Page 120 - Azerbaijan State University of Economics

Amit Mishra, Vibhuti Tripathi: From Mobile Trading to Intelligent Investing:
A Bibliometric and Thematic Review of AI-Driven Financial Investments

Cluster -2 Adoption of Fintech platforms for investing-
This theme aims to demonstrate investing through fintech platforms and mobile
trading apps, with financial literacy prominently influencing user behaviour and
acceptance. The evolution of trading apps and neobrokers has increased the
associations of retail investors. Studies examine factors that influence the penetration
and uninterrupted usage of mobile stock trading apps, predominantly among younger
generations like Gen Z and Millennials (Chong et al., 2021; Gayatri & Kurniawan,
2024). Platform designers needs to prioritise user satisfaction and retention, research
studies shows, these elements affect users' plans to stick with the platform (Hadi Putra
et al., 2022). According to research, Financial literacy moderates the relationship
between fintech access and investment performance. Big data, artificial intelligence,
and financial literacy all have an impact on retail investing behavior, especially in
developing countries (Lui et al., 2022). Further Digital literacy also affects Gen Z's
inclination to use investment apps. (Tania & Tjhin, 2025). Additionally, there is the
regulatory dimension. The hazards associated with mobile investment applications are
addressed by the EU's retail investment policy and new rules, underscoring the
necessity of investor protection in a quickly changing fintech environment (Coggiola,
2024; Foffano et al., 2022).

Cluster -3 Behavioural Biases in AI Investing-
This theme focuses on how trust influences the uptake and efficacy of automated
investing advice, as well as how behavioral biases like loss aversion and
overconfidence interact with robo-advisory services. By providing algorithm-driven
portfolio recommendations, robo-advisors are revolutionizing wealth management.
When the antecedents of robo-advisor usage intention are examined, research reveals
that trust and perceived fiduciary duty have a major impact on adoption (Eren, 2024;
Luo et al., 2024; Mammadova, 2023). Research on the development of confidence in
AI-driven investment systems in contrast to human financial advisors has grown, with
an emphasis on how investor decision-making is influenced by emotional reactions
and neurological processes (Yang & Rau, 2024). Behavioral biases continue to be
major issues. Investment decisions can be distorted by overconfidence, loss aversion,
and the “snakebite” effect; study investigates whether robo-advisors reduce or
increase these biases (Ahmad et al., 2025; Panakaje et al., 2025). the Consumer
acceptance and behavior are influenced by robo-advisor design, including
anthropomorphic elements (Hyun Baek & Kim, 2023b). The literature also looks at
how robo-advisors can encourage investors to make sustainable and socially
conscious investments preferences (Faradynawati & Soderberg, 2022).

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