The social impact of the application of artificial intelligence in FinTech: Consumer behavior and trust building
Ziyin Zhou
The University of New South Wales
DOI: https://doi.org/10.59429/bam.v7i1.9575
Keywords: Artificial intelligence; Fintech; Consumer behavior; Trust building; Privacy protection
Abstract
This study addresses financial technology companies’ application of artificial intelligence and its implications for consumer behavior, particularly financial technology companies’ maintenance of relationships with consumers through trust establishment. As artificial intelligence technology in financial companies continues to expand at a high velocity, an increasingly high number of companies have started utilizing AI in offerings such as personalized investment advice, credit rating, and fraud analysis. Nevertheless, even with growing efficiency and individuality in service through AI application, information protection and information security concerns have increasingly become a matter for concern for consumers. In this study, case studies of AI application in platforms such as TikTok, Xiaohongshu, Meituan, and Taobao have revealed information protection, transparency in information use, and trust establishment have become key concerns in AI-powered platforms. According to the study, transparency, security, and user experiences have become key factors in shaping trust, and financial technology companies have to build long-term trust through effective establishment of privacy policies, enhancing information protection, and enhancing user experiences. In conclusion, in terms of balancing AIpowered service with trust establishment for consumers, financial technology companies have guidance in this study.
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