Header

UZH-Logo

Maintenance Infos

IT-unterstützte Bedarfserhebung in der Finanzberatung


Kilic, Mehmet. IT-unterstützte Bedarfserhebung in der Finanzberatung. 2018, University of Zurich, Faculty of Economics.

Abstract

Businesses need information about their clients. Once client data is available, it becomes possible to create a client profile which could be used for personalized marketing, for example. Banks often apply valuable client data in financial advisory services during the needs elicitation phase. This involves gathering information about the client’s personal situation (financial status, family relationships, career situation, and so on) as well as their needs (planning for the future, their risk tolerance, and so on). On the basis of this information, a high-quality client profile can be created. Nonetheless, financial advisors often do not put enough effort into gathering information as parts of the needs elicitation process, resulting in a client profile of lower quality. Accordingly, clients are dissatisfied with inadequately tailored solutions and recommendations. Nevertheless, banks are subject to regulatory requirements to gather certain information. Moreover, in the digital era, banks are faced with the challenge of how to fulfill changing client requirements and integrating in-branch advice in a digital, omnichannel concept. The literature contains multiple instances demonstrating that IT can be used purposefully in advisory services. Nevertheless, no studies have yet been undertaken that research how the quality of client profiles could be improved by supporting the needs elicitation process. In this work, we answer the research question: “How can information technology be used to improve profile quality in financial advisory services?” In our analysis of the problem in the field, we have further established that although all stakeholders (banks, regulators, advisors, and clients) place great stead in the needs elicitation process, relevant client information is not gathered, causing profile quality to suffer in consequence. We further demonstrate that the problem cannot be resolved using currently advicegiving approaches in a service encounter. For example, questionnaires can disrupt the flow of conversation while using blank sheets of notepaper entail the risk that information may be overlooked. In this work, we introduce three design concepts to improve the needs elicitation process with the use of an information system: “joint profiling”, “task aware joint profiling” and “semi-private profiling”. All design concepts are based on the general design idea of guiding the advisor and the client by providing prompts when creating the client profile. Our problem analysis demonstrated that advisors and clients, emphasize the value of natural, open discussion. It has been shown in the literature that participants dislike an explicit process visualization of the advisory process. As such, we seek to guide the participants in the conversation without necessarily compelling them to follow a particular course of action. The nudge theory describes how people can be guided without restricting their freedom to take decisions. Building on findings contained in the literature and on nudge theory, we introduce the first concept of “joint profiling” and its implementation in CoProfiler 1.0. Nevertheless, many advisors and clients reported a sense of being compelled to discuss everything. Analysis of data showed that clients wondered, why the bank needs all this information. Their awareness of the task at hand suffered. The second concept, “task aware joint profiling” was developed with a focus on ensuring task awareness, and implemented in CoProfiler 2.0. This resulted in significantly higher task awareness in comparison to the pen-and-paper advisory sessions. Nevertheless, we observed that the use of a shared IT-artifact disrupted the conversation. Conversational analysis further confirmed that needs elicitation can be broken down into two distinct phases with differing goals and conversational roles. In the third design concept, “semi-private profiling,” the objective was to support these two phases of needs elicitation specifically. Accordingly, during the first phase of needs elicitation, only the advisor was supported by a semi-private IT-artifact. Evaluation of the PrivateProfiler prototype revealed that all design goals had been achieved. In this work, we contribute to the body of research in financial advisory services, IT-supported advisory services, and research about digital nudging.

Abstract

Businesses need information about their clients. Once client data is available, it becomes possible to create a client profile which could be used for personalized marketing, for example. Banks often apply valuable client data in financial advisory services during the needs elicitation phase. This involves gathering information about the client’s personal situation (financial status, family relationships, career situation, and so on) as well as their needs (planning for the future, their risk tolerance, and so on). On the basis of this information, a high-quality client profile can be created. Nonetheless, financial advisors often do not put enough effort into gathering information as parts of the needs elicitation process, resulting in a client profile of lower quality. Accordingly, clients are dissatisfied with inadequately tailored solutions and recommendations. Nevertheless, banks are subject to regulatory requirements to gather certain information. Moreover, in the digital era, banks are faced with the challenge of how to fulfill changing client requirements and integrating in-branch advice in a digital, omnichannel concept. The literature contains multiple instances demonstrating that IT can be used purposefully in advisory services. Nevertheless, no studies have yet been undertaken that research how the quality of client profiles could be improved by supporting the needs elicitation process. In this work, we answer the research question: “How can information technology be used to improve profile quality in financial advisory services?” In our analysis of the problem in the field, we have further established that although all stakeholders (banks, regulators, advisors, and clients) place great stead in the needs elicitation process, relevant client information is not gathered, causing profile quality to suffer in consequence. We further demonstrate that the problem cannot be resolved using currently advicegiving approaches in a service encounter. For example, questionnaires can disrupt the flow of conversation while using blank sheets of notepaper entail the risk that information may be overlooked. In this work, we introduce three design concepts to improve the needs elicitation process with the use of an information system: “joint profiling”, “task aware joint profiling” and “semi-private profiling”. All design concepts are based on the general design idea of guiding the advisor and the client by providing prompts when creating the client profile. Our problem analysis demonstrated that advisors and clients, emphasize the value of natural, open discussion. It has been shown in the literature that participants dislike an explicit process visualization of the advisory process. As such, we seek to guide the participants in the conversation without necessarily compelling them to follow a particular course of action. The nudge theory describes how people can be guided without restricting their freedom to take decisions. Building on findings contained in the literature and on nudge theory, we introduce the first concept of “joint profiling” and its implementation in CoProfiler 1.0. Nevertheless, many advisors and clients reported a sense of being compelled to discuss everything. Analysis of data showed that clients wondered, why the bank needs all this information. Their awareness of the task at hand suffered. The second concept, “task aware joint profiling” was developed with a focus on ensuring task awareness, and implemented in CoProfiler 2.0. This resulted in significantly higher task awareness in comparison to the pen-and-paper advisory sessions. Nevertheless, we observed that the use of a shared IT-artifact disrupted the conversation. Conversational analysis further confirmed that needs elicitation can be broken down into two distinct phases with differing goals and conversational roles. In the third design concept, “semi-private profiling,” the objective was to support these two phases of needs elicitation specifically. Accordingly, during the first phase of needs elicitation, only the advisor was supported by a semi-private IT-artifact. Evaluation of the PrivateProfiler prototype revealed that all design goals had been achieved. In this work, we contribute to the body of research in financial advisory services, IT-supported advisory services, and research about digital nudging.

Statistics

Downloads

55 downloads since deposited on 25 Jan 2019
55 downloads since 12 months
Detailed statistics

Additional indexing

Item Type:Dissertation (monographical)
Referees:Schwabe Gerhard, Alt Rainer
Communities & Collections:03 Faculty of Economics > Department of Informatics
Dewey Decimal Classification:000 Computer science, knowledge & systems
Language:German
Date:2018
Deposited On:25 Jan 2019 11:46
Last Modified:25 Sep 2019 00:09
Number of Pages:294
OA Status:Green
Free access at:Official URL. An embargo period may apply.
Official URL:https://opac.nebis.ch/ediss/20183371.pdf
Other Identification Number:merlin-id:17255

Download

Download PDF  'IT-unterstützte Bedarfserhebung in der Finanzberatung'.
Preview
Content: Published Version
Filetype: PDF
Size: 15MB