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Algorithms for better decision-making: a qualitative study exploring the landscape of robo-advisors in India

Indu Nain (Department of Commerce, CHRIST (Deemed to be University), Bangalore, India)
Sruthi Rajan (Department of Commerce, CHRIST (Deemed to be University), Bangalore, India)

Managerial Finance

ISSN: 0307-4358

Article publication date: 10 May 2023

Issue publication date: 24 October 2023




This paper explores the current state of Robo-advisory services in India. This paper further highlights the problems experienced by the service providers in disseminating the innovative business model among the Indians.


The study adopts a qualitative approach to investigate the industry experts by conducting semi-structured interviews. The data collected were transcripted and further analyzed using the content analysis technique. Finally, the authors utilized categorization and coding techniques to frame broad study themes.


The study findings reveal that the three pillars of Robo-advisory are ease and convenience, the time factor and transparency in operations. Robo-advisory services are still at a nascent stage in India. Furthermore, keeping the sentiments of Indians in mind, FinTech companies could combine automated Robo-advisory with a human touch of a wealth manager for optimal advisory services.

Research limitations/implications

Since the present study is qualitative, the authors cannot generalize the study results. Future research can focus on empirically proving the constructs of the study using quantitative methods.

Practical implications

Robo-advisors have a well-established market in developed nations but are still nascent in developing countries like India. The current focus of service providers and regulatory authorities must be to increase awareness among investors by educating the investors and building trust.


The present study is the first to qualitatively synthesize the challenges faced by the FinTech service providers in the Indian market.



The authors sincerely thank all the industry experts who took time out of their busy schedules to participate in the interviews and helped to complete this research successfully.


Nain, I. and Rajan, S. (2023), "Algorithms for better decision-making: a qualitative study exploring the landscape of robo-advisors in India", Managerial Finance, Vol. 49 No. 11, pp. 1750-1761.



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