Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s Perspective

Umara Noreen, Attayah Shafique (), Zaheer Ahmed and Muhammad Ashfaq
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Umara Noreen: College of Business Administration, Prince Sultan University, Riyadh 11586, Saudi Arabia
Attayah Shafique: Department of Communication and Management Sciences, Pakistan Institute of Engineering and Applied Sciences, Islamabad 45650, Pakistan
Zaheer Ahmed: Faculty of Business Administration, Iqra University, Karachi 75500, Pakistan
Muhammad Ashfaq: Department of Business & Management, IU International University of Applied Sciences, 53604 Bad Honnef, Germany

Sustainability, 2023, vol. 15, issue 4, 1-16

Abstract: The simulation of human intelligence in machines, called Artificial intelligence, has risen, and plays an important role in the new banking era. The present study aims to discuss the consumer’s perspective on artificial intelligence’s adoption in Asian countries. The questionnaire was developed and distributed to collect data from five Asian countries (Pakistan, China, Iran, Saudi Arabia, and Thailand). The total useable responses were 799. The results showed that the factors (awareness, attitude, subjective norms, perceived usefulness, and knowledge of artificial intelligence technology) had a significant and positive relationship with the intention to adopt AI in the banking sector. However, perceived risk shows a negative but significant relationship with the intentions to adopt AI. Overall, the findings of this study will be a worthy insight for making strategic decision-making in the banking industry. This will enable the banking management to build a strategy to increase the trust of consumers, which will help them to overcome risks and give them confidence in using digital technology while making transactions. The banking sector also focuses on innovative AI technologies to improve customer services as well as overall growth by generating more revenue.

Keywords: banking sector; awareness; knowledge of AI technology; consumers (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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