Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes through Service-Dominant Logic and Artificial Intelligence Device Use Acceptance Perspectives

Abstract

Financial institutions are currently undergoing a significant shift from traditional robo-advisors to more advanced generative artificial intelligence (GenAI) technologies. This transformation has motivated us to investigate the factors influencing consumer responses to GenAI-driven financial advice. Despite extensive research on the adoption of robo-advisors, there is a gap in our understanding of the specific contributors to, and differences in, consumer attitudes and reactions to GenAI-based financial guidance. This study aims to address this gap by analyzing the impact of personalized investment suggestions, human-like empathy, and the continuous improvement of GenAI-provided financial advice on its authenticity as perceived by consumers, their utilitarian attitude toward the use of GenAI for financial advice, and their reactions to GenAI-generated financial suggestions. A comprehensive research model was developed based on service-dominant logic (SDL) and Artificial Intelligence Device Use Acceptance (AIDUA) frameworks. The model was subsequently employed in a structural equation modeling (SEM) analysis of survey data from 822 mobile banking users. The findings indicate that personalized investment suggestions, human-like empathy, and the continuous improvement of GenAI’s recommendations positively influence consumers’ perception of its authenticity. Moreover, we discovered a positive correlation between utilitarian attitudes and perceived authenticity, which ultimately influences consumers’ responses to GenAI’s financial advisory solutions. This is manifested as either a willingness to engage or resistance to communication. This study contributes to the research on GenAI-powered financial services and underscores the significance of integrating GenAI financial guidance into the routine operations of financial institutions. Our work builds upon previous research on robo-advisors, offering practical insights for financial institutions seeking to leverage GenAI-driven technologies to enhance their services and customer experiences.