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Business & Information Systems Engineering

, Volume 60, Issue 1, pp 81–86 | Cite as

Robo-Advisory

Digitalization and Automation of Financial Advisory
  • Dominik Jung
  • Verena Dorner
  • Florian Glaser
  • Stefan Morana
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  • 1.2k Downloads

Introduction

‘Banking is necessary, Banks are not’ is a famous quote from Microsoft founder Bill Gates, which characterizes the wide debate of the increasing digitalization of banking (Alt and Thomas 2016). The first wave of digitalization has changed many aspects of everyday life and existing business models have been challenged and partially replaced (Alt and Thomas 2016; Praeg et al. 2015). The second wave of digitalization has shifted the focus towards smart services based on algorithms and intelligent software to increase the degree of automation. Consequently, the interest of banks and insurances in digital financial advisory services (also referred to as “robo-advisory”) is rising (Praeg et al. 2016, Jung et al. in press).

Robo-advisors are digital platforms comprising interactive and intelligent user assistance components (Maedche et al. 2016) that use information technology to guide customers through an automated (investment) advisory process (Sironi 2016; Ludden et al. 2015)....

Keywords

Financial advisory services Robo‐advisor Robo‐advisory Digitalization Decision support 

References

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Copyright information

© Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2018

Authors and Affiliations

  • Dominik Jung
    • 1
  • Verena Dorner
    • 1
  • Florian Glaser
    • 1
  • Stefan Morana
    • 1
  1. 1.Institute of Information Systems and Marketing (IISM)Karlsruhe Institute of TechnologyKarlsruheGermany

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