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

Authors

  • Nur Shuhada Kamarudin Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia
  • Noradilah Abdul Hadi drnurshuhada@usim.edu.my
  • Azuan Ahmad Faculty of Science and Technology, Universiti Sains Islam Malaysia, Malaysia
  • Azreen Jihan Che Mohd Hashim Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia
  • Ahmad Fadly Nurullah Rasedee Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia
  • Muhammad Zikry Hishamudin Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia
  • Nazam Dzolkarnaini Faculty of Management, Law and Social Sciences, University of Bradford, United Kingdom

DOI:

https://doi.org/10.37934/araset.53.1.197208

Keywords:

Islamic financial planning, Financial literacy, Financial education, Islamic Finance, Robo-advisor, artificial intelligence, FinTech

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.

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Author Biographies

Nur Shuhada Kamarudin, Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia

drnurshuhada@usim.edu.my

Noradilah Abdul Hadi, drnurshuhada@usim.edu.my

adilah@usim.edu.my

Azuan Ahmad, Faculty of Science and Technology, Universiti Sains Islam Malaysia, Malaysia

azuan@usim.edu.my

Azreen Jihan Che Mohd Hashim, Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia

azreenjihan@usim.edu.my

Ahmad Fadly Nurullah Rasedee, Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia

fadlynurullah@usim.edu.my

Muhammad Zikry Hishamudin, Faculty Economic and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai, 71800, Nilai, Negeri Sembilan, Malaysia

zikry@raudah.usim.edu.my

Nazam Dzolkarnaini, Faculty of Management, Law and Social Sciences, University of Bradford, United Kingdom

n.dzolkarnaini@bradford.ac.uk

Published

2024-10-04

Issue

Section

Articles