Exploring the adoption challenges and strategies for robo-advisors

Digital Reinvention
17/10/2023Article

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?

Register for free to access Qorus freemium content

Digital Reinvention community

With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.

Related news & insights

Innovation Awards Hub
07/07/2025Interview

How Ping An turned innovation into impact—and took home five awards

With no fewer than five trophies won, including the Gold award in the Global Innovator of the Year category, Chinese...

02/07/2025Article

Qorus ramps up community engagement and outlines its 2025–2026 plans

The organization continues to strengthen its communities across five continents and is now unveiling its priorities to support the rapid...

Digital Reinvention
01/07/2025Article

Financial Innovation Spotlight – June 2025 edition

This edition of the Innovation Spotlight brings together a selection of recently launched innovative projects that caught the eye of...

01/07/2025News

Revolut and NBA launch co-branded cards for basketball fans

Revolut has launched two new NBA-themed payment cards, offering basketball fans premium designs inspired by the court and ball.

Digital Reinvention
01/07/2025News

CommBank uses AI bots to outsmart scammers

CommBank is using AI-powered bots to engage scammers, gather real-time intelligence, and protect Australians from phone and text scams.

Innovation Awards Hub
30/06/2025Article

Choose the winners of the 2025 Qorus-Infosys Finacle Banking Innovation Awards

Here are the nominees for the 2025 Qorus-Infosys Finacle Banking Innovation Awards. It’s up to you to choose the winners,...

Digital Reinvention
30/06/2025Study

AI fraud detection and claims in insurance

AI is revolutionizing insurance by streamlining claims, enhancing fraud detection, and transforming customer service. This whitepaper highlights how advanced technologies...

Digital Reinvention
30/06/2025News

TD launches new AI model to anticipate customer needs

A single predictive model to replace many.