The Muamalat Newsletter Vol. 2 2024

FEM eNewsletter | December 2024 78 References Arenas-Parra, M., Pérez, H. R., & Quiroga-Garcia, R. (2024). The emerging field of Robo Advisor: A relational analysis. Heliyon. Al Karim, R., Rabiul, M. K., Taskia, A., & Jarumaneerat, T. (2023). Millennial customer engagement with fintech services: The mediating role of trust. Business Perspectives and Research, 22785337231183275. Beketov, M., Lehmann, K., & Wittke, M. (2018). Robo Advisors: Quantitative methods inside the robots. Journal of Asset Man- agement, 19(6), 363-370. Belanche, D., Casaló, L. V., & Flavián, C. (2019). Artificial Intelligence in FinTech: understanding robo-advisors adoption among customers. Industrial Management & Data Systems, 119(7), 1411-1430. Cardillo, G., & Chiappini, H. (2024). Robo-advisors: A systematic literature review. Finance Research Letters, 105119. Grealish, A., & Kolm, P. N. (2021). Robo-advisory: From investing principles and algorithms to future developments. SSRN Elec- tronic Journal, 1-29. Jung, D., Dorner, V., Glaser, F., & Morana, S. (2018). Robo-advisory: Digitalization and automation of financial advisory. Business & Information Systems Engineering, 60, 81-86. Kamarudin, N. S., Hadi, N. A., Ahmad, A., Hashim, A. J. C. M., Rasedee, A. F. N., Hishamudin, M. Z., & Dzolkarnaini, N. (2024). Ro- bo-Advisor can play a role in promoting financial knowledge within society. Journal of Advanced Research in Applied Sciences and Engineering Technology, 197-208. Saivasan, R. (2024). Robo-Advisory and investor trust: The essential role of ethical practices and fiduciary responsibility. In The Adoption of Fintech (pp. 84-97). Productivity Press. Vyas, A., Sharma, A., & Prasad, R. (2023). Robo-advisors as automatic personal financial advisors: opportunities and chal- lenges based on recent results and case studies. Journal of Management Research, 15(1), 2-9. further reinforce this sense of transparency and trust. Automated Marketing Campaigns and Cost-Effective Acquisition Robo-advisors allow financial services firms to automate key aspects of their marketing campaigns, reducing the need for manual intervention (Belanche et al., 2019). For example, they can trigger personalized email or SMS campaigns based on specific customer actions, such as completing a financial quiz or reviewing their portfolio. These automated follow-ups can include product recommendations, educational content, or reminders about ongoing tasks, keeping customers engaged throughout their journey. Another major advantage of robo-advisors is their scalability (Jung et al., 2018). Unlike human advisors, robo-advisors can simultaneously handle a large volume of clients, making them highly cost-effective for firms looking to expand their customer base. Robo-advisors can attract cost-conscious customers who might be deterred by traditional financial advisory fees, thereby providing an affordable entry point to financial services. This scalability and low cost allow firms to reach a wider audience and offer financial advice to amore diverse group of clients. Conclusion In conclusion, robo-advisors are a powerful toolforenhancingthemarketingoffinancial services. By automating and personalizing customer interactions, robo-advisors enable firms to offer tailored products, engage clients efficiently, and maintain long-term relationships. They allow firms to generate high-quality leads, streamline the onboarding process, and employ data-driven insights to optimize marketing campaigns. With their ability to provide 24/7 engagement, improve customer education, and increase transparency, robo-advisors are reshaping the financial services marketing landscape. As financial firms increasingly adopt these platforms, robo-advisors will continue to play a critical role in driving business growth and improving the customer experience.