Artificial Intelligence in Financial Services – Need to Blend Automation with Human Touch

Mehrotra, Anupam

doi:10.1109/icactm.2019.8776741

Cited by 42 publications

(26 citation statements)

References 1 publication

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“…Additionally, the exact e-payment channels and factors toward adoption in Dubai and the preferred e-payment methods should be conducted to understand how Dubai as a smart city is moving toward the digital transformation of e-payment channels and their diffusion among the consumers; this will compared to other smart cities in the region including Saudia Arabia and Singapore [44], [45] and my be focused on specific sector such as banking [46]. The expected results will be useful to financial institutions, government, and e-payment technology providers in this region and marketers and, will encourage the innovative design of epayment services that are most likely will be adopted by individuals, businesses, and governments.…”

Section: Study Limitations and Recommendation For Future Workmentioning

confidence: 99%

Factors Impacting Digital Payment Adoption: An Empirical Evidence from Smart City of Dubai

Najdawi¹,

Chabani²,

Said³

2021

Adv. sci. technol. eng. syst. j.

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The emergence of new digital payment technologies has introduced both opportunities and challenges across all industries. This research aims to examine the significant factors that influence the adoption of new e-payment technologies, specifically in smart cities, as in Dubai. A comprehensive theoretical framework based on several previous studies included the following factors; Perceived Usefulness, Perceived Trust, Perceived Personal Innovativeness, Perceived Ease of Use, Perceived Risk, and Generation Cohort. The results of this research confirm that all proposed factors significantly affect the adoption of epayment in Dubai as a case of a smart city; however, the perceived usefulness is not as significant as the other factors. Moreover, comparative analysis across the three generations showed almost similar patterns of adopting e-payment systems.

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Section: Study Limitations and Recommendation For Future Workmentioning

confidence: 99%

Factors Impacting Digital Payment Adoption: An Empirical Evidence from Smart City of Dubai

Najdawi¹,

Chabani²,

Said³

2021

Adv. sci. technol. eng. syst. j.

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“…All previous studies reflected in general the significance of individuals' demographics on technology acceptance/adoption, such as e-payment technologies [35]. However, up to our best knowledge, no sufficient studies have been made, including new emergent e-payment technologies with regards to demographic variables in smart cities as a special unite of analysis, where the adoption tends to be more complex, dynamic, and faster than other cities [36]. The primary objective of this study is to fill such gap and investigate the role of demographic factors in adopting several e-payment technologies in the case of Dubai as a case of smart city, having in mind the following main questions:…”

Section: Wearable Devicesmentioning

confidence: 99%

“…As we can go one step simultaneously, these limitations give implications to the researchers to move further in the current area of research. (The implications of this research will help both researchers and digital transformation practitioners, mainly in the government and leading businesses, to design and develop more effective digital payment services for people in the smart cities [35], [36] based on the socio-technical approach rather than merely technical one.…”

Section: Implications and Future Workmentioning

confidence: 99%

Analyzing the Adoption of E-payment Services in Smart Cities using Demographic Analytics: The Case of Dubai

Said¹,

Najdawi²,

Chabani³

2021

Adv. sci. technol. eng. syst. j.

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This paper is an extension of previous research that has been done on factors affecting digital payment adoption in the UAE. This study focuses on analyzing which relevant demographic factors affect new e-payment technologies, mainly in the smart city Dubai, with more complexities and dynamics of variables that affect users' behavior toward adopting new technologies. The current research included a wider range of demographic factors compared to previous studies. Quantitative methods were conducted using a survey of 270 individuals living and working in Dubai. This study revealed that e-payment adoption is very high, which could be aligned with the national digital transformation strategy of the UAE. The results of the chi-square test for independence indicate that using e-payment technologies is positively associated with the level of education and the level of income. This is confirmed by the fact that the UAE's demographic shape is identified by its high-income groups, positively influencing the residents' e-payment adoption. Surprisingly, the significant results for independence were not found between using e-payments and the gender, marital status, age group, and the current professional position in Dubai. This research's contribution adds to both academia and industry in the digital transformation and technology adoption field. Based on the results, it is recommended for decision-makers to leverage education, digital literacy, and income to accelerate moving toward a cashless economy. However, not having statistically significant differences between the rest demographic variables and adoption will encourage businesses and e-payment service providers to deliver new innovative e-payment models and technologies in a smart city context.

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“…For example, Wheeler (2020) reports that the banking sector is expected to experience significant job losses, with the tellers, loan officers, customer service representatives, loan interviewers/processors, and compliance personnel being the jobs anticipated to be impacted the most. However, Mehrotra (2019) puts forward a contradicting view emphasizing that the core component of banks is people rather than an automated platform, requiring warmth and human intervention rather than brief and mechanically formulated interactions. Eventually, due to branch closures and the incorporation of systematic investments into business models stemming from the increasing use of AI, the banking sector is estimated to save $1 trillion by 2030 (Mehrotra, 2019;Wheeler, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

“…However, Mehrotra (2019) puts forward a contradicting view emphasizing that the core component of banks is people rather than an automated platform, requiring warmth and human intervention rather than brief and mechanically formulated interactions. Eventually, due to branch closures and the incorporation of systematic investments into business models stemming from the increasing use of AI, the banking sector is estimated to save $1 trillion by 2030 (Mehrotra, 2019;Wheeler, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

A General Profile of Artificial Intelligence Adoption in Banking Sector

Öztürk

Kula

2021

J. corp. gov. insur. risk manag.

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Artificial Intelligence (AI) is rapidly transforming the global financial services industry. The new digitalization model is powered by artificial intelligence technology, and AI has the potential to disrupt and refine the existing financial services industry. The increasing amount of data in banking has revealed the need for fast and reliable service. Banks are financial service organizations that have used AI effectively in recent years. This paper reveals the general profile of artificial intelligence adoption by banks. Based on the evidence from all 17 banks operating in the Afyonkarahisar province of Turkey, it is concluded that AI technologies are applied in almost every area of the banking sector to improve the overall service offered. Moreover, the use of AI is evaluated as a potential that provides ease of use and reduces costs. As for the operations in future, the participants think AI will provide high levels of benefit to banks in their financial services in the incoming years. Given no similar study, this study appears to provide an original contribution to the literature regarding the use of AI in banking services within the Turkish context.

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Artificial Intelligence in Financial Services – Need to Blend Automation with Human Touch

Cited by 42 publications

References 1 publication

Factors Impacting Digital Payment Adoption: An Empirical Evidence from Smart City of Dubai

Factors Impacting Digital Payment Adoption: An Empirical Evidence from Smart City of Dubai

Analyzing the Adoption of E-payment Services in Smart Cities using Demographic Analytics: The Case of Dubai

A General Profile of Artificial Intelligence Adoption in Banking Sector

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