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As an alternative to hiring financial specialists or investment consultants, robo-advisors offer financially automated investment services. This study aims to investigate how robo-advisors' service attributes, risk attitude and financial self-efficacy influence customers' choice preferences of adopting robo-advisors.

Two hundred fifty-one online surveys were used to collect data, and choice-based conjoint analysis was conducted.

Results show that increasing annual fees negatively impact customers' choice preferences. Promotion, general investment education and additional human assistance have a positive impact. Furthermore, risk-seeking and risk-averse customers require more human assistance than risk-neutral customer and customers with high levels of financial self-efficacy prefer more general investment education and additional human assistance than those with lower levels. In addition, customers in the older age group prefer promotion, general investment education and additional human assistance, while wealthy customers prefer lower annual fees, higher general investment education and more additional human assistance compared to middle-class and low-income groups.

This study contributes to robo-advisor providers to provide appropriate service attributes for each customer group.

The purpose of this study is to propose a synthetic post-adoption model based on the expectation-confirmation model (ECM) and flow theory to examine whether the fit factor, network factors and psychological factors as antecedents to end-users’ beliefs can affect their continuance intention of the robo-advisor.

This study used the research model based on ECM and flow theory to examine the effects of the fit factor, network factors and psychological factors on end-users’ beliefs and continuance intention of the robo-advisor. Sample data were collected from end-users at three financial services companies in Taiwan. A total of 450 questionnaires were distributed and 360 (80.0%) usable questionnaires were analyzed using structural equation modeling.

This study proposes a solid research model that based on ECM and flow theory, three types of factors, namely, fit factor, network factors and psychological factors, as antecedents to end-users’ continuance intention of the robo-advisor have been examined and this study’s results strongly support the research model with all hypothesized links being significant.

It is particularly worth mentioning that a synthetic post-adoption model can be proposed in this study by introducing the fit factor extracted from task-technology fit model, network factors originated from the theory of network externalities and psychological factors derived from uses and gratifications theory as antecedents to perceived usefulness, confirmation, satisfaction and continuance intention referred in ECM and flow experience derived from flow theory. Thus, this study’s research model and findings can reveal deep insights into the evaluation of determinants in the field of end-users’ continuance intention of the robo-advisor.

This study's purpose is to propose an integrated post-adoption model based on expectation-confirmation model (ECM) and cognitive absorption (CA) theory to examine whether network factors, gamification factor, and quality factors as antecedents to end-users' beliefs can affect their continuance intention of the robo-advisor.

A total of 600 questionnaires were distributed in three sample banks in Taiwan, and sample data for this study were collected from these three banks' customers who had experience in using these banks' own robo-advisor to make their investment decisions. Consequently, 381 useable questionnaires were analyzed using structural equation modeling in this study, with a useable response rate of 63.5%.

This study proposes a solid research model that based on ECM and CA theory, three types of factors, network factors, gamification factor, and quality factors, as antecedents to end-users’ continuance intention of the robo-advisor have been examined, and this study's results strongly support the research model with all hypothesized links being significant.

This study contributes to end-users' continuance intention of the robo-advisor based on ECM, CA theory, theory of network externalities, gamification, and updated DeLone and McLean IS success model, and reveals deep insights into the evaluation of determinants in the field of end-users' continuance intention of the robo-advisor. Hence, it is especially worth mentioning that three types of determinants (i.e. network factors, gamification factor, and quality factors) are simultaneously evaluated, and extrinsic and intrinsic motivators are both taken into account in this study's research model development of end-users' continuance intention of the robo-advisor to acquire a more all-round and robust analysis.

Financial services industry is increasingly showing interest in automated financial advisors, or robo-advisors, with the aim of democratizing access to financial advice and stimulating investment behavior among populations that were previously less active and less served. However, the extent to which consumers trust this technology influences the adoption of rob-advisors. The resemblance to a human, or anthropomorphism, can provide a sense of social presence and increase trust.

In this paper, we conduct an experiment (N = 223) to test the effect of anthropomorphism (low vs medium vs high) and gender (male vs female) of the robo-advisor on social presence. This perception, in turn, enables consumers to evaluate personality characteristics of the robo-advisor, such as competence, warmth, and persuasiveness, all of which are related to trust in the robo-advisor. We separately conduct an experimental study (N = 206) testing the effect of gender neutrality on consumer responses to robo-advisory anthropomorphism.

Our results show that consumers prefer human-alike robo-advisors over machinelike or humanoid robo-advisors. This preference is only observed for male robo-advisors and is explained by perceived competence and perceived persuasiveness. Furthermore, highlighting gender neutrality undermines the positive effect of robo-advisor anthropomorphism on trust.

We contribute to the body of knowledge on robo-advisor design by showing the effect of robot’s anthropomorphism and gender on consumer perceptions and trust. Consequently, we offer insightful recommendations to promote the adoption of robo-advisory services in the financial sector.

This study aims to investigate the differences in consumers’ perceptions of trust, performance expectancy and intention to hire between human financial advisors with high/low expertise and robo-advisors.

Three experiments were conducted. The respondents were randomly assigned to human advisors with high/low expertise or a robo-advisor. Data were analyzed using MANCOVA.

The results suggest that consumers prefer human financial advisors with high expertise to robo-advisors. There are no significant differences between robo-advisors and novice financial advisors regarding performance expectancy and intention to hire.

This pioneering study extends the self-service technology adoption theory to examine adoption of robo-advisors vs human financial advisors with different expertise levels. To the best of the authors’ knowledge, it is among the first studies to address multi-dimensionality of trust in the context of artificial intelligence-based self-service technologies.

This paper aims to investigate investors' willingness to use robo-advisors from customers' perspectives and analyzes the factors that drive them to use robo-advisors, including perceived usefulness and emotional response.

The authors extend the Cognition-Affect-Conation (CAC) framework to the behavioral domain of robo-advisor users on financial technology platforms and conduct an empirical study based on 248 valid questionnaires.

The authors find two types of factors driving the willingness to use robo-advisors: perceived usefulness, trust and perceived risk as external driving forces and investor sentiment as an internal driving force. Trust has a significant positive effect on willingness to use, and arousal in emotional response plays a mediating role between perceived usefulness and willingness to use.

This research provides valuable insights for financial institutions to engage in robo-advisor innovation from customers' perspectives.

The automation of services is rapidly growing, led by sectors such as banking and financial investment. The growing number of investments managed by artificial intelligence (AI) suggests that this technology-based service will become increasingly popular. This study examines how customers' technology readiness and service awareness affect their intention to use analytical AI investment services.

Hypotheses were tested with a data set of 404 North American-based potential customers of robo-advisors. In addition to technology readiness dimensions, the potential customers' characteristics were included in the framework as moderating factors (age, gender and previous experience with financial investment services). A post-hoc analysis examined the roles of service awareness and the financial advisor's name (i.e., robo-advisor vs. AI-advisor).

The results indicated that customers' technological optimism increases, and insecurity decreases, their intention to use robo-advisors. Surprisingly, feelings of technological discomfort positively influenced robo-advisor adoption. This interesting finding challenges previous insights into technology adoption and value co-creation as analytical AI puts customers into a very passive role and reduces barriers to technology adoption. The research also analyzes how consumers become aware of robo-advisors, and how this influences their acceptance.

This is the first study to analyze the role of customers' technology readiness in the adoption of analytical AI. The authors link the findings to previous technology adoption and automated services' literature and provide specific managerial implications and avenues for further research.

Under the pressure of dynamic business environments, firms in the banking and finance industry are gradually embracing Fintech, such as robo-advisors, as part of their digital transformation process. While robo-advisory services are expected to witness lucrative growth, challenges persist in the current landscape where most consumers are unready to adopt and even resist the new service. The study aims to investigate resistance to robo-advisors through the privacy and justice perspective. The human-like attributes are modeled as the antecedents to perceived justice, followed by the subsequent outcomes of privacy concerns, perceived intrusiveness and resistance.

An online survey was conducted to gather consumer responses about their perceptions of robo-advisors. Two hundred valid questionnaires were collected and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM).

The results revealed that (1) perceived anthropomorphism and perceived autonomy are the positive determinants of perceived justice, (2) perceived justice negatively impacts privacy concerns and perceived intrusiveness and (3) privacy concerns and perceived intrusiveness positively influence resistance to robo-advisors.

The present study contributes to robo-advisory service research by applying a privacy and justice perspective to explain consumer resistance to robo-advisors, thereby complementing past studies that focused on the technology acceptance paradigm. The study also offers practical implications for mitigating resistance to robo-advisors.

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.

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.

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.

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.

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.

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.

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.

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.

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.