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Bachelor Thesis from the year 2020 in the subject Business economics - Review of Business Studies, grade: 1.1, Reutlingen University (ESB Business School), language: English, abstract: Nowadays, tech companies have entered our lives in nearly every possible area of application, from smart coffee machines to algorithmic-based music recommendations. Logically, it is not a far stretch that the financial sector will also experience disruption through technology-oriented startups. The so-called FinTech’s, short for financial technology, can be independent, newly found startups, or can be implemented by existing financial institutions as a complementary sales channel and span a wide ar-ray of functions, including peer-to-peer lending and crowdfunding, cryptocurrencies and blockchain, and also, robotic investment advice. It is no surprise that this development will affect traditional financial advisory. Mainly robo advisors are seen as one of the most disruptive technologies in the financial sector. What used to be a people’s business and strived through human connections and relationships turned digital: a robo advisor can replace all functions of traditional financial advisors at a lower cost point and while being available 24/7. Based on financial theory, the offer investors personalized portfolios – all through pressing buttons on a phone screen. Whilst promising to streamline financial investment and to make it accessible to everybody, regardless of wealth, customer adoption compared to the global financial service market has been low. Disruptive technologies offer a lot innovative and smart features, but customers might be hesitant to try the solutions. People rely on the experience of others to build trust, and the little experience of early adopters might not be enough to influence trust to a large extent. Trust is an important factor for all services or technologies, but especially in unprecedent areas such as fully automated financial advice. The thesis will be based on a literature review methodology and will assess the theoretical background of trust through analyzing and comparing previously done research on the matter. Additionally, a quantitative study focusing on trust-building factors in robo advisors has been used as a basis to form conclusions regarding the increase of trust. Industry insights, journal articles and conference papers build the foundation of this thesis. They were identified through the usage of scientific search engines, but also through backward and forward referencing searches. This approach provided a multitude of applicable literature from the fields of artificial intelligence and trust.
This book brings together cutting-edge research on consulting in a single volume, thus helping to make the state-of-the-art in the field of consulting research more accessible, to promote better practices in business, and to spark further research. The respective articles approach consulting from very different angles, taking into account various approaches for and fields of consulting, consulting providers, clients and markets, as well as technologies and trends. The book will benefit all consultants who want to critically reflect on their own methods and approaches in light of recent scientific findings. It also offers a helpful guide for students in Management and IT-related courses who are either considering a career in consulting or want to be informed consulting clients. Lastly, the book provides a comprehensive review of current developments and trends in consulting that will foster future contributions in this important research field.
A survival guide for the FinTech era of banking FinTech Innovation examines the rise of financial technology and its growing impact on the global banking industry. Wealth managers are standing at the epicenter of a tectonic shift, as the balance of power between offering and demand undergoes a dramatic upheaval. Regulators are pushing toward a 'constrained offering' norm while private clients and independent advisors demand a more proactive role; practitioners need examine this banking evolution in detail to understand the mechanisms at work. This book presents analysis of the current shift and offers clear insight into what happens when established economic interests collide with social transformation. Business models are changing in profound ways, and the impact reaches further than many expect; the democratization of banking is revolutionizing the wealth management industry toward more efficient and client-centric advisory processes, and keeping pace with these changes has become a survival skill for financial advisors around the world. Social media, big data analytics and digital technology are disrupting the banking industry, which many have taken for granted as set in stone. This book shatters that assumption by illustrating the massive changes already underway, and provides thought leader insight into the changes yet to come. Examine the depth and breadth of financial technology Learn how regulations are driving changing business models Discover why investors may become the price-makers Understand the forces at work behind the rise of FinTech Information asymmetry has dominated the banking industry for centuries, keeping the bank/investor liability neatly aligned—but this is changing, and understanding and preparing for the repercussions must be a top priority for wealth managers everywhere. Financial Innovation shows you where the bar is being re-set and gives you the insight you need to keep up.
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Provides a systematic and contextualized account of China's Fintech regulation.
Many people need help planning for retirement, saving, investing, and decumulating their assets, yet financial advice is often complex, potentially conflicted, and expensive. The advent of computerized financial advice offers huge promise to make accessible a more coherent approach to financial management, one that takes into account not only clients' financial assets but also human capital, home values, and retirement pensions. Robo-advisors, or automated on-line services that use computer algorithms to provide financial advice and manage customers' investment portfolios, have the potential to transform retirement systems and peoples' approach to retirement planning. This volume offers cutting-edge research and recommendations regarding the impact of financial technology, or FinTech, to disrupt retirement planning and retirement system design.
Following rapid technological advancements that have taken place throughout the late twentieth and early twenty-first centuries, this intriguing book provides a dynamic agenda for the study of artificial intelligence (AI) within finance. Through an in-depth consideration of the use of AI, it utilizes case study examples to investigate AI’s effectiveness within investment and banking.
This book describes research in all aspects of the design, implementation, and evaluation of embodied conversational agents as well as details of specific working systems. Embodied conversational agents are computer-generated cartoonlike characters that demonstrate many of the same properties as humans in face-to-face conversation, including the ability to produce and respond to verbal and nonverbal communication. They constitute a type of (a) multimodal interface where the modalities are those natural to human conversation: speech, facial displays, hand gestures, and body stance; (b) software agent, insofar as they represent the computer in an interaction with a human or represent their human users in a computational environment (as avatars, for example); and (c) dialogue system where both verbal and nonverbal devices advance and regulate the dialogue between the user and the computer. With an embodied conversational agent, the visual dimension of interacting with an animated character on a screen plays an intrinsic role. Not just pretty pictures, the graphics display visual features of conversation in the same way that the face and hands do in face-to-face conversation among humans. This book describes research in all aspects of the design, implementation, and evaluation of embodied conversational agents as well as details of specific working systems. Many of the chapters are written by multidisciplinary teams of psychologists, linguists, computer scientists, artists, and researchers in interface design. The authors include Elisabeth Andre, Norm Badler, Gene Ball, Justine Cassell, Elizabeth Churchill, James Lester, Dominic Massaro, Cliff Nass, Sharon Oviatt, Isabella Poggi, Jeff Rickel, and Greg Sanders.
Global competition has caused fundamental changes in the competitive environment of the manufacturing and service industries. Firms should develop strategic objectives that, upon achievement, result in a competitive advantage in the market place. The forces of globalization on one hand and rapidly growing marketing opportunities overseas, especially in emerging economies on the other, have led to the expansion of operations on a global scale. The book aims to cover the main topics characterizing operations management including both strategic issues and practical applications. A global environmental business including both manufacturing and services is analyzed. The book contains original research and application chapters from different perspectives. It is enriched through the analyses of case studies.
Get a handle on disruption, innovation and opportunity in investment technology The digital evolution is enabling the creation of sophisticated software solutions that make money management more accessible, affordable and eponymous. Full automation is attractive to investors at an early stage of wealth accumulation, but hybrid models are of interest to investors who control larger amounts of wealth, particularly those who have enough wealth to be able to efficiently diversify their holdings. Investors can now outperform their benchmarks more easily using the latest tech tools. The WEALTHTECH Book is the only comprehensive guide of its kind to the disruption, innovation and opportunity in technology in the investment management sector. It is an invaluable source of information for entrepreneurs, innovators, investors, insurers, analysts and consultants working in or interested in investing in this space. • Explains how the wealth management sector is being affected by competition from low-cost robo-advisors • Explores technology and start-up company disruption and how to delight customers while managing their assets • Explains how to achieve better returns using the latest fintech innovation • Includes inspirational success stories and new business models • Details overall market dynamics The WealthTech Book is essential reading for investment and fund managers, asset allocators, family offices, hedge, venture capital and private equity funds and entrepreneurs and start-ups.