Financial consumers, digital interfaces and decision aids

Pete Lunn

Chapter 9 in Artificial Intelligence and Financial Behaviour, 2023, pp 174-191 from Edward Elgar Publishing

Abstract: Retail financial products are increasingly sold online. This trend raises issues of consumer protection, given large asymmetries of information and understanding between consumers and providers, who programme the relevant software. Yet digital interfaces can also be used to offer digital decision aids that benefit consumers. Fortunately, digital environments lend themselves to controlled experiments, permitting diagnosis of where interfaces cause disadvantage and allowing decision aids to be pre-tested for effectiveness. This chapter provides examples of how controlled behavioural experiments can be deployed by regulators to ensure that digital interfaces and the intelligence embedded within them benefit consumers of financial products. It discusses whether providers should be required to undertake standardised experimental testing to demonstrate that their digital interfaces benefit consumers.

Keywords: Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/edcoll/9781803923154/9781803923154.00017.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:21559_9

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().