Reading

Crowdfunding

Banking Challenger Monzo Now Offering New and Improved Invoices for Business Pro Clients

Avatar

Published

on

Digital bank Monzo has introduced new and improved invoices on Business Pro.

The team at Monzo notes that they’ve made in-app invoicing “better” in order to give users more time “for what really matters (like running your business, being with family, or queuing for an al fresco meal).”

Monzo Business Pro users may send their customers PDF invoices, however they .like. The Fintech firm explains that before, they’d email invoices you created in Monzo to your clients for you, but now, to send an invoice you can simply share a PDF via the Monzo app — “however you like.”

Monzo writes in a blog post that “whether it’s by text, email or WhatsApp, you can share an invoice with your customers however you usually communicate with them (it “looks a lot slicker, too”).”

There’s also an option to preview a PDF invoice before sending it, so users are able to make sure “everything looks right.”

The Monzo team also mentioned that you may add extra information. New footer space “means you can add in even more detail to your invoice, so customers know exactly what it’s for (and you’ve got the summary section for that too),” the digital bank noted in its blog post. It also mentioned that you might “use that extra space to summarize a job, drop in reference details or a link to your terms and conditions.”

Now, it’s also possible to “stay VAT-compliant more easily” with Monzo Business Pro. The company explains that you may add discounts or VAT amounts “as separate line items in your invoice.” It’s now “much clearer when you’ve got multiple VAT rates (or discounts for specific items) in a single invoice,” the Fintech firm noted.

If you’re looking to try invoices out, then make sure you’re using the most recent version of the Monzo app, and then head on over to “Invoices”, under the “Payment” tab, the digital bank noted while adding that if you’re not currently a Monzo Business Pro client, you may get “easy invoicing, automatic tax saving and much more – for £5 a month.”

You can learn more here.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175411-banking-challenger-monzo-now-offering-new-and-improved-invoices-for-business-pro-clients/

Continue Reading

Crowdfunding

China: WeiyangX Fintech Review

Avatar

Published

on

Police in Changsha Receive Salaries in the Form of Digital RMB

At present, digital RMB pilots have been conducted in various applications across China. On May 8th, employers at the Kaifu branch of Changsha Municipal Public Security Bureau received their salaries in the form of digital RMB. This is the first time that digital RMB has been used for salary payment in the government agencies of Changsha. In fact, from January 2021, Chinese tech giant JD has already started to conduct a digital RMB salary payment pilot. JD employers based in Shanghai, Shenzhen, Chengdu, Changsha, and Xi’an joined the first batch to experience the innovative payment mechanism. (Source: REDNET.CN)

Ant Group: Ant Forest is not a money-making project

On May 13th, Ant Group made a response to the question of whether Ant Forest is a money-making project. According to the statement, Ant Forest is a project purely for public welfare.

As introduced on its official website, “Alipay Ant Forest users can generate green energy from low-carbon deeds to redeem real trees. These trees will be planted by Alipay Ant Forest and nonprofit institutions in sandy areas.”

In 2020 alone, Ant Group has invested over RMB 760 million in the project. Over the past few years, 550 million users, nearly 1000 partners, and Ant Forest project have jointly planted more than 223 million trees in areas of over 3 million mu. The trees belong to the country and the society.

In the future, if the trees generate carbon sinks and could be included in the trading system, all the benefits from the process will belong to the users respectively, not Ant Group. (Source: Sina)

The China Banking Association Will Set Up Working Group for Promoting Reducing Carbon Dioxide Emissions and Achieving Carbon Neutrality 

On May 13th, Guo Sanye, Deputy Secretary-General of the China Banking Association (CBA), briefly introduced the work of the association in achieving the strategic objectives of green finance. At present, the CBA is preparing to establish a working group for promoting Chinese banking institutions to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.

In the future, the working group will: (Source: CBIRC)

  • provide decision-making advice for the China Banking and Insurance Regulatory Commission (CBIRC);
  • set data standards required for banking institutions in achieving carbon emissions peaking and carbon-neutrality goals;
  • lead financial resources towards green industries, and offer suggestions for the structure optimization of credit assets;
  • establish a tracking system for the carbon emissions data of Chinese banking industry. 

Insurtech platform Yuanbao received nearly RMB 1 billion in Series C round of financing

On May 10th, online insurance brokerage platform Yuanbao announced that it had secured nearly RMB 1 billion in a Series C round of financing. The investment was led by Source Code Capital, with participation from Cathay Capital, Hike Capital, Northern Light Venture Capital, Qiming Venture Partners and SIG.

With its national insurance brokerage license, Yuanbao provides insurance product matching services between users and insurers (e.g. Sunshine Insurance Group) based on analysis of big data and AI technologies.

Less than a year since its launch, Yuanbao has attracted over 1 million users, covering 90% of mainland China. (Source: lieyun)


The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.

WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation. Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175429-china-weiyangx-fintech-review-201/

Continue Reading
AI5 days ago

Build a cognitive search and a health knowledge graph using AWS AI services

Esports4 days ago

‘Destroy Sandcastles’ in Fortnite Locations Explained

Blockchain4 days ago

Shiba Inu: Know How to Buy the New Dogecoin Rival

Blockchain5 days ago

Meme Coins Craze Attracting Money Behind Fall of Bitcoin

Esports5 days ago

Valve launches Supporters Clubs, allows fans to directly support Dota Pro Circuit teams

Blockchain5 days ago

Sentiment Flippening: Why This Bitcoin Expert Doesn’t Own Ethereum

Blockchain4 days ago

Texas House Passes Bill that Recognizes Crypto Under Commercial Law

Aviation4 days ago

American Airlines Continues To Build Up Its Core Hub Strategy

Aviation5 days ago

Reuters: American Airlines adds stops to two flights after pipeline outage

ACN Newswire5 days ago

Duet Protocol closes first-round funding at US$3 million

Cyber Security5 days ago

Pending Data Protection and Security Laws At-A-Glance: APAC

AI5 days ago

Onestream: Data analysis, AI tools usage increased in 2021

Blockchain5 days ago

QAN Raises $2.1 Million in Venture Capital to Build DeFi Ecosystem

Blockchain4 days ago

Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

Esports4 days ago

Video: s1mple – MVP of DreamHack Masters Spring 2021

Business Insider5 days ago

Rally Expected To Stall For China Stock Market

Blockchain4 days ago

NSAV ANNOUNCES LAUNCH OF VIRTUABROKER’S PROPRIETARY CRYPTOCURRENCY PRICE SEARCH FEATURE

Business Insider4 days ago

HDI Announces Voting Results for Annual General and Special Meeting

Esports4 days ago

TiMi Studios partners with Xbox Game Studios to bring a “new game sensory experience” to players

AR/VR1 day ago

Next Dimension Podcast – Pico Neo 3, PSVR 2, HTC Vive Pro 2 & Vive Focus 3!

Trending