IDEAS home Printed from https://ideas.repec.org/a/ssi/jouesi/v8y2020i2p399-420.html
   My bibliography  Save this article

Attitudes towards artificial intelligence in the area of personal financial planning: a case study of selected countries

Author

Listed:
  • Krzysztof Waliszewski

    (Poznań University of Economics and Business, Poland)

  • Anna Warchlewska

    (Poznań University of Economics and Business, Poland)

Abstract

The financial sector’s focus on simplifying decision-making processes, maximally shortening procedures via cooperation with the fintech industry, robotisation and the use of artificial intelligence are a response to market needs and becoming an important element of how financial service groups compete on the market. The theory of consumer behaviour assumes that consumers have needs that they will hierarchise, and that they will make choices to maximise their own satisfaction. The purpose of the article is to diagnose the sociological and economic determinants underlying consumer satisfaction in terms of planning personal finances using modern technologies. Comparisons of international data were conducted via quantitative analysis of robo-advice using Mann-Whitney U tests, the Chi-square test and Spearman’s rho correlation. The survey results show that the majority of socioeconomic characteristics of households are statistically significant when considering satisfaction with robo-advisory financial services and spending analysis, as well as with artificial intelligence suggesting improvements. This study is a contribution to the literature on consumer behaviour in the modern world.

Suggested Citation

  • Krzysztof Waliszewski & Anna Warchlewska, 2020. "Attitudes towards artificial intelligence in the area of personal financial planning: a case study of selected countries," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(2), pages 399-420, December.
    • Handle: RePEc:ssi:jouesi:v:8:y:2020:i:2:p:399-420
    DOI: 10.9770/jesi.2020.8.2(24)
    as

    Download full text from publisher

    File URL: https://jssidoi.org/jesi/uploads/articles/30/Waliszewski_Attitudes_towards_artificial_intelligence_in_the_area_of_personal_financial_planning_a_case_study_of_selected_countries.pdf
    Download Restriction: no
    File URL: https://jssidoi.org/jesi/article/706
    Download Restriction: no
    File URL: https://libkey.io/10.9770/jesi.2020.8.2(24)?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Baker, T. & Dellaert, B.G.C., 2017. "Regulating Robo Advice across the Financial Services Industry," ERIM Report Series Research in Management ERS-2017-004-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rafael Marin & Pollyana Notargiacomo, 2021. "Multiagent Intelligent Tutoring System for Financial Literacy," International Journal of Web-Based Learning and Teaching Technologies (IJWLTT), IGI Global, vol. 17(7), pages 1-13, November.
    2. Katarzyna Schmidt-Jessa & Maciej Stradomski, 2023. "Consumer awareness and acceptance of digital-only banks," Bank i Kredyt, Narodowy Bank Polski, vol. 54(4), pages 389-418.
    3. Krzysztof Waliszewski & Anna Warchlewska, 2021. "Comparative analysis of Poland and selected countries in terms of household financial behaviour during the COVID-19 pandemic," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 16(3), pages 577-615, September.
    4. Darren Pawski & Robert Powell & Anna Golab, 2022. "An Analysis of Whether Privately Owned Financial Planning Practices Are Transitioning to Fully Independent Advice Providers," JRFM, MDPI, vol. 15(8), pages 1-16, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Krzysztof Waliszewski & Anna Warchlewska, 2021. "How we can benefit from personal finance management applications during the COVID-19 pandemic? The Polish case," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 681-699, March.
    2. Buckmann, Marcus & Haldane, Andy & Hüser, Anne-Caroline, 2021. "Comparing minds and machines: implications for financial stability," Bank of England working papers 937, Bank of England.
    3. Pierpaolo Marano, 2021. "Management of Distribution Risks and Digital Transformation of Insurance Distribution—A Regulatory Gap in the IDD," Risks, MDPI, vol. 9(8), pages 1-11, August.
    4. Krzysztof Waliszewski & Anna Warchlewska, 2021. "How we can benefit from personal finance management applications during the COVID-19 pandemic? The Polish case," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(4), pages 103-121, June.

    More about this item

    Keywords

    modern financial technologies; personal finance management; robo-advice; personal financial planning;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ssi:jouesi:v:8:y:2020:i:2:p:399-420. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Manuela Tvaronaviciene (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.