Application of Expert Systems for Personalizing Financial Decisions

S. Shafiee; K. Marjani Rasmussen; E. Schäffer; M.  Marr Nielsen

doi:10.1017/pds.2022.82

Application of Expert Systems for Personalizing Financial Decisions

S. Shafiee^*, K. Marjani Rasmussen, E. Schäffer , M. Marr Nielsen

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

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Abstract

Due to the complexity of financial products, consumers with low financial literacy are left behind. However, few practical studies investigated the impact of digital advisory systems to improve customer experience. Configuration systems, as the most popular expert systems, have never been applied as a financial tool. In this study, we explore the application of configuration systems to educate consumers in achieving their financial goals. The results highlight multiple benefits from using the configurator, including greater financial literacy and improved individual financial decision-making.

Original language	English
Title of host publication	Proceedings of the Design Society
Publisher	Cambridge University Press
Publication date	2022
Pages	801-810
DOIs	https://doi.org/10.1017/pds.2022.82
Publication status	Published - 2022
Event	17th International Design Conference - Online, Cavat, Croatia Duration: 23 May 2022 → 26 May 2022 Conference number: 17 https://www.designconference.org/

Conference

Conference	17th International Design Conference
Number	17
Location	Online
Country/Territory	Croatia
City	Cavat
Period	23/05/2022 → 26/05/2022
Internet address	https://www.designconference.org/

Series	Proceedings of the Design Society
Volume	2
ISSN	2732-527x

Keywords

Expert systems
Configuration management
Human-centred design
Mass customisation
Case study

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title = "Application of Expert Systems for Personalizing Financial Decisions",

abstract = "Due to the complexity of financial products, consumers with low financial literacy are left behind. However, few practical studies investigated the impact of digital advisory systems to improve customer experience. Configuration systems, as the most popular expert systems, have never been applied as a financial tool. In this study, we explore the application of configuration systems to educate consumers in achieving their financial goals. The results highlight multiple benefits from using the configurator, including greater financial literacy and improved individual financial decision-making.",

keywords = "Expert systems, Configuration management, Human-centred design, Mass customisation, Case study",

author = "S. Shafiee and Rasmussen, \{K. Marjani\} and E. Sch{\"a}ffer and \{Marr Nielsen\}, M.",

year = "2022",

doi = "10.1017/pds.2022.82",

language = "English",

series = "Proceedings of the Design Society",

pages = "801--810",

booktitle = "Proceedings of the Design Society",

publisher = "Cambridge University Press",

address = "United Kingdom",

note = "17th International Design Conference, Design2022 ; Conference date: 23-05-2022 Through 26-05-2022",

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Application of Expert Systems for Personalizing Financial Decisions. / Shafiee, S.; Rasmussen, K. Marjani; Schäffer , E. et al.
Proceedings of the Design Society. Cambridge University Press, 2022. p. 801-810 (Proceedings of the Design Society, Vol. 2).

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

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AB - Due to the complexity of financial products, consumers with low financial literacy are left behind. However, few practical studies investigated the impact of digital advisory systems to improve customer experience. Configuration systems, as the most popular expert systems, have never been applied as a financial tool. In this study, we explore the application of configuration systems to educate consumers in achieving their financial goals. The results highlight multiple benefits from using the configurator, including greater financial literacy and improved individual financial decision-making.

KW - Expert systems

KW - Configuration management

KW - Human-centred design

KW - Mass customisation

KW - Case study

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DO - 10.1017/pds.2022.82

M3 - Article in proceedings

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T2 - 17th International Design Conference

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ER -

Application of Expert Systems for Personalizing Financial Decisions

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