A Scoping Review on the Factors Affecting the Adoption of Robo-advisors for Financial Decision-Making
- Title
- A Scoping Review on the Factors Affecting the Adoption of Robo-advisors for Financial Decision-Making
- Creator
- Nain I.; Rajan S.
- Description
- Robo-advisors have recently gained popularity as an algorithm-based method of simplifying financial management. The present study explores the factors that lead many potential consumers to use Robo-advisors in financial decisions. Adopting a scoping review approach formulated by Arksey and O'Malley, the study examines the factors affecting the acceptance and usage of financial Robo-advisors in different parts of the world. The results suggest that performance expectancy, effort expectancy, trust in technology, financial knowledge, investing experience, cost-effectiveness, facilitating conditions, and intrinsic motivation are positively related to adopting Robo-advisors. On the contrary, anxiety, risk perception, investor age, data security, and behavioral biases negatively influence the investor attitude toward Robo-advisors. This creates a barrier to the diffusion of financial Robo-advisors among the investors. The study concludes by providing recommendations to service providers, policymakers, and marketers for the speedy distribution and acceptance of algorithms for the public's financial decision-making. The study identifies gaps in the existing literature and suggests areas for future research for aspiring academics. 2024 University of Pardubice. All rights reserved.
- Source
- Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, Vol-32, No. 1, pp. 1884-.
- Date
- 2024-01-01
- Publisher
- University of Pardubice
- Subject
- Artificial Intelligence; Financial Advice; Fintech; Robo-advisors; Scoping Review; Technology Adoption
- Coverage
- Nain I., CHRIST (Deemed to be University, Department of Commerce, India; Rajan S., CHRIST (Deemed to be University, Department of Commerce, India
- Rights
- All Open Access; Gold Open Access
- Relation
- ISSN: 1211555X
- Format
- Online
- Language
- English
- Type
- Review
Collection
Citation
Nain I.; Rajan S., “A Scoping Review on the Factors Affecting the Adoption of Robo-advisors for Financial Decision-Making,” CHRIST (Deemed To Be University) Institutional Repository, accessed February 25, 2025, https://archives.christuniversity.in/items/show/21357.