Does The Adoption Of Digital Wealth Management Platforms (DWPs) Result In Positive Net Benefits? From Retail Investors’ Perspective On DWPs Success
Date
2024-12-10
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Abstract
The growing adoption of Digital Wealth Management Platforms (DWPs) has revolutionized portfolio management for retail investors. Despite their potential, the factors driving DWP adoption and their benefits for individual investors remain underexplored. This study investigates these aspects using an integrated framework combining the Information System Success Model (ISSM), the Service-Profit Chain Model, and the Behavioral Investor Types (BITs) framework. An online survey of 250 global DWP users was conducted. The research analyzed the effects of service, system, and information quality on system use and satisfaction using structural equation modeling. The results show that service and information quality significantly influence system use and satisfaction, while system quality impacts satisfaction but not use. BITs moderate these relationships, with aggressive investors benefiting more. Customer loyalty enhances platform engagement.
Description
The study extends ISSM by illustrating the influence of investor behavior on impacts from system use in the DWP context and offers practical guidance for DWP providers to tailor platforms for different user types. Despite limitations, including potential sample biases and self-reported data, this research offers foundational insights to enhance DWP design by blending behavioral finance with theories in the MIS domain.
Keywords
Digital Wealth Management Platforms, Information System Success Model