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This master's thesis addresses the subject "Customer perception of robo-advisors in the financial services industry". The customers' perceptions revealed are based on extensive literature research and qualitative research. The objective of the research was to determine the degree of awareness in robo-advisory, which prevails among potential users. Their viewpoints regarding motives, barriers and their expectations concerning the prospective evolution of robo-advisors were investigated to enrich the existing literature with the acquired findings and to provide an insight on customer acceptance. Thereby, the emphasis of the research laid on conducting qualitative focus group discussions with three different age groups. The participants unveiled a lack of knowledge about the subject, although the general curiosity for an investment process beyond the scope of human advice exists and bears further potential for the future. The results were reviewed in consideration of the existing literature and new implications on an academic and managerial scale were outlined. Subsequently, the insights obtained from the focus group discussions allow an expansion by quantitative research approaches and provide an initial point for successive research projects.

robo-advisor --- robo-advisory --- financial services --- financial services industry --- customer perception --- banking --- algorithm-driven financial advisor --- Sciences économiques & de gestion > Marketing

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Robotics. --- Industrial design. --- Robótica. --- Computación gráfica. --- Engineering --- Engineering. --- Construction --- Industrial arts --- Technology

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Fastenaekens, Gilbert --- Kellner, Thomas --- Kocan, Robo --- Salmon, Jacqueline --- Selichar, Günther --- Simak, Fritz --- Vilet, Jacques

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The objective of this master’s thesis is to provide a better understanding of the profession of financial advisor. In particular, on the different types of services offered by a financial advisor. How does a counseling session take place with a customer?
Then, this study focuses on software tools used in the context of investment advice. It shows that some aspects of software do not completely satisfy advisors. As a result, a series of enhancements are proposed to improve the tools used in the context of investment advice. Finally, a critical look is made about the possibility of using a robot-advisor instead of a human advisor.

CGP --- IFA --- financial advisor --- digital tool --- robo-advisor --- market financial advisor --- Sciences économiques & de gestion > Finance

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The rise of financial technologies (Fintech) and innovative startups in the financial services industry, over the past years, confront traditional institutions with major challenges and force them to rethink their way of doing business. These fintech companies disrupt this business sector by developing new and innovative solutions enabling to enhance the customer experience in a more cost-efficient manner. The objective of this thesis is thus to investigate the potential and actual impact of fintech on the financial services industry, globally and in the Luxembourg market. 

Throughout this thesis, a panorama of existing fintech hubs will be established to gain an overview of the current environment before the impact of fintech and their disruptive solutions on the banking and investment advisory industry will be studied. The current impact of the financial technologies will be quantified by a global adoption index. Furthermore, with the assistance of interviewees, the potential of the Luxembourg market, with regards to the adoption of fintech, will be examined.

The findings of this paper confirm the growing impact of fintech on the financial services industry. Banks, financial institutions and traditional investment advisors are highly recommended to rethink their business model and to integrate digital solutions through collaboration with innovative companies in order to remain competitive and to be able to keep up and with the rising fintech companies. Countries as Luxembourg, facing several limitations, should focus on specific business areas, in which they hold a dominant position, to be able to establish themselves in this new environment and play a major role.

Fintech --- robo-advisor --- investment advisory --- startup --- information technology --- internet of things --- artificial intelligence --- cryptocurrencies --- blockchain --- Sciences économiques & de gestion > Finance