A model of trust in Fintech and trust in Insurtech: How Artificial Intelligence and the context influence it

Alex Zarifis; Xusen Cheng

doi:10.1016/j.jbef.2022.100739

A model of trust in Fintech and trust in Insurtech: How Artificial Intelligence and the context influence it

Research output: Contribution to journal › Article › peer-review

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.

Original language	English
Article number	100739
Journal	Journal of Behavioral and Experimental Finance
Volume	36
DOIs	https://doi.org/10.1016/j.jbef.2022.100739
Publication status	Published - Dec 2022

Keywords

Artificial Intelligence
Finance
Fintech
Insurance
Insurtech
Trust

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10.1016/j.jbef.2022.100739

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title = "A model of trust in Fintech and trust in Insurtech: How Artificial Intelligence and the context influence it",

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.",

keywords = "Artificial Intelligence, Finance, Fintech, Insurance, Insurtech, Trust",

author = "Alex Zarifis and Xusen Cheng",

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AU - Zarifis, Alex

AU - Cheng, Xusen

N1 - Funding Information: The paper meets the requirements of the institutions of the authors for empirical papers. All the necessary permissions were taken for the data collection. A committee approval number is not applicable. Publisher Copyright: © 2022 The Authors

PY - 2022/12

Y1 - 2022/12

N2 - 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.

AB - 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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KW - Finance

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A model of trust in Fintech and trust in Insurtech: How Artificial Intelligence and the context influence it

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Keywords

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