Legal Consideration on the Use of Artificial Intelligence Technology and Self-regulation in Financial Sector: Focused on Robo-Advisors

Lee, Keun Young; Kwon, Hun Yeong; Lim, Jong In

doi:10.1007/978-3-319-93563-8_27

Cited by 6 publications

(4 citation statements)

References 3 publications

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“…In Brummer and Yadav's (2019) study, The Trilemma Model gave a hypothesis about the financial robo-advisor as the impact of Fintech growth where financial innovation will affect the market integrity, simplicity, and vice versa as in figure 10. Lee et al (2018) emphasise the established framework for security and investor protection measures of the financial robo-advisory system. Furthermore, Garvia (2013) examines the basic regulation and relationship between the robo-advisory participant's liability, such as the programmer, owner, user, and investors.…”

Section: Systematic Literature Reviewmentioning

confidence: 99%

Financial Robo-Advisor: Learning from Academic Literature

Hasanah

Wiryono

Koesrindartoto

2023

Minds

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Financial Robo-Advisor is the technology that integrates machine learning and self-identification to determine investment decisions. This study explores the financial robo-advisor based on bibliometric analysis and a systematic literature review. The method used three steps: determining the keyword, bibliometric analysis of literature metadata using VOSviewer, then collecting and analysing the articles. The bibliometric analysis results show five cluster keywords defined with different colors. In the network visualization, the robo-advisor connects to other keywords: investment, fintech, and artificial intelligence. Furthermore, the systematic literature review shows that the articles are divided into seven research objectives: (1) Law, Regulation, and Policy; (2) Investment Literate and Education; (3) Offered Services; (4) Present Risk-Portfolio Matching Technology; (5) Optimal Portfolio Methods; (6) Human-Robo Interaction; (7) Theoretical Design and Gap. Furthermore, this study can be used by academicians and practitioners to find out about robo-advisors based on an academic perspective.

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Section: Systematic Literature Reviewmentioning

confidence: 99%

Financial Robo-Advisor: Learning from Academic Literature

Hasanah

Wiryono

Koesrindartoto

2023

Minds

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“…In particular, the U.S. is dominating rival countries, ranking first in all aspects such as the number of most influential AI researchers, the top-level AI research and special research papers, AI research capability, technology level, and investment amounts [35].…”

Section: Growth Engine Of Global Born Startupsmentioning

confidence: 99%

Effects of System Management on Value Creation and Global Growth in Born Startups: Focusing on Born Startups in Korea

Lee¹,

Park

2020

Journal of Open Innovation: Technology, Market, and Complexity

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This study is intended to determine the effects of system management on value creation and global growth in born startups. To achieve this, a survey was empirically carried out on 300 owners in born startups with less than five years’ experience. The findings are as follows. First, entrepreneurship, operation system, and support system as sub-variables of system management have a positive effect on value creation. Second, entrepreneurship and operating system have no significant effect on global growth, but the support system has a significant effect on global growth. Third, value creation has no significant mediating effect on global growth, which means that owners’ entrepreneurship can boost value creation as a corporate systematic operation when they have globally-oriented thinking, relationships through global network organization, the expertise of business, and some level of capital. In particular, their capability and expertise can be drivers to enter early global growth companies through value creation. Consequently, for the early value creation and global growth of born startups, they should recognize that system operation and value creation-oriented corporate global experience, due to their entrepreneurship as international companies under global market orientation, are key variables affecting a global born startup, and thus reflect them in management.

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“…The emergence of new technology such as Artificial Intelligence (AI) can make robo-advisors provide even more cost-effective portfolio management solutions for investors (Lee, Kwon, & Lim, 2017). One example of AI implementation is the ability to recreate human decision-making in a robo-advisory solution with the help of self-learning AI algorithms (Tokic, 2018).…”

Section: Issues Revolving Around Robo-advisingmentioning

confidence: 99%

Who Are Robo-Advisor Users?

Kim

Cotwright²,

Chatterjee³

2019

JFI

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The purpose of this study is to explore the demand for robo-advising services by analyzing the participants’ behavioral characteristics and investment patterns. With the 2015 Financial Industry Regulatory Authority Investor data, we found that robo-advisor users were younger investors with high risk tolerance, whose self-assessment of financial knowledge is comparatively higher than their actual knowledge, and were independent decision-makers. By controlling for those behavioral attributes of robo-advisor users, we also found that robo-advisor users were reluctant to invest in individual stocks, while they showed the largest preference for investing in pooled investment products such as Exchange Traded Funds. Implications of this study’s findings can be beneficial to financial planning practitioners, academics, and regulators.

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Legal Consideration on the Use of Artificial Intelligence Technology and Self-regulation in Financial Sector: Focused on Robo-Advisors

Cited by 6 publications

References 3 publications

Financial Robo-Advisor: Learning from Academic Literature

Financial Robo-Advisor: Learning from Academic Literature

Effects of System Management on Value Creation and Global Growth in Born Startups: Focusing on Born Startups in Korea

Who Are Robo-Advisor Users?

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