Robo-Revolution in the Financial Sector

Sabharwal, Chaman L.; Anjum, Bushra

doi:10.1109/csci46756.2018.00249

Cited by 7 publications

(5 citation statements)

References 2 publications

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“…With the potential of algorithmic tools to support and assist human work [16], a hybrid advisory model becomes feasible and even necessary as lawyers argue [86]. Even a more intelligent RA does not likely eliminate human advisors completely [81]. Researchers and practitioners therefore suggest a range of activities that will become increasingly relevant, including the education of investors [75], [93], a customization of wealth management advice or focus on specific client segments [78], [80], [94], technical skills, for instance, in the area of AI and data analytics [72], [75], [89], as well as an understanding of psychology and behavioral finance [74], [79], [84], [95].…”

Section: Enabling Human-machine Interactionmentioning

confidence: 99%

Being Human in the Digitally Enabled Workplace: Insights From the Robo-Advice Literature

Altrock

Mention

Helge

2024

IEEE Trans. Eng. Manage.

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The growth in intelligent machines entering the workplace continues to challenge organizations' digital transformation efforts. Various applications of simple to complex algorithms allow computerized systems to take on and automate an increasing number of tasks previously undertaken by human workers. Roboadvisors (RAs) in the financial sector serve as an excellent example of technological versatility and what is to come. RAs are platforms defined by a set of algorithms that offer wealth management advice online. To understand how human workers are affected by progressively intelligent machines, this article looks at the impact of RAs on human financial advisors. Through a systematic review, we present state of the art literature and examine interactions of human and digital component. Our findings illustrate possible automation scenarios for financial advisors working with RAs, the human value added, and the skills the future workforce will require. We further suggest a future research agenda. This article adds to the digital transformation literature at the intersection of workplace automation, service provision, and human-machine interaction. The aim is to provide and provoke new ideas for successful implementation and use of intelligent machines along with skilled people in a supportive work environment.

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Section: Enabling Human-machine Interactionmentioning

confidence: 99%

Being Human in the Digitally Enabled Workplace: Insights From the Robo-Advice Literature

Altrock

Mention

Helge

2024

IEEE Trans. Eng. Manage.

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“…The financial robo-advisor also talks about how the "robo" can interact with the human as well as the following effect. Some researchers, such as Ivanov et al (2018), Mehrotra (2019), Sabharwal and Anjum (2018), and Salo and Haapio (2017), use exploration and review from other financial advisor services. Meanwhile, other researchers use quantitative and qualitative methods to shed light on the human-robo interaction in financial robo-advisor assistance shown in table 8.…”

Section: Human-robo Interactionmentioning

confidence: 99%

“…The human-robo interaction in the financial robo interaction emphasises how personal touch can affect the customisation of the financial service to fulfil customer satisfaction. Some researchers, such as Ivanov et al (2018) and Sabharwal and Anjum (2018), also reviewed some financial robo-advisor in the U.S. to explore the services such as Betterment, Charles Schwab Intelligent Portfolio or FutureAdvisor to name a few.…”

Section: Human-robo Interactionmentioning

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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“…Wells Fargo uses a Facebook Messenger chatbot robo-advisor (Sabharwal, 2018). Swedish bank Svenska Enskila Banken (SEB) uses a VAPA called Aida; Nordea Bank uses Nova; and Swedbank uses Nina (Hansson, 2018).…”

Section: Vapa Use By Banksmentioning

confidence: 99%

“…These interactions result in the users assigning agency to device which is the cognitive phenomenon of anthropomorphism (Burkett, 2018). Besides the term VAPA, they are also called digital voice enabled assistants, virtual personal assistants, smart speakers, conversational agents, chatbots, intelligent personal assistants (Cowan, 2017); and robo-advisors (Sabharwal, 2018). Voice software has "colonized smartphones, car dashboards and the living room" (Day, 2019a).…”

Section: Introductionmentioning

confidence: 99%

Developing a Measure of Social, Ethical, and Legal Content for Intelligent Cognitive Assistants

2021

JSIS

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We address the issue of consumer privacy against the backdrop of the national priority of maintaining global leadership in artificial intelligence, the ongoing research in Artificial Cognitive Assistants, and the explosive growth in the development and application of Voice Activated Personal Assistants (VAPAs) such as Alexa and Siri, spurred on by the needs and opportunities arising out of the COVID-19 global pandemic. We first review the growth and associated legal issues of the of VAPAs in private homes, banks, healthcare, and education. We then summarize the policy guidelines for the development of VAPAs. Then, we classify these into five major categories with associated traits. We follow by developing a relative importance weight for each of the traits and categories; and suggest the establishment of a rating system related to the legal, ethical, functional, and social content policy guidelines established by these organizations. We suggest the establishment of an agency that will use the proposed rating system to inform customers of the implications of adopting a particular VAPA in their sphere.

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Robo-Revolution in the Financial Sector

Cited by 7 publications

References 2 publications

Being Human in the Digitally Enabled Workplace: Insights From the Robo-Advice Literature

Being Human in the Digitally Enabled Workplace: Insights From the Robo-Advice Literature

Financial Robo-Advisor: Learning from Academic Literature

Developing a Measure of Social, Ethical, and Legal Content for Intelligent Cognitive Assistants

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