My new financial companion! non-linear understanding of Robo-advisory service acceptance

ABSTRACT

Robo-advisory services are gaining traction and could usher in the next cycle of disruptive change in the financial services industry. Yet, many are reticent to embrace this service innovation for their wealth management. This study probes this phenomenon by examining the interplay among technology characteristics (i.e. performance expectancy, effort expectancy, and perceived security), human-like characteristics (i.e. perceived autonomy, perceived intelligence, and perceived anthropomorphism), and consumer characteristics (i.e. financial literacy and affinity for technology interaction) to explain the acceptance of robo-advisory services. For this purpose, a fuzzy set qualitative comparative analysis and an artificial neural network analysis were performed to uncover the interdependency and complexity of the proposed variables, based on 375 responses collected through a large consumer panel survey in China. The findings revealed the presence of six configurations conducive for high acceptance of robo-advisory services, with perceived anthropomorphism and a combination of perceived effort expectancy and perceived security identified as core conditions. Moreover, according to the artificial neural network analysis, perceived intelligence is the most important determinant of robo-advisory service acceptance. This study challenges the conventional linear and symmetric perspective adopted in prior research.

摘要

智能投资顾问服务获得了越来越多的关注，金融服务业或将在此影响下迎来下轮颠覆性改革。然而，很多人对于这种创新性财富管理方式还持有保留态度。为了探究这一现象，本文通过研究技术特征（即绩效预期、努力预期和感知安全）、类人特征（即感知自主性、感知智能和感知拟人化）和消费者特征（即金融知识和技术互动的亲和力）之间的相互作用来解释大众对智能投资顾问服务的接受程度。鉴于此，对中国消费者进行了在线问卷调查，共收到375份有效答卷，在此基础上完成模糊集定性比较分析和人工神经网络分析，以揭示所提变量的相互依赖性和复杂性。研究表明，共存在六种有利于智能投资顾问服务被高度接受的配置，其中感知拟人化、感知努力期望值与感知安全的组合为核心配置。此外，人工神经网络的分析表明，感知智能是决定智能投资顾问服务接受度的最重要的因素。本文在以往研究中采用的传统的线性和对称的视角上有所创新。

KEYWORDS:

• Robo-advisors
• fintech
• technology adoption
• artificial intelligence
• fsQCA
• UTAUT

关键词:

• 智能投资顾问
• 金融科技
• 技术应用
• 人工智能
• 模糊集定性比较分析方法
• 技术接受和使用统一理论

Disclosure statement

No potential conflict of interest was reported by the author(s).