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Application of Expert Systems for Personalizing Financial Decisions

Published online by Cambridge University Press:  26 May 2022

S. Shafiee ,
K. Marjani Rasmussen ,
E. Schäffer  and
M. Marr Nielsen
S. Shafiee*
Affiliation:
Technical University of Denmark, Denmark
K. Marjani Rasmussen
Affiliation:
Technical University of Denmark, Denmark
E. Schäffer
Affiliation:
Friedrich-Alexander-Universität Erlangen-Nürnberg, Germany
M. Marr Nielsen
Affiliation:
Technical University of Denmark, Denmark
*
sashaf@mek.dtu.dk

Abstract

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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 systemsconfiguration managementhuman-centred designmass customisationcase study
Type
Article
Information
Proceedings of the Design Society , Volume 2: DESIGN2022 , May 2022 , pp. 801 - 810
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
The Author(s), 2022.

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