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Robo-advisors and the financialization of lay investors.

ABSTRACT: The burgeoning financial technology scene in Singapore has seen the emergence of robo-advisors, which aim to disrupt traditional financial advisories by using algorithms to automate client advising and investment recommendations. Using an ecologies concept to explore how lay investors are articulated into global financial networks through robo advisors, this paper contributes to studies on the "financialization of everyday life". It argues that investors are rendered passive by the disciplinary tools of algorithms, contemporary finance theories and elements of robo-advisor platforms that feed into these sociotechnological assemblages. The state's role in embedding citizen investors in these human-machine relationships is considered. The fragmented landscape of free, nonprofessional online financial advice and the opaque qualities of investing algorithms make investor subject formation incomplete and uncertain, especially when markets are highly volatile. This paper explores how both financial inclusion and exclusion operate simultaneously in robo-advisors and argues that robo-advisors may weaken efforts to promote financial literacy and education.

SUBMITTER: Tan GKS

PROVIDER: S-EPMC7508018 | biostudies-literature | 2020 Sep

REPOSITORIES: biostudies-literature

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Robo-advisors and the financialization of lay investors.

Tan Gordon Kuo Siong GKS

Geoforum; journal of physical, human, and regional geosciences 20200922

The burgeoning financial technology scene in Singapore has seen the emergence of robo-advisors, which aim to disrupt traditional financial advisories by using algorithms to automate client advising and investment recommendations. Using an ecologies concept to explore how lay investors are articulated into global financial networks through robo advisors, this paper contributes to studies on the "financialization of everyday life". It argues that investors are rendered passive by the disciplinary ...[more]

PMID: 32981950

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Project description:BackgroundDevelopment of new peer or lay health-related lifestyle advisor (HRLA) roles is one response to the need to enhance public engagement in, and improve cost-effectiveness of, health improvement interventions. This article synthesises evidence on the cost-effectiveness of HRLA interventions aimed at adults in developed countries, derived from the first systematic review of the effectiveness, cost-effectiveness, equity and acceptability of different types of HRLA role.MethodsThe best available evidence on the cost-effectiveness of HRLA interventions was obtained using systematic searches of 20 electronic databases and key journals, as well as searches of the grey literature and the internet. Interventions were classified according to the primary health behaviour targeted and intervention costs were estimated where necessary. Lifetime health gains were estimated (in quality-adjusted life years, where possible), based on evidence of effectiveness of HRLAs in combination with published estimates of the lifetime health gains resulting from lifestyle changes, and assumptions over relapse. Incremental cost-effectiveness ratios are reported.ResultsEvidence of the cost-effectiveness of HRLAs was identified from 24 trials included in the systematic review. The interventions were grouped into eight areas. We found little evidence of effectiveness of HRLAs for promotion of exercise/improved diets. Where HRLAs were effective cost-effectiveness varied considerably: Incremental Cost effectiveness Ratios were estimated at £6,000 for smoking cessation; £14,000 for a telephone based type 2 diabetes management; and £250,000 or greater for promotion of mammography attendance and for HIV prevention amongst drug users. We lacked sufficient evidence to estimate ICERs for breastfeeding promotion and mental health promotion, or to assess the impact of HRLAs on health inequalities.ConclusionsOverall, there is limited evidence suggesting that HRLAs are cost-effective in terms of changing health-related knowledge, behaviours or health outcomes. The evidence that does exist indicates that HRLAs are only cost-effective when they target behaviours likely to have a large impact on overall health-related quality of life. Further development of HRLA interventions needs to target specific population health needs where potential exists for significant improvement, and include rigorous evaluation to ensure that HRLAs provide sufficient value for money.

Dataset Information

Robo-advisors and the financialization of lay investors.

Publications

Robo-advisors and the financialization of lay investors.

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