Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334817 
Year of Publication: 
2024
Citation: 
[Journal:] Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration [ISSN:] 1804-8048 [Volume:] 32 [Issue:] 1 [Article No.:] 1884 [Year:] 2024 [Pages:] 1-15
Publisher: 
University of Pardubice, Pardubice
Abstract: 
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.
Subjects: 
Fintech
Artificial Intelligence
Financial Advice
Robo-Advisors
Scoping Review
Technology Adoption
JEL: 
O33
O14
D14
G11
G23
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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