Version 1
: Received: 19 August 2024 / Approved: 20 August 2024 / Online: 20 August 2024 (03:46:14 CEST)
How to cite:
Yang, Q.; Lee, Y.-C. Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes through SDL and AIDUA Perspectives. Preprints2024, 2024081399. https://doi.org/10.20944/preprints202408.1399.v1
Yang, Q.; Lee, Y.-C. Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes through SDL and AIDUA Perspectives. Preprints 2024, 2024081399. https://doi.org/10.20944/preprints202408.1399.v1
Yang, Q.; Lee, Y.-C. Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes through SDL and AIDUA Perspectives. Preprints2024, 2024081399. https://doi.org/10.20944/preprints202408.1399.v1
APA Style
Yang, Q., & Lee, Y. C. (2024). Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes through SDL and AIDUA Perspectives. Preprints. https://doi.org/10.20944/preprints202408.1399.v1
Chicago/Turabian Style
Yang, Q. and Young-Chan Lee. 2024 "Enhancing Financial Advisory Services with GenAI: Consumer Perceptions and Attitudes through SDL and AIDUA Perspectives" Preprints. https://doi.org/10.20944/preprints202408.1399.v1
Abstract
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 understanding the specific contributors and differences in consumer attitudes and reactions to GenAI-based financial guidance, particularly in the context of GenAI. 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 consumers' perceived authenticity, their utilitarian attitude towards 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). The model was subsequently employed in a structural equation modeling (SEM) analysis of survey data from 822 mobile banking users. The findings of this study indicate that personalized investment suggestions, human-like empathy, and the continuous improvement of GenAI's recommendations have a positive influence on 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.
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
