A model of trust in Fintech and trust in Insurtech: how Artificial Intelligence and the context influence it
A model of trust in Fintech and trust in Insurtech: how Artificial Intelligence and the context influence it
Finance and insurance are being transformed by Artificial Intelligence (AI). Nevertheless, the consumer is not passive in this process and there is some inhibition to trust. This research models trust in Fintech and trust in Insurtech. The two models are then compared to evaluate if trust in both is similar. Multigroup Structural Equation Modelling is used to evaluate if the model is equally valid for Fintech and Insurtech. The model presented here shows that trust in both Fintech and Insurtech are formed by (1) Individuals psychological disposition to trust, (2) Sociological factors influencing trust, (3) Trust in either the financial organization or the insurer and (4) Trust in AI and related technologies. The results of the multigroup analysis show that the model is equally valid for Fintech and Insurtech. This is particularly useful as these services are often offered by the same organization, or even the same mobile application.
Fintech, Insurtech, artificial intelligence (AI), Trust, Finance, Insurance
Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
Cheng, Xusen
f88a8aee-cd1d-46f7-8169-8448252003df
12 September 2022
Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
Cheng, Xusen
f88a8aee-cd1d-46f7-8169-8448252003df
Zarifis, Alex and Cheng, Xusen
(2022)
A model of trust in Fintech and trust in Insurtech: how Artificial Intelligence and the context influence it.
Journal of Behavioral and Experimental Finance, 36, [100739].
(doi:10.1016/j.jbef.2022.100739).
Abstract
Finance and insurance are being transformed by Artificial Intelligence (AI). Nevertheless, the consumer is not passive in this process and there is some inhibition to trust. This research models trust in Fintech and trust in Insurtech. The two models are then compared to evaluate if trust in both is similar. Multigroup Structural Equation Modelling is used to evaluate if the model is equally valid for Fintech and Insurtech. The model presented here shows that trust in both Fintech and Insurtech are formed by (1) Individuals psychological disposition to trust, (2) Sociological factors influencing trust, (3) Trust in either the financial organization or the insurer and (4) Trust in AI and related technologies. The results of the multigroup analysis show that the model is equally valid for Fintech and Insurtech. This is particularly useful as these services are often offered by the same organization, or even the same mobile application.
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A model of trust in Fintech and trust in Insurtech How Artificial Intelligence and the context influence it 1-s2.0-S2214635022000661
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Accepted/In Press date: 24 August 2022
e-pub ahead of print date: 1 September 2022
Published date: 12 September 2022
Keywords:
Fintech, Insurtech, artificial intelligence (AI), Trust, Finance, Insurance
Identifiers
Local EPrints ID: 490005
URI: http://eprints.soton.ac.uk/id/eprint/490005
ISSN: 2214-6350
PURE UUID: 096ffd95-e65b-42a9-9c52-18319dc040a4
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Date deposited: 13 May 2024 16:31
Last modified: 06 Jun 2024 02:21
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Contributors
Author:
Alex Zarifis
Author:
Xusen Cheng
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