Location

260-009, Owen G. Glenn Building

Start Date

12-15-2014

Description

The complexity of financial matters and the financial illiteracy of clients prevents informed financial decision making in current financial advisory services. We propose a novel approach to improve this situation: The advisor integrates small learning episodes directly into the service encounter. These learning episodes are implemented using the concept of explorative learning and "microworlds," i.e., small self-contained simulations. The resulting prototype is called "FinanceWorlds.” An evaluation reveals that the system significantly improves client knowledge compared to traditional paper- based explanations. The paper contributes the generic principles underlying FinanceWorld's design to the knowledgebase on consumer education in financial (and other knowledge intensive) services. It thus supports practitioners in designing tomorrow’s advisory encounters.

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Dec 15th, 12:00 AM

Microworlds as the locus of consumer education in financial advisory services

260-009, Owen G. Glenn Building

The complexity of financial matters and the financial illiteracy of clients prevents informed financial decision making in current financial advisory services. We propose a novel approach to improve this situation: The advisor integrates small learning episodes directly into the service encounter. These learning episodes are implemented using the concept of explorative learning and "microworlds," i.e., small self-contained simulations. The resulting prototype is called "FinanceWorlds.” An evaluation reveals that the system significantly improves client knowledge compared to traditional paper- based explanations. The paper contributes the generic principles underlying FinanceWorld's design to the knowledgebase on consumer education in financial (and other knowledge intensive) services. It thus supports practitioners in designing tomorrow’s advisory encounters.