Understanding consumer's adoption of financial robo-advisors at the outbreak of the COVID-19 crisis in Malaysia

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.