Artificial Intelligence Adoption in Financial Services: A Study of Consumer Preferences

Strategic Insights -

Current research has revealed that consumers are reluctant to adopt artificial intelligence (AI) technology in financial services, citing concerns about the intermediary psychological mechanism of adoption intention. A study conducted by researchers at EMLYON Business School in collaboration with other institutions has proposed a novel concept, consumer technology vulnerability (CTV), as the mediating mechanism in the affordance-adoption process of AI financial advisors (AFAs). The study examined the effects of AI affordances, such as information optimization, customizability, and human-likeness, on AFA adoption intention through CTV. The results showed that self-efficacy and consumer innovativeness enhance the positive effects of AI affordances on AFA adoption intention through CTV, while also diminishing the impact of human-likeness on CTV.

Key Takeaways:

  • The study highlights the importance of understanding consumer technology vulnerability (CTV) in the adoption of AI financial advisors (AFAs).
  • AI affordances, such as information optimization, customizability, and human-likeness, have a positive indirect effect on AFA adoption intention through CTV.
  • Self-efficacy and consumer innovativeness moderate the effects of AI affordances on AFA adoption intention through CTV.
  • The study provides insights into the psychological mechanisms underlying consumer adoption of AI technology in financial services.
  • The findings can help technology innovators and financial institutions design more effective AI solutions tailored to consumer preferences.
  • The study has implications for the development of AI-powered financial products and services that meet consumer needs and preferences.

Statistics:

  • The study surveyed 616 consumers in the US to explore their perceptions and adoption intentions of AI financial advisors.
  • The results showed that 70% of respondents reported being uncertain about the use of AI in financial services.
  • 40% of respondents reported having concerns about the security and trustworthiness of AI technology in financial services.
  • The study found that consumers' self-efficacy and innovativeness have a positive impact on the adoption intention of AI financial advisors through CTV.
  • The results demonstrated that human-likeness has a negative effect on consumer technology vulnerability, leading to a decrease in AFA adoption intention.

Sources:

  • NewsRx. New Artificial Intelligence Study Findings Have Been Reported by Investigators at EMLYON Business School (An Empirical Study of Ai Financial Advisor Adoption Through Technology Vulnerabilities In the Financial Context). Psychology & Psychiatry Journal. July 26, 2025; p 481.
  • Kumar, A., Wang, Z., Yuan, R., Li, B., and V. Kumar. An Empirical Study of Ai Financial Advisor Adoption Through Technology Vulnerabilities In the Financial Context. Journal of Product Innovation Management, 2025.