Article
https://doi.org/10.52783/mjble.383
Exploring the Evolving Landscape of Robo - Advisors in Transforming Investment Decisions in Viksit Bharat
This paper examines the role of Robo-Advisors in transforming investment decisions for wealth management of Indian investors in their path towards Viksit Bharat. It evaluates how agile technology tools such as Robo- Advisors guide the millennials and Generation-Z to manage their wealth management with use of artificial intelligence (AI), machine learning (ML), blockchain and predictive analysis to track the investment decisions. The paper uses the bibliometric analysis review technique with PRISMA methodology with 964-publication pattern derived from Scopus database. The research reviews the historical, present and trend of future publications, using citation analysis to review the contribution of publishers in this area of research. Thematic clusters depict investment patterns through use of automation, AI and ML as key principles. Co citation analysis plots the most trending research. The study addresses significant challenges such as data privacy concerns, trust, irrelevant or not deeply analyzed information, bias towards Robo–Advisors firm’s platform for a particular investment, lack of human intervention and ethical issues surrounding AI-driven decision-making models. It further promulgates the need for transformation in the field of Robo-advisors to build trust and confidence among investors, address anxiety and safety concerns, built assurance towards usage of Robo-Advisors and personal data confidentially. This can result in creation of digital wealth and overall economy wellbeing aiming to achieve Viksit Bharat milestone. The contributions by academic publishers, existing surveys and statistics provide a valuable trend to the policy makers for enhancement of Robo-Advisors tools and collaboration with Fin-tech firms in this field, thus building confidence and trust among investors, and achieving the goal of digital economy growth and Viksit Bharat.