Robo-Advisor Can Play a Role in Promoting Financial Knowledge Within Society

Abstract

This research investigates the role of artificial intelligence, specifically Robo advisors, in society's financial knowledge. Previous studies have mainly focused on the role of Robo advisors in investment decision-making aspects. However, this study focuses on how Robo advisors can facilitate learning in six critical areas of financial planning, both Islamic and conventional. These areas include retirement planning, investment planning, tax and zakat planning, risk management planning, retirement planning, and estate planning. The study interviewed various stakeholders, including bankers, financial education trainers, financial advisors, and members of society. The goal was to gain a comprehensive understanding of the digitization of financial knowledge and the implementation of robo-advisors. The findings reveal that Robo-advisors have the potential to stimulate interest in financial knowledge, particularly if they serve as gateways to a range of financial advisory services and act as tools for providing basic-level financial advice and information sharing. The convenience factor allows individuals to access initial insights into financial knowledge at their preferred time and location. Overall, this study significantly contributes to the advancement of financial education.