International Journal of Information Engineering and Electronic Business (IJIEEB)
IJIEEB Vol. 18, No. 5, 8 Oct. 2026
Cover page and Table of Contents: PDF (size: 986KB)
Algorithmic Digital Finance Platforms as a Driver of Transformation of Financial Behaviour of Economic Entities
PDF (986KB), PP.120-139
Views: 0 Downloads: 0
Author(s)
Oleh Onyshko
1,*
Pavlo Fisunenko
2
Maria Vakulich
3
Darrid Al-Hayali
4
Andrii Zinchenko
5
Index Terms
Algorithmic Digital Finance, Robo-Advisory Systems, Financial Behaviour, Responsibility Building, Cognitive Rationalization, Ethical Governance, ITI Modelling.
Abstract
The study was determined by the growing need to quantify behavioural and institutional transformations driven by algorithmic digital finance platforms. This justified developing an integrative analytical framework for behavioural institutional assessment within artificial intelligence (AI)-driven financial ecosystems.
The aim of the study was to develop and empirically substantiate a multidimensional framework for assessing the transformative influence of algorithmic digital finance systems on financial behaviour and responsibility, integrating cognitive, institutional, and ethical dimensions of digital financial governance.
Research methods: Comparative Qualitative Critical Assessment, ITI Modelling of Behavioural and Institutional Transformation, Structural Decomposition of Robo-Advisory Systems, Optimized Logic-Structural Architecture, ITI Verification of the Optimized Framework.
The integrated research validated the systemic transformation capacity of algorithmic digital finance platforms through behavioural and institutional dimensions. Comparative analysis revealed asymmetric configurations of behavioural rationalization and responsibility formalization, emphasizing architecture-specific functional differentiation. ITI modelling quantified these interdependencies, producing average indices of behavioural transformation (0.81) and responsibility institutionalization (0.77). Structural and optimization modelling of Robo-Advisory Systems demonstrated enhanced algorithmic transparency, cognitive traceability, and compliance integrity. Final ITI verification confirmed the optimized Robo-Advisory System as the most effective configuration (ITI* = 0.86; Bₚ = 0.85; Rₚ = 0.90), substantiating its role as a scalable paradigm for ethical and cognitively rational digital financial governance.
The academic novelty of the study lies in the development of an integrated behavioural-institutional assessment framework for evaluating algorithmic digital finance systems. The Integral Transformative Index (ITI*) is not positioned as a new mathematical operator; rather, it operationalizes a theoretically grounded construct that combines behavioural transformation and responsibility institutionalization within a single analytical architecture. The innovation is determined by the original conceptual linkage, indicator taxonomy, and platform-specific interpretation of cognitive rationalization, algorithmic transparency, and institutional accountability. The Optimized Robo-Advisory System (ORAS) model embodied this construct through explainability, bias-correction, traceability, and ethical governance mechanisms.
The next stage of research will focus on the algorithmic improvement and structural enhancement of the ORAS framework developed in this study. Controlled pilot implementation will be conducted to test behavioural adaptability, ethical compliance, and regulatory resilience. Subsequent multi-phase empirical validation will ensure the full verification of cognitive, normative, and operational dimensions of the optimized model.
Cite This Paper
Oleh Onyshko, Pavlo Fisunenko, Maria Vakulich, Darrid Al-Hayali, Andrii Zinchenko, "Algorithmic Digital Finance Platforms as a Driver of Transformation of Financial Behaviour of Economic Entities", International Journal of Information Engineering and Electronic Business(IJIEEB), Vol.18, No.5, pp. 120-139, 2026. DOI:10.5815/ijieeb.2026.05.08
Reference
[1]V. Yermachenko, D. Bondarenko, L. Akimova, M. Karpa, O. Akimov, & N. Kalashnyk, “Theory and Practice of Public Management of Smart Infrastructure in the Conditions of the Digital Society' Development: Socio-Economic Aspects”, Economic Affairs (New Delhi), vol. 68, no. 1, pp. 617-633, 2023. doi:10.46852/0424-2513.1.2023.29
[2]K. Kussainov, N. Goncharuk, L. Prokopenko, L. Pershko, B. Vyshnivska, & O. Akimov, “Anti-Corruption Management Mechanisms and the Construction of a Security Landscape in the Financial Sector of the EU Economic System Against the Background of Challenges to European Integration: Implications for Artificial Intelligence Technologies”, Economic Affairs (New Delhi), vol. 68, no. 1, pp. 509-521, 2023. doi:10.46852/0424-2513.1.2023.20
[3]H. P. Sytnyk, O. A. Zubchyk, & M. H. Orel, “Сonceptual Understanding of the Peculiarities of Managing Innovation-Driven Development of the State in the Current Conditions”, Science and Innovation, vol. 18, no. 2, pp. 3-15, 2022. doi:10.15407/scine18.02.003
[4]V. Koval, I. Mikhno, R. Tamosiuniene, H. Kryshtal, Y. Kovalenko-Marchenkova, & H. Gui, “Ensuring Sustainable Consumption Behaviours in Circular Economy Engagement”, Transformations in Business and Economics, vol. 22, no. 2, pp. 161-177, 2023. From https://www.transformations.knf.vu.lt/59/article/ensu
[5]R. Anwar, “The Future of Behavioural Finance”, In Emerging Trends and Innovations in Financial Services. Hershey: IGI Global, pp. 83–102, 2025. doi:10.4018/979-8-3693-7160-2.ch006
[6]S. Hesami, “Navigating the AI-Driven Transformation of Personal Finance: Opportunities, Challenges, and Ethical Imperatives”, Strategy & Leadership, 2025. doi:10.1108/sl-02-2025-0019
[7]C. C. Leal, & B. Oliveira, “Nudging Financial Behaviour in the Age of Artificial Intelligence”, In Artificial Intelligence in Production Engineering and Management. Elsevier, pp. 115–144, 2024. doi:10.1016/b978-0-12-819471-3.00002-1
[8]A. B. Sarin, & S. Sharma, “Artificial Intelligence in Behavioural Finance for Investment Decision-Making”, In AI and Emotional Intelligence for Modern Business Management. Hershey: IGI Global, pp. 194–212, 2023. doi:10.4018/979-8-3693-0418-1.ch013
[9]K. L. Ooi, N. Binti Ab Aziz, & W. Y. Lau, “The Future of Behavioural Finance in a Sustainable World”, In Following the Crowd: Psychological Drivers of Herding and Market Overreaction. Singapore: Springer Nature Singapore, pp. 221–231, 2025. doi:10.1007/978-981-95-0792-4_17
[10]M. Abdeldayem, & S. Aldulaimi, “Innovative Pathways in Capital Markets: The Fusion of Behavioural Finance and Fintech for Strategic Investor Decision-Making”, International Journal of Organizational Analysis, vol. 34, no. 3, pp. 818-842, 2025. doi:10.1108/ijoa-01-2025-5193
[11]L. Piacentino, “The Transformative Role of Artificial Intelligence in Financial Decision-Making: Main Applications in Corporate and Personal Finance, Impacts and Future Prospects”, Doctoral dissertation, Politecnico di Torino, 2025. Available at: https://webthesis.biblio.polito.it/35631/
[12]S. Pazouki, M. Jamshidi, M. Jalali, & A. Tafreshi, „Artificial Intelligence and Digital Technologies in Finance: A Comprehensive Review”, Journal of Economics, Finance and Accounting Studies, vol. 7, no. 2, pp. 54–69, 2025. doi:10.32996/jefas.2025.7.2.5
[13]M. S. Kulkarni, K. P. Patil, & D. Pramod, „The Role of Robo-Advisors in Behavioural Finance, Shaping Investment Decisions”, Cogent Economics & Finance, vol. 13, no. 1, 2025. doi:10.1080/23322039.2025.2571403
[14]D. Apriadi, D. Adelin, P. R. Mutumanikam, & L. Lanjarsih, “Personal Finance Transformation in the Digital Era: The Impact of Financial Technology on People's Economic Behaviour”, Oikonomia: Journal of Management Economics and Accounting, vol. 2, no. 3, pp. 89–100, 2025. doi:10.61942/oikonomia.v2i3.356
[15]U. M. Cyril, N. N. Ogbonnaya, & O. Bonaventure, “Behavioural Corporate Finance in Digital Age, Effect of Social Media Trends on Corporate Finance Decision”, International Journal of Economics and Financial Management (IJEFM), vol. 10, no. 5, pp. 135‒149, 2025. doi: 10.56201/ijefm.v10.no5.2025.pg135.149
[16]U. Rahardja, M. Miftah, M. Rakhmansyah, & J. Zanubiya, “Revolutionizing Financial Services with Big Data and Fintech: A Scalable Approach to Innovation”, ADI Journal on Recent Innovation (AJRI), vol. 6, no. 2, pp. 118–129, 2025. doi:10.34306/ajri.v6i2.1180
[17]R. Feng, H. Li, & M. Liu, “Robo-Advisors Beyond Automation: Principles and Roadmap for AI-Driven Financial Planning”, arXiv preprint arXiv:2509.09922, 2025. doi:10.48550/arXiv.2509.09922
[18]F. Akhtar, S. Akhtar, & M. Laeeq, “Evolution of Robo‐Advisors: A Literature Review and Future Research Agenda”, International Journal of Consumer Studies, vol. 49, no. 6, 2025. doi:10.1111/ijcs.70131
[19]K. Abedalrhman, “Disruptive Financial Technologies: A Comprehensive Analysis of Blockchain, AI-Driven Analytics, and Digital Payment Systems in Modern Financial Ecosystems-Implications for Syria's Financial Sector”, SSRN Electronic Journal, 2025. doi: 10.2139/ssrn.5394161
[20]L. Qian, & L. Dong, “Convergence of Blockchain and AI in Global Finance: Cross-Border Payment Innovations and Adaptive Trading Algorithms”, Interactions, vol. 5, p. 6, 2025. Available at: https://osf.io/download/67eec2f989face41108299d9/
[21]A. Sarkar, “AI-Powered Financial Transformation: Machine Learning Analytics in Credit and Fraud Risk Assessment, Trading Algorithms, and Personalized Financial Services and Regulations”, Journal of Computer Science and Technology Studies, vol. 7, no. 8, pp. 208-215, 2025. doi:10.32996/jcsts.2025.7.8.24
[22]R. T. Rajasekaran, & M. Selvam, “AI-Powered Behaviour Analysis in Financial Services”, In 2025 International Conference on Data Science, Agents & Artificial Intelligence (ICDSAAI), IEEE, 28-29 March 2025, pp. 1–5. doi:10.1109/icdsaai65575.2025.11011795
[23]A. B. Sarin, “Artificial Intelligence and Decentralized Finance”, In Decentralized Finance and Blockchain: A Game Changing Duo, pp. 23-46, 2025. doi:10.1002/9781394242689.ch2
[24]R. Kamal, “DeFi‐Powered Marketing: Unleashing the Prowess of Decentralized Finance for Revolutionary Customer Experiences”, In Decentralized Finance and Blockchain: A Game Changing Duo, 2025, pp. 193-224. doi:10.1002/9781394242689.ch9
[25]J. Bhattad, “The Influence of Artificial Intelligence on Algorithmic Trading and Its Impact on Predicting Financial Market Trends”, International Journal of Science, Engineering and Technology, vol. 13, no. 2, pp. 1–8, 2025. doi:10.5281/zenodo.15291536
[26]E. Coupez, “The Impact of Artificial Intelligence and Algorithmic Trading on Stock Market Behaviour, Volatility, and Stability”, SSRN Electronic Journal, 2025. doi:10.2139/ssrn.5403804
[27]J. Chhetri, A. K. Uniyal, H. Devi, & A. Johri, “The Impact of Digital Currency Adoption on Business Performance”, In Sustainable Service Marketing with Virtual Currencies. Hershey: IGI Global, pp. 201–234, 2025. doi:10.4018/979-8-3373-0315-4.ch009
[28]D. V. K. Jain, “The Rise of Fintech: Innovations in Financial Services and Digital Payments”, Navigating Tomorrow: Key Innovations in Commerce, Management, and Information Technology, p. 152, 2025. Available at: https://pratibha-spandan.org/wp-content/uploads/Navigationg-Tomorrow.pdf#page=152
[29]R. El Khoury, M. M. Alshater, & M. Joshipura, “RegTech Advancements – a Comprehensive Review of Its Evolution, Challenges, and Implications for Financial Regulation and Compliance”, Journal of Financial Reporting and Accounting, vol. 23, no. 4, pp. 14501485, 2025. doi:10.1108/jfra-05-2024-0286
[30]A. Azzutti, M. Cummins, I. MacNeil, & C. Otioma, “Simplifying Compliance: the Role of AI and RegTech”, Discussion Paper. University of Glasgow and University of Strathclyde, 2025. doi:10.36399/gla.pubs.351604
[31]K. Whitetaker, “The Role of Big Data Analytics in Behavioural Finance: Understanding Dynamics of Consumer Spending and Saving”, SSRN Electronic Journal, 2025. doi: 10.2139/ssrn.5413835
[32]R. Najem, A. Bahnasse, M. Fakhouri Amr, & M. Talea, “Advanced AI and Big Data Techniques in E-Finance: A Comprehensive Survey”, Discover Artificial Intelligence, vol. 5, no. 1, 2025. doi:10.1007/s44163-025-00365-y
[33]C. Otioma, & I. MacNeil, “Robo Advisors As a Use Case of AI Systems: Linking Responsible Business Practices, Compliance and Outcomes”, Discussion Paper. University of Glasgow and University of Strathclyde, 2025. doi:10.36399/gla.pubs.351605\
[34]J. N. K. Wah, “AI-Powered Wealth Management: Transforming Financial Literacy, Personalized Investments, and Risk Assessment Through Robo-Advisors and Predictive Analytics for the Future of Finance”, Chinese Science Bulletin, vol. 70, no. 2, pp. 4401-4420, 2025. doi:02.1706/Csb.28.02.2025.01
[35]A. S. George, “Finance 4.0: The Transformation of Financial Services in the Digital Age”, Partners Universal Innovative Research Publication, vol. 2, no. 3, pp. 104-125, 2024. doi:10.5281/zenodo.11666694
[36]E. Kubińska, M. Adamczyk-Kowalczuk, & A. Macko, Behavioural Finance in the Digital Era: Saving and Investment Decisions (1st ed.), London: Routledge, 2023. doi:10.4324/9781003400066
[37]I. Hidayat-ur-Rehman, M. N. Alam, M. Alsolamy, S. H. H. Alharbi, T. M. B. AlAnazi, & A. B. Bhuiyan, “Examining Investor Interaction with Digital Robo-Advisory Systems: Green Value and Interface Quality in a Socio-Technical Context”, Systems, vol. 13, no. 9, p. 787, 2025. doi:10.3390/systems13090787
[38]H. Kaur, M. Mago, A. Panwar, & G. Kaur, “Do Robo-Advisory Services Foster Sustainable Investment Behaviour? A Serial Mediation and MGA Approach”, South Asian Journal of Business Studies, pp. 333–358, 2025. doi:10.1108/sajbs-01-2025-0020
[39]Y. H. Ved, “Rational Finance in Movement: A Survey-Based Framework for Evaluating Robo-Advisory Efficiency”, AIJFR-Advanced International Journal for Research, vol. 6, no. 5, 2025. Available at: https://www.aijfr.com/papers/2025/5/1655.pdf
[40]A. Ibrahim, N. A. Almasria, Z. A. Alhatabat, D. J. A. Ershaid, & H. H. Aldboush, “Transforming Financial Services with Artificial Intelligence and Machine Learning”, In Advances in Finance, Accounting, and Economics, Hershey: IGI Global, pp. 129–148, 2025. doi:10.4018/979-8-3693-8507-4.ch008
[41]S. Arora, A. Rajesh, R. Misra, & G. Singh, “Bridging Technology and Trust: The Role of AI-Driven Robo-Advisors in Middle-Class Financial Management”, Management Decision, pp. 1–24, 2025. doi:10.1108/md-01-2025-0093
[42]L. Judijanto, “Robo-Advisors in Wealth Management: A Bibliometric Study of Research Evolution”, The Es Accounting and Finance, vol. 3, no. 2, pp. 137–149, 2025. doi:10.58812/esaf.v3i02.501
[43]S. Gupta, & M. V. S. Rao, “AI in Behavioural Finance: Understanding Investor Bias Through Machine Learning”, Journal of Informatics Education and Research, vol. 5, no. 2, pp. 5870‒5880, 2025. Available at: https://shorturl.at/D6yyu
[44]F. S. Dias, “An Introduction to Robo-Advisors, Notable Fintech Implementations, and Underlying Theory”, In Financial Innovation and Technology, Cham: Springer Nature Switzerland, pp. 285–300, 2025. doi:10.1007/978-3-031-83402-8_11
[45]FINRA Investor Education Foundation. National Financial Capability Study, 2024. [Online]. Available: https://www.finra.org/investors/insights/finra-foundation-national-financial-capability-study
[46]Murphy, M. NFCS Financial Behaviour Study [Data set], 2025. [ Online]. Available: https://github.com/morganmurphy10/nfcs-financial-behavior-study
[47]M. Bonelli, Digital Twin Robo-Advisor Adoption Dataset V_2 [Data set]. Mendeley Data, ver. 1, 2026. doi:10.17632/39rw5ywj8r.1