Search results

Financial services industry is increasingly showing interest in automated financial advisors, or robo-advisors, with the aim of democratizing access to financial advice and stimulating investment behavior among populations that were previously less active and less served. However, the extent to which consumers trust this technology influences the adoption of rob-advisors. The resemblance to a human, or anthropomorphism, can provide a sense of social presence and increase trust.

In this paper, we conduct an experiment (N = 223) to test the effect of anthropomorphism (low vs medium vs high) and gender (male vs female) of the robo-advisor on social presence. This perception, in turn, enables consumers to evaluate personality characteristics of the robo-advisor, such as competence, warmth, and persuasiveness, all of which are related to trust in the robo-advisor. We separately conduct an experimental study (N = 206) testing the effect of gender neutrality on consumer responses to robo-advisory anthropomorphism.

Our results show that consumers prefer human-alike robo-advisors over machinelike or humanoid robo-advisors. This preference is only observed for male robo-advisors and is explained by perceived competence and perceived persuasiveness. Furthermore, highlighting gender neutrality undermines the positive effect of robo-advisor anthropomorphism on trust.

We contribute to the body of knowledge on robo-advisor design by showing the effect of robot’s anthropomorphism and gender on consumer perceptions and trust. Consequently, we offer insightful recommendations to promote the adoption of robo-advisory services in the financial sector.

Inspired by the groundbreaking novel European regulations on financial investors’ profiling (MiFID II regulation and the ESMA 2022 Guidelines), this paper aims to establish which distinctive socio-demographic traits distinguish investors who declare a generalized interest in all three environmental (E), social (S), and governance (G) pillars and investors who express interest in just one individual pillar or a combination of two pillars.

Based on a unique dataset of 190 real-world retail investors, this paper aims to create a profile of three types of investor: those whose interest lies in just the environmental pillar, those interested in a combination of the environmental and social pillars, and those interested in all three E, S, and G pillars jointly. Moreover, we try to ascertain whether it is possible to observe statistically significant differences between the different types of investors.

The results obtained indicate that it is possible to profile investors who are environmentally-oriented and investors who are ESG-oriented. Notably, levels of financial literacy do not influence investor ESG attitudes.

The results obtained may have multifaceted implications for financial advisors, the banking and financial institution industry, and marketing strategists, as well as for further research.

The originality of this paper derives from the responses used in the analysis, which were collected from a sample of real-world retail investors who completed a mandatory MiFID-questionnaire, validated by the Italian Securities and Markets Supervisory Authority. Our paper thus represents a bridge between a theoretical approach and real-world practice.