Abstract:

Financial robo-advisors in digitalization are receiving more attention in the financial sector, business practice, and academic research. Robo-advisory is an ongoing process in which finance and technology have evolved together, leading to numerous disruptive innovations. The study aims to indicate to what extent robo-advisers have impacted and changed the scope of socio-economic development of economies and individuals. The article compares the advantages and disadvantages of a human advisor, a robo-advisor, and a digital advisor. It emphasizes technical progress versus technical development on different levels of comparison. The growth of investment in fintech has increased sharply. Considering financial robo-advising has significantly increased in the investment area, supporting investors with different robo-advisor platforms. On the other hand, the field of fintech is still early and needs a consistent theory and application to the financial sector practice. The article uses the comparative analysis methods with the SciVal bibliometric analysis tool and SWOT analysis. The study contributes to both theory and practice in addressing the growing role of robo-advisors' performance. It also presents the main challenges for robo-advising. The results of the conducted analyses are essential in shaping the sectoral policy toward robo-advising investing. Companies, banks, financial institutions, and government representatives may find the analysis relevant to further research and alignment.