Sophia Sophia tell me more, which is the most risk-free plan of all? AI anthropomorphism and risk aversion in financial decision-making
International Journal of Bank Marketing
ISSN: 0265-2323
Article publication date: 31 May 2022
Issue publication date: 1 September 2022
Abstract
Purpose
This research examines whether anthropomorphizing artificial intelligence (AI) chatbots alters consumers' risk preferences toward financial investment options involving differential risks.
Design/methodology/approach
An experimental approach has been adopted with three studies, all featuring a between-subjects design.
Findings
Through 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/value
Anthropomorphizing 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.
Keywords
Acknowledgements
Funding: The author received no financial support for the research, authorship, and/or publication of this article.
Citation
Cui, Y.(G). (2022), "Sophia Sophia tell me more, which is the most risk-free plan of all? AI anthropomorphism and risk aversion in financial decision-making", International Journal of Bank Marketing, Vol. 40 No. 6, pp. 1133-1158. https://doi.org/10.1108/IJBM-09-2021-0451
Publisher
:Emerald Publishing Limited
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