Attitude and acceptance of Artificial Intelligence technologies in the South African financial services. industry

Abstract

Despite Artificial Intelligence (AI) being topical, the successful adoption of AI technologies within organisations has been slower than expected. Literature and past research highlights the mixed and contradictory views and findings regarding employees’ attitude and acceptance of AI technologies, which challenge the successful implementation and use of AI technologies. Further, research on employees’ attitude and acceptance of AI technologies in emerging market economies, such as South Africa, and specifically within mandatory settings is limited. The purpose of this research was to investigate and determine factors influencing employees’ attitude and acceptance of AI technologies amongst employees within the financial services industry, where the use of AI technologies is mandatory. The Technology Acceptance Model (TAM) and the Technology-Organisation-Environment (TOE) framework were integrated and extended. This quantitative research study used a cross-sectional design. An online survey was distributed to employees within financial services organisations. A total of 410 valid responses were analysed using descriptive statistics, correlation analysis and regression analysis. Textual responses from the open-ended questions were categorised and presented visually in the form of word clouds. The research results indicate that each of the technological, individual, organisational, and environmental factors have a significant positive effect on attitude towards use of AI technologies. Multiple regression and stepwise regression analysis were used to identify the most influential determinants of attitude towards use of AI technologies from all the technological, individual, organisational and environmental factors. The results indicate that employee wellbeing, competitive pressure, perceived usefulness, management support, perceived ease of use, organisational justice and customer pressure are key determinants of attitude towards the use of AI technologies. The attitude-acceptance relationship is confirmed, as attitude towards use of AI technologies positively influences the acceptance of AI technologies. Although employees’ job roles do not moderate the relationship between attitude and acceptance of AI technologies, their experience with using AI technologies does. Based on these findings the ITOE model for implementing AI technologies is developed, and can be used to facilitate the successful implementation and use of AI technologies. The implications of this research, as well as recommendations for organisations and future research are also discussed.