Revising data collection methodology - evidence from the Australian financial sector
Article
Neilson, Ben, Marty, Tom and Daley, Nat. 2024. "Revising data collection methodology - evidence from the Australian financial sector." The Journal of Finance and Data Science. 10. https://doi.org/10.1016/j.jfds.2024.100131
| Article Title | Revising data collection methodology - evidence from the Australian financial sector |
|---|---|
| Article Category | Article |
| Authors | Neilson, Ben, Marty, Tom and Daley, Nat |
| Journal Title | The Journal of Finance and Data Science |
| Journal Citation | 10 |
| Article Number | 100131 |
| Number of Pages | 17 |
| Year | 2024 |
| Publisher | KeAi Publishing Communications Ltd. |
| Place of Publication | China |
| ISSN | 2405-9188 |
| Digital Object Identifier (DOI) | https://doi.org/10.1016/j.jfds.2024.100131 |
| Web Address (URL) | https://www.sciencedirect.com/science/article/pii/S2405918824000163 |
| Abstract | Time requirements of data collection account for a significant portion of the total time required to provide financial advice. This research applies data collection software to the financial planning process seeking to identify benefits that may assist to reduce rising barriers of accessing financial advice. Experimental two-phase study seeks qualitative input surrounding problematic themes before quantitative input records impacts of data collection software use. The research seeks to evidence beneficial impacts that software use may have on the data collection requirements by way of comparison between traditional and software methodologies in Australian professional practice. Respondents were asked to complete data collection inputs using both traditional and digital methods with metrics recorded throughout the process. Input from 112 consumers and 71 practising advisers were recorded. Results suggest the use of software may decrease time taken to complete task and often results in higher levels of data accuracy. Traditional methods were affiliated with extended time periods and lower levels of data accuracy. Results aim to evolve methods of traditional practise within the financial sector. The research provides original contributions to financial planning literature by examining the potential impact data collection methodologies may have on reducing barriers to accessing financial services in Australia. © 2024 The Authors |
| Keywords | Data collection; Financial planning; Experimental study |
| Related Output | |
| Is part of | Addressing Barriers To Accessing Financial Advice: Identifying Benefits Through Process Improvements |
| Contains Sensitive Content | Does not contain sensitive content |
| ANZSRC Field of Research 2020 | 4605. Data management and data science |
| Public Notes | This article is part of a UniSQ Thesis by publication. See Related Output. |
| Byline Affiliations | University of Southern Queensland |
| Realindex Investments, Australia | |
| Cruz Money, Australia |
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https://research.usq.edu.au/item/z854y/revising-data-collection-methodology-evidence-from-the-australian-financial-sector
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