Publication type: Conference paper
Type of review: Peer review (publication)
Title: Microworlds as the locus of consumer education in financial advisory services
Authors: Heinrich, Peter
Kilic, Mehmet
Schwabe, Gerhard
et. al: No
Proceedings: ICIS 2014 Proceedings : IS Design Science
Conference details: Thirty Fifth International Conference on Information System, Auckland, New Zealand, 14-17 December 2014
Issue Date: 2014
Publisher / Ed. Institution: Association for Information Systems
Language: English
Subjects: Financial advisory service; Consumer education; Financial literacy; Design science research
Subject (DDC): 332: Financial economics
370: Education
Abstract: The complexity of financial matters and the financial illiteracy of clients prevents informed financial decision making in current financial advisory services. We propose a novel approach to improve this situation: The advisor integrates small learning episodes directly into the service encounter. These learning episodes are implemented using the concept of explorative learning and "microworlds," i.e., small self-contained simulations. The resulting prototype is called "FinanceWorlds.” An evaluation reveals that the system significantly improves client knowledge compared to traditional paperbased explanations. The paper contributes the generic principles underlying FinanceWorld's design to the knowledgebase on consumer education in financial (and other knowledge intensive) services. It thus supports practitioners in designing tomorrow’s advisory encounters.
Fulltext version: Published version
License (according to publishing contract): Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: Institute of Business Information Technology (IWI)
Appears in collections:Publikationen School of Management and Law

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