Bridging Emotion and Technology: Customer Involvement and Acceptance of Robo-Advisory Services

As artificial intelligence (AI) advances, robo-advisors are transforming the automation of finance functions in the wealth management and investment decision-making branches of the financial services industry. Acceptance of customers has been, and remains to be, one of the main challenges, primarily due to the differences in the individualization and sophistication of financial services as compared to nonfinancial, robotic services. The present research examines the role of customer-robot compatibility, the perceived value, and the trust of potential customers in the adoption of financial sector robo-services. To document lived experiences with robo-advisors, we employed a mixed-methods approach, surveying 550 respondents and interviewing 6 users in depth. A variety of factors influencing the acceptance of robot services were investigated using the results of a narrative inquiry. Furthermore, these insights served as meta-inferences for developing the proposed framework and quantitative study. Our findings reveal that trust- and empathy-driven interactions have a significant impact on customer perceptions, thereby enhancing service-robot acceptance. We emphasize the significance of robot empathy responses and active customer involvement as moderators in fostering trust. Humanizing robo-services can alter banking standards in two valuable ways: by adopting AI-driven financial solutions and by increasing customer confidence. This study adds to the growing body of research on human-robot interaction in the financial services industry and suggests some tactical ways that banks can use AI to increase customer engagement.