Robo-advisors (RAs) guide investors through an automated financial advice process, recommend personalized portfolio assignments based on their risk-affinity and goals, and rebalance their portfolio automatically over time. While still a novel instantiation of FinTechs, an increased number of RA publications, especially in 2019 and 2020, shows a determined interest of research in the subject. However, no comprehensive state-of-the-art nor a set of future research directions is available. We, therefore, conduct a systematic literature review, analyzing 42 peer-reviewed articles focusing on RA. We provide descriptive statistics of the articles, including research approaches and regional focuses, and classify the literature in an Organizing Framework for RA Research with the three main themes RA Users, RA Service, and RA Competition. We summarize RA's current scientific knowledge by showing important insights on each theme and the interrelation between the themes. Lastly, we provide fruitful future research directions derived from RA literature.
Torno, Albert; Metzler, Dennis Renee; and Torno, Vanessa, "Robo-What?, Robo-Why?, Robo-How? – A Systematic Literature Review of Robo-Advice" (2021). PACIS 2021 Proceedings. 92.
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