Guest editorial: Artificial intelligence in financial services marketing

Mogaji, Emmanuel; Farquhar, Jillian Dawes; Esch, Patrick van; Durodié, Clara; Perez‐Vega, Rodrigo

doi:10.1108/ijbm-09-2022-617

Cited by 18 publications

(21 citation statements)

References 16 publications

(27 reference statements)

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“…AI has been utilised in a wide range of industries such as Healthcare, Bioscience, Education and Finance (Business Insider, 2017). Although the scholarly examination of AI in service provision is growing through the understanding of how AI should be designed (Blut et al, 2021), its perceived acceptability (Nadarzynski et al, 2019;Ostrom et al, 2019) and customer's trust in the technology (Arnold et al, 2019;Gillath et al, 2021;Glikson and Woolley, 2020;Toreini et al, 2020), the impact of AI service provision in financial services is limited (Mogaji et al, 2022). The lack of studies of AI in financial service provision is an important gap in the current understanding of AI, as a recent McKinsey AI survey reports nearly 60% of financial service companies have embedded at least one AI technology in their organisation (Biswas et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

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Feeling the love? How consumer's political ideology shapes responses to AI financial service delivery

Riedel

Mulcahy

Northey

2022

IJBM

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PurposeThis paper aims, first, to examine artificial intelligence (AI) vs human delivery of financial advice; second, to examine the serial mediating roles of emotion and trust between AI use in the financial service industry and their impact upon marketing outcomes including word of mouth (WOM) and brand attitude; and third, to examine how political ideology moderates' consumers' reactions to AI financial service delivery.Design/methodology/approachA review of the extant literature is conducted, yielding seven hypotheses underpinned by affect-as-information theory. The hypotheses are tested via three online scenario-based experiments (n = 801) using Process Macro.FindingsThe results of the three experiments reveal consumers experience lower levels of positive emotions, specifically, affection, when financial advice is provided by AI in comparison to human employees. Secondly, across the three experiments, conservative consumers are shown to perceive somewhat similar levels of affection in financial advice provided by AI and human employees. Whereas liberal consumers perceive significantly lower levels of affection when serviced by AI in comparison to conservatives and human employee financial advice. Thirdly, results reveal affection and trust to be serial mediators which explain consumers' WOM and brand attitudes when financial services are provided by AI. Fourthly, the investment type plays an important role in consumers’ reactions to the use of AI.Originality/valueTo the best of the authors’ knowledge, this research is one of the first to study political ideology as a potential moderator of consumers’ responses to AI in financial services, providing novel contributions to the literature. It further contributes unique insights by examining emotional responses to AI and human financial advice for different amounts and types of investments using a comprehensive approach of examining both valence and discrete emotions to identify affection as a key explanatory emotion. The study further sheds insights relating to how emotions (affection) and trust mediate the relationship between AI and WOM, and brand attitudes, demonstrating an affect-attitude psychological sequence that explains consumers’ reactions to AI in financial services.

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Section: Introductionmentioning

confidence: 99%

“…, 2021; Glikson and Woolley, 2020; Toreini et al. , 2020), the impact of AI service provision in financial services is limited (Mogaji et al. , 2022).…”

Section: Introductionmentioning

confidence: 99%

Feeling the love? How consumer's political ideology shapes responses to AI financial service delivery

Riedel

Mulcahy

Northey

2022

IJBM

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“…For example, unlike the traditional banking model, AI algorithms can track users' financial patterns and quickly resolve their daily financial needs. AI gateways in banking support a user's independence in banking choices and deliver a better, personalised banking experience (Mogaji and Nguyen, 2022).…”

Section: Introductionmentioning

confidence: 99%

“…, 2022). As Mogaji and Nguyen (2022) discussed, managers are expected to encourage AI-mediated banking services although little emphasis is being given to ongoing challenges. Similarly, Abdulquadri et al.…”

Section: Introductionmentioning

confidence: 99%

AI-driven banking services: the next frontier for a personalised experience in the emerging market

Sheth

Jain

Roy

et al. 2022

IJBM

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PurposeArtificial intelligence (AI) is used by banking services primarily to automate systems; however, this ecosystem does not work in emerging markets because human intervention is needed, and there are concerns related to infrastructure. There is plenty of research on AI-mediated banking services, but the existing discussions are cumbersome, and studies on AI's service features in banking for emerging markets are limited. Furthermore, the ongoing discussions are centred on developed markets where automation in banking services is noteworthy and accepted. Through this paper, the authors emphasise the relevance of AI mediation in emerging markets and the possible role of strategising AI in banking services for personalised experiences.Design/methodology/approachThe authors' article followed an exploratory, inductive approach through in-depth interviews and thematic analysis. In total, 36 financial experts were interviewed, and the relevant perspectives were analysed to develop the research process and framework for a personalised banking experience.FindingsThe authors' paper introduced five key themes and presented those themes accordingly. The first theme details the importance of AI-mediated banking and the skills necessary for operational capacity. The second theme is on the relevance of AI-mediated banking awareness amongst users. The third is about channelling the importance of AI-driven interfaces through managers and employees. Fourth, the authors emphasised the relevance of human intervention due to users' demographic patterns. The fifth theme led to a discussion on personalised AI-mediated banking services.Research limitations/implicationsThe authors recommend that managers understand the relevance of quality service amongst users. The authors' paper discusses the relevance of AI and human intervention in banking services; however, the process for seamless, personalised banking experiences is not provided. Thus, this paper encourages managers to build a banking ecosystem that delivers a seamless banking experience through AI.Originality/valueThe authors' paper highlights the importance of human intervention in AI-driven banking by introducing personalised service experience elements and highlighting the role of customer experience in AI-driven banking services in emerging markets.

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“…advanced social learning robots Sophia ), and medical robots (e.g. diagnostics robots [ Covera Health and PathAI ], and personal health guidance robots [ Well ]), the anthropomorphism of AI has permeated not only our daily tasks, but also the financial operations within organizations (Ghazwani et al ., 2022; Mogaji et al ., 2022). AI, defined as a system that is able to learn, organize and re-structure, and form predictions and make decisions based on data (Cui et al ., 2021), is becoming increasingly prevalent in consumers' financial decision-making.…”

Section: Introductionmentioning

confidence: 99%

Sophia Sophia tell me more, which is the most risk-free plan of all? AI anthropomorphism and risk aversion in financial decision-making

Cui

2022

IJBM

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PurposeThis research examines whether anthropomorphizing artificial intelligence (AI) chatbots alters consumers' risk preferences toward financial investment options involving differential risks.Design/methodology/approachAn experimental approach has been adopted with three studies, all featuring a between-subjects design.FindingsThrough three studies, the findings document that, in a financial decision-making context, anthropomorphizing AI leads to significantly greater risk aversion in investment decision-making (Study 1). This occurs because AI-enabled chatbot anthropomorphization activates greater psychological risk attachment, which enacts consumers to manifest stronger risk aversion tendency (Studies 2 and 3).Originality/valueAnthropomorphizing AI has undeniable relevance in the contemporary marketing landscape, such as humanoid robotics and emotion AI algorithms. Despite of anthropomorphism's significance and relevance, the downstream impact of anthropomorphism remains unfortunately underexplored.

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Guest editorial: Artificial intelligence in financial services marketing

Cited by 18 publications

References 16 publications

Feeling the love? How consumer's political ideology shapes responses to AI financial service delivery

Feeling the love? How consumer's political ideology shapes responses to AI financial service delivery

AI-driven banking services: the next frontier for a personalised experience in the emerging market

Sophia Sophia tell me more, which is the most risk-free plan of all? AI anthropomorphism and risk aversion in financial decision-making

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