"Artificial Intelligence in FinTech: understanding robo-advisors adoption among customers"

by Belanche, Daniel; Casaló, Luis V; Flavián, Carlos (2019)

Abstract

Considering the increasing impact of Artificial Intelligence (AI) on financial technology (FinTech), the purpose of this paper is to propose a research framework to better understand robo-advisor adoption by a wide range of potential customers. It also predicts that personal and sociodemographic variables (familiarity with robots, age, gender and country) moderate the main relationships.Design/methodology/approach Data from a web survey of 765 North American, British and Portuguese potential users of robo-advisor services confirm the validity of the measurement scales and provide the input for structural equation modeling and multisample analyses of the hypotheses.Findings Consumers’ attitudes toward robo-advisors, together with mass media and interpersonal subjective norms, are found to be the key determinants of adoption. The influences of perceived usefulness and attitude are slightly higher for users with a higher level of familiarity with robots; in turn, subjective norms are significantly more relevant for users with a lower familiarity and for customers from Anglo-Saxon countries.Practical implications Banks and other firms in the finance industry should design robo-advisors to be used by a wide spectrum of consumers. Marketing tactics applied should consider the customer’s level of familiarity with robots.Originality/value This research identifies the key drivers of robo-advisor adoption and the moderating effect of personal and sociodemographic variables. It contributes to understanding consumers’ perceptions regarding the introduction of AI in FinTech.

Links to Reference

• https://doi.org/10.1108/IMDS-08-2018-0368
• http://dx.doi.org/10.1108/IMDS-08-2018-0368
• https://www.emerald.com/insight/content/doi/10.1108/IMDS-08-2018-0368/full/html?casa_token=gtu-9XvEE80AAAAA:5Wzg2YVQm8076QvN0Sd5T4X197D6RthXqAQaP_cssO1ABk6RWcuLmFwuztA9x2W5bGmrAUHDjBhK3eUc7pIFf3QlL8SIyV6zFRzU7r4lSAT0L_6upOf2

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