Adoption of artificial intelligence in financial services: The case of robo-advisors in India

Abstract

Robo-advisors are still in their nascent stages of use, and this technology has yet to find wider acceptance with investors. Our study extends the domain of technology acceptance to robo-advisors by identifying the drivers of investor adoption. Investment decisions carry high risks; thus, there is a greater need to understand investor behaviour to adopt robo-advisors. Trust, anxiety, performance expectancy, and preference for human advisors are used as variables to predict investors’ intentions. PLS-SEM is employed to examine the data with a sample size of 445 investors. Results suggest that all these variables play a significant role in determining the behavioural intention of investors towards the adoption of robo-advisors.

Keywords

• Artificial intelligence
• Robo-advisors
• Adoption
• TAM
• UTAUT