Factors influencing acceptance of Robo-Advisors for wealth management in Malaysia
AbstractSince the 2008 global financial crisis, many innovations have emerged in the financial sector as investors started to look for alternative methods to eliminate irrational decision-making in wealth management, and Robo-advisors is among those. Nine years after the first launching of Robo-advi...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2023-12-01
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| Series: | Cogent Engineering |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/23311916.2023.2188992 |
| _version_ | 1797299240823685120 |
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| author | Thi Phuong Lan Nguyen Li Woon Chew Saravanan Muthaiyah Boon Heng Teh Tze San Ong |
| author_facet | Thi Phuong Lan Nguyen Li Woon Chew Saravanan Muthaiyah Boon Heng Teh Tze San Ong |
| author_sort | Thi Phuong Lan Nguyen |
| collection | DOAJ |
| description | AbstractSince the 2008 global financial crisis, many innovations have emerged in the financial sector as investors started to look for alternative methods to eliminate irrational decision-making in wealth management, and Robo-advisors is among those. Nine years after the first launching of Robo-advisors in the U.S. in 2008, the Securities Commission Malaysia has been issuing licenses to seven Robo-advisor platforms. The current COVID-19 outbreak has made this industry more in demand, increasing 763% in registration in 2020. However, much skepticism about Robo advisors’ ability and reliability in providing a similar quality or better advisory service compared to human-financial advisors. Therefore, this study examines the factors influencing the acceptance of Robo-advisors in wealth management in Malaysia. Adopting some factors from various established technology acceptance models, an online survey with 122 respondents was conducted using convenience sampling. Findings show that Relative Advantage, Effort Expectancy, and Social Influence significantly positive influence the Malaysian Behavioral Intention to Accept Robo-Advisors. On the contrary, there is no significant relationship between Perceived Risk and Malaysian Behavioral Intention to Accept Robo-Advisors. The study provides a positive insight into factors influencing the acceptance of Robo-Advisors in Malaysia. |
| first_indexed | 2024-03-07T22:47:52Z |
| format | Article |
| id | doaj.art-ada253c846b34dd4bb232aeb268ba10b |
| institution | Directory Open Access Journal |
| issn | 2331-1916 |
| language | English |
| last_indexed | 2024-03-07T22:47:52Z |
| publishDate | 2023-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Engineering |
| spelling | doaj.art-ada253c846b34dd4bb232aeb268ba10b2024-02-23T15:01:40ZengTaylor & Francis GroupCogent Engineering2331-19162023-12-0110110.1080/23311916.2023.2188992Factors influencing acceptance of Robo-Advisors for wealth management in MalaysiaThi Phuong Lan Nguyen0Li Woon Chew1Saravanan Muthaiyah2Boon Heng Teh3Tze San Ong4Faculty of Management, Multimedia University, Cyberjaya Campus, MalaysiaFaculty of Management, Multimedia University, Cyberjaya Campus, MalaysiaFaculty of Management, Multimedia University, Cyberjaya Campus, MalaysiaFaculty of Management, Multimedia University, Cyberjaya Campus, MalaysiaUniversiti Putra Malaysia, MalaysiaAbstractSince the 2008 global financial crisis, many innovations have emerged in the financial sector as investors started to look for alternative methods to eliminate irrational decision-making in wealth management, and Robo-advisors is among those. Nine years after the first launching of Robo-advisors in the U.S. in 2008, the Securities Commission Malaysia has been issuing licenses to seven Robo-advisor platforms. The current COVID-19 outbreak has made this industry more in demand, increasing 763% in registration in 2020. However, much skepticism about Robo advisors’ ability and reliability in providing a similar quality or better advisory service compared to human-financial advisors. Therefore, this study examines the factors influencing the acceptance of Robo-advisors in wealth management in Malaysia. Adopting some factors from various established technology acceptance models, an online survey with 122 respondents was conducted using convenience sampling. Findings show that Relative Advantage, Effort Expectancy, and Social Influence significantly positive influence the Malaysian Behavioral Intention to Accept Robo-Advisors. On the contrary, there is no significant relationship between Perceived Risk and Malaysian Behavioral Intention to Accept Robo-Advisors. The study provides a positive insight into factors influencing the acceptance of Robo-Advisors in Malaysia.https://www.tandfonline.com/doi/10.1080/23311916.2023.2188992Robo-Advisorsbehavioral intentionwealth managementfinancial technologytechnology acceptance |
| spellingShingle | Thi Phuong Lan Nguyen Li Woon Chew Saravanan Muthaiyah Boon Heng Teh Tze San Ong Factors influencing acceptance of Robo-Advisors for wealth management in Malaysia Cogent Engineering Robo-Advisors behavioral intention wealth management financial technology technology acceptance |
| title | Factors influencing acceptance of Robo-Advisors for wealth management in Malaysia |
| title_full | Factors influencing acceptance of Robo-Advisors for wealth management in Malaysia |
| title_fullStr | Factors influencing acceptance of Robo-Advisors for wealth management in Malaysia |
| title_full_unstemmed | Factors influencing acceptance of Robo-Advisors for wealth management in Malaysia |
| title_short | Factors influencing acceptance of Robo-Advisors for wealth management in Malaysia |
| title_sort | factors influencing acceptance of robo advisors for wealth management in malaysia |
| topic | Robo-Advisors behavioral intention wealth management financial technology technology acceptance |
| url | https://www.tandfonline.com/doi/10.1080/23311916.2023.2188992 |
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