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

Abstract

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.

Robo-Advice: The Digitalization and Automation of Financial Advice

“…For example, Woodyard and Grable (2018) found that only 5% of an US financial capability study were RA users, while the rest of the participants sought traditional financial advice. This is in line with Waliszewski and Warchlewska (2020), who found more than half of the participants of their 15 country surveys declining the idea of delegating investment decisions to RAs. Also, Niszczota and Kaszás (2020) conclude that an algorithm aversion extends to the financial sector, manifesting a barrier to adopting innovative FinTech solutions.…”

“…This could be explained by the sudden capital increase, without an appropriate increase in financial education or confidence in financial decision-making. Lastly, Waliszewski and Warchlewska (2020) investigated socioeconomic factors moderating RA usage and found differences between nationalities (in Europe, USA, and Australia), gender (men are more likely to use RAs than women), and number of people in household (more people in a household translated into a greater likeliness to use RAs).…”

The fintech transformation of banking: Governance dynamics and socio-economic outcomes in spatial contexts

“…Complex functions performed by artificial intelligence and complex service architectures enabled by application program interfaces form a technology-based regulatory mechanism deemed as an additional discrete governance type (Campbell-Verduyn et al, 2019). This mechanism is designed and controlled by humans; nevertheless, it is also enabled to perform some activities independently, learn, and determine lending decisions (Bernards, 2019;Waliszewski & Warchlewska, 2020). Fintech governance attempts to combine high standardization with customization and personalization to enhance an expansion of services from the Global North to the South (Brooks, 2021;Coetzee, 2018).…”

Innowacje finansowe w gospodarce 4.0

“…Wdrożenie nowoczesnych technologii w procesie zarządzania finansami osobistymi niesie ze sobą szereg wyzwań w obszarze obiegu i analizy danych, digitalizacji i automatyzacji procesów manualnych oraz architektury big data (Waliszewski i Warchlewska, 2020a). Nowoczesne technologie odgrywają coraz większą rolę w codziennym życiu, a co za tym idzie również w planowaniu i zarządzaniu finansami osobistymi, które są rozumiane jako realizacja celów wyznaczonych przez gospodarstwa domowe poprzez racjonalne wykorzystanie dostępnych na rynku rozwiązań finansowych.…”