Abstract

FinTech is an up and coming form of financial innovations. This article is about one of the newest types of FinTech, which is robo-advisors - automated digital investment advisory programs or web-sites that provide financial advice or perform portfolio management online with moderate to minimum human intervention. They provide digital financial advice for non-professional customers (investors) based on mathematical rules or algorithms. The purpose of the study was to determine, based on a literature review and observations of several dozen functioning companies (from the US, Canada, the EU and Switzerland), what the main features of this innovation are, what functions it performs, what its scope and significance in the modern financial market are, and what the outlook of the market for robo-advisors is. The study also included Poland; it allowed to determine the state and ramifications of development of robo-advisors on the domestic market. The results show that today's robo-advisor platforms still have limited functionality. Despite the rapid development of this form of asset management and investment advice, the total value of assets under their management justifies the hypothesis that this market remains at an early stage of development. The fulfilment of the promise of integration of artificial intelligence into the robo-advisor's engine should lead to accelerated development of this part of the financial market.

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