Dopad digitalizace investičních platforem na retailové investory v zemích EU v letech 2012-2024

This thesis analyzes the impact of the digitalization of investment platforms on the behavior of retail investors in selected European Union countries during the period 2012-2024. The aim of the analysis is to determine the extent to which technological transformation and digital adoption influence household investment dynamics, even when taking into account common economic factors. The theoretical part defines the mechanisms of digital platforms, specifically the influence of gamification and choice architecture on investment decision-making, and contextualizes them within the European Union regulatory framework. The empirical part employs panel regression with fixed effects and robust inference on data from Germany, France, Spain, Austria, and Finland. The results demonstrate that while digitalization proxies such as higher internet banking penetration may contribute positively to investment activity by lowering transaction barriers, household decision-making remains determined by inflation and primarily by the savings rate. The analysis also shows that the regulatory shock associated with the implementation of the PSD2 and MiFID II directives represented only a temporary frictional cost with no statistically significant negative impact on capital movements. The contribution of the thesis lies in the finding that digitalization acts as an effective tool for market accessibility without altering the fundamental economic logic of investor behavior, which continues to respond primarily to yield and risk even in the digital environment.