The service attributes of robo-advisors: a choice-based conjoint analysis

IF 4.9 3区管理学 Q1 INFORMATION SCIENCE & LIBRARY SCIENCE Information Technology & People Pub Date : 2023-09-26 DOI:10.1108/itp-04-2023-0375

Jian-Ren Hou, Yen-Hsi Li, Sarawut Kankham

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Abstract

Purpose As an alternative to hiring financial specialists or investment consultants, robo-advisors offer financially automated investment services. This study aims to investigate how robo-advisors' service attributes, risk attitude and financial self-efficacy influence customers' choice preferences of adopting robo-advisors. Design/methodology/approach Two hundred fifty-one online surveys were used to collect data, and choice-based conjoint analysis was conducted. Findings Results show that increasing annual fees negatively impact customers' choice preferences. Promotion, general investment education and additional human assistance have a positive impact. Furthermore, risk-seeking and risk-averse customers require more human assistance than risk-neutral customer and customers with high levels of financial self-efficacy prefer more general investment education and additional human assistance than those with lower levels. In addition, customers in the older age group prefer promotion, general investment education and additional human assistance, while wealthy customers prefer lower annual fees, higher general investment education and more additional human assistance compared to middle-class and low-income groups. Originality/value This study contributes to robo-advisor providers to provide appropriate service attributes for each customer group.

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机器人顾问的服务属性:基于选择的联合分析

作为雇佣金融专家或投资顾问的替代选择，机器人顾问提供金融自动化投资服务。本研究旨在探讨智能顾问的服务属性、风险态度和财务自我效能感如何影响客户采用智能顾问的选择偏好。设计/方法/方法采用251份在线调查收集数据，并进行基于选择的联合分析。研究结果表明，年费的增加对客户的选择偏好产生了负面影响。宣传、一般投资、教育和额外的人力援助具有积极的影响。此外，风险寻求型和风险厌恶型客户比风险中性客户需要更多的人力协助，高水平财务自我效能的客户比低水平财务自我效能的客户更需要更多的一般投资教育和额外的人力协助。此外，年龄较大的客户更喜欢促销、一般投资教育和额外的人力援助，而富裕的客户相比中产阶级和低收入群体更喜欢较低的年费、较高的一般投资教育和更多的额外人力援助。独创性/价值本研究有助于机器人顾问提供商为每个客户群体提供适当的服务属性。

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来源期刊

Information Technology & People INFORMATION SCIENCE & LIBRARY SCIENCE-

CiteScore

8.20

自引率

13.60%

发文量

121

期刊介绍： Information Technology & People publishes work that is dedicated to understanding the implications of information technology as a tool, resource and format for people in their daily work in organizations. Impact on performance is part of this, since it is essential to the well being of employees and organizations alike. Contributions to the journal include case studies, comparative theory, and quantitative research, as well as inquiries into systems development methods and practice.