Artificial Intelligent Applications in Enabled Banking Services: The Next Frontier of Customer Engagement in the Era of ChatGPT

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.