Ocultar
Exibir todos
Enviar artigo via e-mail 
OPPORTUNITIES OF DIGITAL FINANCIAL ADVICE PLATFORMS FOR PRIVATE INVESTORS: A QUALITATIVE CASE STUDY OF AMERICAN AND EUROPEAN COMPANIES’ PRACTICES
Resumo
Background: Technological innovations are already affecting financial markets and increasingly influence the terms of financial intermediation offers, including stock exchange instruments. The authors argue that analysis of the practice of digital financial advice platforms will improve the use of this innovation by many market participants. Objective: The article is devoted to one of the newest types of fintech – digital financial advice platforms (the so-called robo-advisors). The study aims to determine the functions, specifics of operation, and significance of digital financial advice platforms in the modern financial market through an examination of the practices of European and American companies. Methods: The authors performed a qualitative case study analyzing the practices of American and European companies. Eighteen digital financial advice platforms are selected and characterized based on information from their websites. Results: The differences are primarily found in the offer of investment plans, minimum investment amounts, and fees for advisory services. Conclusion: On the one hand, since the purpose of digital financial advice platforms is the management of clients’ investment portfolios, the development of robo-advisors offers excellent support to investors in the realization of their visions. On the other hand, these programs are not devoid of the mechanisms of working with the knowledge of investing and investor psychology, thereby forming the investor’s risk profile. Based on the risk profile of the investor, the program offers individual investment strategies.
Palavras-chave
Texto completo:
PDF (English)Referências
Au, C.-D., Klingenberger, L., Svoboda, M., & Frère, E. (2021). Business model of sustainable robo-advisors: Empirical insights for practical implementation. Sustainability, 13(23), 13009. https://doi.org/10.3390/su132313009
Baker, T., & Dellaert, B. (2018). Regulating robo advice across the financial services industry. Iowa Law Review, 103(2), 713-750.
Beketov, M., Lehmann, K., & Wittke, M. (2018). Robo advisors: Quantitative methods inside the robots. Journal of Asset Management, 19, 363-370.
Belanche, D., Casaló, L.V., & Flavián, C. (2019). Artificial intelligence in FinTech: Understanding robo-advisors adoption among customers. Industrial Management & Data Systems, 119(7), 1411-1430.
Bianchi, M., & Jehiel, P. (2020). Bundlers’ dilemmas in financial markets with sampling investors. Theoretical Economics, 15(2), 545-582.
Blaschke, J., & Kriebel, J. (2021). Robo advisory customer groups: Who requires advice? Journal of Business Research and Practice, 75(3), 397-410.
Boreiko, D., & Massarotti, F. (2020). How risk profiles of investors affect robo-advised portfolios. Frontiers in Artificial Intelligence, 3, 1–9.
Britton, B.L., & Atkinson, D.G. (2017). An investigation into the significant impacts of automation in asset management. Economics World, 5(5), 418-428.
Christian, H., & Lars, H. (2019). The emergence of the global FinTech market: Economic and technological determinants. Small Business Economics, 53(1), 81-105.
Clarke, D. (2020, February 13). Robo-advisors-market impact and fiduciary duty of care to retail investors. http://dx.doi.org/10.2139/ssrn.3539122
D’Acunto, F., Prabhala, N., & Rossi, A.G. (2019). The promises and pitfalls of roboadvising. Review of Financial Studies, 32(5), 1983-2020.
Das, S.R. (2019). The future of FinTech. Financial Management, 48, 981-1007.
D’Hondt, C., De Winne, R., Ghysels, E., & Raymond, S. (2019). Artificial intelligence alter egos: Who benefits from robo-investing? Journal of Empirical Finance, 59, 278-299.
Din, S. (2016). Advisors: Are you ready for Robo 2.0? Financial Planning. Retrieved from https://www.financial-planning.com/news/advisors-are-you-ready-for-robo-20
Faloon, M., & Scherer, B. (2017). Individualisation of robo advice. Journal of Wealth Management, 20(1), 30-36.
Fisch, J.E., Labouré, M., & Turner, J.A. (2019). The emergence of the robo-advisor. In J. Agnew, & O. S. Mitchell (Eds.), The disruptive impact of FinTech on retirement systems (pp/ 13-37). Oxford: Oxford University Press.
Gai, K., Qiu, M., & Sun, X. (2018). A survey on FinTech. Journal of Network and Computer Applications, 103, 262-273.
Gomber, P., Koch, J.-A., & Siering, M. (2017). Digital finance and FinTech: Current research and future research directions. Journal of Business Economics, 87(5), 537-580.
Grealish, A., & Kolm, P.N. (2021). Robo-advisory: From investing principles and algorithms to future developments. In A. Capponi, & C. A. Lehalle (Eds.), Machine learning in financial markets: A guide to contemporary practice. Cambridge: Cambridge University Press. http://dx.doi.org/10.2139/ssrn.3776826
Gurinovich, A.G., & Lapina, M.A. (2022). Legal regulation of artificial intelligence, robots, and robotic objects in the field of social relations. Relacoes Internacionais no Mundo Atual, 1(34), 55-78.
Hammersley, M. (2008). Troubles with triangulation. In M. M. Bergman (Ed.) Advances in mixed methods research: Theories and applications (pp. 22-36). London: Sage.
Harrington, E.C. Jr. (1965). The desirability function. Industrial Quality Control, 21(1), 494-498.
Hildebrand, C., & Bergner, A. (2021). Conversational robo advisors as surrogates of trust: Onboarding experience, firm perception, and consumer financial decision making. Journal of the Academy of Marketing Science, 49, 659-676.
Hildebrand, C., Efthymiou, F., Busquet, F., Hampton, W.H., Hoffman, D.L., & Novak, T.P. (2020). Voice analytics in business research: Conceptual foundations, acoustic feature extraction, and applications. Journal of Business Research, 121, 364-374.
Hodge, F.D., Mendoza, K.I., & Sinha, R.K. (2020). The effect of humanizing robo-advisors on investor judgments. Contemporary Accounting Research, 38, 770-792.
Hohenberger, C., Lee, C., & Coughlin, J.F. (2019). Acceptance of roboadvisors: Effects of financial experience, affective reactions, and self-enhancement motives. Financial Planning Review, 2(2), 1-14.
Jana, M., Kumar, P., & Panda, G. (2015). Efficient portfolio for interval sharpe ratio model. In R. Mohapatra, D. Chowdhury, & D. Giri (Eds.), Mathematics and computing. Springer proceedings in mathematics & statistics (Vol. 139, pp. 59-77). New Delhi: Springer. https://doi.org/10.1007/978-81-322-2452-5_5
Jung, D., Dorner, V., Glaser, F., & Morana, S. (2018a). Robo-advisory: Digitalization and automation of financial advisory. Business and Information Systems Engineering, 60(1), 81-86.
Jung, D., Dorner, V., Weinhardt, C., & Pusmaz, H. (2018b). Designing a robo-advisor for riskaverse, low-budget consumers. Electronic Markets, 28(3), 367-380.
Kirillova, E., Bogdan, V., Lagutin, I., & Gorevoy, E. (2019). Legal status of smart contracts: Features, role, significance. Jurídicas CUC, 15(1), 285-300. http://dx.doi.org/10.17981/juridcuc.15.1.2019.11
Kozhamzharova, G., Omarbakiyev, L., Kogut, O., Zhumasheva, S., Saulembekova, A., & Abdrakhmanova, G. (2022). Banking risks and lending to tourism and hotel businesses amid the COVID-19 pandemic. Journal of Environmental Management and Tourism, 13(2), 427-437.
Kzykeyeva, A. (2022). Risk-based approach to improving the quality of internal audit. Quality – Access to Success, 23(189), 228-237.
Lawrencenko, S., Gladskaya, I.G., Zgonnik, L.V., & Sumzina, L.V. (2016). A smart energy meter. In Power Quality Management. Proceedings. International Conference, Moscow, Russia, November 23-25, 2016 (pp. 177-184). Moscow: Raduga Publishers.
Lu, F., & Swarn, C. (2020). The utilization of robo-advisors by individual investors: An analysis using diffusion of innovation and information search frameworks. Journal of Financial Counseling and Planning, 31(1), 130-145.
Markova, O.V., Listopad, E.Y., Shelygov, A.V., Fedorov, A.G., & Kiselevich, I. (2021). Economic and legal aspects of the innovative activity of enterprises in the context of the digital economy. Nexo Revista Cientifica, 34(2), 964-972.
Marling, H., & Emanuelsson, S. (2012). The Markowitz portfolio theory. Retrieved from http://www.smallake.kr/wp-content/uploads/2016/04/HannesMarling_SaraEmanuelsson_MPT.pdf
Monti, M., Pelligra, V., Martignon, L., & Berg, N. (2014). Retail investors and financial advisors: New evidence on trust and advice taking heuristics. Journal of Business Research, 67(8), 1749-1757.
Neznamova, A., Kuleshov, G., & Turkin, M. (2020). International experience in personal data protection. Jurídicas CUC, 16(1), 391-406. http://dx.doi.org/10.17981/juridcuc.16.1.2020.17
Palmatier, R.W., Houston, M.B., Dant, R.P., & Grewal, D. (2013). Relationship velocity: Toward a theory of relationship dynamics. Journal of Marketing, 77(1), 13-30.
Park, J.Y., Ryu, J.P., & Shin, H.J. (2016). Robo-advisors for portfolio management. Advanced Science and Technology Letters, 141, 104-108.
Phoon, K., & Koh, F. (2018). Robo-advisors and wealth management. Journal of Alternative Investments, 20(3), 79-94.
Puschmann, T. (2017). Fintech. Business & Information Systems Engineering, 59(1), 69-76.
Reznikova, O.S., Ganieva, A.K., Verna, V.V., Korolenko, J.N., & Shelygov, A.V. (2020). Determinants of the Russian labor market model. Revista Inclusiones, 7, 260-267.
Safronov, A.A., & Sazonov, A.I. (2021). Assessing the investment attractiveness of shares: The joint use of fundamental and technical analysis. Universal Journal of Accounting and Finance, 9(5), 908-915.
Strzelczyk, B.E. (2017). Rise of the machines: The legal implications for investor protection with the rise of robo-advisors. Business & Commercial Law Journal, 16(1), 54-86.
Tammas-Hastings, D. (2017). Robo-advice in ten points – Asset management on the cusp of dramatic change. LSE Business Review. Retrieved from http://eprints.lse.ac.uk/85505/1/businessreview-2017-10-13-robo-advice-in-ten-points-asset-management.pdf
Uhl, M.W., & Rohner, P. (2018). Robo-advisors versus traditional investment advisors: An unequal game. The Journal of Wealth Management, 21(1), 44-50.
Vasyukov, V.F., Tsokur, E.E., Kirichenko, E.V., Bugrova, V.R., & Bondarenko, N.G. (2021). Use of electronic means of payment as ways of crime commission: Features of investigation and protection routes. Revista Geintec-Gestao Inovacao e Tecnologias, 11(2), 1868-1877.
DOI: http://dx.doi.org/10.21902/Revrima.v5i38.6054
Apontamentos
- Não há apontamentos.
Revista Relações Internacionais do Mundo Atual e-ISSN: 2316-2880
Rua Chile, 1678, Rebouças, Curitiba/PR (Brasil). CEP 80.220-181
