Demographic variations in intentions towards artificial intelligence-driven financial services in emerging economies: A study of Saudi Arabia

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Artificial intelligence (AI) is revolutionising the financial industry; however, consumer perceptions towards AI in financial services remain relatively limited. The purpose of this study is to investigate variations in behavioural intention towards AI-driven financial services across demographic factors (gender, marital status, age, education level, and income) in Saudi Arabia. A questionnaire was distributed, and 296 complete responses were collected. The survey contained four items to measure behavioural intention. The data were analysed using independent t-tests, one-way analysis of variance with Tukey’s honest significant difference post hoc tests. The findings indicate that behavioural intention is significantly different across the five tested demographic variables: gender, marital status, age, education level, and income level. The results also suggest that females and unmarried individuals have a greater propensity to engage with AI-driven financial services than their counterparts. Moreover, the multiple comparison analysis reveals that individuals within the 21-30 age range and those with lower income levels exhibit a significantly greater intention to use these services. Conversely, individuals possessing postgraduate degrees or higher demonstrate a lower intention to utilise AI-driven financial services compared to those with lower educational qualifications. This research contributes to our understanding of the effects of demographic factors on the adoption of AI-driven financial services by consumers, a topic that has received limited attention in the literature. Moreover, the current study provides practical insights for financial institutions to utilise demographic analysis in tailoring their AI-driven services and marketing strategies, thereby enhancing consumer adoption and helping them stay ahead of the curve in terms of financial technology advancements.