Li Yin Gan, Mohammad Tariqul Islam Khan, Tze Wei Liew
{"title":"Understanding consumer's adoption of financial robo-advisors at the outbreak of the COVID-19 crisis in Malaysia","authors":"Li Yin Gan, Mohammad Tariqul Islam Khan, Tze Wei Liew","doi":"10.1002/cfp2.1127","DOIUrl":null,"url":null,"abstract":"<p>The COVID-19 crisis that resulted in diminished close contact interaction and increased financial volatility could influence consumer's perception toward online automated financial robo-advisor, in order to manage their financial planning. Based on the data collected (i.e., between February [9 reported cases] and March [36 reported cases] 2020) within the developed urban cities in Malaysia just before the nationwide lockdown, the present study examines the antecedents of financial robo-advisor's adoption during the COVID-19 crisis. A variance based analysis shows that consumers with higher financial knowledge and having a greater tendency to rely on robo-advisor tend to adopt financial robo-advisor in times of crisis. In line with the unified theory of acceptance and use of technology model, performance expectancy, social influence, and trust in robo-advisor, in particular during the pandemic, drive consumer's intention to subscribe online financial robo-advisor. The findings imply how consumers, robo-advisory service providers, and regulators could respond to unprecedented crisis such as novel corona virus-19.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 3","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1127","citationCount":"13","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"FINANCIAL PLANNING REVIEW","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/cfp2.1127","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 13
Abstract
The COVID-19 crisis that resulted in diminished close contact interaction and increased financial volatility could influence consumer's perception toward online automated financial robo-advisor, in order to manage their financial planning. Based on the data collected (i.e., between February [9 reported cases] and March [36 reported cases] 2020) within the developed urban cities in Malaysia just before the nationwide lockdown, the present study examines the antecedents of financial robo-advisor's adoption during the COVID-19 crisis. A variance based analysis shows that consumers with higher financial knowledge and having a greater tendency to rely on robo-advisor tend to adopt financial robo-advisor in times of crisis. In line with the unified theory of acceptance and use of technology model, performance expectancy, social influence, and trust in robo-advisor, in particular during the pandemic, drive consumer's intention to subscribe online financial robo-advisor. The findings imply how consumers, robo-advisory service providers, and regulators could respond to unprecedented crisis such as novel corona virus-19.