Attitudes towards artificial intelligence in the area of personal financial planning: a case study of selected countries

Abstract

The financial sector’s focus on simplifying decision-making processes, maximally shortening procedures via cooperation with the fintech industry, robotisation and the use of artificial intelligence are a response to market needs and becoming an important element of how financial service groups compete on the market. The theory of consumer behaviour assumes that consumers have needs that they will hierarchise, and that they will make choices to maximise their own satisfaction. The purpose of the article is to diagnose the sociological and economic determinants underlying consumer satisfaction in terms of planning personal finances using modern technologies. Comparisons of international data were conducted via quantitative analysis of robo-advice using Mann-Whitney U tests, the Chi-square test and Spearman’s rho correlation. The survey results show that the majority of socioeconomic characteristics of households are statistically significant when considering satisfaction with robo-advisory financial services and spending analysis, as well as with artificial intelligence suggesting improvements. This study is a contribution to the literature on consumer behaviour in the modern world.