Exploring the adoption challenges and strategies for robo-advisors

Digital Reinvention
17/10/2023Article
profile picture of Meral Karageyim

Meral Karageyim

Bogazici University

Professor

Meral Ahu Ozcan Karageyim, an Academic Associate at ICD Business School, delves into the transformative potential of AI-based social robots, particularly robo-advisors, within the financial industry, addressing the challenges they face and proposing innovative strategies to enhance their adoption.

As technologies continue to develop, social robots are becoming increasingly popular in various industries, including retail, health, banking, tourism, services, entertainment, communications and media. Service robots are system-based, autonomous and adaptable interfaces that interact, communicate and deliver services to customers, employees and/or other (service) robots. Many people already interact with social robots at home (Siri, Alexa) or in working environments. Social or humanoid robots interact, engage and co-create value with customers in service. AI-based social robots are transforming service industries in one way or another. As these robots are also becoming more common in the financial services industry, let’s take a look at their transformative power and the challenges involved in their adoption.

Currently, social robots are becoming increasingly advanced owing to the latest technological developments. In addition to their mechanical skills, they use impressive analytic, intuitive and social skills for better service. Therefore, it may be useful for financial service providers to use these social robots, chatbots and robo-advisors because they offer productivity and efficiency, and may enhance customer experience. So, the big question seems to be, “How are these remarkable developments of AI-based social robots perceived by customers?”

Want to keep reading?

Create a web account to get access to more insights

Related news & insights

Mobility
03/04/2025Article

AutoMobility Insights - April 2025 edition

This article offers snapshots of recent events, showing profound changes in the automotive ecosystem. We select snapshots that make these...

02/04/2025News

Bankinter finalizes merger of EVO Banco and Avant Money to strengthen its international presence

Bankinter has officially signed the merger of its digital banking subsidiary, EVO Banco, and its Irish division, Avant Money, into...

SME Banking
02/04/2025News

Chime Enterprise unveils Chime Workplace, a financial wellness suite for employers and employees

Available at no cost to both employers and employees, the platform integrates Chime’s financial tools with real-time workforce financial health...

Digital Reinvention
01/04/2025Article

Predict, engage, transform: AI’s role in the future of banking

As financial institutions intensify their focus on customer engagement, operational efficiency, and fraud prevention, AI is reshaping the industry with...

Digital Reinvention
01/04/2025News

Chime introduces Chime+, a premium membership tier, alongside a redesigned app experience

Available to those who set up a qualifying direct deposit, Chime+ offers exclusive perks such as a 3.75% Annual Percentage...

Digital Reinvention
01/04/2025News

Lunar launches youth banking app to empower the next generation

The new platform aims to help young users develop smart financial habits while giving parents the tools to oversee and...

Digital Reinvention
01/04/2025News

Revolut confirms its success in France and unveils new ambitions

Revolut continues its rapid ascent in France, surpassing 5 million customers and gaining an impressive 1 million new users in...

31/03/2025Interview

At work with Greg Krasnov

Greg Krasnov is the Founder of Tonik, the first neobank in the Philippines. In a chat with Qorus’ Boris Plantier,...