Daria Plotkina, Hava Orkut and Meral Ahu Karageyim
Financial services industry is increasingly showing interest in automated financial advisors, or robo-advisors, with the aim of democratizing access to financial advice and…
Abstract
Purpose
Financial services industry is increasingly showing interest in automated financial advisors, or robo-advisors, with the aim of democratizing access to financial advice and stimulating investment behavior among populations that were previously less active and less served. However, the extent to which consumers trust this technology influences the adoption of rob-advisors. The resemblance to a human, or anthropomorphism, can provide a sense of social presence and increase trust.
Design/methodology/approach
In this paper, we conduct an experiment (N = 223) to test the effect of anthropomorphism (low vs medium vs high) and gender (male vs female) of the robo-advisor on social presence. This perception, in turn, enables consumers to evaluate personality characteristics of the robo-advisor, such as competence, warmth, and persuasiveness, all of which are related to trust in the robo-advisor. We separately conduct an experimental study (N = 206) testing the effect of gender neutrality on consumer responses to robo-advisory anthropomorphism.
Findings
Our results show that consumers prefer human-alike robo-advisors over machinelike or humanoid robo-advisors. This preference is only observed for male robo-advisors and is explained by perceived competence and perceived persuasiveness. Furthermore, highlighting gender neutrality undermines the positive effect of robo-advisor anthropomorphism on trust.
Originality/value
We contribute to the body of knowledge on robo-advisor design by showing the effect of robot’s anthropomorphism and gender on consumer perceptions and trust. Consequently, we offer insightful recommendations to promote the adoption of robo-advisory services in the financial sector.
Details
Keywords
Meral Ahu Karageyim and Serdar S. Durmusoglu
This exploratory research, designed with a grounded theory method, was conducted to reveal the current relationship marketing challenges and strategies in retail banking in an…
Abstract
Purpose
This exploratory research, designed with a grounded theory method, was conducted to reveal the current relationship marketing challenges and strategies in retail banking in an emerging economy, namely, Türkiye.
Design/methodology/approach
The data were collected through semi-structured interviews with 25 bankers and then analyzed with a qualitative approach.
Findings
The research findings highlight four main challenges for relationship marketing in retail banking industry: omnichannel approach powered by digital transformation, artificial intelligence, new customer experience, and the expansion of financial services ecosystem.
Originality/value
Our research identifies new challenges in the field of relationship marketing, especially regarding strategies in the post Covid-19 pandemic era, specifically from the bank employees’ points-of-view.