The impact of robo-advice on financial advisers: a qualitative case study
One of the most significant recent technological developments concerns the application of robotics and Artificial Intelligence (AI) to skill-intensive, knowledge-based jobs. The financial adviser is a role that has been identified as being under threat from automated robo-advice services. However, t...
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2018
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rr-article-94993372018-01-01T00:00:00Z The impact of robo-advice on financial advisers: a qualitative case study Crispin Coombs (1255719) Alex Redman (7198250) Other commerce, management, tourism and services not elsewhere classified Robo-adviser Financial advice Automation Augmentation Qualitative United Kingdom Business and Management not elsewhere classified One of the most significant recent technological developments concerns the application of robotics and Artificial Intelligence (AI) to skill-intensive, knowledge-based jobs. The financial adviser is a role that has been identified as being under threat from automated robo-advice services. However, there are conflicting views on the future of human financial advisers. It has been argued that human financial advisers will soon become obsolete because robo-advisers are lower cost and make fewer mistakes. Conversely, it has been argued that financial investment is an emotional process that requires empathy and reassurance that cannot be provided by automated robo-advisers. In this exploratory study we use service encounter theory to explore the key elements of the financial adviser job role, identifying where human interaction with the client was considered to be valuable. Our findings suggest that roboadvisers are likely to augment rather than substitute human financial advisers. 2018-01-01T00:00:00Z Text Conference contribution 2134/32441 https://figshare.com/articles/conference_contribution/The_impact_of_robo-advice_on_financial_advisers_a_qualitative_case_study/9499337 CC BY-NC-ND 4.0 |
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Other commerce, management, tourism and services not elsewhere classified Robo-adviser Financial advice Automation Augmentation Qualitative United Kingdom Business and Management not elsewhere classified |
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Other commerce, management, tourism and services not elsewhere classified Robo-adviser Financial advice Automation Augmentation Qualitative United Kingdom Business and Management not elsewhere classified Crispin Coombs Alex Redman The impact of robo-advice on financial advisers: a qualitative case study |
| description |
One of the most significant recent technological developments concerns the application of robotics and Artificial Intelligence (AI) to skill-intensive, knowledge-based jobs. The financial adviser is a role that has been identified as being under threat from automated robo-advice services. However, there are conflicting views on the future of human financial advisers. It has been argued that human financial advisers will soon become obsolete because robo-advisers are lower cost and make fewer mistakes. Conversely, it has been argued that financial investment is an emotional process that requires empathy and reassurance that cannot be provided by automated robo-advisers. In this exploratory study we use service encounter theory to explore the key elements of the financial adviser job role, identifying where human interaction with the client was considered to be valuable. Our findings suggest that roboadvisers are likely to augment rather than substitute human financial advisers. |
| format |
Default Conference proceeding |
| author |
Crispin Coombs Alex Redman |
| author_facet |
Crispin Coombs Alex Redman |
| author_sort |
Crispin Coombs (1255719) |
| title |
The impact of robo-advice on financial advisers: a qualitative case study |
| title_short |
The impact of robo-advice on financial advisers: a qualitative case study |
| title_full |
The impact of robo-advice on financial advisers: a qualitative case study |
| title_fullStr |
The impact of robo-advice on financial advisers: a qualitative case study |
| title_full_unstemmed |
The impact of robo-advice on financial advisers: a qualitative case study |
| title_sort |
impact of robo-advice on financial advisers: a qualitative case study |
| publishDate |
2018 |
| url |
https://hdl.handle.net/2134/32441 |
| _version_ |
1797371968663584768 |