Robinhood Considering Ending Its Iconic Confetti Animations
As the whole world focuses on the “gamification” of stock trading apps as the scapegoat for the recent GameStop turmoil in what are obviously broken markets, it appears that Robinhood is considering addressing one of its most ubiquitous criticisms: its confetti animation.
As of now, the Robinhood app always offers up a confetti animation whenever a user decides to buy or sell a stock, like this:
Critics of late have pointed out that the animation makes the app feel like a game, and that the company has used its “slick interface” to “lure customers”, according to Bloomberg. Lawmakers focused on the animation during their February 18 congressional hearing, which Robinhood CEO Vlad Tenev attended.
“We don’t believe in gamification,” Tenev said at the hearing. “We know investing is serious.”
The firm also defended itself against scrutiny of the confetti from Massachusetts regulators last year, stating: “Confetti do not appear after every trade. Thus, confetti do not, as a factual matter, have anything to do with frequent trading. There’s nothing wrong with app features like confetti, and the Division’s attempt to define confetti as dishonest or unethical reflects a distinctly antiquated view of communication in the digital age,”
But now the company is now considering ending the use of its iconic confetti; which it used not only in its app, but also in its commercials, Bloomberg says.
Incoming SEC Chair Gary Gensler made note that he would take on such “gamification” at his recent congressional confirmation hearing. He told the Senate Banking Committee on Tuesday: “Technology has provided greater access, but it also raises interesting questions. What does it mean when balloons and confetti are dropping and you have behavioral prompts to get investors to do more transactions?”
Thu, 03/04/2021 – 09:45