The financial sector is undergoing a significant transformation due to the convergence of technological advancements and the ever-increasing importance of financial services. This trend has led to the adoption of disruptive technologies, such as Artificial Intelligence (AI), to enhance service delivery and address critical needs. Despite the potential benefits, research on the acceptance of AI within the financial sector remains limited. This study proposes an innovative and comprehensive theoretical model that combines UTAUT2 and TAM models, with an intention to recommend AI construct and two understudied moderators in literature, namely awareness and familiarity, offering valuable insights into factors influencing adoption and intention to recommend the technology. This model was empirically tested using structural equation modelling (SEM) with data from multiple countries. The results suggest that perceived usefulness, perceived ease of use, and perceived trust significantly influence user attitudes. Hedonic motivation and social influence emerged as key determinants of intention to adopt AI in the financial sector. The study also found that awareness significantly moderated the relationship between intention to adopt and intention to recommend. This research contributes to the yet understudied body of knowledge on AI adoption in the financial sector. The findings provide valuable insights for financial institutions seeking to effectively implement AI solutions and enhance user acceptance within the sector.
Date of Award | 11 Jul 2024 |
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Original language | English |
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Awarding Institution | - Universidade Católica Portuguesa
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Supervisor | Gonçalo da Costa Aleixo Monteiro Melhorado Baptista (Supervisor) |
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- Artificial intelligence
- Financial sector
- Adoption
- FinTech
Artificial intelligence: understanding the determinants of adoption and intention to recommend the technology in the financial sector
Duarte, L. V. L. (Student). 11 Jul 2024
Student thesis: Master's Thesis