AI creates opportunities for the more traditional financial organizations by increasing their performance, being more efficient and cutting costs. Therefore, AI has become more and more useful for financial institutions to implement in their organization. The expectation is that the development of new AI systems will increase even more rapidly. Fintech organizations already adopt AI within their whole organizational structure. This could be a threat for the more traditional financial organizations. Therefore, financial organizations should follow these trends and know how they can adopt AI within the whole organization.
With this study we have aimed to provide an understanding of the effects of adopting AI within the financial industry. The existing TAM model was extended with the variable’s knowledge about AI, perceived risk and perceived trust. More in depth, we researched the effects of AI knowledge in combination with the perceived risk on the acceptance of AI-driven decision systems within the financial industry.
A fundamental assumption when starting this study, was the proven concept of the relationship between perceived usefulness and the behavioural intention to use an AI system (Davis 1989). The results of this study, also have shown that perceived usefulness has a significant positive direct effect on the behavioural intention to use an AI system. Moreover, the variable knowledge about AI was added in this research, and the results of this study show that there is significant positive direct effect between knowledge about AI and the behavioural intention to use an AI system. This is interesting for financial organizations, because by increasing the knowledge of AI by their employees, their intention to use AI systems will also increase.
Besides the variable knowledge about AI, also the perceived risk and perceived trust were added to the model. The main goal was to find out if perceived risk or perceived trust would have an effect on an existing relationship in the TAM model. The results show that perceived risk and perceived trust do have a minor influence on the relationship between knowledge about AI and perceived usefulness. This is interesting for financial organizations, because by managing these risks and eliminating the perceived risk and perceived trust levels by their employees, they can increase the employees’ level of the perceived usefulness of AI systems. We also found the effect that employees who have a lower level of perceived risk, will also have a higher level of perceived trust. This is in line with earlier studies about the perceived risk and trust in relation to the acceptance of an AI system.
In contrast, these variables do not directly influence the relationship between knowledge about AI and the behavioural intention to use an AI system. Further research about the acceptance of AI systems could conduct an experimental design to discover other insights in the employee’s factors for accepting AI systems. Also, to expand the research about the TAM model in relation to the acceptance of AI systems, future research could focus on expanding this study to other industries or countries.
There is an opportunity for financial organizations to expand their performance by starting with scaling their AI activities. They can do that by increasing the employee’s knowledge about AI in combination with informing them about the risks and eliminating uncertainty.
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8. Appendix: Questionnaire
The Acceptance of Artificial Intelligence
Start of Block: INTRODUCTION BLOCK
INTRODUCTION Thank you for your participation in this research.
This online survey is part of my master's thesis graduation research on the acceptance of Artificial Intelligence (AI), a case study within the financial industry. I would like to know if you have any experiences with Artificial Intelligence. Do you already use it? Do you see any risks? Do you trust it?
On average, this survey takes you 5 minutes to complete. Your responses are completely anonymous.
Chantal Donkervoort
Executive Program Management Studies
Amsterdam Business School, University of Amsterdam (UvA)
End of Block: INTRODUCTION BLOCK
Start of Block: General Questions What is your age?
o
< 25 years old (1)o
25-34 years old (2)o
35-44 years old (3)o
45-54 years old (4)o
> 55 years old (5) What is your gender?o
Female (1)o
Male (2)o
I rather not say (3)What is the highest degree or level of school you have completed? If currently enrolled, what is your highest degree received?
o
High school or the equivalent (1)o
Secondary vocational education (2)o
Bachelor's degree (3)o
Master's degree (4)o
Candidate/PhD (5)For which organization do you work?
________________________________________________________________
What is your job function within your organization?
________________________________________________________________
End of Block: General Questions Start of Block: Knowledge about AI
Have you ever worked with an AI system before, either in your current job or before?
o
Yes (1)o
No (2)o
I do not know (3)16 In your opinion, how much knowledge do you have of Artificial Intelligence? (0= don't know anything about AI, 10 = know a lot about AI)
o
0 (0)o
1 (1)o
2 (2)o
3 (3)o
4 (4)o
5 (5)o
6 (6)o
7 (7)o
8 (8)o
9 (9)o
10 (10)End of Block: Knowledge about AI Start of Block: AI knowledge
When was the term “Artificial Intelligence” founded?
o
1930s (1)o
1960s (2)o
1990s (3)o
2000s (4)Which key technology is behind Artificial Intelligence?
o
Machine Learning (1)o
Electric battery (2)o
Robotics (3)o
Blockchain (4)How is Artificial Intelligence developed further and how are errors in the AI system corrected?
o
Through a faster internet conncection (1)o
A further development is not possible with these systems, since they are ready-made programs (2)o
Through higher storage capacities of the computers (3)o
By learning: By the user giving feedback and making corrections to the AI (4)What types of Artificial Intelligence are there?
o
Supervised, Unsupervised and Reinforcement Learning (1)o
Monitored, Unsupervised and Signal Learning (2)o
Signal Learning, Concept Learning and Rule Learning (3)o
Reinforcement Learning, Unsupervised Learning and Signal Learning (4)Which method is used by Reinforcement Learning in order to independently find solutions for defined problems?
o
Trial and error method to maximize punishment (1)o
Trial and error method to maximize rewards (2)o
Trial and error method to maximize error messages (3)o
Trial and error method to minimize rewards (4)In which of the following areas does the use of Artificial Intelligence result in an added value for society?
o
Traffic (1)o
Medicine (2)o
Finance (3)o
All of the above (4)Which of the following tasks could most likely be performed by Artificial Intelligence?
o
The personal implementation of consultation appointments with doctors (1)o
The complete replacement of a doctor in the treatment of patients (2)o
The analysis of X-ray images, for example to detect a torn meniscus or a tumor (3)o
The implementation of psychotherapies (4)Which of the following aspects is essential to ensure a sustainable and safe application of Artificial Intelligence?
o
The use of AI must be in line with social values and laws such as ethics and data protection (1)o
The use of AI must be ensured by more cars for autonomous driving protection (2)o
The use of AI must be ensured through more memory and performance capacities on smartphones and computers (3)o
The use of AI requires a better understanding and more openness of the population towards the application of Artificial Intelligence (4)Which of the following points is often referred to by society as a risk of Artificial Intelligence?
o
Climate Change (1)o
New diseases (2)o
Job losses (3)o
Political trust (4)Which of the following attributes can currently not be mapped by Artificial Intelligence?
o
Intuition (1)o
Creativity (2)o
Empathy (3)o
All of the above (4) End of Block: AI knowledge Start of Block: Perceived usefulnessThe following statements will indicate how useful Artificial Intelligent systems would be in your professional life.
Strongly disagree (1)
Somewhat disagree (2)
Neither agree nor disagree
(3)
Somewhat agree (4)
Strongly agree (5) Using (the
output of) AI systems would
enhance my effectiveness in
my job (1)
o o o o o
Using (the output of) AI systems would improve my job
performance (2)
o o o o o
Using (the output of) AI systems would
increase my
productivity (3)
o o o o o
I would find (the output of)
AI systems useful in my
work (4)
o o o o o
Assuming I have access to (the output of) AI systems I
would use it (5)
o o o o o
Given that I have access to (the output of) AI systems I predict I would
be using it (6)
o o o o o
End of Block: Perceived usefulness Start of Block: Trust
The following statements will indicate if you trust the use of Artificial Intelligent systems in your professional life.
strongly disagree (1)
Somewhat disagree (2)
Neither agree nor disagree
(3)
Somewhat agree (4)
Strongly agree (5) I trust that (the
output of) AI systems could be handled
safely (1)
o o o o o
I consider (the output of) AI
systems as
trustworthy (2)
o o o o o
I consider (the output of) AI
systems as
competent (3)
o o o o o
I consider (the output of) AI
systems as
reliable (4)
o o o o o
End of Block: Trust
Start of Block: Perceived Risk
The following statements will indicate how you perceive the risk of using Artificial Intelligent systems in your professional life.
Strongly disagree (1)
somewhat disagree (2)
neither agree nor disagree
(3)
Somewhat agree (4)
Strongly agree (5) I perceive a
considerable risk involved in
using (the output of) AI systems for my
job (1)
o o o o o
There is a high potential for loss involved if I use (the output
of) AI systems for my job (2)
o o o o o
My decision to participate in the use of (the output of) AI systems is risky
(3)
o o o o o
End of Block: Perceived Risk Start of Block: Attitude towards AI
The following statements are related to the attitude towards AI systems in your professional life.
Strongly
disagree (1) Somewhat disagree (2)
Neither agree nor disagree
(3)
Somewhat
agree (4) Strongly agree (5) I am interested
in using artificially intelligent systems in my
daily life (1)
o o o o o
There are many beneficial applications of
Artificial
Intelligence (2)
o o o o o
Artificial Intelligence is
exciting (3)
o o o o o
Artificial Intelligence can
provide new economic opportunities for this country
(4)
o o o o o
I would like to use Artificial Intelligence in
my own job (5)
o o o o o
An artificially intelligent agent would be better
than an employee in many routine
jobs (6)
o o o o o
I am impressed by what Artificial Intelligence can
do (7)
o o o o o
Artificial Intelligence can
have positive impacts on
people’s wellbeing (8)
o o o o o
Artificially intelligent systems can help people feel
happier (9)
o o o o o
Artificially intelligent systems can perform better
than humans (10)
o o o o o
Much of society will benefit from a future full of Artificial
Intelligence (11)
o o o o o
For routine transactions, I
would rather interact with an
artificially intelligent system than with a human
(12)
o o o o o
The following statements are related to the attitude towards AI systems in your professional life.
Strongly disagree (1)
Somewhat disagree (2)
Neither agree nor disagree
(3)
Somewhat agree (4)
Strongly agree (5) I think Artificial
Intelligence is
dangerous (1)
o o o o o
Organizations use Artificial Intelligence
unethically (2)
o o o o o
I find Artificial Intelligence
sinister (3)
o o o o o
Artificial Intelligence is used to spy on
people (4)
o o o o o
I shiver with discomfort when I think about future
uses of Artificial Intelligence (5)
o o o o o
Artificial Intelligence
might take control of
people (6)
o o o o o
I think artificially intelligent systems make
many errors (7)
o o o o o
People like me will suffer if
Artificial Intelligence is used more and more (8)
o o o o o
End of Block: Attitude towards AI Start of Block: Behaviour Use