Antecedents of Robo-Advisor's Adoption in Malaysia
While recent research concentrated on the robo-advisory industry in European countries, the Asian robo-advisory market was being neglected and underexplored. Considering the recent calls for investigation on Asian robo-advisor, this research aimed to provide an empirical response and focus on the ad...
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| Format: | Thesis |
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2021
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| Summary: | While recent research concentrated on the robo-advisory industry in European countries, the Asian robo-advisory market was being neglected and underexplored. Considering the recent calls for investigation on Asian robo-advisor, this research aimed to provide an empirical response and focus on the adoption intention of consumers in one of the emerging Asian countries, Malaysia. Employing the extended Unified Theory of Acceptance and Use of Technology (UTAUT 2) as baseline theory, this research enriched the model with four additional variables, which were perceived advisory transparency, trust in robo-advisor, perceived financial knowledge, and attitude towards robo-advisor. To examine the correlations that proposed in the framework, the questionnaires were distributed in four of the most developed cities in Malaysia, namely George Town, Ipoh, Kuala Lumpur, and Johor Bahru. The statistical analyses were then conducted on the 285 collected responses with the aid of SPSS and PLS-SEM. The findings demonstrated that the performance expectancy, social influence, trust in robo-advisor, perceived financial knowledge, and attitude towards robo-advisor were the key antecedents developing the intention of consumers to adopt robo-advisor. Further, attitude towards robo-advisor was found having a significant mediation effect on the relationships between performance expectancy, effort expectancy, perceived advisory transparency, and trust in robo-advisor with the intention to adopt robo-advisor. With the findings, the main contribution of this research was the identification of antecedents of robo-advisor’s adoption. This research also contributed to the automated financial service providers, policymakers, and traditional financial intermediaries in understanding the perception, expectation, and attitude of consumers towards robo-advisor. |
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