Recommendation Systems Techniques in Finance’s Perspective: A Conceptual Research

Recommendation systems in general are being studied broadly in the literature. However, RS in finance sector have less attention in the literature than other sectors such as music, movies, advertisements and entertainment. This study explores recommendation systems in finance field that help customers dealing with overload information and choices available online. In addition, such systems can help the service providers by expanding customer access and boosting sales. The technology behind the recommender systems will be discussed including filtering approaches, challenges to the recommendation process, and their solutions. The recommendation system (RS) approach in financial services domain perspective will be examined too. The obstacles of using recommendation systems specific to the financial services domain will be investigated. The study summarizes the advantages and disadvantages of RS in financial domain focusing on previous studies that discuss the field of finance with regards to RS. It can be used as a guidance of using recommendation systems for the financial services domain such as banks and financial organizations.