Following the advancement of financial technology (FinTech) in modern society to assist investment decisions, robo-advisers had become widely used in mean-variance analyses to allow investors to formulate efficiently diversified investment portfolios. However, the concept of robo-advisers is new, and few studies have addressed issues related to them. To help readers to better understand robo-advisor adoption by a wide range of potential customers, this study explores integrated models of the attitudes (ATT) and behavioural intentions (BI) of users towards robo-advisors.
A survey was used to gather data to determine how the unified theory of acceptance and use of technology (UTAUT) applies to robo-advisors. A total of 242 valid questionnaires were collected.
The results of our study show that performance expectations (PE), effort expectancy (EE), and social influences (SI) may have indirect influences on robo-advisor behavioural intention (BI) through attitudes. Furthermore, behavioural intention was also positively influenced by facilitating conditions (FC). Moreover, the investment to income ratio (IIR) moderated the relationship between the PE, EE, and SI influence on ATT. Additionally, experience is found to positively strengthen the relationship between EE and SI on ATT, and it moderated the relationship between FC and BI.
This research is expected to expand the use of UTAUT to tools in the field of financial investments and help financial sectors formulate suitable marketing strategies.
