9th International Conference on ICT for Sustainable Development

Authors - Divyasree N, Sandra Vinod, Varsha Sajan
Abstract - Robo-advisors are digital platforms which use computer algorithms in order to offer financial advice and manage clients’ investment portfolios more efficiently. The utilization of robo-advisors for managing wealth is not as widespread in India compared to other countries. This research paper aims to uncover the reasons behind this and focuses on the factors that influence the acceptance of robo-advisors in the Indian context. Using established technology acceptance models, we seek to gain a better understanding of this phenomenon. This study mainly focuses on perceived ease of use [PEU] (how easy it is to use robo-advisors), perceived usefulness [PU] (how beneficial robo-advisors are perceived to be), Attitude towards the technology [ATT], subjective norms [SN] (the influence of others' opinions), and behavioral intentions [BI] (the likelihood of using robo-advisors). An online survey was conducted with 210 respondents using convenience sampling, adopting this variable from the established technology acceptance models. By analyzing these factors, our goal is to shed light on the inclination towards adopting robo-advisory services in India. Our findings reveal strong positive correlations among these factors, indicating a favorable attitude towards adopting robo-advisory services in India's wealth management sector. Specifically, perceived usefulness and attitude towards technology emerge as crucial elements influencing this inclination. Understanding these insights is crucial in devising effective strategies to promote the adoption of robo-advisors in India's wealth management sector. By addressing concerns related to ease of use, highlighting the usefulness of robo-advisors, and fostering positive attitudes towards the technology, we can encourage more individuals to embrace these innovative wealth management solutions in India.