Hostname: page-component-7f64f4797f-7vssv Total loading time: 0 Render date: 2025-11-04T12:10:00.871Z Has data issue: false hasContentIssue false
  • English
  • Français

Application of Expert Systems for Personalizing Financial Decisions

Published online by Cambridge University Press:  26 May 2022

S. Shafiee ,
K. Marjani Rasmussen ,
E. Schäffer  and
M. Marr Nielsen
S. Shafiee*
Affiliation:
Technical University of Denmark, Denmark
K. Marjani Rasmussen
Affiliation:
Technical University of Denmark, Denmark
E. Schäffer
Affiliation:
Friedrich-Alexander-Universität Erlangen-Nürnberg, Germany
M. Marr Nielsen
Affiliation:
Technical University of Denmark, Denmark
*
sashaf@mek.dtu.dk

Abstract

Core share and HTML view are not available for this content. However, as you have access to this content, a full PDF is available via the ‘Save PDF’ action button.

Due to the complexity of financial products, consumers with low financial literacy are left behind. However, few practical studies investigated the impact of digital advisory systems to improve customer experience. Configuration systems, as the most popular expert systems, have never been applied as a financial tool. In this study, we explore the application of configuration systems to educate consumers in achieving their financial goals. The results highlight multiple benefits from using the configurator, including greater financial literacy and improved individual financial decision-making.

Keywords

expert systemsconfiguration managementhuman-centred designmass customisationcase study

Information

Type
Article
Information
Proceedings of the Design Society , Volume 2: DESIGN2022 , May 2022 , pp. 801 - 810
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
The Author(s), 2022.

References

Abdullah, M.A. and Chong, R. (2014), “Financial Literacy: An Exploratory Review of the Literature and Future Research.”, Journal of Emerging Economies and Islamic Research, Vol. 2 No. 3, pp. 1–9.Google Scholar
Ardissono, L., Felfernig, A., Friedrich, G., Goy, A., Jannach, D., Petrone, G., Schafer, R., et al. . (2003), “A framework for the development of personalized, distributed web-based configuration systems”, AI Magazine, Vol. 24 No. 3, pp. 93–110.Google Scholar
Council for Return Expecations. (2020), The Common Return Expectations for 2nd Half of 2020, Copenhagen.Google Scholar
Cumming, D. and Groh, A.P. (2018), “Entrepreneurial finance: Unifying themes and future directions”, Journal of Corporate Finance, Vol. 50, pp. 538–555.CrossRefGoogle Scholar
Forza, C. and Salvador, F. (2002), “Managing for variety in the order acquisition and fulfilment process: the contribution of product configuration systems”, International Journal of Production Economics, Vol. 76 No. 1, pp. 87–98.Google Scholar
Forza, C. and Salvador, F. (2006), Product Information Management for Mass Customization: Connecting Customer, Front-Office and Back-Office for Fast and Efficient Customization, Palgrave Macmillan, New York, NY.CrossRefGoogle Scholar
Fraser, M. (2017), “Gutting the Consumer Financial Protection Bureau”, New Labor Forum, Vol. 26 No. 1, pp. 105–108.Google Scholar
Goyal, K. and Kumar, S. (2021), “Financial literacy: A systematic review and bibliometric analysis”, International Journal of Consumer Studies, Wiley Online Library, Vol. 45 No. 1, pp. 80–105.CrossRefGoogle Scholar
Gronalt, M., Posset, M. and Benna, T. (2007), “Standardized configuration in the domain of hinterland container terminals”, edited by Blecker, T., Edwards, G., Friedrich, L., Hvam, L. and Salvador, F. Series on Business Informatics and Application Systems Innovative Processes and Products for Mass Customization, GITO-Verlag, Berlin, Vol. 3, pp. 105–120.Google Scholar
Haug, A., Shafiee, S. and Hvam, L. (2019), “The costs and benefits of product configuration projects in engineer-to-order companies”, Computers in Industry, Vol. 105, pp. 133–142.Google Scholar
Haug, A., Shafiee, S. and Hvam, L. (2019), “The causes of product configuration project failure”, Computers in Industry, Vol. 108, available at:10.1016/j.compind.2019.03.002.Google Scholar
Heiskala, M., Tiihonen, J., Paloheimo, Kaija. S. and Soininen, T. (2007), “Mass customization with configurable products and configurators: a review of benefits and challenges”, Mass Customization Information Systems in Business, IGI Global, London, UK, pp. 1–32.Google Scholar
Kristjansdottir, K., Shafiee, S., Hvam, H., Forza, C. and Mortensen, N.H. (2018), “The main challenges for manufacturing companies in implementing and utilizing configurators”, Computers in Industry, Vol. 100, pp. 196–211.CrossRefGoogle Scholar
Kristjansdottir, K., Shafiee, S., Hvam, L., Bonev, M. and Myrodia, A. (2018), “Return on investment from the use of product configuration systems – a case study”, Computers in Industry, Vol. 100, pp. 57–69.Google Scholar
Liu, G. (Jason), Shah, R. and Schroeder, R.G. (2006), “Linking work design to mass customization: A sociotechnical systems perspective”, Decision Sciences, Vol. 37 No. 4, pp. 519–545.CrossRefGoogle Scholar
Lusardi, A. and Mitchell, O.S. (2007), “Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth”, Journal of Monetary Economics, Vol. 54 No. 1, pp. 205–224.Google Scholar
Nahrkhalaji, S.S., Shafiee, S., Shafiee, M. and Hvam, L. (2019), “Challenges of Digital Transformation: The Case of the Non-profit Sector”, IEEE International Conference on Industrial Engineering and Engineering Management, Vol. 2019-Decem, available at:10.1109/IEEM.2018.8607762.Google Scholar
Nielsen, J. (1992), “The usability engineering life cycle”, Computer, IEEE, Vol. 25 No. 3, pp. 12–22.CrossRefGoogle Scholar
OECD. (2016), “OECD/INFE 2016 International Survey of Adult Financial Literacy”.Google Scholar
Piroozfar, P., Farr, E.R.P., Hvam, L., Robinson, D. and Shafiee, S. (2019), “Configuration platform for customisation of design, manufacturing and assembly processes of building façade systems: A building information modelling perspective”, Automation in Construction, Vol. 106, available at:10.1016/j.autcon.2019.102914.Google Scholar
Rasmussen, J.B., Haug, A., Shafiee, S., Hvam, L., Mortensen, N.H. and Myrodia, A. (2021), “The costs and benefits of multistage configuration: A framework and case study”, Computers & Industrial Engineering, Pergamon, Vol. 153, p. 107095.Google Scholar
Rodrigues, L.F., Oliveira, A., Rodrigues, H. and Costa, C.J. (2019), “Assessing consumer literacy on financial complex products”, Journal of Behavioral and Experimental Finance, Vol. 22, pp. 93–104.Google Scholar
Rodrigues, L.F., Oliveira, A., Rodrigues, H. and Costa, C.J. (2019), “Assessing consumer literacy on financial complex products”, Journal of Behavioral and Experimental Finance, Vol. 22, pp. 93–104.Google Scholar
van Rooij, M., Lusardi, A. and Alessie, R. (2011), “Financial literacy and stock market participation”, Journal of Financial Economics, Vol. 101 No. 2, pp. 449–472.CrossRefGoogle Scholar
Schäffer, E., Mayr, A., Reichenstein, T., Shafiee, S. and Franke, J. (2021), “Four Independent Knowledge Domains to Enable an Agile, Distributed Development of User-Centred Engineering Configurators”, Procedia CIRP, Elsevier B.V., Vol. 103, pp. 134–139.CrossRefGoogle Scholar
Schäffer, E., Shafiee, S., Mayr, A. and Franke, J. (2020), “A strategic approach to improve the development of use-oriented knowledge-based engineering configurators (KBEC)”, Procedia CIRP, Elsevier B.V., Vol. 96, pp. 219–224.Google Scholar
Shafiee, S. (2017), Conceptual Modelling for Product Configuration Systems, Technical University of Denmark, Denmark.Google Scholar
Shafiee, S., Haug, A., Kristensen, S.S. and Hvam, L. (2020), “Application of design thinking to product-configuration projects”, Journal of Manufacturing Technology Management.CrossRefGoogle Scholar
Shafiee, S., Haug, A., Shafiee Kristensen, S. and Hvam, L. (2021), “Application of design thinking to product-configuration projects”, Journal of Manufacturing Technology Management, Vol. 32 No. 1, pp. 219–241.Google Scholar
Shafiee, S., Hvam, L. and Bonev, M. (2014), “Scoping a product configuration project for engineer-to-order companies”, International Journal of Industrial Engineering and Management, Vol. 5 No. 4, pp. 207–220.Google Scholar
Shafiee, S., Hvam, L., Haug, A., Dam, M. and Kristjansdottir, K. (2017), “The documentation of product configuration systems: A framework and an IT solution”, Advanced Engineering Informatics, Vol. 32, pp. 163–175.CrossRefGoogle Scholar
Shafiee, S., Kristjansdottir, K., Hvam, L. and Forza, C. (2018), “How to scope configuration projects and manage the knowledge they require”, Journal of Knowledge Management, Vol. 22 No. 5, pp. 982–1014.CrossRefGoogle Scholar
Shafiee, S., Piroozfar, P., Hvam, L., Farr, E.R.P., Huang, G.Q., Pan, W., Kudsk, A., et al. . (2020), “Modularisation strategies in the AEC industry: a comparative analysis”, Architectural Engineering and Design Management, Taylor & Francis, Vol. 16 No. 4, pp. 270–292.Google Scholar
Shafiee, S., Wautelet, Y., Friis, S.C., Lis, L., Harlou, U. and Hvam, L. (2021), “Evaluating the benefits of a computer-aided software engineering tool to develop and document product configuration systems”, Computers in Industry, Elsevier B.V., Vol. 128, p. 103432.CrossRefGoogle Scholar
Shafiee, S., Wautelet, Y., Hvam, L., Sandrin, E. and Forza, C. (2020), “Scrum versus Rational Unified Process in facing the main challenges of product configuration systems development”, The Journal of Systems & Software, Elsevier Inc., Vol. 170, p. 110732.Google Scholar
Squire, B., Brown, S., Readman, J. and Bessant, J. (2009), “The impact of mass customisation on manufacturing trade-offs”, Production and Operations Management, Vol. 15 No. 1, pp. 10–21.CrossRefGoogle Scholar
Sviokla, J.J. (1990), “An Examination of the Impact of Expert Systems on the Firm: The Case of XCON Impact of Expert Systems on the Firm: The Case of XCON”, MIS Quarterly, Vol. 14 No. 2, pp. 127–140.Google Scholar
Taylor, S. and Wagland, S. (2011), “Financial Literacy: A Review of Government Policy and Initiatives”, Australasian Accounting, Business and Finance Journal, Vol. 5 No. 2, pp. 101–126.Google Scholar
Totenhagen, C.J., Casper, D.M., Faber, K.M., Bosch, L.A., Wiggs, C.B. and Borden, L.M. (2015), “Youth Financial Literacy: A Review of Key Considerations and Promising Delivery Methods”, Journal of Family and Economic Issues, Springer US, Vol. 36 No. 2, pp. 167–191.CrossRefGoogle Scholar
Trentin, A., Perin, E. and Forza, C. (2012), “Product configurator impact on product quality”, International Journal of Production Economics, Elsevier, Vol. 135 No. 2, pp. 850–859.CrossRefGoogle Scholar
Wang, Y., Wu, J., Lin, L. and Shafiee, S. (2019), “An online community-based dynamic customisation model: the trade-off between customer satisfaction and enterprise profit”, International Journal of Production Research, Taylor & Francis, Vol. 0 No. 0, pp. 1–30.Google Scholar
Wang, Y., Wu, J., Zhang, R., Shafiee, S. and Li, C. (2020), “A ‘user-knowledge-product’ Co-creation cyberspace model for product innovation”, Complexity, Vol. 2020 No. 1, available at:10.1155/2020/7190169.Google Scholar
Wautelet, Y., Shafiee, S. and Heng, S. (2019), Revisiting the Product Configuration Systems Development Procedure for Scrum Compliance: An I* Driven Process Fragment, Lecture Notes in Computer Science (Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), Vol. 11915 LNCS, available at:10.1007/978-3-030-35333-9_31.Google Scholar
Wu, J., Wang, Y., Shafiee, S. and Zhang, D. (2021), “Discovery of associated consumer demands: Construction of a co-demanded product network with community detection”, Expert Systems with Applications, Elsevier Ltd, Vol. 178 No. December 2020, p. 115038.CrossRefGoogle Scholar
Zhang, L.L. (2014), “Product configuration: a review of the state-of-the-art and future research”, International Journal of Production Research, Vol. 52 No. 21, pp. 6381–6398.Google Scholar