It is argued that Artificial Intelligence (AI) is one of the most promising technologies that would advance the transformation of the finance industry ( Park et al., 2016). As Blackrock's (2015) highlighted, the demand for financial advice has increased along with the household's level of cash, people's increased longevity, income gaps caused by retirement, and a general lack of financial literacy. The wealth management industry has not only undergone a transformation driven by technology, but there has been a change also in terms of demand that caused the overall increase of assets under management and the emergence of new players. Technological transformation is particularly evident when it comes to wealth management, retail banking, payments, and lending ( Metha et al., 2019). The financial technologies (FinTech) adaptation is a key strategic advantage on its way to being successful ( Jung et al., 2018) 1. Following the financial crisis of 2007, increased regulatory burdens on incumbents and wide adaptations of new technologies led to the emergence of a new structure, where some of the areas are dominated by smaller, more efficient start-ups that use internet, blockchain, and social media to create new products for consumers.
Over the last decade, the financial industry experienced some radical changes.
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