Robo-Advisors versus persönliche Beratung und Entscheidung: Akzeptanz von Robo-Advisors als Instrument in der privaten Geldanlage

Abstract

Investors are constantly on the lookout for innovative, profitable investment instruments. Comprehensive, digital investment options that put the customer at the centre of attention have been scarce on the financial services market to date. This is why FinTechs, including robo-advice providers, are trying to close this gap in the market with transparent, lean and customer-oriented processes. In order to maintain their competitiveness in the investment business, banks are cooperating with innovative project partners to develop digital investing services such as robo-advisors. More and more banks are recognizing that robo-advisors could be able to meet the demand for modern forms of investment. In this context, the question arises to what extent robo-advisors will be accepted by consumers. The main objective of this study is, therefore, to determine the degree of acceptance of robo-advisors in private investment as well as aspects that have a positive or negative impact on the intention to use robo-advisors. The empirical analysis is based on people with capital market experience. In order to research the acceptance of robo-advisors, it is first necessary to understand the trends and developments in private investment, which are discussed in the theoretical section. Based on the now known customer needs, the need for action for banks in the area of digitalization is derived. Subsequently, the literature research on robo-advice will elucidate how it works and what types there are. Furthermore, the technological basis and fundamental concepts of robo-advisors are presented before the robo-advisor market is examined with a focus on Germany. To conclude the theoretical section, the performance of roboadvisor providers is assessed and the current state of research on their acceptance is presented. An online survey based on a modified technology acceptance model is used to empirically analyse the acceptance of robo-advisors. The research methodology is supplemented by a guided interview, which opens up new perspectives on the topic. According to the results of the online survey, about half of the participants are willing to use robo-advisors for their investments in the future, with female respondents and people with a higher level of education showing particular interest. The respondents of the online survey rated the usefulness of robo-advisors highest, while the social influence on the intention to use these devices was rated low. As emphasized in the guideline interview, a cultural change such as the one towards robo-advisors takes a lot of time and will, therefore, continue.

Date of Award	2024
Original language	German (Austria)
Supervisor	Tamara Albrecht (Supervisor)