Exploring the Factors Influencing the Adoption and Continuous Engagement in Unlocking the Potential of Technology Driven Chatbots in Banking and Financial Institutions

Pankaj Yadav1

Priya Gupta1,Email

Pratibha Rai2

Nithesh Naik3

Kasirajan Kasipandian4

1Atal Bihari Vajpayee School of Management and Entrepreneurship, Jawaharlal Nehru University, New Delhi 110067, India.
2Maharaja Agrasen College, University of Delhi, New Delhi 110096, India.
3Department of Mechanical and Industrial Engineering, Manipal Institute of Technology, Manipal Academy of Higher Education, Manipal, Karnataka 576104, India.
4Faculty of Engineering Built Environment and IT, MAHSA University, Bandar Saujana Putra, Selangor 42610, Malaysia.

Abstract

The integration of chatbot technology in banking and financial sectors has witnessed significant traction, driven primarily by the need to offer efficient customer service and adapt to evolving digital landscapes. This paper investigates deep into understanding critical determinants that drive customers towards adoption of banking chatbots and their sustained usage. Through a comprehensive analysis of data collected from 294 respondents, this study provides insights into the myriad factors shaping customers' behavioral intentions and their decisions to engage with Chatbots continually. To establish theoretical foundation for research, this study leans heavily on two known frameworks - Unified Theory of Acceptance and Use of Technology (UTAUT) and Technology Adoption Model (TAM) to identify and assess vital elements affecting consumers' acceptance and utilization of Chatbots within banking and financial services. Chatbot adoption's success hinges on aligning with users' daily routines and lifestyles; a seamless fit increases user engagement and adoption. Such congruence significantly boosts willingness to adopt and engage continuously, suggesting that a keen understanding of end-user’s lifestyle patterns is imperative for successful chatbot integration. The value of this paper extends beyond mere academic interest, and holds immense practical value for industry stakeholders, especially those at forefront of digital transformation in banking and financial sectors.

Exploring the Factors Influencing the Adoption and Continuous Engagement in Unlocking the Potential of Technology Driven Chatbots in Banking and Financial Institutions