ISSN: 2182-2069 / E-ISSN: 2182-2077

Consumer Attitudes towards AI-based Financial Advice: Insights

for Decision Support Systems (DSS) and Technology Integration
Shenyu Zhang1*
1*
Ph.D Candidate, School of Management, Seoul School of Integrated Sciences and Technologies, Seoul,
Republic of Korea. [email protected], https://orcid.org/0009-0009-0464-1079

Received: June 02, 2024; Revised: July 11, 2024; Accepted: September 02, 2024; Published: November 30, 2024

Abstract
As financial technology (fintech) rapidly transforms the financial services landscape, the integration of
artificial intelligence (AI) in providing financial advice becomes a focal point. This study delves into the
intricate dynamics of AI-based financial advice adoption, focusing on technology integration, decision
support systems, and the mediating role of perceived utility. The primary purpose of this research is to
unravel the complex relationships between technology integration, Decision Support System (DSS),
perceived utility, and their collective influence on consumer attitudes toward AI-based financial advice
and technology adoption. Adopting a cross-sectional design, we target the Chinese population and utilize
an online questionnaire for data collection. A sample size of 259 participants is determined using the rule
of thumb technique, with random sampling ensuring representativeness. Data analysis will be conducted
using the AMOS software, allowing for an in-depth examination of the relationships between variables.
The study findings demonstrate how integrating technology enhances customers' perceptions and
acceptance of it, especially when it comes to data security and compatibility. The study also demonstrates
how customer attitudes and the uptake of AI-driven financial aid are significantly impacted by DSS aspects
like decision transparency and predictive analytics precision. The study is unique because of its
cross-cultural approach and perceived value as a mediating component. While this study focuses on the
Chinese population, the researchers acknowledge the importance of cultural differences in shaping user
perceptions and behaviors. While the findings may offer valuable insights into the Chinese context, caution
is advised in generalizing the results to other cultural contexts.

Keywords: Technology Integration, Decision Support System (DSS), Consumer Attitude toward
AI-based Financial Advice, Technology Adoption.

1 Introduction
AI is a big factor in financial technology, especially guidance which provides solutions to many
revolutionizing financial decision-making in the increasingly complex financial world by providing
specialized insights and ideas (Shanmuganathan, 2020). This study explores the complex dynamics of
AI-based financial advice adoption, concentrating on technological integration, decision support systems,
and perceived value. Technology affects the financial sector, with AI driving innovation (Bouteraa et al.,
2024). Advanced technology enhances financial services' efficiency and accuracy but creates new
difficulties. The introduction of these technologies raises concerns about how consumers perceive AI
systems while making key financial decisions and the dynamics that impact their perceptions (Manser

Journal of Internet Services and Information Security (JISIS), volume: 14, number: 4 (November), pp. 1-20.
DOI: 10.58346/JISIS.2024.I4.001
*Corresponding author: Ph.D Candidate, School of Management, Seoul School of Integrated Sciences and
Technologies, Seoul, Republic of Korea.
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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

Payne & O’Brien, 2024). This study analyzes the complicated interaction between technology, decision
support systems, and AI-driven financial advice customers' perceived value. Academics, politicians,
business players, and technological engineers must comprehend how financial advice uses and accepts
AI. Consumer attitudes and adoption trends can help create, deploy, and manage AI-driven financial
systems (Dikmen & Burns, 2022). This cross-cultural study examines how Chinese culture affects
AI-based financial advising perceptions and behaviors. Previous study shows a global movement toward
AI-driven financial consultancy. This highlights the importance of user adoption viewpoints and choices.
Technology matters because data security and interoperability impact customer acceptance and
confidence, according to (Michaela Denise Gonzales & Hargreaves, 2022). Its dependability and
usability depend on how well AI-powered financial advice interfaces with users' devices and is secure
(Lei et al., 2022). More research is needed to determine how technology integration affects consumer
impressions. Financial advice based on AI must use DSS.
Consumer trust and satisfaction increase with accurate predictive analytics and transparent
decision-making (Conde et al., 2024). DSS components' effects on customer opinions and AI-driven
financial advising system acceptability need further study. Empirical research is complicated by
perceived value mediating technological integration, DSS, and user attitudes. According to the
Technology Acceptance Model, perceived utility affects adoption (Yao et al., 2023). Using earlier
research, it examines how customers' subjective assessments of integrated technologies impact the
complex ecosystem of AI-based financial advice services (Hyun Baek & Kim, 2023). Research has
increased banking and technology adoption knowledge. According to (Litterscheidt & Streich, 2020),
technology integration, decision support systems, and other variables impact AI-based financial advising
user acceptance. Security and interoperability influence user attitudes, studies show. Good data security
boosts AI-powered financial system user confidence. Compatibility and device integration increase user
experience. This study shows technological integration boosts consumer satisfaction. Clear predictive
analytics is emphasized in DSS research (Kim et al., 2020). A good DSS improves financial advice
accuracy and client satisfaction (Nikseresht et al., 2024). Kempeneer, (2021) recommends decision
transparency for AI-driven financial system client confidence. It allows analysis of how DSS
characteristics affect user perceptions and uptake.
Previous research has been crucial, but its shortcomings suggest further investigation in the current
work. Technology integration and decision support systems are important in the literature, but little is
known about how they affect customer attitudes and technology adoption (Santiago et al., 2024).
Technological integration, DSS, perceived value, and user behaviors are examined to bridge the
knowledge gap. Discover what makes AI-based financial advising popular (Kwon & Lee, 2024). More
research is needed on perceived usefulness as a mediator. Previous research has focused on direct links
between technical components and user opinions, ignoring user-subjective technology utility evaluations
(Nikseresht et al., 2024). This research improves comprehension by integrating perceived utility as a
mediator. The cognitive mechanisms underpinning AI-powered financial advice acceptance are shown.
Researchers found a paucity of cross-cultural considerations and AI-based financial advice (Zhu et al.,
2023).
This study examines how technological integration, DSS perceived usefulness, and customer
perceptions of AI-based financial advice and technology adoption are interconnected. The research
investigates several elements to understand the intricate links in the ever-changing financial technology
adoption environment. Data security and compatibility are assessed to determine how technology
integration affects AI-based financial advice product user impressions. The study examines how decision

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

transparency and predictive analytics accuracy affect customer perceptions and financial technology
adoption. The study uses perceived utility as a mediator to evaluate how cognitive processes affect
AI-powered financial advice user perceptions and decisions. This cross-cultural study evaluates Chinese
user attitudes and adoption trends by culture. This contextualization makes the study more relevant and
informative to worldwide audiences. Academic understanding and financial technologies are enhanced
with this research. This study addresses a key knowledge gap by examining how decision support systems
and technology integration affect consumer sentiments and technology adoption. Previous research has
explored these aspects separately, but this study's holistic approach illuminates AI-driven financial
advice's complex linkages. Including assessed mediator effectiveness broadens the investigation. To
discover cognitive elements that promote integrated technology adoption, this study studies consumers'
subjective value assessments. This better knowledge improves theoretical models, making financial
technology usage assessment more inclusive. The cross-cultural study of China shows how culture affects
financial technology adoption. This makes the results relevant outside China and contributes to the global
financial technology discussion. Lawmakers, technology developers, and business stakeholders can
apply the study's findings to various cultures. Financial technology solutions can become more effective
and inclusive. The findings impact regulatory bodies, financial institutions, and technology firms
developing AI-based financial advice systems. The study may help financial services organizations
leverage current technology to enhance user confidence, satisfaction, and adoption.

2 Literature Review
Technology Integration and Consumer Attitude Toward AI-based Financial Advice

Technology integration influences how clients see AI-based financial advice, particularly data security
and interoperability. Financial services need trustworthy data security. Data security greatly impacts
consumers' financial information safety and privacy (Shiva et al., 2023). As AI-based financial advising
platforms grow, customers' decision-making depends on data privacy. Manser Payne and O’Brien, (2024)
discovered that increased security and encryption reduce these issues and increase client trust in
AI-driven financial advice. The seamless integration of AI-based financial systems with current
technology influences user experiences and perceptions. Compatibility, as described in comprehensive
research (Sedrati et al., 2023), is the smooth integration of AI systems with current client devices and
interfaces. Financial advising systems appear user-friendly and accessible when they link to customers'
devices and interfaces. This influences consumer usability impression. Sunder et al., (2024) discovered
that clients trust AI financial advisory solutions that operate with their gadgets. It improves system
usability and accessibility. Thus, technology compatibility is crucial to clients' positive opinions of
AI-driven financial advising. AI-based financial advising benefits from modern automation. The
Technology Adoption Model (TAM) indicates that perceived usefulness substantially influences
customer adoption of technology (Aldammagh et al., 2021). Financial advice with AI enhances customer
usability. Financial consultancy platforms benefit from predictive analytics algorithms' individualized
investment suggestions based on large datasets. Lei et al., (2022) found that consumers who valued
AI-based financial advice used it more. Technology integration impacts customer impressions by
affecting ease of use. Users find AI-based financial guidance products with intuitive interfaces
straightforward to use. Customers employ technology based on perceived simplicity of use, according to
Gazit et al., 2023). AI-based financial advisory services' usability influences user uptake. This perception
is improved by easy technology integration, including compatibility issues.

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

H1: Technology integration has a significant and positive impact on consumer attitude toward
AI-based financial advice.

Technology Integration and Technology Adoption

Technology adoption in modern digital contexts is difficult and crucial owing to its integration, especially
in data protection and compatibility. Yukhymenko-Lescroart et al., (2021) found that customers prioritize
data security while adopting new technologies, especially in cybersecurity-focused environments.
Technology infrastructures with strong data security standards reassure users and generate confidence.
Chatterjee et al., (2023) observed that data security greatly impacts customers' views on technology's
dependability and privacy, which affects their technology usage decisions. Technology adoption is sped
up by compatibility as well. Compatibility as a new idea's fit with potential adopters' attitudes,
experiences, and wants (Ngoc Su et al., 2023). For consumer technological advances, compatibility is
crucial. Innovative technologies are seamlessly integrated into existing systems and gadgets to simplify
usage and fit into daily routines. Siyal et al., (2023) say, that compatibility strongly affects customers'
perceived ease of adopting new technologies. This shows how important compatibility is for adoption.
Customer technology adoption risk and uncertainty depend on data security and compatibility.
Technology adoption increases with reduced security concerns and system incompatibility (Aldammagh
et al., 2021). Privacy, security, and unwanted access are reduced via data-protection technology
integration. Reduces risks and boosts tech adoption. Compatibility makes new technology simpler to
integrate with users' tools and habits, reducing risks and improving comfort. Cavalcanti et al., (2022)
revealed that customers choose secure, compatible technology. The study demonstrated a favorable
association between data security and compatibility and clients' technology adoption. Prioritizing
technology integration, especially data security and compatibility may improve technology adoption by
addressing user concerns and improving the user experience.
H2: Technology integration has a significant and positive impact on technology adoption.

Decision Support Systems and Consumer Attitude Toward AI-based Financial Advice

DSS integration influences customers' perceptions of AI-based financial advising platforms' utility and
usability, which impacts technology uptake. Decision Support Systems using predictive analytics
increase financial advice reliability. Christiansen et al., (2022) say predictive analytics in DSS helps
financial platforms examine huge datasets and generate better forecasts and suggestions. AI-powered
financial advice is valued more because customers seek data-driven, accurate financial advice. Consumer
attitudes are altered by open decision-making in these systems. Goodell et al., (2023) describe decision
transparency as a system's communication of its decision-making processes. AI-based financial advice
with transparent decision-making boosts trust. According to (Battistini et al., 2023), customers who
understand decision-making are more inclined to accept AI-driven financial advice. Decision openness
boosts financial advising service value, affecting consumer trust. A Decision Support System emphasizes
customer mindset. Comprehensibility and clarity boost consumers' perceptions of DSS decision-making
simplicity. The Technology Acceptability Model states that user perception of ease of use strongly
influences technology acceptance (Maulik et al., 2022). DSSs that encourage open decision-making and
predictive analytics simplify AI-based financial advising. Jayasiri et al., (2023) say transparent decision
support systems assist buyers pick user-friendly tech. Consumer impressions of AI-based financial advice
are also crucial, as are accurate predictive analytics and transparent decision assistance. Azmi et al., (2023)
found that perceived efficacy predicts technology attitudes and intentions. The AI system's financial
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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

guidance benefits from precise predictive analytics and transparent decision-making. As financial advice
becomes more useful, customers' technological views change, making them more open to AI-powered
financial guidance.
H3: The decision support system has a significant and positive impact on consumer attitude toward
AI-based financial advice.

Decision Support Systems and Technology Adoption

Technology deployment and DSS efficiency—especially decision transparency and predictive

analytics—are linked. DSS predictive analytics accuracy strongly affects user and stakeholder
satisfaction. Conde et al., (2024) discovered that DSS predictive analytics with accurate information
increases consumer acceptance of technology. DSS's ability to analyze data, predict results, and provide
accurate recommendations affects user trust and adoption. Technology adoption is influenced by
Decision Transparency, a DSS essential. Transparency in decision-making shows how alternatives and
suggestions are created. Pour et al., (2023) found decision-making clarity increases tech adoption.
Transparent DSS decision procedures increase user confidence and usability, spreading technology
adoption. DSS users rate their usefulness by transparency and predictive analytics accuracy. Effective
predictive analytics and transparent decision-making are desired by DSS users. Perceived usefulness
increases consumers' tech adoption (Siconolfi, 2022). DSS's accurate predictive analytics and clear
decision help boost usability, which drives new technology adoption. Usable technology is acknowledged
more (Schetgen et al., 2021). Users see advanced decision support systems with precise forecasts and
clear decision-making procedures as simple and beneficial.
H4: Decision support system has a significant and positive impact on technology adoption.

Perceived Utility as a Mediator

Perceived utility mediates consumer attitudes toward AI-based financial advice and technology
integration, notably data security and compatibility, demonstrating the complex processes that impact
consumers' adoption and views of modern financial technology solutions. Client trust and AI-based
financial advising technology integration require data protection. Li et al., (2023) say customers'
technological opinions are shaped by financial data security. Technology compatibility means AI systems
can work with consumer devices. According to (Sutcliffe et al., 2023), compatibility has a significant
influence on clients' judgments of the utility of AI-based financial advice systems. Compatibility
simplifies and improves various platforms. This complex connection is mediated by usefulness.
Customers independently evaluate the technology's financial potential. Customer view of AI-driven
financial advice depends on data security, interoperability, and usefulness. Consumers trust the
technology's data security and interoperability for safety and convenience. According to (Putri et al.,
2023), perceived usefulness affects consumers' ease of use ratings, which influence consumer attitudes.
User views of fully integrated and protected AI-driven financial advising systems affect usability and
client perceptions. User acceptance models describe technology adoption via technological integration,
usefulness, and simplicity (Tian et al., 2023). Customers analyze AI-based financial advice for data
security and interoperability. AI-based financial advice is used more by clients who like it (Uzir et al.,
2023). Therefore, perceived usefulness, which impacts technical efficacy, strongly influences consumer
uptake and attitudes.

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

H5: Perceived utility mediates the relationship between technology integration and consumer attitude
toward AI-based financial advice.
Due to complex interconnections, data security, compatibility, and perceived value affect customer
attitudes and decisions when embracing modern technology. Technical integration and customer trust in
digital platforms necessitate data security. Zhong, (2024) stresses data security for privacy and secrecy.
For smooth integration, (Wang et al., 2020) recommended technological compatibility with current
systems and user interfaces. Perceived utility affects user adoption decisions across technological
integration aspects. Value depends on whether a tech solution fits user demands. Consumers trust
technology more when data is secure. Ryu & Park, (2020) discovered data security affects tech usability.
Compatibility improves technology's usability by integrating with users' devices and interfaces.
Compatibility increases utility. Technologies' perceived usefulness affects their perceived ease of use,
which is crucial to their acceptability, and usable technology is acknowledged more. Safe data processing
and system integration make the technology valuable (Voinescu et al., 2020). Security, interoperability,
and acceptability improve usability. Effectiveness influences consumer technology uptake. Compatibility
and data security boost integrated technology perceptions. The acceptance model asserts that perceived
usefulness affects user behavior.
H6: Perceived utility mediates the relationship between technology integration and technology
adoption.
Perceived utility mediates the relationship between DSS components such as predictive analytics
accuracy and decision transparency, which affects consumer attitudes toward AI-based financial advice.
The intricate relationship between DSS features and customer attitudes is mediated by perceived utility
or users' subjective assessment of the technology's ability to help them work (Spoladore et al., 2024).
According to the TAM, usefulness strongly influences customers' technology attitudes and actions
(Mukred et al., 2024). DSS predictive analytics affects AI-powered financial advice client happiness.
Tanguay-Sela et al., (2022) found that precise estimates boost AI-generated financial advice and
consumer confidence. DSS decision-making transparency affects customer impression of AI-powered
financial advice. Decision openness facilitates system value evaluation by describing how choices are
made. Transparent decision-making increases AI-based financial advice trust (Zhu et al., 2023).
Predictive analytics accuracy and selection-making transparency impact monetary recommendation
provider value and purchaser belief. Consumer technology uptake relies upon perceived utility and ease.
Correct estimations and obvious decision-making decide users' perceptions of AI-powered financial
advice's usefulness and accessibility (Guidotti, 2021). The Unified Theory of Acceptance and Use of
Technology (UTAUT) supports perceived utility's mediation of customer behavior and generation use
(Zhani et al., 2022). This concept emphasizes the need to observe how DSS elements affect customers'
perspectives of AI-based economic advice's usefulness and value.
H7: Perceived utility mediates the relationship between the decision support system and consumer
attitude toward AI-based financial advice.
Customers' adoption of breakthrough technology depends on several variables. The subjective
judgment of a technology's capacity to help users achieve goals and tasks is called perceived utility
(Garmendia-Lemus et al., 2024). DSS evaluation and technology acceptance depend on it (Tonle et al.,
2024). Users prefer accurate insights and estimations from DSS (Baffo et al., 2023). Understanding DSS's
decision-making methods changes value appraisal. Educating clients about system options boosts system
value. Transparent decision-making boosts client technology confidence (Sherman et al., 2020). Correct

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

predictive analytics and transparent decision-making impact customers' technology adoption and value
judgments. The mediating role of perceived utility on customers' technical ease is crucial to technology
adoption. Simple technology is more likely to be adopted, suggests (Seong & Hong, 2022). Users grade
DSS's efficacy and simplicity based on accurate forecasts and straightforward decision-making.
Consumers' perception of the system's decision-making utility affects uptake and usability. Unified
Theory of Acceptance and Use of Technology says perceived utility mediates. This idea states that
behavioral intentions strongly impact technology usage (Choudhury et al., 2022). Hence, perceived
usefulness mediates DSS features and technology adoption. Figure 1 has been developed based on the
above literature discussed.
H8: Perceived utility mediates the relationship between the decision support system and technology
adoption.

Figure 1: Study Model

3 Methodology
The study was quantitative and cross-sectional. This study strategy can collect data at a certain time,
revealing key factors' relationships. This technique is ideal for studying how technology integration,
decision support system components, and perceived utility impact AI-powered financial advice and
acceptance. Financially active Chinese clients were investigated. China has several AI-powered financial
suggestion talents due to its substantial use of digital financial technologies. We studied how cultural
differences affect perceptions and adoption patterns in China's fast-changing financial technology
environment by concentrating on its people. This study used the rule of thumb to select its sample size,
as in quantitative research. Hair et al., (2019) employed structural equation modeling, which required a
200-person sample for statistical analysis. The foregoing requirements balanced research resource
efficiency and statistical power. Excellent analysis is possible while decreasing participant and resource
burden. The study participants numbered 259. Before choosing this measurement, the rule of thumb was
carefully evaluated to accurately represent the desired population. The sample size of 259 exceeded the
rule of thumb, making results more credible. This number of participants allowed a detailed investigation
of technical integration, decision support system components, perceived utility, consumer attitudes

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

toward AI-based financial advice, and technology adoption in China. Participants from the population
were randomly sampled. Random selection ensured that all population members had an equal chance of
being studied. This strategy decreased preconceptions and supported the claim that the sample accurately
represented the population. This method increased the study's external validity, making its findings more
applicable to more Chinese financial services clients. This study collected data via an online
questionnaire. This method collected data efficiently from a geographically distributed Chinese
population. Standardized online questionnaires were delivered. This standardized data collecting and
helped them respond consistently. The online survey simplified data entry, reducing errors, and
improving data quality. Using AMOS for data analysis. AMOS, a structural equation modeling
component, helped analyze the complicated variable interactions in the suggested theoretical model. This
technique allowed us to comprehensively analyze the dynamic links between decision support system
features, perceived technology usefulness, client technology attitudes, and AI-driven financial advice.
AMOS improved the study's validity, reliability, and knowledge of research concerns by allowing full
statistical analysis.

4 Results
Table 1 shows Cronbach's alpha scores for numerous study variables, indicating measurement scale
internal consistency and reliability. Six items in the variable "Technology Integration," have a high
Cronbach's alpha of 0.926, indicating great internal consistency and a robust measure of technology
integration. The six-item "Decision Support System" variable has a high Cronbach's alpha of 0.916,
indicating great reliability in measuring decision support system use. Five-item "Perceived Utility," with
a Cronbach's alpha of 0.817, shows strong internal consistency in evaluating perceived utility, albeit
significantly lower than the previous variables. "Consumer Attitude toward AI-based Financial Advice",
a six-item scale, with a Cronbach's alpha of 0.907, indicating its reliability. Finally, the four-item
"Technology Adoption" variable has a Cronbach's alpha of 0.837, showing good internal consistency.
High to adequate Cronbach's alpha values across variables show that the study's scales are reliable for
assessing the desired constructs.
Table 1: Cronbach’s Alpha
Variable No. of Items Cronbach’s Alpha
Technology Integration 6 0.926
Decision Support System 6 0.916
Perceived Utility 5 0.817
Consumer Attitude Toward AI-based Financial Advice 6 0.907
Technology Adoption 4 0.837

Table 2 shows the skewness and kurtosis values for the study's primary variables' normality
assessment. Skewness indicates distribution asymmetry, while kurtosis measures tail heaviness. Positive
skewness numbers imply a right-skewed distribution, while negative values indicate a left-skewed
distribution. Compared to a normal distribution, kurtosis values above or below 3 suggest heavier or
lighter tails. The variable "Technology Integration" has -1.709 skewness and 4.047 kurtosis. This implies
a left-skewed distribution with a heavy tail, suggesting technology integration outliers at the lower end.
With negative skewness (-1.372) and kurtosis (2.991), the "Decision Support System" has a left-skewed
distribution with a less heavy tail than Technology Integration. Considering "Perceived Utility", the
negative skewness of -1.692 and kurtosis of 3.642 indicate a left-skewed distribution with a somewhat
strong tail Negative skewness (-1.324) and kurtosis (2.616) indicate a left-skewed distribution with a

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

light tail for "Consumer Attitude toward AI-based Financial Advice". Finally, the "Technology
Adoption" variable has negative skewness (-1.487) and high kurtosis (4.195), indicating a left-skewed
distribution with a heavier tail and possible outliers on the lower end.
Table 2: Normality Assessment
Variable Skewness Kurtosis
Technology Integration -1.709 4.047
Decision Support System -1.372 2.991
Perceived Utility -1.692 3.642
Consumer Attitude Toward AI-based Financial Advice -1.324 2.616
Technology Adoption -1.487 4.195

The outer loading analysis for items within each variable is shown in Table 3 and Figure 2, revealing
the strength of the association between the assessed constructs and their indicators. In a structural
equation model, outer loading is the correlation between each item and its latent variable. All six
"Technology Integration" components (TI1–TI6) have positive outside loadings from 0.655 to 0.749. The
items have a relatively significant association with the latent variable Technology Integration, suggesting
that each item contributes meaningfully to its assessment. In the "Decision Support System" variable,
DSS1, DSS2, DSS4, DSS5, and DSS6 have outer loadings of 0.566 to 0.825. DSS6 has a poorer link
with the construct than other items, which have a significant association with the latent variable. For
"Perceived Utility," all five elements (PU1–PU5) have outside loadings from 0.602 to 0.849. These scores
indicate a strong relationship between the items and the latent variable, confirming the scale's Perceived
Utility measurement accuracy. "Consumer Attitude toward AI-based Financial Advice" had positive
outer loadings for all six items (ATAIFS1–ATAIFS6), ranging from 0.654 to 0.786. These data show a
good correlation between the measured items and the latent variable, confirming the scale's capacity to
capture consumer sentiments toward AI-based financial advice. Finally, for "Technology Adoption,"
items TA1, TA2, and TA3 had outer loadings from 0.589 to 0.761, showing a significant latent variable
relationship. TA4 has a lower loading of 0.589, suggesting a weaker link with the concept.
Table 3: Outer Loading
Variable Items Outer Loading
Technology Integration TI1 0.662
TI2 0.655
TI3 0.73
TI4 0.665
TI5 0.749
TI6 0.689
Decision Support System DSS1 0.729
DSS2 0.683
DSS3 0.825
DSS4 0.714
DSS5 0.789
DSS6 0.566
Perceived Utility PU1 0.849
PU2 0.602
PU3 0.67
PU4 0.721
PU5 0.76
Consumer Attitude Toward AI-based Financial Advice ATAIFS1 0.786
ATAIFS2 0.765
ATAIFS3 0.722
ATAIFS4 0.708
ATAIFS5 0.673
ATAIFS6 0.654
Technology Adoption TA1 0.62
TA2 0.707
TA3 0.761
TA4 0.589

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

Figure 2: Measurement Model

Table 4 evaluates the measurement model's fitness indices across model fit factors. How well the
model matches the data depends on these indexes. Fitness indexes include Absolute Fit, Incremental Fit,
and Parsimonious Fit. Absolute Fit has an RMSEA of 0.073. The RMSEA score is acceptable, indicating
that the model fits the data well. This index measures the difference between the model-implied and
observed covariance matrices, and 0.073 indicates a good match at the required level. The Comparative
Fit Index (CFI) for Incremental Fit is 0.818. The CFI is satisfactory despite being somewhat below 0.90.
CFI values of 0.818 indicate an acceptable incremental fit for the supplied model over a null model. The
Parsimonious Fit Chisq/df ratio is 2.536. The Chisq/df ratio measures parsimony, or how well the model
fits the data compared to degrees of freedom. The model meets the required parsimonious fit with a value
of 2.536.
Table 4: Fitness Index Assessment for Measurement Model
Name of Category Name of Index Index Value Comment
Absolute Fit RMSEA 0.073 The required level is achieved.
Incremental Fit CFI 0.818 The required level is achieved.
Parsimonious Fit Chisq/df 2.536 The required level is achieved.
The regression route coefficients and statistical values for the model relationships are shown in
Table 5 and Figure 3. These coefficients show the intensity and direction of the independent-dependent
variable correlations, while the T value and P value indicate their significance. A positive link exists
between "Technology Integration" (TI) and "Consumer Attitude toward AI-based Financial Advice"
(ATAIFS), with a Beta value of 0.186. The T value of 3.798 and P value of 0.0001 indicate a statistically
significant association. Thus, Technology Integration positively affects Consumer Attitudes toward
AI-based Financial Advice, rejecting the null hypothesis of no association. The path from "Technology
Integration" to "Technology Adoption" (TA) has a Beta of 0.240, T of 4.728, and P of 0.0001. A positive
and statistically significant association exists between Technology Integration and Technology Adoption,
supporting its inclusion in the model. The association between "Decision Support System" (DSS) and
"Consumer Attitude toward AI-based Financial Advice" (ATAIFS) has a Beta of 0.325, T of 5.915, and
P of 0.0001. This shows a strong and favorable association, validating the Decision Support System to

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Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

Consumer Attitude toward AI-based Financial Advice relationship. Finally, the path from "Decision
Support System" to "Technology Adoption" (TA) has Beta = 0.143, T = 2.521, and P = 0.012. Though
positive, the lower T value and higher P value show a weaker and marginally meaningful association
from Decision Support System to Technology Adoption than the preceding pathways. However, the
criteria allow it.
Table 5: Regression Path Coefficients
Variable Beta value T value P value Decision
TI -> ATAIFS 0.186 3.798 0.0001 Accepted
TI -> TA 0.240 4.728 0.0001 Accepted
DSS-> ATAIFS 0.325 5.915 0.0001 Accepted
DSS -> TA 0.143 2.521 0.012 Accepted

Figure 3: Structural Model

In Table 6, the mediator variable "Perceived Utility" (PU) mediates the indirect effects of the
independent variables ("Technology Integration" and "Decision Support System") on the dependent
variables ("Consumer Attitude toward AI-based Financial Advice" and "Technology Adoption"). The
Beta, T, and P values reveal the strength and relevance of these mediated interactions. The path from
"Technology Integration" (TI) to "Perceived Utility" (PU) to "Consumer Attitude toward AI-based
Financial Advice" (ATAIFS) has a Beta of 0.109, T of 4.643, and P of 0.0001. The indirect effect is
positive and statistically significant, validating the mediation hypothesis that Perceived Utility mediates
Technology Integration and Consumer Attitude toward AI-based Financial Advice. For the path from
"Technology Integration" to "Perceived Utility" to "Technology Adoption" (TA), Beta is 0.206, T is
3.165, and P is 0.0001. This supports the mediation hypothesis that Perceived Utility mediates
Technology Integration and Technology Adoption with a positive and statistically significant indirect
effect. From "Decision Support System" (DSS) to "Perceived Utility" to "Consumer Attitude toward
AI-based Financial Advice," the Beta is 0.334, T is 2.898, and P is 0.001. This shows a positive and
statistically significant indirect effect, validating the mediation hypothesis that Perceived Utility mediates
11
Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

Decision Support System and Consumer Attitude toward AI-based Financial Advice. Finally, for the path
"Decision Support System" to "Perceived Utility" to "Technology Adoption," Beta is 0.303, T is 2.654,
and P is 0.0001. This shows a positive and statistically significant indirect effect, confirming the
mediation hypothesis that Perceived Utility mediates Decision Support System and Technology Adoption.
Table 6: Mediation Analysis
Variable Beta value T value P value Decision
TI -> PU -> ATAIFS 0.109 4.643 0.0001 Accepted
TI -> PU -> TA 0.206 3.165 0.0001 Accepted
DSS -> PU -> ATAIFS 0.334 2.898 0.001 Accepted
DSS -> PU -> TA 0.303 2.654 0.0001 Accepted

5 Discussion
H1 states that technological integration negatively affects customer attitudes toward AI-powered
financial advice. The current study supports employing technology to improve financial consumer
attitudes. According to (Shiva et al., 2023), good data security and interoperability increase client trust
and confidence in AI-powered financial advising services, boosting perceptions. Technology integration,
including interoperability and data security, makes AI-powered financial advice trustworthy and easy to
understand. Manser Payne & O’Brien, (2024) recommend device and interface compatibility to improve
user experience. According to (Aldammagh et al., 2021), the TAM determines technological
acceptability by perceived utility and ease of use. H1 technology boosts consumer perceptions by
improving these two traits. Academic research on user-centric design and functionality shows that
technology integration enhances customer sentiment. Lei et al., (2022) say readily integrated technology
is more beneficial. Financial advice demands trust and usability. Modern technology can help customers
make educated financial decisions feel safe and profit from the system. Consumer attitudes and
technology integration are favorably connected, supporting technical improvement acceptance research.
Gazit et al., (2023) say clients choose useful, easy-to-use solutions. Technology integration, notably data
security and compatibility, improves customer impressions of AI-driven financial advice's usability and
efficacy.
Technology integration has a significant and positive impact on technology adoption, according to
H2. This study complements previous studies on technology's role in customers' adoption of advanced
technologies. Technology integration, including data security and compatibility, affects consumers'
system value and use (Ngoc Su et al., 2023). Technology integration boosts acceptance and use,
according to (Siyal et al., 2023). The TAM states that customers accept and embrace technology based
on its perceived value and simplicity. Technology, data safety, and interoperability increase AI-powered
financial advice platforms in H2. The findings confirm (Mukred et al., 2024), who found that users accept
technology if it enhances their decision-making. The study emphasizes confidence in new technology
adoption and shows that technical integration increases adoption. Effective data security boosts user
confidence and technology adoption, according to (Aldammagh et al., 2021). Confidence determines
financial services clients' acceptance of innovative financial management solutions. The findings support
previous financial technology adoption research showing that user-centric design and functionality are
essential. Cavalcanti et al., (2022) observed that seamless device and interface integration improves user
experience and adoption.

12
Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

Empirical and theoretical evidence support Hypothesis 3 (H3), that the DSS improves client opinions
of AI-based financial advice. The data supports studies suggesting DSS components including predictive
analytics accuracy and decision transparency improve financial consumer perspectives. Goodell et al.,
(2023) say a solid DSS boosts client trust by improving financial advice reliability and accuracy.
Effective DSS components improve consumers' interest in AI-based financial advice in H3. Li et al.,
(2023) revealed that customers choose trustworthy and useful technology. Transparent decision-making
literature demonstrates the positive relationship between decision support systems and consumer
perceptions. Jayasiri et al., (2023) propose that decision transparency improves user attitudes by building
trust and confidence. Good DSS, especially decision transparency, helps clients understand and trust AI
financial advice in H3. Predictive analytics research emphasizes user views. Battistini et al., (2023) say
accurate predictive analytics increases AI system suggestions and insights, boosting user sentiment.
H4 says decision-help tools boost tech adoption. Empirical and theoretical data support this. This
study shows how DSS components like decision transparency and predictive analytics accuracy affect
customers' technology adoption. Sharma & Yetton, (2003) discovered that a good DSS enhances
decision-making dependability and quality, which boosts user opinions and adoption. Effective DSS
components in the H4 framework boost AI-based financial advising platforms' perceived value, affecting
adoption. Previous research (Pour et al., 2023) revealed similar results. In the study, consumer adoption
of trustworthy and useful decision-making tools was higher. Decision assistance systems increase
technology acceptance owing to research on clear decision-making procedures. Siconolfi, (2022)
emphasizes decision transparency helps in gaining consumer trust, confidence, and technology adoption.
H4 believes that clients trust and comprehend AI-driven financial advising systems' decision-making
processes when DSS components like decision transparency work. Thus, technology adoption improves.
This study supports prior predictive analytics research by showing that it affects user perceptions and
technology uptake. Galanti et al., (2023) discovered that effective predictive analytics improves AI
systems' suggestions and insights, changing users' technology usage intentions. Regarding H4, precise
predictive analytics in the DSS improves technology adoption, supporting previous research on advanced
analytics' impacts on user behaviors and perceptions.
The relationship between technology integration and consumer attitude toward AI-based financial
advice (H5) and technology adoption (H6) is mediated by perceived usefulness. There is a compelling
theoretical and literary justification for mediation. Consumer attitudes and adoption decisions are
influenced by perceived utility or customers' subjective evaluations of a technology's usefulness.
According to Hypotheses 5 and 6, the perceived value of AI-driven financial guidance systems is
increased by technical integration, especially in the areas of data security and compatibility. Wang et al.,
(2020) discovered that when people perceive technology as helpful for their work, they would embrace
it. The notion that perceived utility acts as a mediator between the two is supported by the study on utility
perceptions and user attitudes (Ogundipe et al., 2023). Technology utility has a significant influence on
consumers' attitudes and intentions toward using technology, according to (Voinescu et al., 2020).
Technology provides customers with a perceived advantage that enhances their perceptions of AI-based
financial advice, according to Hypothesis 5. This study confirms earlier research on perceived usefulness
as a technology adoption driver. The perceived utility was discovered (Zhong, 2024) to mediate extrinsic
influences on technological adoption. The adoption of AI-based financial guidance systems is influenced
by the perceived value of completely integrated technology, according to hypothesis 6. This connects
acceptability and technological integration.

13
Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

The relationship between the DSS, client attitudes regarding AI-based financial advice, and
technological adoption is mediated by perceived usefulness, according to Hypotheses 7 and 8. Both
theoretical and empirical evidence favor mediation. It emphasizes how consumer attitudes and the uptake
of DSS components are impacted by perceived usefulness. The results are consistent with the UTAUT
(Zhani et al., 2022). This demonstrates how intentions to embrace technology are influenced by perceived
utility. Hypotheses 7 and 8 state that the perceived value of AI-driven financial advising platforms is
influenced by the effectiveness of DSS components. These include the accuracy of predictive analytics
and the clarity of decision-making. This study confirms the findings of (Spoladore et al., 2024), who
discovered that when consumers believe technology would help them make better decisions, they will be
more likely to accept it and is supported by the study that highlights explicit decision-making processes
and the positive correlation between perceived usefulness and DSS (Mukred et al., 2024). Consumer
perceived utility, according to (Tanguay-Sela et al., 2022), fosters client acceptance, confidence, and trust.
DSS elements assist users in understanding and putting their faith in the decision-making processes of
AI-based financial advising systems. This boosts tech uptake and customer perceptions. This study
validates past findings that perceived utility affects technology adoption. Perceived usefulness mitigates
extrinsic impacts on technology adoption, according to (Sherman et al., 2020). Hypothesis 8 indicates
that DSS components' perceived utility increases customers' adoption of AI-based financial advice
services. This influence mediates technical acceptability-decision support system impacts.

6 Conclusion
In conclusion, this study has explored the intricate relationships between technology integration, decision
support systems (DSS), perceived utility, consumer attitudes toward AI-based financial advice, and
technology adoption within the context of the rapidly evolving landscape of financial technology.
Through a quantitative research approach and structural equation modeling analysis, the study has
provided valuable insights into the factors influencing consumer behaviors and perceptions in adopting
AI-driven financial advisory services. The findings of this study have supported the hypotheses posited,
highlighting the significant and positive impacts of technology integration and DSS components on both
consumer attitudes and technology adoption. Specifically, technology integration, comprising robust data
security measures and seamless compatibility, has been shown to foster positive consumer attitudes
toward AI-based financial advice and increase the likelihood of technology adoption. Similarly, the
effective functioning of DSS components, including predictive analytics accuracy and decision
transparency, has been found to positively influence both consumer attitudes and technology adoption
decisions. Moreover, the study has identified perceived utility as a critical mediating factor in these
relationships. Perceived utility, representing users' subjective assessment of the technology's usefulness,
has been shown to play a pivotal role in shaping consumer attitudes toward AI-based financial advice
and influencing technology adoption decisions. The mediation analyses have underscored the importance
of perceived utility in bridging the gap between technology integration, DSS components, and consumer
behaviors, highlighting its significance in understanding user acceptance and adoption of advanced
financial technologies.
The findings of this study have important implications for both academia and industry. From an
academic perspective, the study contributes to the existing body of literature on technology adoption and
acceptance theories by highlighting the nuanced interplay between technology integration, DSS
components, perceived utility, consumer attitudes, and technology adoption. The empirical evidence
presented in this study offers valuable insights into the factors influencing consumer behaviors in the
14
Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

rapidly evolving landscape of financial technology, providing a foundation for future research in this area.
From a practical standpoint, the findings of this study have implications for financial institutions,
technology developers, and policymakers involved in the development and implementation of AI-based
financial advisory services. By understanding the factors that influence consumer attitudes and adoption
decisions, stakeholders can design and deploy more effective and user-centric financial technology
solutions. Strategies aimed at enhancing technology integration, optimizing DSS components, and
promoting perceived utility can help build trust, confidence, and adoption of AI-driven financial advisory
services among consumers. Overall, this study contributes to a deeper understanding of the complex
dynamics that shape consumer behaviors and perceptions in the realm of AI-based financial advice and
technology adoption. By elucidating the roles of technology integration, DSS components, and perceived
utility, the study provides valuable insights that can inform the development and implementation of
innovative financial technology solutions, ultimately advancing the digital transformation of the financial
services industry.

7 Implications
The findings of this study offer practical implications that can guide stakeholders involved in the
development and implementation of AI-based financial advisory services. Firstly, financial institutions
and technology developers can prioritize the integration of robust data security measures and
compatibility features into these services. By ensuring seamless integration, firms can enhance user trust
and confidence in the technology, ultimately fostering positive consumer attitudes and increasing the
likelihood of technology adoption. Additionally, stakeholders can focus on optimizing Decision Support
Systems (DSS) components, such as predictive analytics accuracy and decision transparency. By
providing more accurate and transparent financial advice, firms can enhance user satisfaction and drive
technology adoption. Moreover, promoting perceived utility among users is crucial. Strategies aimed at
emphasizing the usefulness and value of the technology, such as tailored communication strategies and
user training programs, can enhance user perceptions and attitudes, ultimately increasing the likelihood
of technology adoption. These practical implications can guide stakeholders in developing user-centric
financial technology solutions that meet the needs and expectations of consumers.
From a theoretical perspective, this study contributes to the advancement of technology acceptance
theories by highlighting the complex interplay between various factors influencing user behaviors. By
extending previous research and examining the mediating role of perceived utility in the relationships
between technology integration, DSS components, consumer attitudes, and technology adoption, this
study offers insights into the underlying processes that shape user perceptions and behaviors. This
contributes to a deeper understanding of technology adoption dynamics and enriches existing theoretical
frameworks such as the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance
and Use of Technology (UTAUT). Furthermore, the focus on the Chinese population provides insights
into the cultural nuances and specific factors influencing consumer attitudes and adoption decisions
within this context. This contributes to cross-cultural research on technology adoption and highlights the
importance of considering cultural factors in the design and implementation of AI-driven financial
advisory services in diverse global markets. Additionally, the study provides a foundation for future
research in the field of financial technology, offering insights into the factors influencing technology
adoption in the rapidly evolving landscape of AI-driven financial advisory services. Future studies may
build upon these findings to explore additional factors influencing technology adoption, such as
regulatory environments, user demographics, and market dynamics. In summary, the practical and
15
Consumer Attitudes towards AI-based Financial Advice: Shenyu Zhang
Insights for Decision Support Systems (DSS) and
Technology Integration

theoretical implications of this study extend beyond AI-based financial advisory services, offering
valuable insights that can inform the development and implementation of innovative financial technology
solutions. By prioritizing technology integration, optimizing DSS components, and promoting perceived
utility among users, stakeholders can enhance user trust, confidence, and adoption of AI-driven financial
technology, ultimately advancing the digital transformation of the financial services industry.

8 Limitations and Future Directions

While this study contributes valuable insights into the factors influencing consumer attitudes and
adoption decisions in the realm of AI-driven financial advisory services, several limitations should be
acknowledged. Firstly, the study's focus on a single population, namely China, may limit the
generalizability of the findings to other cultural contexts. Future research could explore the cross-cultural
variations in consumer attitudes and adoption behaviors to provide a more comprehensive understanding
of the phenomenon. Moreover, the study primarily focuses on the impact of technology integration and
decision support systems on consumer attitudes and adoption decisions, overlooking other potential
influencing factors. Future research could delve deeper into algorithmic biases and transparency,
exploring their implications for user trust and acceptance. Additionally, providing more insight into
specific contextual factors such as regulatory changes, economic conditions, and societal events that may
influence user beliefs and behaviors would enrich the discussion. Furthermore, while the study suggests
future research on moderating factors, clarity on the specific factors and their empirical investigation
methods would enhance the discussion. Identifying concrete research questions or hypotheses to address
the gaps mentioned in the limitations would provide clearer guidance for future research endeavors.
Moreover, discussing the potential ethical implications of AI-driven financial advice in more detail and
suggesting ways to address them in future research would add depth to the discussion. In terms of
methodological considerations, future research could explore mixed-methods approaches and
longitudinal investigations to overcome the limitations of cross-sectional data and provide a more
comprehensive understanding of the dynamics at play. Moreover, explaining how emerging technologies
such as quantum computation and blockchain relate to AI-driven financial advice and why they are
important for investigation would provide a better context for future research endeavors. By addressing
these limitations and exploring these future directions, researchers can further advance our understanding
of the complexities surrounding AI-driven financial advisory services and contribute to the development
of more effective and ethical financial technology solutions.

9 Conflict of Interest
No potential conflict of interest was reported by the author.

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