PRIORITISATION OF FACTORS FOR ARTIFICIAL INTELLIGENCE-BASED TECHNOLOGY ADOPTION BY BANKING CUSTOMERS IN INDIA: EVIDENCE USING THE DEMATEL APPROACH

Abstract

Artificial Intelligence (AI) is a concept of recent origin and is accepted for banking activities such as customer service, detection of fraudulent activities, and suspicious transactions. For the successful implementation of AI in the Indian context, a deep understanding is required in terms of its need and importance compared to the traditional banking system. To date, this outlook of AI has been less focused by industry practitioners and experts for the smooth flow of operational procedures in banks for developing countries, for example, India. This study aims to unearth factors and establish a relationship among the identified factors through the decision-making trial and evaluation laboratory (DEMATEL) approach to categorize the factors and frame the cause-and-effect relationships. Fifteen factors are identified through a literature review of existing studies, and ten experts were solicited to express their outlook on this subject. The result indicated that 'Transparency of information,' 'Perceived security of AI-based technology,' 'Social influence on customer,' 'Government regulation of AI in banks,' 'Awareness level of AI,' 'Efficiency of AI system,' 'Technical requirement,' and 'Cost of AI-based technology' were causative factors that support customer acceptance and penetration of AI in banks. The study presents a unique approach to customer acceptability towards AI in banks in developing countries using the DEMATEL technique. This study also discusses the possible area for the adaption of AI in Indian banks. The findings will support policymakers and practitioners in executing AI-based technologies in the banking sector in emerging nations.