“It takes a while to build a great support organization, especially in a highly regulated business," said Gretchen Howard, Robinhood Market Inc.'s chief operating officer. Agents need to be licensed, for example, and Robinhood more than tripled its number of customer-support workers between March 2020 and June 2021 to nearly 2,700.
With so many first-time investors making up its base, many of the customer questions coming into Robinhood are about setting up a bank account or going through tax reporting for the first time. But the demand can vary wildly by the day.
“If someone famous tweets about crypto, our crypto volumes can go up 10x” in an instant, Howard said.
Customers logged into Robinhood's app can now request a callback from a representative. Through the process, the app will also try to help customers solve the problem themselves, if possible. The company based in Menlo Park, California, is still working on how to get live phone service to customers who can't log into their accounts.
William Van Horn II, a 30-year-old in Pensacola, Florida, has already experienced Robinhood's customer service several times. He hasn't always been pleased.
He said he once accidentally deposited $1,000 instead of $100 into his account. Quickly afterward he sent an email to customer service, hoping to cancel the deposit. He eventually got a representative on the phone who tried to walk him through several steps. But Van Horn said he never was able to cancel the $1,000 deposit, or to at least claw back the extra $900.
Van Horn has other complaints about Robinhood's customer service, but it hasn't been enough to get him to stop using the app.
“The customer service is lacking,” he said, "but the interface is still pretty much the best in terms of mobile use."