Robo-advisors in crowdlending platforms: a systematic literature review

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Purpose - The objective of this paper is to explore and analyze the determinants of the adoption and use of robo-advisors in loan-based crowdfunding (crowdlending) platforms, based on a systematic literature review.The study aims to provide an overview of the state of the art in this field and to suggest avenues for futureresearch.Research Design and Methods - The research methodology applied in this study is based on a systematic literature review, following the guidelines of Kitchenham (2007) and Okoli and Schabram (2010), structured in four phases. The first phase consists of identifying relevant keywords linked to the research issues, which will then be used to identify articles in the ‘ScienceDirect’ database. In the second phase, selection criteria are defined to determine which papers will be included or excluded from the study. The third phase involves reading each selected article in full, followed by an evaluation according to specific criteria. This process led to the qualificationof 17 articles for in-depth analysis in the next stage, which consists of data extraction. Finally, in the lastphase, the information extracted from the selected articles is synthesized to highlight the findings and guidefuture research.Findings and Results - The results of the current study reveal the determinants of adoption and use of robo-advisors in loan-based crowdfunding platforms, according to the behavioral information systems (IS) approach and the behavioral finance approach. According to the IS behavioral approach, determinants of robo-advisor adoption include perceived usefulness, perceived ease of use, trust, transparency, financial knowledge and expected performance. In contrast, determinants of robo-advisor use include past performance of robo-advisors,distrust of human financial advice, and users' lack of financial knowledge. According to the behavioral approach to finance, it appears that the automation of decision-making by robo-advisors reduces behavioral biases, but may also reduce the community effect and the proximity between lenders and project owners.Originality and Contribution - The originality of this article lies in its systematic approach to analyzing the factors driving the adoption and use of robo-advisors in the specific context of loan-based crowdfunding platforms. It contributes to the literature by combining perspectives from information systems and behavioral finance, and by proposing a theoretical framework for understanding these determinants.Conclusion - This study presents a systematic literature review on robo-advisors in loan-based crowdfunding platforms. It provides an overview of the factors influencing the adoption and use of these automated tools within these digital platforms. These factors fall into two streams: the behavioral approach to information systems and the behavioral approach to finance.