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Robo-advisor based on unified theory of acceptance and use of technology

Hui-Chung Yeh (Department of Business Administration, National Kaohsiung University of Science and Technology, Kaohsiung, Taiwan)
Min-Chun Yu (Department of Business Administration, National Kaohsiung University of Science and Technology, Kaohsiung, Taiwan)
Chih-Hsing Liu (Department of Tourism Management, National Kaohsiung University of Science and Technology, Kaohsiung, Taiwan)
Chia-I Huang (Department of Finance, National Sun Yat-sen University, Kaohsiung, Taiwan)

Asia Pacific Journal of Marketing and Logistics

ISSN: 1355-5855

Article publication date: 14 June 2022

Issue publication date: 4 April 2023

2269

Abstract

Purpose

Following the advancement of financial technology (FinTech) in modern society to assist investment decisions, robo-advisers had become widely used in mean-variance analyses to allow investors to formulate efficiently diversified investment portfolios. However, the concept of robo-advisers is new, and few studies have addressed issues related to them. To help readers to better understand robo-advisor adoption by a wide range of potential customers, this study explores integrated models of the attitudes (ATT) and behavioural intentions (BI) of users towards robo-advisors.

Design/methodology/approach

A survey was used to gather data to determine how the unified theory of acceptance and use of technology (UTAUT) applies to robo-advisors. A total of 242 valid questionnaires were collected.

Findings

The results of our study show that performance expectations (PE), effort expectancy (EE), and social influences (SI) may have indirect influences on robo-advisor behavioural intention (BI) through attitudes. Furthermore, behavioural intention was also positively influenced by facilitating conditions (FC). Moreover, the investment to income ratio (IIR) moderated the relationship between the PE, EE, and SI influence on ATT. Additionally, experience is found to positively strengthen the relationship between EE and SI on ATT, and it moderated the relationship between FC and BI.

Originality/value

This research is expected to expand the use of UTAUT to tools in the field of financial investments and help financial sectors formulate suitable marketing strategies.

Keywords

Citation

Yeh, H.-C., Yu, M.-C., Liu, C.-H. and Huang, C.-I. (2023), "Robo-advisor based on unified theory of acceptance and use of technology", Asia Pacific Journal of Marketing and Logistics, Vol. 35 No. 4, pp. 962-979. https://doi.org/10.1108/APJML-07-2021-0493

Publisher

:

Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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