Robo-Advisors in the Financial Services Industry: Recommendations for Full-Scale Optimization, Digital Twin Integration, and Leveraging Natural Language Processing Trends
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Tarih
2023
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Institute of Electrical and Electronics Engineers Inc.
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
Robo-advisors are a digital tool that has become popular in the financial services industry in recent years. These tools are used to manage investment portfolios and provide financial planning services. Robo-advisors have an important place in the relationship between businesses and financial services. Since the last few decades, the financial services industry has witnessed numerous innovative practices leading to the transformation of the sector amidst the rapid growth of disruptive technologies such as artificial intelligence, block chain and cloud technology, augmented reality, and virtual reality. The robotic automation process has further enhanced the ease and speed with which the consumers are being catered. Robo-advisory technology is designed to provide automated investment software for retail investors who lack the capital or expertise to hire a personal financial advisor. Robo-advisors usually evaluate new clients' risk tolerance and construct globally diversified portfolios using the principles of Modern Portfolio Theory. This study utilizes past data, behavioral studies, theories, and current market trends to develop recommendations for the robo-advisory industry in the US and globally. The first recommendation proposes utilizing fullscale optimization during the portfolio construction phase. The second recommendation focuses on incorporating digital twin capabilities into the software to benefit both robo-advisors and their clients. Lastly, the report forecasts the growth of Financial Technology companies improving Natural Language Processing via AI chatbots and how robo-advisors could leverage this trend.
Açıklama
Anahtar Kelimeler
Artificial Intelligence, Chabots, Enterprises, Full-scale Optimization, Modern Portfolio Theory, Natural Language Processing, Retail Investors, Robo-advisors
Kaynak
2023 9th International Conference on Virtual Reality, ICVR 2023
WoS Q Değeri
Scopus Q Değeri
N/A
