Customer acceptance of digital financial assistants: Empirical investigation to derive recommendations for insurance practice

Abstract

This study analyses factors that influence customer’s attitude of using digital financial assistants. Digital financial assistants are online applications that allow users an integrated view of their entire financial and insurance situation over several banks and insurers. The study uses findings from technology acceptance research (especially “Technology Acceptance Model (TAM)”) as well as research on the use of internet-based technologies (especially “Internet Users’ Information Privacy Concern (IUIPC)”). The developed model is empirically tested by an online panel (n = 2054), followed by an exploratory modification by means of a factor analysis addressing all question items used. The results of the multiple linear regression analysis show that perceived usefulness, trusting beliefs as well as personal innovativeness and perceived compatibility with user’s own lifestyle have a significant influence on attitudes of using digital financial assistants. Based on this findings implications for insurance companies with regard to developing digital financial assistants are discussed.