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Financial service providers, AI, satisficing, and the human touch in the market for financial nudges and boosts

In: Artificial Intelligence and Financial Behaviour

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  • Hersh Shefrin

Abstract

Rapid advances in artificial intelligence (AI) are reshaping many facets of the decision landscape faced by consumers and investors. Impacts from changes are associated with AI include lower fees and borrowing costs, increased access to financial services, and greater customization. In this chapter, I discuss how the need for the human touch impacts the potential for AI to lower the cost of providing mass customization and personalization to the broad market for wealth management. I present the cases of three financial service firms, to illustrate how the failure to account properly for the human touch can result in unsuccessful technologically-based strategies.

Suggested Citation

  • Hersh Shefrin, 2023. "Financial service providers, AI, satisficing, and the human touch in the market for financial nudges and boosts," Chapters, in: Riccardo Viale & Shabnam Mousavi & Umberto Filotto & Barbara Alemanni (ed.), Artificial Intelligence and Financial Behaviour, chapter 1, pages 30-50, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21559_1
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