Who uses robo‐advising and how?

Using propriety data from a large Indian robo‐advisory firm, we show that users of robo‐advisory services are relatively young, predominantly male, married, small investors, and professionals. We show that the majority of small retail investors utilize a systematic investment plan (SIP). Additionally, we document that there are differences in demographic characteristics, occupation, and geographic location of investors in utilizing SIP versus one‐time lump sum investments. Furthermore, we find that daily user account creation increases during periods of high market volatility.