Understanding consumer's adoption of financial robo‐advisors at the outbreak of the <scp>COVID</scp>‐19 crisis in Malaysia

Gan, Li Yin; Khan, Mohammad Tariqul Islam; Liew, Tze Wei

doi:10.1002/cfp2.1127

Cited by 26 publications

(33 citation statements)

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“…Part of this growth may be attributed to the fact the ease and usefulness of robo-advisors has a positive influence on attitudes towards and adoption of the technology (Belanche et al, 2019). In fact, there is a large body of research that has examined why consumers are willing to adopt robo-advisors (see Hentzen et al, 2021 for a review) across a range of countries including Germany (Seiler and Fanenbruck, 2021), Pakistan (Wang et al, 2021), Malaysia (Gan et al, 2021) and USA (Fan, 2021). However, recent research (Zhang et al, 2021) has suggested consumers prefer human advisers with high expertise over robo-advisors.…”

Section: Introductionmentioning

confidence: 99%

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Man vs machine: how artificial intelligence in banking influences consumer belief in financial advice

Northey

Hunter

Mulcahy

et al. 2022

IJBM

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PurposeThis research set out to examine how financial advice provided by a human advisor (vs robo-advisor) influences investment intentions in a retail banking context.Design/methodology/approachIn two experiments, between-subjects experimental designs were employed to test the primary hypothesis and identify the underlying causal mechanisms that influence consumer investment decisions.FindingsThe results from two experiments indicate consumers have more belief in financial advice provided by a human financial advisor (vs robo-advisor), when the level of involvement is high. The authors also identify customer belief in the information and the customer's perception of the bank's “customer focus” as the causal mechanisms that have downstream effects on investment intentions.Originality/valueThis research is the first to examine how financial advice received from a human advisor (vs robo-advisor) influences investment intentions in a retail banking context. Furthermore, this research identifies high involvement as a key boundary condition moderating the effects on investment intention and identifies consumer belief in the advice, as well as the bank's perceived level of customer focus as the causal mechanisms influencing investment intentions.

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Section: Introductionmentioning

confidence: 99%

“…, 2021 for a review) across a range of countries including Germany (Seiler and Fanenbruck, 2021), Pakistan (Wang et al. , 2021), Malaysia (Gan et al. , 2021) and USA (Fan, 2021).…”

Section: Introductionmentioning

confidence: 99%

Man vs machine: how artificial intelligence in banking influences consumer belief in financial advice

Northey

Hunter

Mulcahy

et al. 2022

IJBM

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“…nature. com/33anbt1) 64 Thiam M.E.B., Liu J., Aston J 2019 Organizational ethics focus—professional ethics is integrated within the banking culture 66 San-Jose L., Cuesta J 2018 Organizational ethics focus—Islamic banks 67 Lenz S., Neckel S 2019 Organizational ethics focus—ethical banks between moral self-commitment and economic expansion 71 Bowers B., Boyd N., Mcgoun E 2020 Sustainability management—banks engaging in green washing for looking better 76 Usher E 2020 Supervision and regulation—principles for Responsible Banking 77 Phuong N.A 2020 Sustainability strategies—bank green banking adoption 78 Diener F., Špa?ek M 2020 Sustainability strategy—sustainable reporting 79 Karkowska R 2019 Sustainability management—concept of sustainable banks—business models 82 Fenwick M., Vermeulen E.P.M 2020 Supervision and regulation—to establish an environment for successful and sustainable “ecosystems”, regulators need to become active participants in these more open forms of business organization 83 Valls Martínez M.C., Martín-Cervantes P.A., Peña Rodríguez S 2021 Sustainability strategy—ethical banking business model 88 Bukhari S.A.A., Hashim F., Amran A …”

Section: Appendix 1: Sample Database - 103 Articlesmentioning

confidence: 99%

Sustainable financial services: reflection and future perspectives

et al. 2022

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Sustainability transformations in global financial services aimed at addressing sustainability-related risks have been long overdue and are critical for the future development of financial services. The call for sustainability transformations in financial services arose out of the Paris Agreement and the UN Sustainable Development Goal agenda. The financial services sector plays an important role in providing sustainable financial services to nudge sustainability practices among firms and consumers around the world. However, efforts for sustainability transformations among financial service providers are still slow, and little research has been documented in this area. So far, no bibliometric analysis has been conducted in this area as well. Therefore, this research undertakes a comprehensive snooping review of extant sustainable financial services research in order to establish a trend of existing financial services sustainability activities to enhance future research possibilities. Our comprehensive review of the Scopus database was guided by the PRISMA protocols, including PRISMA-P and SPAR-4-SLR. Bibliometric and content analysis approaches were also employed as analytical tools within an analytical framework. This study has also employed Microsoft Excel and the VOSviewer tool in conducting performance and science mapping analyses. After article filtering for “sustainability” was conducted, a total of 103 research documents published between 1991 and 2022 were identified as usable samples, which were critically reviewed and analyzed in this study by means of content analysis. Three major themes were investigated, including— sustainable financial products , sustainable financial services delivery , and sustainable financial services marketing strategies . Our findings show a recent growth in academic publications in the area, but also indicate relatively low financial sustainability activities around the world. This research therefore aims to provide present and future innovative insights on sustainable financial services aimed at stimulating more financial institutions, financial service managers, policy makers, and academic researchers to take more action toward greater sustainability development activities in the financial services sector.

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“…It was considered in relation to the technology and the ICT-enabled service provider (Dutot, 2015;Sinha & Mukherjee, 2016). Research by Gan et al (2021) and Lourenco et al (2020) shows that trust in robo-advisory positively influences the intention to take automated financial advice. This factor is particularly relevant for consumers with little investment experience, little amount of savings, and a low level of risk tolerance (Jung et al, 2018).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Demographic and Socio-Economic Factors as Barriers to Robo-Advisory Acceptance in Poland

Piotrowski

2022

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Theoretical background: One manifestation of the use of artificial intelligence technology in financial services is robo-advisory. Automated assistants are used in the area of communication with consumers and the sale of financial products. The development of robo-advisory services may contribute to increasing the availability of financial services and the cost efficiency of banks' operations. So far, however, robo-advisory has not been widely used in bank services, and the reasons for this can be seen in the lack of wide acceptance of robo-advisory by bank customers, among other things. Purpose of the article:The aim of this paper is to identify barriers to the acceptance of robo-advisory in the services of banks operating in Poland. Variables relating to the demographic and socio-economic characteristics of consumers were analysed. Knowledge in this area can provide banks with a practical guideline for activities aimed at increasing acceptance of artificial intelligence technology and wider use of robo-advisory in financial services. Research methods: The paper uses the results of a survey conducted in October 2020 regarding the application of artificial intelligence technology in the banking sector in Poland. The survey included a representative Pobrane z czasopisma Annales H -Oeconomia http://oeconomia.annales.umcs.pl Data: 09/01/2023 06:19:44 U M C S 110 DARIUSZ PIOTROWSKIsample of 911 Polish citizens aged 18-65. A multinomial logit model was employed to identify variables that represent significant barriers to robo-advisory acceptance in financial services. Main findings: The conducted research helped identify the barriers to acceptance of robo-advisory among consumers in Poland. A low propensity to use robo-advisory in bank services is characteristic of respondents from older age groups, as well as those who do not show a predilection for testing new technological solutions. Lack of experience in using investment advisory services and customer concerns about the misuse of personal data by banks are also significant barriers.

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Understanding consumer's adoption of financial robo‐advisors at the outbreak of the COVID‐19 crisis in Malaysia

Cited by 26 publications

References 39 publications

Man vs machine: how artificial intelligence in banking influences consumer belief in financial advice

Man vs machine: how artificial intelligence in banking influences consumer belief in financial advice

Sustainable financial services: reflection and future perspectives

Demographic and Socio-Economic Factors as Barriers to Robo-Advisory Acceptance in Poland

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