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Factors affecting user trust and intention in adopting chatbots: the moderating role of technology anxiety in insurtech

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Abstract

By 2030, the global chatbot market in the fintech industry is expected to reach 6.83 billion USD (Vailshery 2022), and while using chatbots, consumers might be unable to tell whether they are interacting with a human. As chatbots are increasingly being used to provide a more human-like service experience, understanding the factors affecting trust, adoption, and how chatbots drive consumer experience in insurtech is important. This study investigates key factors that encourage (practicity, enjoyment and personalization) and inhibit (privacy concerns, creepiness) trust in and intention to adopt a chatbot and the moderating role of technology anxiety. To do so, 430 respondents applied a simulated auto insurance quote involving a textual-based chatbot and responded to a questionnaire. The results highlight practicity and enjoyment as the key drivers of trust and adoption intention, while the positive impact of personalization is marginal. Creepiness decreases trust in chatbots and their adoption intention, whereas privacy concerns have little effect. Almost half of these relationships are moderated by technological anxiety; for instance, trust does not translate into stronger adoption intention for technology-anxious users, but positively impacts less anxious users. Managerial implications are provided for the successful implementation of chatbots.

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Notes

  1. Sixty-nine percent of respondents used a computer to complete the study, and 31% reported using a mobile device. Vehicle ownership was reported by 84%, and the remaining 16% leased. Overall, the sample matches the population of vehicle owners/leasers with respect to the demographic variables (Vividata 2020).

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Acknowledgements

The authors wish to thank the Social Sciences and Humanities Research Council of Canada (SSHRC) and the Fintech Research Chair AMF‐Finance Montreal of the Université du Québec à Montréal for their financial contributions to the project. The authors would like to thank the anonymous reviewers for their valuable feedback, which helped to improve the quality of this manuscript. Please note that this project is part of a larger research program on chatbot in the financial industry. Therefore, the data of this study have also been used in other published paper (Rajaobelina et al. 2021).

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  1. Department of Marketing, University of Quebec in Montreal, Case postale 8888, succ. Centre-ville, Montreal, QC, H3C 3P8, Canada

    Massilva Dekkal, Manon Arcand, Sandrine Prom Tep, Lova Rajaobelina & Line Ricard

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Appendix A

Appendix A

The chatbot used for the study (screenshot)

figure a

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Dekkal, M., Arcand, M., Prom Tep, S. et al. Factors affecting user trust and intention in adopting chatbots: the moderating role of technology anxiety in insurtech. J Financ Serv Mark (2023). https://doi.org/10.1057/s41264-023-00230-y

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