Consumer Acceptance and Adoption of AI Robo-Advisors in Fintech Industry

Asrar Ahmed Sabir (), Iftikhar Ahmad, Hassan Ahmad, Muhammad Rafiq, Muhammad Asghar Khan and Neelum Noreen
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Asrar Ahmed Sabir: Division of Management & Administrative Science, UE Business School (UEBS), University of Education, Lahore 54770, Pakistan
Iftikhar Ahmad: Faculty of Computing and Information Technology, King Abdulaziz University, Jeddah 21589, Saudi Arabia
Hassan Ahmad: Business School, Liaoning University, Shenyang 110000, China
Muhammad Rafiq: Graduate Business School, UCSI University, Kuala Lumpur 56000, Malaysia
Muhammad Asghar Khan: Department of Electrical Engineering, Hamdard Institute of Engineering and Technology, Hamdard University, Islamabad 44000, Pakistan
Neelum Noreen: Department of Information Technology, School of Science and Engineering, Malaysia University of Science and Technology, Petaling Jaya 47810, Malaysia

Mathematics, 2023, vol. 11, issue 6, 1-24

Abstract: Artificial intelligence (AI) has provided significant help in many fields of life. This study proposed a framework that helped in understanding customers’ attitudes about the adoption of Robo-advisors. The role of the Technology Readiness Index moderated as one of the primary relationships. A total of 208 potential users of Robo-advisor services provided the data that confirmed the validity of the model. This model provided the input for structural equation modeling and analysis of the study hypotheses. The results indicated that consumers showed positive attitudes about Robo-advisor services, with the moderating effect of Technology Readiness Index dimensions, namely, contributors and inhibitors. Perceived ease of use, perceived usefulness, and perceived convenience influenced consumers in developing positive attitudes about this service. Financial businesses can design better AI Robo-advisor services to fulfill the requirements of a wide range of consumers. This proposed framework contributes to the consumers’ understanding of behavioral intentions for the use of Robo-advisors in FinTech.

Keywords: consumer adoption; Robo-advisor; technology readiness; technology acceptance; innovation; TAM model (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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