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Who uses Robo-Advisors? The Polish Case

Author

Listed:
  • Anna Warchlewska
  • Krzysztof Waliszewski

Abstract

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.

Suggested Citation

  • Anna Warchlewska & Krzysztof Waliszewski, 2020. "Who uses Robo-Advisors? The Polish Case," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 97-114.
    • Handle: RePEc:ers:journl:v:xxiii:y:2020:i:special1:p:97-114
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    File URL: https://www.ersj.eu/journal/1748/download
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    Citations

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    Cited by:

    1. Waliszewski Krzysztof, 2022. "The impact of the COVID-19 pandemic on the personal finance - a comparative analysis of Poles and Slovaks," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 18(3), pages 80-87, September.
    2. Krzysztof Waliszewski & Anna Warchlewska, 2020. "Socio-Demographic Factors Determining Expectation Experienced while Using Modern Technologies in Personal Financial Management (PFM and robo-advice): A Polish Case," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 893-904.

    More about this item

    Keywords

    Robo-advice; financial advisory; fin-tech.;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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