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Essays on transparent IT support for asymmetric client-advisor encounters


Nussbaumer, Philipp. Essays on transparent IT support for asymmetric client-advisor encounters. 2012, University of Zurich, Faculty of Economics.

Abstract

Investment advisory encounters are strained by information, knowledge and interest asymmetries between client and advisor. These are detrimental to advisory quality and client satisfaction, leading to an unfavorable client perception of investment advisory services. This situation is disadvantageous for both clients and financial service providers. Clients increasingly turn to other information sources and fail to reap advisory services’ potential benefits for their investment decisions; financial service providers fail to exploit personalized advisory services as one the most promising differentiation strategies against competitors and struggle with low client satisfaction and retention.This dissertation suggests a novel approach for these issues: addressing asymmetries in investment advisory encounters with transparent, shared IT artifacts. Hence, it is based on the following thesis: Shared collaborative IT artifacts are a feasible and useful means to improve transparency of investment advisory encounters and, thus, to increase client satisfaction.The dissertation supports this thesis along three research essays: Essay I provides an empirical investigation of the status quo of Swiss investment advisory services. It suggests that investment advisory encounters are asymmetric and affected by a lack of transparency regarding the process and its information, leading to poor advisory quality and low client satisfaction. To overcome these issues, the dissertation introduces the solution approach of shared collaborative IT artifacts. While Essay I presents the basic building blocks of such an approach, Essay II and III demonstrate the feasibility of addressing process, information and cost transparency with such artifacts, presenting their underlying design considerations as well as their prototypical implementations. Furthermore, they provide experimental evidence of such artifacts’ usefulness – results show that the constructed shared collaborative IT artifacts indeed are useful means to improve transparency in investment advisory encounters; they also demonstrate that providing such artifacts relates to increased client satisfaction compared to traditional investment advisory encounters.

Abstract

Investment advisory encounters are strained by information, knowledge and interest asymmetries between client and advisor. These are detrimental to advisory quality and client satisfaction, leading to an unfavorable client perception of investment advisory services. This situation is disadvantageous for both clients and financial service providers. Clients increasingly turn to other information sources and fail to reap advisory services’ potential benefits for their investment decisions; financial service providers fail to exploit personalized advisory services as one the most promising differentiation strategies against competitors and struggle with low client satisfaction and retention.This dissertation suggests a novel approach for these issues: addressing asymmetries in investment advisory encounters with transparent, shared IT artifacts. Hence, it is based on the following thesis: Shared collaborative IT artifacts are a feasible and useful means to improve transparency of investment advisory encounters and, thus, to increase client satisfaction.The dissertation supports this thesis along three research essays: Essay I provides an empirical investigation of the status quo of Swiss investment advisory services. It suggests that investment advisory encounters are asymmetric and affected by a lack of transparency regarding the process and its information, leading to poor advisory quality and low client satisfaction. To overcome these issues, the dissertation introduces the solution approach of shared collaborative IT artifacts. While Essay I presents the basic building blocks of such an approach, Essay II and III demonstrate the feasibility of addressing process, information and cost transparency with such artifacts, presenting their underlying design considerations as well as their prototypical implementations. Furthermore, they provide experimental evidence of such artifacts’ usefulness – results show that the constructed shared collaborative IT artifacts indeed are useful means to improve transparency in investment advisory encounters; they also demonstrate that providing such artifacts relates to increased client satisfaction compared to traditional investment advisory encounters.

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Additional indexing

Item Type:Dissertation
Referees:Schwabe Gerhard, Huang Elaine May
Communities & Collections:03 Faculty of Economics > Department of Informatics
Dewey Decimal Classification:000 Computer science, knowledge & systems
Language:English
Date:2012
Deposited On:28 Jan 2013 13:20
Last Modified:07 Dec 2017 18:57
Number of Pages:235
Related URLs:http://opac.nebis.ch/F/?local_base=NEBIS&CON_LNG=GER&func=find-b&find_code=SYS&request=007553097
Other Identification Number:merlin-id:7926

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