Quotation Jung, Dominik, Dorner, Verena, Weinhardt, Christof, Pusmaz, Hakan. 2018. Designing a robo-advisor for risk-averse, low-budget consumers. Electronic Markets (em). 28 367-380.




Banks have reacted much more enthusiastically to the FinTech revolution than many of their customers. Robo-advisory, automated web-based investment advisory, in particular promises many advantages for both banks and customers - but consumer adoption has been slow so far. Recent studies suggest that this might be due to a mix of low trust in banks, high expectations of transparency and general inability or unwillingness to engage with investment questions. Research in decision support and guidance shows customers’ willingness to interact with a decision support tool depends greatly on its usability. We identify requirements for robo-advisory, derive design principles and evaluate them in two iterations with a real robo-advisor in a controlled laboratory study. The evaluation results confirm the validity of our identified design principles.


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Publication's profile

Status of publication Published
Affiliation External
Type of publication Journal article
Journal Electronic Markets (em)
Citation Index SSCI
WU-Journal-Rating new INF-A, STRAT-B, WH-B
Language English
Title Designing a robo-advisor for risk-averse, low-budget consumers
Volume 28
Year 2018
Page from 367
Page to 380
Reviewed? Y
DOI https://doi.org/10.1007/s12525-017-0279-9
Open Access N
JEL JEL G02, G29


Dorner, Verena (Details)
Jung, Dominik (Karlsruhe Institute of Technology (KIT), Germany)
Pusmaz, Hakan (Karlsruhe Institute of Technology (KIT), Germany)
Weinhardt, Christof (Karlsruhe Institute of Technology (KIT), Germany)
Institute for Digital Ecosystems IN (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5367 Management information systems (Details)
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