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Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes Through Service-Dominant Logic and Artificial Intelligence Device Use Acceptance Perspectives

Author

Listed:
  • Qin Yang

    (Department of Information Management, College of Global Social Management, Dongguk University, Gyeongju 38066, Republic of Korea)

  • Young-Chan Lee

    (Department of Information Management, College of Global Social Management, Dongguk University, Gyeongju 38066, Republic of Korea)

Abstract
Financial institutions are currently undergoing a significant shift from traditional robo-advisors to more advanced generative artificial intelligence (GenAI) technologies. This transformation has motivated us to investigate the factors influencing consumer responses to GenAI-driven financial advice. Despite extensive research on the adoption of robo-advisors, there is a gap in our understanding of the specific contributors to, and differences in, consumer attitudes and reactions to GenAI-based financial guidance. This study aims to address this gap by analyzing the impact of personalized investment suggestions, human-like empathy, and the continuous improvement of GenAI-provided financial advice on its authenticity as perceived by consumers, their utilitarian attitude toward the use of GenAI for financial advice, and their reactions to GenAI-generated financial suggestions. A comprehensive research model was developed based on service-dominant logic (SDL) and Artificial Intelligence Device Use Acceptance (AIDUA) frameworks. The model was subsequently employed in a structural equation modeling (SEM) analysis of survey data from 822 mobile banking users. The findings indicate that personalized investment suggestions, human-like empathy, and the continuous improvement of GenAI’s recommendations positively influence consumers’ perception of its authenticity. Moreover, we discovered a positive correlation between utilitarian attitudes and perceived authenticity, which ultimately influences consumers’ responses to GenAI’s financial advisory solutions. This is manifested as either a willingness to engage or resistance to communication. This study contributes to the research on GenAI-powered financial services and underscores the significance of integrating GenAI financial guidance into the routine operations of financial institutions. Our work builds upon previous research on robo-advisors, offering practical insights for financial institutions seeking to leverage GenAI-driven technologies to enhance their services and customer experiences.

Suggested Citation

  • Qin Yang & Young-Chan Lee, 2024. "Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes Through Service-Dominant Logic and Artificial Intelligence Device Use Acceptance Perspectives," JRFM, MDPI, vol. 17(10), pages 1-25, October.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:10:p:470-:d:1500825
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    References listed on IDEAS

    as
    1. Kim, Juran & Kang, Seungmook & Bae, Joonheui, 2022. "Human likeness and attachment effect on the perceived interactivity of AI speakers," Journal of Business Research, Elsevier, vol. 144(C), pages 797-804.
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