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Title:	行為財務學在機器人理財顧問的運用、實務與挑戰 Robo-advisors and Behavioral finance: the application, practice and challenge
Authors:	曹書華 Tsao, Shu-Hua
Contributors:	周冠男 Chou, Robin K. 曹書華 Tsao, Shu-Hua
Keywords:	機器人顧問行為財務學行為偏誤財務顧問數位財富管理推力 Robo-Advisors Behavioral finance Behavior bias Financial advisor Digital Wealth Management Nudge
Date:	2018
Issue Date:	2019-04-01 14:44:13 (UTC+8)
Abstract:	全球行動載具的普及，以及大數據分析等數位應用及人工智慧技術越來越進步，自動化的議題已席捲全球的金融產業。而這股浪潮在2008年金融海嘯之後順勢推升了一波金融創新。隨著投資人高風險意識的提升，以及厭惡資產管理業普遍的高費用率卻無法獲得好的投資回報，紛紛將注意力轉向低成本、低門檻、資訊透明、簡便快速的機器人顧問上。加上金融風暴期間爆發的許多弊案，讓投資人對於傳統資產管理產業及財務顧問產生不信任感，使機器人絕對理性、精準不出錯、不受情緒因素干擾的優勢更受到投資人的青睞。2017年諾貝爾經濟學獎得者Richard Thaler教授以長期對行為財務學的貢獻獲得此項殊榮，他主張一般人的有關經濟上的判斷與決策會受到內在、外在一些因素所干擾，而產生偏誤及不理性的行為，這也是人們在做理財規劃時往往最後達不到預期目標及效益的原因。而透過「絕對理性」的機器人顧問是否就可以排除投資人的不理性行為？本文透過綜合歸納前人對於投資人行為偏誤的研究文獻，以及目前機器人顧問使用者的偏誤行為分析，並對照目前市場上較具代表性機器人顧問公司的實務案例，及其如何應用行為財務學概念來管理投資人行為，從中歸納出國內外機器人顧問產業未來可能為面臨的問題與挑戰，並提出相關建言： (1)行為偏誤很難改變，適當的推力（Nudge）可以順勢誘導，但推力的設計應建立在道德與信任基礎上。 (2)善用機器運算的優勢，透過客戶的行為數據追蹤與分析做好個人化服務。 (3)機器人顧問在產業中的價值定位應更清楚－普惠金融與長期投資最佳工具。 (4)未來機器人顧問公司應更聚焦於降低成本、連結更多元性產品及追蹤個人風險屬性之變動與調整等方向。 Due to the popularity of mobile device, and the digital applications such as big data analytics and artificial intelligence are rapidly developing, the automation concept have brought a significant impact to the global financial industry. After the financial crisis in 2008, with the increasing awareness of high-risk, investors start to doubt the high cost of the asset management which can’t bring them a fair investment return as they expected. The Investors turned their attention to the Robo-Advisors, to seek the benefit of low-cost, low-Account minimums, easy and fast, transparency information. In addition, there were some financial malpractices, like Madoff scandal, erupted during the financial crisis, also made an untrustworthy investment atmosphere in the traditional asset management industry. People are convinced that Robo-advisors’ unique advantage such as absolute rationality, accurate and error-free, no emotion bias can bring them a successful investment. Professor Richard Thaler, the winner of the Nobel Prize in Economics in 2017, won this award for his long-term contribution to behavioral finance. He advocated that the economic judgments and decisions of ordinary people will be interfered by internal and external factors. The irrational behavioral bias are the reasons why people often fail to achieve the expected goals and benefits when doing financial planning. Can the “absolute rationality” Robo-Advisors rule out the irrational behavior of investors? In this paper, we comprehensively summarize many studies and research literature from the issue of investors’ behaviors bias and Robo-Advisory and collect the results of the feedback survey on the current Robo-Advisors’ investors, and the end, we compare the practical cases of some big Robo-Advisors companies on the market, to see how them applies behavioral finance concept in the business. We find that Robo-Advisors can manage the investors’ bad behavior by using some special strategies and designs in the service platform but may still faces a lot of problems and challenges in the future. Therefore, we come out the following suggestions and hoping to add some contribution to the industry: (1)Human’s behavioral bias is difficult to change, an appropriate Nudge may able to lead the behaviors back on the track, but the designing of Nudge should be based on morality and trust. (2)Fully utilize the advantages of machine arithmetic, and to do the better individualized service by through customer behavior data tracking and analysis (3)The value proposition of Robo Advisory in the industry should be set more clearer– the best tool for inclusive financing and long-term investment. (4)Robo-Advisory company should put more effort on costs reducing, increase the number of the products, tracking and adjusting the potential variability in individual’s risk tolerance.
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Description:	碩士國立政治大學經營管理碩士學程(EMBA) 105932147
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0105932147
Data Type:	thesis
DOI:	10.6814/THE.NCCU.EMBA.057.2019.F08
Appears in Collections:	[Executive Master of Business Administration] Theses

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