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Indian Journal of Finance

ISSN: 0973-8711 Frequency: Monthly Peer Review: Double-blind Published since: 2007 Language: English
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Original Article

Subscription Original Article

Artificial Intelligence in Finance : The Journey of Robo Advisors So Far and the Way Ahead

Rishabh Jain1,  Abhinav Pal2,  Kanishka Gupta3,  Dolly Gaur4

1 Assistant Professor, Sparsh Global Business School, Plot No. 29/2, Knowledge Park III, Greater Noida - 210 310, Uttar Pradesh.

2 Assistant Professor, Symbiosis Centre for Management Studies, Plot No. 47 & 48, Symbiosis International (Deemed University), Noida, Sector 62, Noida - 201 301, Uttar Pradesh.

3 Assistant Professor, Vivekananda School of Business Studies, Vivekananda Institute of Professional Studies – Technical Campus, Outer Ring Rd, AU Block, Ranikhet, Pitampura, New Delhi, Delhi - 110 034.

4 Assistant Professor , Institute of Business Management, GLA University, Mathura - 281 406, Uttar Pradesh.

Volume 20
Issue 1
Pages 47–71
Year 2026
Received: Jan. 5, 2025 Accepted: Aug. 25, 2025 Published: Jan. 15, 2026
Abstract

Purpose: This bibliometric research article aimed to provide a comprehensive overview of the academic literature on robo-advisory services in finance, identifying key trends, influential factors, and potential avenues for future research. Design/Methodology/Approach : A systematic bibliometric analysis was conducted for scholarly articles published on the topic of robo-advisory between 2016 and 2022. The metadata was sourced from two premier research databases : SCOPUS and Web of Science. The metadata of 210 documents was analyzed using the Bibliometrix package of R. Results : A substantial growth in research on robo-advisory services in finance over the past decade was found. The application of robo-advisory in terms of asset allocation and portfolio optimization was seen. While most of the research focused on the technology enablers of robo-advisory, the applications offer further areas of study. Practical

Implications: The findings suggested promising avenues for future research, including the further integration of artificial intelligence and machine learning techniques in financial decision-making.

Originality: The study attempted to touch upon different aspects of this topic in terms of its enablers, technology, applications, and challenges faced. This research tried to design a path for further work in this field by suggesting a few bases that have not been studied much yet.

Keywords robo-advisory artificial intelligence fintech asset allocation portfolio management
How to Cite

Rishabh Jain, Abhinav Pal, Kanishka Gupta, Dolly Gaur (2026). Artificial Intelligence in Finance : The Journey of Robo Advisors So Far and the Way Ahead. Indian Journal of Finance, 20(1), 47–71. https://doi.org/10.17010/ijf/2026/v20i1/174132

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