Towards Designing Robo-advisors for Unexperienced Investors with Experience Sampling of Time-Series Data

Glaser, Florian; Iliewa, Zwetelina; Jung, Dominik; Weber, Martin

doi:10.1007/978-3-030-01087-4_16

Cited by 24 publications

(18 citation statements)

References 20 publications

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“…Analyses on robo-advice have thus far focused on technical and legal issues, while also attempting to forecast the growth of the robo-advice market (Jl, 2017;Mordor Intelligence 2017;Netscribes 2018;Glaser et al 2019;EIBIS 2020). This study supplements the research approach with an analysis of how socioeconomic factors impact the use of modern technologies in the process of personal finance management.…”

Section: Discussionmentioning

confidence: 99%

Attitudes towards artificial intligence in the area of personal financial planning: a case study of selected countries

Waliszewski¹,

Warchlewska²

2020

JESI

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The financial sector's focus on simplifying decision-making processes, maximally shortening procedures via cooperation with the fintech industry, robotisation and the use of artificial intelligence are a response to market needs and becoming an important element of how financial service groups compete on the market. The theory of consumer behaviour assumes that consumers have needs that they will hierarchise, and that they will make choices to maximise their own satisfaction. The purpose of the article is to diagnose the sociological and economic determinants underlying consumer satisfaction in terms of planning personal finances using modern technologies. Comparisons of international data were conducted via quantitative analysis of robo-advice using Mann-Whitney U tests, the Chi-square test and Spearman's rho correlation. The survey results show that the majority of socioeconomic characteristics of households are statistically significant when considering satisfaction with robo-advisory financial services and spending analysis, as well as with artificial intelligence suggesting improvements. This study is a contribution to the literature on consumer behaviour in the modern world.

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Section: Discussionmentioning

confidence: 99%

Attitudes towards artificial intligence in the area of personal financial planning: a case study of selected countries

Waliszewski¹,

Warchlewska²

2020

JESI

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“…Despite the increasing interest on this phenomenon, literature on robo-advisor introduction is currently scarce and has frequently focused on the legal complexities (Ji, 2017) and risk-management aspects (Glaser et al , 2019). The few recent studies on robo-advisors from a customer approach have described some of the problems related to widespread adoption of this service by customers.…”

Section: Literature Reviewmentioning

confidence: 99%

“…However, despite the opportunities derived from the launching of FinTech AI applications, research on robo-advisor introduction is very limited. Most studies in the area have focused on technical or legal issues (Glaser et al , 2019; Ji, 2017), ignoring the customer perspective, though this would help to extend these services to a greater number of customers. The scant research on robo-advisory designs (Jung, Dorner, Weinhardt and Pusmaz, 2018) has highlighted a need to increase the usability of these systems to facilitate users’ interaction with them.…”

Section: Introductionmentioning

confidence: 99%

Artificial Intelligence in FinTech: understanding robo-advisors adoption among customers

Belanche

Casaló

Flavián

2019

IMDS

404

311

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Purpose Considering the increasing impact of Artificial Intelligence (AI) on financial technology (FinTech), the purpose of this paper is to propose a research framework to better understand robo-advisor adoption by a wide range of potential customers. It also predicts that personal and sociodemographic variables (familiarity with robots, age, gender and country) moderate the main relationships. Design/methodology/approach Data from a web survey of 765 North American, British and Portuguese potential users of robo-advisor services confirm the validity of the measurement scales and provide the input for structural equation modeling and multisample analyses of the hypotheses. Findings Consumers’ attitudes toward robo-advisors, together with mass media and interpersonal subjective norms, are found to be the key determinants of adoption. The influences of perceived usefulness and attitude are slightly higher for users with a higher level of familiarity with robots; in turn, subjective norms are significantly more relevant for users with a lower familiarity and for customers from Anglo-Saxon countries. Practical implications Banks and other firms in the finance industry should design robo-advisors to be used by a wide spectrum of consumers. Marketing tactics applied should consider the customer’s level of familiarity with robots. Originality/value This research identifies the key drivers of robo-advisor adoption and the moderating effect of personal and sociodemographic variables. It contributes to understanding consumers’ perceptions regarding the introduction of AI in FinTech.

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“…The mixed findings from the robo‐advisor literature demonstrate an inconclusive collective inference concerning the antecedents driving the adoption of robo‐advisors. Moreover, Belanche et al ( 2019 ) argued that while technical and legal issues have been the primary focus in many studies (Glaser et al, 2019 ; Ji, 2017 ), further robo‐advisor research should focus on the customer perspective to extend robo‐advisor services to a greater number of customers. The scant research on robo‐advisor designs has highlighted a need to increase the usability of these systems to facilitate users' interaction with them (Jung et al, 2018 ).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Understanding consumer's adoption of financial robo‐advisors at the outbreak of the COVID‐19 crisis in Malaysia

2021

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The COVID‐19 crisis that resulted in diminished close contact interaction and increased financial volatility could influence consumer's perception toward online automated financial robo‐advisor, in order to manage their financial planning. Based on the data collected (i.e., between February [9 reported cases] and March [36 reported cases] 2020) within the developed urban cities in Malaysia just before the nationwide lockdown, the present study examines the antecedents of financial robo‐advisor's adoption during the COVID‐19 crisis. A variance based analysis shows that consumers with higher financial knowledge and having a greater tendency to rely on robo‐advisor tend to adopt financial robo‐advisor in times of crisis. In line with the unified theory of acceptance and use of technology model, performance expectancy, social influence, and trust in robo‐advisor, in particular during the pandemic, drive consumer's intention to subscribe online financial robo‐advisor. The findings imply how consumers, robo‐advisory service providers, and regulators could respond to unprecedented crisis such as novel corona virus‐19.

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Towards Designing Robo-advisors for Unexperienced Investors with Experience Sampling of Time-Series Data

Cited by 24 publications

References 20 publications

Attitudes towards artificial intligence in the area of personal financial planning: a case study of selected countries

Attitudes towards artificial intligence in the area of personal financial planning: a case study of selected countries

Artificial Intelligence in FinTech: understanding robo-advisors adoption among customers

Understanding consumer's adoption of financial robo‐advisors at the outbreak of the COVID‐19 crisis in Malaysia

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