Man vs machine: how artificial intelligence in banking influences consumer belief in financial advice
International Journal of Bank Marketing
ISSN: 0265-2323
Article publication date: 17 May 2022
Issue publication date: 1 September 2022
Abstract
Purpose
This 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/approach
In two experiments, between-subjects experimental designs were employed to test the primary hypothesis and identify the underlying causal mechanisms that influence consumer investment decisions.
Findings
The 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/value
This 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.
Keywords
Citation
Northey, G., Hunter, V., Mulcahy, R., Choong, K. and Mehmet, M. (2022), "Man vs machine: how artificial intelligence in banking influences consumer belief in financial advice", International Journal of Bank Marketing, Vol. 40 No. 6, pp. 1182-1199. https://doi.org/10.1108/IJBM-09-2021-0439
Publisher
:Emerald Publishing Limited
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