Facilitating Informed Decision-Making in Financial Service Encounters

Heinrich, Peter; Schwabe, Gerhard

doi:10.1007/s12599-017-0501-5

Cited by 13 publications

(14 citation statements)

References 29 publications

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“…From a more technical perspective, Faloon and Scherer (2017) identified personalization as the distinctive feature of robo-advisors compared to traditional human advisory services. In turn, Heinrich and Schwabe (2018) concluded that IT-supported advice-giving processes increase customers’ learning, enabling them to make more informed decision related to financial products.…”

Section: Literature Reviewmentioning

confidence: 99%

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

Belanche

Casaló

Flavián

2019

IMDS

444

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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Section: Literature Reviewmentioning

confidence: 99%

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

Belanche

Casaló

Flavián

2019

IMDS

444

311

View full text Add to dashboard Cite

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“…Hence, the methodology used in this research has focused on design of an IS system/prototype (''artifact'') using two components, namely clustering and ATS, as the first step, followed by evaluation of its ''utility''. Essentially, the approach is aligned with design science research for IS (ISDSR) paradigm (Simon 1996;Hevner et al 2004;Fischer et al 2010) which has been applied to multiple areas of IS design to date (Heinrich and Schwabe 2017;Simon 2010;Oberle et al 2009;Bitzer et al 2015). The following paragraphs briefly explain how seven guidelines of ISDSR methodology map to various tasks/activities of current research.…”

Section: Methodsmentioning

confidence: 99%

Analysis of Competitor Intelligence in the Era of Big Data: An Integrated System Using Text Summarization Based on Global Optimization

Chakraborti

Dey

2018

Bus Inf Syst Eng

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Automatic text summarization can be applied to extract summaries from competitor intelligence (CI) corpora that organizations create by gathering textual data from the Internet. Such a representation of CI text is easier for managers to interpret and use for making decisions. This research investigates design of an integrated system for CI analysis which comprises clustering and automatic text summarization and evaluates quality of extractive summaries generated automatically by various text-summarization techniques based on global optimization. This research is conducted using experimentation and empirical analysis of results. A survey of practicing managers is also carried out to understand the effectiveness of automatically generated summaries from CI perspective. Firstly, it shows that global optimization-based techniques generate good quality extractive summaries for CI analysis from topical clusters created by the clustering step of the integrated system. Secondly, it shows the usefulness of the generated summaries by having them evaluated by practicing managers from CI perspective. Finally, the implication of this research from the point of view of theory and practice is discussed.

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“…Overall, the listed requirements make clear that designing a system for use in advisory services is a challenge. Simultaneously, research (Dolata & Schwabe, 2016b, 2017bHeinrich & Schwabe, 2018;Nussbaumer et al, 2012) and politics (Oehler et al, 2010;Oehler & Kohlert, 2009) call for a more effective information transfer and higher transparency in advisory services, such that the advisor and the advisee can engage in collaborative problem-solving. IT can play a major role in this regard.…”

Section: Technology In Advisory Servicesmentioning

confidence: 99%

“…IT can play a major role in this regard. Previous research on supporting financial advice has shown that dynamic manipulation of data can support client education, such that advisees can make more informed decisions and acquire an understanding of the core issues under consideration Heinrich & Schwabe, 2018). It can also contribute towards informational and procedural transparency (Nussbaumer et al, 2012) and help the client share relevant information in a more structured and complete way (Kilic, 2018;Kilic et al, 2015).…”

Section: Technology In Advisory Servicesmentioning

confidence: 99%

“…Information transfer is supported by dynamic manipulation of graphics so the client can understand the implication of her decision as well as meaningful, easy-to-understand, and stable semantics of the tokens and papers on the table. The research on supporting advisory services has mostly treated those two aspects in separation, thus yielding systems that helped transfer information and educating the client, but were lacking improvements in marketing aspects and vice versa (Dolata, Agotai, et al, 2020;Heinrich & Schwabe, 2018). LivePaper overcomes this divide and can improve marketing-relevant measures and pragmatic measures of a service encounter .…”

Section: Implications For Technology In Advisory Servicesmentioning

confidence: 99%

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Changing Things so (Almost) Everything Stays the Same

Dolata

Schubiger

Agotai

et al. 2021

I-Com

Self Cite

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The deployment of mixed reality systems in professional settings demands adaptation of the physical environment and practices. However, technology-driven changes to the environment are problematic in some contexts. Specifically, face-to-face advisory services rely on scripted material routines using specific tools. This manuscript explores challenges encountered during the development of LivePaper, a mixed-reality system for supporting financial advisory services. First, the article presents a range of design requirements derived from existing literature and multiple years of research experience concerning advisory services and physical collaborative environments. Second, it discusses technical and design challenges that emerged when building LivePaper along with those requirements. Third, the article describes a range of technical solutions and new design ideas implemented in a working system to mitigate the encountered problems. It explores potential alternative solutions and delivers empirical or conceptual arguments for the choices made. The manuscript concludes with implications for the advisory services, the systems used to support such encounters, and specific technical guidance for the developers of mixed reality solutions in institutional settings. Overall, the article advances the discourse on the application of technology in advisory services, the use of mixed-reality systems in professional environments, and the physical nature of collaboration.

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Facilitating Informed Decision-Making in Financial Service Encounters

Abstract: While advice-giving

Cited by 13 publications

References 29 publications

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

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

Analysis of Competitor Intelligence in the Era of Big Data: An Integrated System Using Text Summarization Based on Global Optimization

Changing Things so (Almost) Everything Stays the Same

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