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

Daniel Belanche (Department of Marketing Management and Marketing Research, University of Zaragoza, Zaragoza, Spain)
Luis V. Casaló (Department of Marketing Management and Marketing Research, University of Zaragoza, Zaragoza, Spain)
Carlos Flavián (Department of Marketing Management and Marketing Research, University of Zaragoza, Zaragoza, Spain)

Industrial Management & Data Systems

ISSN: 0263-5577

Article publication date: 7 June 2019

Issue publication date: 18 September 2019

Abstract

Purpose

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.

Keywords

Citation

Belanche, D., Casaló, L.V. and Flavián, C. (2019), "Artificial Intelligence in FinTech: understanding robo-advisors adoption among customers", Industrial Management & Data Systems, Vol. 119 No. 7, pp. 1411-1430. https://doi.org/10.1108/IMDS-08-2018-0368

Publisher

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Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited