Role of Technology in Improving the Quality of Financial Advisory for Personal Financial Management

Abstract

Increased per capita income, improved life span, families changing from joint to nuclear ones, and absence of robust social security system; justify the need for a shift in management of personal finance for many. As a result of it, financial advisory is needed. This chapter tries to explore the relation between significance of technology in financial advisory with special reference to personal financial management. The study focuses on describing current use of technology, areas of improvements, and impact on quality of financial advice in personal financial management. The financial advisory field is also witnessing technology disruption with help of machine learning and artificial intelligence getting democratized in the hands of individuals. A lot of information is available at the fingertips, but the role of an advisor will always play a crucial role in achieving the objectives of financial inclusion, financial independence, financial maturity, and financial stability.