Bibliographies: 'Robo-advisory' – Grafiati (2024)

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The transcendence of automated digital services is challenging already established financial advisory services. Robo-advisory is gaining popularity where human touch is missing while making the investment decision. The present study is aimed to understand the awareness of robo-advisors amongst millennials in India along with their perception towards robo-advisory services. A self-administered questionnaire was sent out to the college students, and 288 college students responded to this. The responses were analysed using independent sample t-test, Anova, and factor analysis using IBM SPSS 22. The findings indicate that there is a lack of awareness about robo-advisors amongst college students. Measures should be taken by universities and colleges to include this as a part of the syllabus along with industry-academia partnership to create awareness as these students will be earning and investing in the next 1-3 years.

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PurposeArtificial intelligence and robo-advisory have become prevalent in the finance industry, and many people rely on robots instead of humans for financial advice. This study aims to examine whether robo-advisory increases retirement worry based on agency theory and rational choice theory.Design/methodology/approachThe present study investigate whether relying on robots for financial advice increases retirement-related worry in the present study. Using a sample of 1915 investors from the National Financial Capability Study (NCFS) survey, the author conducted instrumental variable regression analysis to examine the causal linkage.FindingsUsing fear of financial fraud as an instrument variable, the study provides a causal explanation of the linkage between robo-advisory usage and retirement worry. After controlling for sociodemographic and financial literacy-related variables, it is found that robo-advisory increases retirement worry.Originality/valueFindings of the study emphasize on downsides of the artificial intelligence-enabled robo-advisory for financial planning. This article provides evidence that a lack of human involvement in financial planning may lead to increased worry among investors, which calls for attention from the regulators and policymakers.

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Use of artificial intelligence is changing the working styles of human beings in almost every sphere. From Travel, health, education, communication and other related fields, it has now entered wealth management. A number of wealth management firms have adopted the artificial intelligence based services to the clients so that they are able to get investment advice any time as per their convenience. These services are quickly accessible, cheaper, transparent and unbiased. Since the advisory services are being provided by the machines just like robots, they have been called “robo – advisors”. This study is focussed on evolution of robo advisory model, its needs and potential in wealth management. The information gathered for this paper is based on the secondary data collected from various newspapers, magazines, journals and reports. At present the use of robo – advisors is quite small but it does have a bright future. Though a bit expensive at the initial stage, they prove to be cost effective later as they save the cost of human advisors. It also offers good decision making since it is based on systematic and quantitative research. This paper tries to highlight the potential of robo advisors in wealth management and also discusses its present status and future prospects.

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Purpose The purpose of this paper is to introduce the work of Mark Coeckelbergh into the field of management. Design/methodology/approach This is a conceptual paper with interviews. Findings The author suggests that Coeckelberghs’ considerations of an anthropology of vulnerability have the potential to provide a rich and insightful exploration of the machine-human interface, which is not afforded by many of the current approaches taken in this field. Their development of an anthropology of vulnerability suggests an approach to the machine-human interface that re-frames the machine-human interface in terms of human vulnerability, rather than machine’s performance, and sustains that the machine-human interface can be understood in terms of the transfer of human vulnerability. Research limitations/implications This paper reveals some of the possibilities inherent in Coeckelbergh’s theories by providing an analysis of a specific event, the recent introduction of robo-advisors in portfolio management, from a Coeckelberghian perspective and by exploring some of the implications of this type of approach for the machine-human interface. Originality/value As far as the author knows, there is no previous paper on this topic.

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ZusammenfassungGenossenschaftsbanken, Privatbanken, Sparkassen und Asset Manager beschäftigen sich intensiv mit der digitalen, automatisierten Geldanlageberatung und Vermögensverwaltung. Einerseits steigen die Kosten für die Dokumentationspflichten durch die zunehmende Regulierung der Anlageberatung. Andererseits reduzieren sich die Margen bzw. Erträge aufgrund kostengünstiger ETF-Produkte und dem Zwang zu mehr Gebührentransparenz sowie dem Verbot von Kickbacks. Für Privatanleger mit relativ kleinen Anlagebeträgen zwischen 1.000 Euro und 50.000 Euro wird es schwieriger, eine neutrale und qualifizierte persönliche Beratung zu bekommen, weil der Aufwand für die Bank nicht durch genügend Erträge gedeckt wird. Online-Lösungen sind daher sehr wichtige Alternativen, um für die Kunden weiterhin eine neutrale sowie kostengünstige Beratung zu garantieren. Durch die Automatisierung kann auch das kleinteilige Geschäft für die Banken rentabel gestaltet werden.

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With the vigorous development of China’s Internet finance and financial technology, Roboadvisors have become more and more popular among investors. This new investment and financial management model that relies on Internet platforms, artificial intelligence, quantitative trading technologies will have a greater impact on the capital market once the financial risks caused. How to standardize the Robo-advisory platform, effectively control the financial risks in the investment process and protect the interests of investors is an urgent problem in the Robo-advisory industry. Firstly, this article analyzes the development status of domestic Robo-advisory platforms. Then it puts forward suggestions on how the Robo-advisory industry can face the dual pressures of survival and profit in the context of stricter supervision by analyzing various financial risks and causes of the platform. It aims to promote the sound development of the investment advisory market in the context of financial technology.

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This research examines the concept of a robo-advisor with digital twin capabilities for personal financial management. Using an exploratory study, the researchers developed an interactive and interpretive model that analyses the most critical variables to consider when designing the next level of financial robo-advisor through integrating digital twin concepts and applications. Primarily, it conducts an assessment and then reviews the data to propose a model that can serve as a baseline for future research. Related literature was explored, including peer-reviewed journal articles, case studies, periodicals, newspaper articles, and books. This study aims to assess the concept of digital twin (DT) as the next frontier of robo-advisor as a new wave of intelligent financial advisors in supporting the personalisation and customisation of financial technology (FinTech) services and management. Individuals who use a DT-enabled robo-advisor may find a significantly greater value for their financial management and well-being. A robo-advisor with DT enabled will no longer be an ad hoc financial advisory service but will evolve into a comprehensive and dynamic financial advisory service for users. The research presents several critical insights on financial robo-advisory with DT capabilities, transforming and optimising smart financial advisory.

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Robo-advisory services are a relatively new concept in the financial world. However, Epperson, Hedges, Singh, and Gabel (2015) report that many investors are extremely interested in employing robo-advisors to manage their finances. Nowadays, robo-advisers develop profiles of investors using very basic surveys to determine their investing preferences. The advantage of robo-advisory is that it charges far less than traditional private bankers (PB) since robo advisors do not require additional labour (Cho, 2019). Having considered the utility of such services, this research aims to examine the acceptance of financial robo-advisors. The findings indicate that average monthly income, value invested in financial instruments, and investment knowledge affect an acceptance of financial robo-advisors as regards their effects on profits, careers in finance, and the overall economic system, and vice versa. The drawback of the study is that the results demonstrate the relationship between independent and dependent variables without delving into each variable in detail. Thus, qualitative research may be necessary for addition to quantitative one to go further into the details. The paper suggests that providing information about robo-advisors for investors can enhance the understanding of robo-advisors leading to the increasing use of robo-advisors in Thailand.

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The diploma thesis is focused on digitalization of investment advisory. Thesis deals with implementation of automated advisory in Czech conditions. The first part consists of definition of investment advisory from the point of investment theory. There are also introduced current conditions of investment activity, investment knowledge and advisory in the terms of Czech market. The second part is dedicated to analysis of robo-advisory abroad. The last part of this thesis contains identification of main risks, options and possible benefits of implementation of automated investment advisory in the Czech Republic.

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The main ambition of this work is to present and outline in the most effective way possible the ongoing transformation of wealth management industry. Primary emphasis is placed on the digitalization that is hitting the sector. Such evolution is driven mostly by the automatization of investing processes based on algorithmic solutions known as robo advisors. In this dissertation first chapters focus on traditional wealth services whereas the central section reckons with robo advisory systems, inquiring how do they work and why they may be considered a disruptive innovation. A comparative analysis is left as conclusion; the basic idea is to investigate whether passive strategies carried out, with the assistance of artificial intelligence solutions are able to create value to common investors, related to the service offered by professional human advisors. Similarly, this thesis strives also to investigate the potential effects of massive automatization on the markets and ultimately define, if possible, the optimal structure for a robo advisor.

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Negli ultimi anni sono apparsi sul mercato nuovi competitor nel campo della consulenza in materia di investimenti finanziari. A tal riguardo si parla delle cosiddette piattaforme di Robo-Advisory, le quali offrono servizi di consulenza in modo, del tutto o in parte, automatizzato. Il grande successo tra il pubblico degli investitori giustifica il crescente interesse attorno a questi servizi innovativi da parte del mondo accademico. All’interno del presente elaborato ci si è proposti di analizzare l’aspetto relativo alla fase di asset allocation svolta da questi robot. È stata condotta un’indagine volta alla verifica dei metodi più diffusi tra le principali piattaforme dei tre più grandi mercati mondiali, USA, Europa ed Asia, prendendo come campione 110 Robo-Advisors. In seguito ai risultati emersi si sono evidenziati i punti di forza e di debolezza del presente servizio. Al fine di colmare alcuni aspetti potenzialmente pericolosi in termini di rischio per i clienti di questi servizi, è stato proposto un modello alternativo di asset allocation basato su un modello media-Expected Shortfall sviluppato sotto l’ipotesi di distribuzioni di rendimento stabili. L’approccio utilizzato per risolvere il problema di ottimizzazione in un contesto di Robo-Advisoring riguarda l’implementazione di una meta-euristica, nello specifico della Particle Swarm Optimization. L’applicazione di un algoritmo approssimativo per la risoluzione è giustificata dalla crescente difficoltà computazionale all’aumentare del numero di restrizioni al problema di portfolio selection ed all’assunzione di ipotesi di stabilità per le distribuzioni di rendimento. La proposta si sviluppa in tre diversi scenari in relazione al profilo di rischio del potenziale cliente, il quale viene definito tramite compilazione del questionario MiFID II. In base alle rilevazioni del questionario il profilo rientra in una delle classi ad alto, medio o basso rischio. Ciascuno degli scenari sarà infine riformulato in un modello media-varianza e sotto ipotesi distributiva Normale (in modo tale da replicare una generica proposta del servizio di Robo-Advisory) al fine di porre un confronto in termini di rischiosità tra i due differenti metodi.

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Due to the digitalization revolution within the financial sector fintech companies are challenging the traditional banking institutes with new technologies and innovations. Robo-advisors are the new way to get personalized investment services online instead of using traditional advisory.The aim is to research the consumer adoption of robo-advisory in the Swedish financial sector. Additionally, the core emphasis throughout this thesis is on; consumers personal traits, as well as behavioral factors that impact consumers investment decision. Theories used are mostly innovation theories and behavioural theories. To investigate the aim aquantitative approach is used and a survey with 435 respondents were conducted and two probit and margin regressions was made, one for securities as the dependent variable and one for robo-advisory as the dependent variable. The results show that the adoption of robo-advisoryhas been slow in Sweden due to lack of transparency and information. Lastly, gender was the most significant factor in both regressions.
På grund av digitaliseringen inom finanssektorn utmanar fintech företagende traditionella bankinstitut en med ny teknik och nya innovationer. Robotrådgivare är det nya sättet att få personliga investeringsråd istället för att använda traditionell rådgivning. Syftet är att undersöka konsumenternas uppfattning kring robotådgivning i den svenska finans sektorn. Uppsatsen kommer baseras på konsumenternas personliga egenskaper samt beteendemässiga faktorer som påverkar konsumenternas investeringsbeslu*t. Teorierna som används är innovationsteorier och beteendeteorier. För att undersöka frågeställningarna har ett kvantitativt tillvägagångssättanvänts. En enkätundersökning genomfördes som reslu*terade i 435 respondenter. Datan från enkäten analyserades via grafer samt två probitregressioner med olika beroende variabler, värdepapper samt robotrådgivning. Resultaten visar att adoptionen av robotrådgivning har varitlångsam i Sverige på grund av bristande transparens och information. Den mest signifikanta faktorerna i båda regressionerna var kön.

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BAKGRUND: Robotrådgivning kan något förenklat definieras som en digital plattform som förser kunder med en automatiserad finansiell rådgivning. Många nya aktörer har börjat tillhandahålla robotrådgivningstjänster och robotrådgivning anses ha potential att förbättra marknaden för finansiell rådgivning. Ur ett konsumentperspektiv leder robotrådgivningen till bland annat sänkta direkta kostnader i form av lägre förvaltningsavgifter. Trots sänkta direkta kostnader och övriga konsumentfördelar har kapitalinflödet till robotrådgivningstjänster inte varit omfattande. Enligt ekonomiska teorier om transaktionskostnader, väljer köpare att inte genomföra köpet av en tjänst om uppfattade transaktionskostnader förenade med själva transaktionen upplevs för höga. Därmed är det av intresse att undersöka hur konsumenter uppfattar transaktionskostnader förenade med robotrådgivningen samt hur detta påverkar intention att använda tjänsten. SYFTE: Syftet med studien är att undersöka hur direkta kostnader respektive indirekta transaktionskostnader påverkar konsumenters intention att använda sig av robotrådgivning. Vidare är syftet att undersöka huruvida respondenter med en liknande intention att använda robotrådgivningstjänster delar några gemensamma drag. GENOMFÖRANDE: Data till studien har samlats in med hjälp av enkätundersökning. Enkäten har besvarats av 77 personer. För att analysera statistiska samband mellan de olika oberoende variablerna och den beroende variabeln intention har vi genomfört en multipel regressionsanalys. För att vidare analysera den insamlade datan och få ännu djupare insikter i hur respondenterna ställer sig i förhållande till robotrådgivningen har vi genomfört klusteranalys. slu*tSATS: Enligt vår studie har variablerna förtroende och mänsklig kontakt ett statistiskt signifikant samband med intentionen att använda robotrådgivning. Enligt klusteranalysen kan dessutom två konsumentprofiler urskiljas med utgångspunkt i intention att använda robotrådgivning. Direkta kostnader, vilka har undersökts med hjälp av variabeln kostnad, har inte visats ha något större inverkan på konsumenternas inställning till robotrådgivning, varför hybridlösningar enligt vår mening skulle kunna vara en möjlig lösning för att minska konsumenternas uppfattade transaktionskostnader och på det sättet öka intentionen att använda robotrådgivningstjänster.
BACKGROUND: Robo-advisory can be defined as a platform which provides customers with an automated financial advisory. A large number of new and already existing financial institutions have started providing robo-advisory services and robo-advisors are considered to have the potential to improve the market of financial services. Among other things, robo- advisory leads to decreased direct costs for consumers in terms of lower management fees. Despite the reduced direct costs and other consumer benefits, the capital inflow to robo- adivosory services has not been substantial yet. According to the economic theories in the field of transaction costs, a buyer is not going to conduct a purchase of a service if perceived transaction costs associated with the transaction itself are too high. Thus, it is essential to examine how consumers perceive transaction costs associated with robo-advisory and how that affects consumers intention to use robo-advisory-services. PURPOSE: The purpose of this study is to examine how direct costs and indirect transaction costs affect consumers intention to use robo-advisory. Furthermore, the purpose of this study is to examine whether consumers with a similar intention to use robo-advisory services, share any other characteristics. IMPLEMENTATION: Data for our study has been collected via survey. The survey has been answered by 77 people. To analyze possible statistical relationships between the dependent variables and the independent variable intention, we have conducted a multiple regression analysis. In order to further analyze the collected data and gain even deeper insights into how respondents stand in relation to robo-advisory, cluster analysis has been conducted. CONCLUSION: According to our results, only variables trust and human contact have a significant statistic relationship with the intention to use robo-advisory. Furthermore, by means of cluster analysis we have been able to distinguish two consumer profiles based on the dependent variable intention. Direct costs, in terms of the variable cost, have not been shown to have any substantial impact on consumers attitude towards robo-advisory. Hence, hybrid- solutions could, in our opinion, be a possible solution in order to reduce consumers perceived transaction costs, and further increase the intention to use robo-advisory.

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Background Digitalization have been affecting the world industries the past years. With this, Banks have been digitizing their products and services for their customers to be competitive in the sector. The investment advisem*nt has been a part of this digitization. Banks nowadays compete with robo-advising, which originates from the USA. In Sweden this is relatively new for both the banks and the customers, and therefore has some challenges to face, before it can replace the traditional investment advising. Purpose The purpose of the study is to investigate and compare the robo-advisem*nt to the traditional investment advising, but also to explore if the users of the robo-advice thinks if it is enough developed to replace the traditional investment advising. Method To achieve the results for our study, we have chosen a qualitative method with the use of semi-structured interviews with ten respondents which meets the requirements to participate in the interview for the study’s purpose. To give a brief overview of the respondents answers we will conclude them into tables, and to attain the purpose of the study we will analyze the results with the theories used in our study and previous research in the subject. Conclusion After analyzing the results we have come to a conclusion that the robo-advice need to be more developed due to its incompatible function to process the information from the users to offer them a complete investment advisem*nt. Therefore the robo-advisory is not yet ready to replace the traditional investment advising but could still be used as a good complement together with the physical interaction of the users and investing advisors. This because of the time efficiency of the robo-advisem*nt and the traditional investment advisors capability to build a relationship and create trust in between them.

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Purpose: The purpose of this work is to analyze investors as well as analysts' views on the development of technology in Automated Trading recommendations in the stock market. Theoretical framework: The study is based on The Efficient Market Hypothesis. Method: The methodological framework of this thesis have included both a quantitative and qualitative approach. A deductive approach has been used. Empirical framework: Data was obtained from 206 members of the Swedish share savers association (Aktiespararna) plus 4 semi-structured interviews with advisers and analysts. Analysis: Data shows average investors do not trust, and are reluctant to take advice, from Robo-advisors but higher percentage of technically savvy traders rely on Robo-advisors. Most analysts perceive no threat to robo-advisor replacing their job. In fact they believed it could replace advisors job. Advisors believed the opposite. Conclusion: 67 % of the investors surveyed believed that in five years Roboadvisors will completely replace human advisors despite the fact that 82 % still liked and trusted recommendations made by humans more. Financial operators see Robo-advisors as a tool rather than threat and plan to integrate it in their own business.

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Bakgrund: Den automatiserade rådgivningen är ett nytt fenomen på den svenska marknaden som innebär att kunderna ställs inför nya utmaningar när det kommer till investeringsrådgivning. Det har i tidigare forskning inte undersökts hur förtroendet ser ut angående robotrådgivning ur ett kundperspektiv vilket bidrar till ett intresse hos författarna att täcka denna kunskapslucka. Syfte: Syftet med denna uppsats är att undersöka förutsättningarna för automatiserad kundrådgivning att brett slå igenom, detta genom att analysera potentiella kunders förtroende för tjänst och leverantör samt hur kunder ser på potentiella transaktionskostnadshinder. Det senare genom att undersöka hur kunden uppfattar den tillgängliga informationen, behovet av finansiell kunskap, psykologiska fällor samt kundens syn på eventuellt svekfullt beteende. Genomförande: Studiens genomförande bygger på en kvalitativ metod med åtta intervjuer med privatpersoner och en med en produktägare. Respondenternas förtroende samt åsikter har undersökts genom att sätta upp ett hypotetiskt scenario med den automatiserade rådgivningen. Det har sedan jämförts hur väl robotrådgivningen hanterar de problem som kan uppstå vid investeringsrådgivning jämfört med den traditionella rådgivningen för att på så sätt förenkla respondenternas möjlighet att ge så utvecklade och nyanserade svar som möjligt. slu*tsats: Studien visar att det generella förtroendet för den automatiserade rådgivningen kan anses likvärdigt med det som finns för den traditionella rådgivningen, dock har robotrådgivningen en stor brist i de informationsasymmetrier som råder mellan kunden och roboten. På grund av den asymmetriska informationen kan kunden ha svårt att avgöra kvaliteten på robotrådgivningen och kan leda till att denne avstår från att använda sig av en sparrobot.
Background: The automated advisory is a new phenomenon at the Swedish market which means that the customers is faced with new challenges when it comes to investment advisory. It has in previous research not been investigated how the confidence is regarding the robo advisory through a customer-perspective which contributes to an interest from the author’s side to cover this knowledge gap. Aim: The aim with this essay is to investigate the conditions for the automated customer advisory to penetrate the market widely, this by analyze potential customers confidence for the service and supplier together with how the customers looks at potential transaction cost barriers. The later by investigating how the customer perceives the available information, the need for financial literacy, psychological traps together with the customers view on deceitful behavior. Completion: The completion of the study is based on a qualitative approach with eight private individuals and one product owner. The respondent’s confidence and opinions have been investigated by setting up a hypothetical scenario regarding the automated advisory. It has later on been compared how well the robo advisory can handle the problems that may occur during investment advisory compared to the traditional advisory to simplify the respondents opportunity to give as developed and nuanced answers as possible. Conclusion: The study shows that the general confidence for the automated advisory can be considered equivalent with what exists for the traditional advisory, but the automated advisory have a great shortage in the asymmetrical information which prevails between the customer and the robot. Because of the asymmetric information the customer may have difficulties to determine the quality of the robo advisory, which can lead to the customer refraining to use a robo-advisor.

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Innovazione finanziaria e algoritmi: lineamenti introduttivi. Algoritmi e nuovi operatori. Algoritmi e nuovi prodotti finanziari: dal bitcoin ai cripto-asset. I nuovi mercati. Opacità algoritmica e trasparenza dei mercati finanziari. Regolare la complessità.

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