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Customer Trust and Satisfaction with Robo-Advisor Technology
Can robo-advisors be trusted? Gaining customer trust in financial technology (Fintech) and artificial intelligence technology in particular can prove to be challenging (Lui & Lamb, 2018a). Robo-advisors are digital tools that are algorithm-based and provide customers with automated financial advice without human intervention (Huang, 2022; Hildebrand & Bergner, 2021). Robo-advisors may or may not use artificial intelligence. Artificial intelligence (AI) is a development in technology that is making processing large amounts of data much more manageable than can be done by a human (Jarek & Mazurek, 2019). The purpose of this sequential explanatory mixed methods study was to examine how customers rate trust and satisfaction with robo-advisor services and to examine the relationship between customer trust and financial services among professionals in the United States who use robo-advisor services. The study was guided by the following research questions: • RQ1: What factors influence customer trust when using a robo-advisor versus a traditional financial advisor? o H1: Institutional reputation positively affects a customer’s trust in robo-advisor services and in human advisor services. o H2: Information quality positively affects a customer’s trust in robo-advisor services and in human advisor services. o H3: Service quality positively affects a customer’s trust in robo-advisor services and in human advisor services. o H4: Attitude toward AI positively affects a customer’s trust in the technologies used by robo-advisors (Cheng et al., 2019, p. 7). • RQ2: What is the trust experience like for customers in the United States who use robo-advisor technology? The phase I quantitative web-based survey distributed through LinkedIn consisted of working professionals across the United States (n=86). Following the quantitative portion of the study, the data collection method for the (n=10) participants was through a phenomenological interview conducted via Zoom. The findings of this study showed a lack of education: that robo-advisors exist; how they operate; and how much AI resides in them. There was found to be overall customer trust in both a traditional advisor and a robo-advisor with reputation of the firm representing a significant positive influence on enabling that trust.
Artificial intelligence|Finance|Robotics|Business administration
Senteio, Stephen M, "Customer Trust and Satisfaction with Robo-Advisor Technology" (2023). Dissertation & Theses Collection. AAI30639555.