Value considerations, ethical dilemmas, and resolving methods in automated financial advice
“Technology will only deliver its full potential if ethical challenges are resolved”
Financial advice helps consumers to make complex financial decisions. Traditionally, financial advisers have been the main source of this advice. Automated financial advice is an emerging and fast-growing technology that could change how financial advice is provided. However, that would require the resolution of various ethical issues that are associated with this complex technology. With semi-structured with nine experts on automated financial advice, we investigated to what extent automated financial advice can create value for consumers and the financial advice industry, identified the key ethical issues involved with the technology and explored potential methods for resolving these.
Figure shows summary of findings regarding the ethical considerations
of automated financial advice (AFA)
Key Takeaways for the Industry
- Ethical guidelines and principles for automated financial advice should be codified into rules and regulations.
- Providers of automated financial advice should adopt a proactive approach that enables them to anticipate changes in ethical norms and values and guide their decisions with a vision for the future.
WANT TO KNOW MORE?
Read the paper ‘Value considerations, ethical dilemmas, and resolving methods in automated financial advice’ by F. de Haan (MU), M. van der Werf (MU) and L. Brüggen (MU).
