Who uses Robo-Advisors? The Polish Case

Anna Warchlewska, Krzysztof Waliszewski
European Research Studies Journal, Volume XXIII, Special Issue 1, 97-114, 2020
DOI: 10.35808/ersj/1748


Purpose: The article's objective is to present how users evaluate automatic financial advisory services in Poland and their socio-economic characteristics. Design/Methodology/Approach: The financial services sector is undergoing a profound transformation, mainly due to technological factors, the introduction of modern financial solutions, and changes in the main channels of contact and customer service. Findings: The empirical material obtained within the first survey in Poland of robo-advice users indicates that opinions about robo-advice regarding the type of investment strategy used, along with ethicality and prospects of development, tend to be positive, and investors are, on the whole, satisfied with robo-advice. Practical Implications: Knowing the profile of users of automatic financial advice in Poland, robo-advisors can better create and direct their offer to them. The analysis of users' needs and further progress of the implementation work on roboadvice can minimize the risks, such as lack of relationship necessary in the consulting services, full automation of the process of providing services, and satisfying the complex needs of customers. Originality/value: This article deals with the subject of innovation in finance, focusing on robo-advisory services. Since automatic financial advisory services in Poland still enjoy little popularity, we decided to conduct our own research on users of robo-advice in Poland – the first study of its kind.

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