Unveiling the key enablers of robo advisor using fuzzy-AHP approach: A decision-making framework

Robo-Advisor is bringing a paradigm shift in the coming financial markets, changing the way individuals make investments. Based on algorithms and data, robo advisors helps in making informed financial decisions without human interventions. However, the enablers of robo advisors remain a grey area of research. Therefore, the presented study focused on exploring the enablers impacting robo advisor adoption in financial market context. The enablers explored using literature were confirmed using expert opinion, focused group discussion was conducted for the same. Also, DPSIR framework was developed, and the enablers are assessed using fuzzy-Analytic Hierarchy Process. Our results discussed that cost effectiveness financial services, technological innovations, consumer confidence, personalized decision making and reduced fatigue are key enablers. Moreover, sensitivity analysis is conducted by changing enablers weight, to check its impact on overall ranking. The results shows that final ranking of enablers remains almost same, which proves that results are reliable. The study is first of its kind to assess the enablers of adopting robo advisors in emerging economy context.