An examination of critical factors influencing the future usage intention of innovative digital financial solutions for investment activities: consumers- attitude towards robo-advisors in Germany

Abstract

The financial services industry is facing significant changes in Germany, especially in the area of investment activities with the emergence of innovation solutions for retail investors. This study aims to investigate the critical factors influencing the future usage intention of digital financial solutions for investment activities, namely neo banks, neo brokers and robo-advisors. The proposed research model is based on the extended valence framework and extended unified theory of acceptance and use of technology (UTAUT2), where a moderated mediation is expected. Primary data from a survey with N = 82has been analyzed to answer the research questions. It was found that trust has a positive influence on the future behavioral intention to use robo-advisors, mediated through the factors perceived risk and perceived benefit. Moreover, financial risk and operational risk are determining factors for perceived risk, and performance expectancy, hedonic motivation, and price value are determining factors for perceived benefit. A main finding of the study is that tust-building is crucial for providers’ success and the results are further discussed in terms of practical relevance.