Robo-Advice: The Digitalization and Automation of Financial Advice
by Albert Torno
Date of Examination:2022-09-22
Date of issue:2022-09-30
Advisor:Prof. Dr. Jan Muntermann
Referee:Prof. Dr. Jan Muntermann
Referee:Prof. Dr. Michael H. Breitner
Referee:Prof. Dr. Matthias Schumann
Files in this item
Name:Robo-Advice_Torno.pdf
Size:2.22Mb
Format:PDF
Abstract
English
This cumulative dissertation consists of and critically discusses five peer-reviewed and co-authored publications by me about the digitalization and automation of financial advice, so-called Robo-Advice (RA). The dissertation thereby covers two main research areas. The first research area addresses the positioning of RA in science and practice providing a struc-ture for more in-depth analyses. From a scientific perspective the relevant literature about RA is systematized in a new Organizing Framework for RA Research. The practical positioning of RA in the broader landscape of FinTech is approached in the context of mobile personal finance applications. The second research area addresses the focused analysis and design of certain RA components. One study focuses on the business model of RA, aiming at understanding their distinct elements and finding major similarities and differences. A second study focuses on RA portfolio recom-mendations, providing an understanding of how they differ, especially in structure, selected products, performance, and risk. Lastly, a third study presents meta-requirements and design principles for RA addressing the problem of unethical behavior that can decrease trust and the adoption of RA.
Keywords: Robo-Advice; Robo-Advisor; Automated Financial Advice; FinTech; Digitalization