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Dr hab. Krzysztof Waliszewski
ORCID: 0000-0003-4239-5875
Associate Professor at Poznań University of Economics and Business, Poland, at the Institute of Finance. His research focuses on personal financial planning and management, financial intermediation, personal financial advice, fin-tech and robo-advice. He is a laureate of the prestigious Prize of the Presidency of the Polish Academy of Sciences for outstanding achievements in the field of finance. A member of the Presidium of the Committee on Financial Sciences of the Polish Academy of
DOI: 10.33226/0137-5490.2021.8.1
JEL: O30, E22, D14, D18

The fourth industrial revolution, Economy 4.0 and Finance 4.0 are facts. Technological changes in the context of finance have resulted in a more active application of artificial intelligence, machine learning and algorithms for product ranges and services aimed at individual clients. Examples of applying AI within the financial sector are automated creditworthiness assessment and financial advice (robo-advice). The article presents these areas from a legal and economic perspective. The wider application of algorithms within the financial sector requires a non-conventional approach by regulators in order not to over-regulate this new and promising segment of the financial services market.

 

Keywords: artificial intelligence; algorithms; creditworthiness; machine learning; robo-advice
DOI: 10.33226/0137-5490.2020.7.2
JEL: D10, G20, G50, L84, O33

The service of automated financial advice (robo-advice) belongs to financial innovations in the area of retail customer service and is provided by entities from the financial technologies segment. This service usually concerns investment consultancy and involves the use of algorithms and artificial intelligence to collect information from the client and propose a solution corresponding to the client's risk profile. This method of service reduces the costs of consultancy services and minimizes or completely abolishes the minimum investment amount required by the adviser. The homeland of robo-advice is the United States, where the largest market is, but robo-advisers are also present in Europe. The article presents the most important aspects related to the definition, regulations, operating, size of the world and Poland's market and it forecast until 2023. The presented analysis shows that the most likely solution in the future is the hybrid model, in which a traditional financial advisor responsible for shaping customer relations uses robo-advice tools for customer service. The challenge for the regulator and financial supervision will be the introduction of such standards that will ensure the security of economic trading participants, and on the other hand will not be too restrictive and inhibit the development of this innovative segment of the financial services market.

Keywords: financial advisory; financial technology; financial regulation; robo-advice

Associate Professor at Poznań University of Economics and Business, Poland, at the Institute of Finance. His research focuses on personal financial planning and management, financial intermediation, personal financial advice, fin-tech and robo-advice. He is a laureate of the prestigious Prize of the Presidency of the Polish Academy of Sciences for outstanding achievements in the field of finance. A member of the Presidium of the Committee on Financial Sciences of the Polish Academy of Sciences, director of undergraduate studies: Banking and Financial Advisory and Financial Technology (FinTech). The author of a collection of scientific publications in the scope of finance.