TITLE:
Artificial Intelligent Applications in Enabled Banking Services: The Next Frontier of Customer Engagement in the Era of ChatGPT
AUTHORS:
Dimitra Skandali, Anastasios Magoutas, Georgios Tsourvakas
KEYWORDS:
Artificial Intelligent Banking Applications, Value-Based Adoption Model, Willingness to Accept, Willingness to Pay
JOURNAL NAME:
Theoretical Economics Letters,
Vol.13 No.5,
October
9,
2023
ABSTRACT: The recent global changes in Information and
Communications Technology (ICT), have demonstrated a tremendous range of
technological use cases including the use of Artificial Intelligent (AI)
applications (apps) for financial services. In light of the latest developments
of generative AI tools such as ChatGPT, this study develops an innovative research model
used for the prediction of the most significant factors influencing consumers’
willingness to accept and willingness to buy generative AI banking apps, under the theory of the Value-based
Adoption Model (VAM). The
authors have conducted an online survey of Greek consumers of AI banking apps
using Structural Equation Modeling (SEM) to determine which variables enhance
customers’ perceived value performing significant influence on AI banking apps
adoption and willingness to purchase. This research found that trust and
happiness are the most significant variables impacting the intention to use and
buy conversational AI banking apps. The most likely outcome is the mediating role of consumers’ perceived
value in willingness to accept and pay using AI banking apps. The
conclusions and implications for marketing can help financial institutions
augment the accuracy of the audit and advisory services, enhancing customer
satisfaction and engagement and increasing bank competitiveness.