Challenges of automated financial advice: Definition and ethical considerations
Abstract
Consumers need to be well-informed about their financial situation to be able to take action when this changes. Automated financial advice could increase consumers’ access to financial advice and, consequently, their financial well-being. Although such advice already exists for various financial products, holistic, automated financial advice has not yet entered the market. This next step requires a definition of good automated financial advice as a basis for financial advice algorithms and a framework to consider the ethical issues involved in implementing such automated advice. Our research explores both of these challenges.
Journal
Netspar
