Research background: Robo-advisory is a modern and rapidly developing area of implementing artificial intelligence to support customer decision-making. The current significance of robo-advisory to the financial sector is minor or marginal, and boils down to formulating recommendations and implementing investment strategies. However, the ongoing digital transformation of the economy leads us to believe that in the near future this technology will also be much more widely used with banking products. This makes it necessary for banks and other financial institutions to be prepared to offer this service to their customers. Purpose of the article: The aim of this paper is to identify factors significantly influencing bank customers’ intention to use robo-advisory. Identification of robo-advisory acceptance factors may increase the effectiveness of banks' promotional activities regarding such a service. Methods: Empirical data was obtained through a survey conducted on a representative sample of 911 Polish respondents aged 18–65. Using a multilevel ordered logit model and methods based on machine learning algorithms, the authors identified variables relating to the demographic and socio-economic characteristics, behaviors, and attitudes of consumers that primarily determine respondents’ adoption of robo-advisory. Findings & value added: The results of the study indicate that the variables regarding the respondents' attitude towards the use of artificial intelligence in banking services turned out to be the most important from the point of view of acceptance of robo-advisory. Next in terms of importance were the variables presenting respondents' assessments of the ethics of financial services. An important finding is that experience in using basic financial services is not a significant factor when accepting robo-advisory. From the practical perspective, the article provides recommendations on the use of artificial intelligence technology in finance and ethical aspects of the provision of such services by banks.

Environmental protection is a core component of the sustainable business practices of financial institutions. Previous research on green FinTech mainly relies on gas and dust emissions data to show its environmental impact, while consumer assessments of FinTech’s contribution to sustainability are rarely explored. This study aims to investigate the level of consumer awareness regarding the environmental impact of FinTech companies and to identify cross-country differences in these assessments. The empirical data were obtained from a survey conducted in mid-2023, involving 2000 respondents from the United Kingdom, Germany, Poland, and Ukraine. This study employs descriptive statistics and selected statistical tests, which enabled the identification of two main findings. Firstly, the survey results reveal a generally low level of awareness of the green activities undertaken by FinTech companies across all four countries. Secondly, statistically significant differences were found in the assessment of the environmental impact of FinTech companies, with respondents from the United Kingdom and Poland being the most likely to perceive this impact as positive. Due to the benefits of sustainable development for both society and the environment, it is essential that the FinTech sector intensifies its pro-environmental efforts. The findings also highlight the need for FinTech companies to enhance communication regarding their environmental sustainability initiatives.

Ethically conducted business has a positive impact on consumer trust, satisfaction and loyalty. The aim of this paper is to identify the bank activities that customers perceive as ethical and to what extent they affect consumer perceived ethicality. The binomial logit model applied in this study demonstrates that the honesty of financial advice, use of e-banking services and use of artificial intelligence technology to improve the quality of banking services have a significantly positive impact on consumers’ perception of banks in Poland as ethical institutions. Significant variables that negatively influence consumer perceived ethicality include gender, education, use of financial advisory services, banks’ manipulation of information about financial products and use of personal data against the will of customers.

Demographic and Socio-Economic Factors as Barriers to Robo-Advisory Acceptance in Poland

Motivation: The digitization of financial services has brought a noticeable decline in the importance of branch banking for customers wanting to contact their bank or receive financial services. The lack of personal contact with bank employees has become particularly significant during the pandemic, with remote modes of communication reducing the risk of contracting SARS-CoV-2. Aim: The present study applies the Spearman’s rank correlation coefficient and binomial logit model to determine the impact of the digitization of bank services and the COVID-19 pandemic on retail customers’ needs for branch banking. Results: The empirical research conducted demonstrated that the factors significantly positively influencing the need to use financial services provided by staff in bank branches were respondent experience in using bank advisory services and fear of interpersonal contact in the pandemic context. Meanwhile, variables with a negative effect were the use of the electronic banking platform, attitudes towards the use of the artificial intelligence technology in the banking sector, and perceptions of the advantages of remote communication with institutions in the pandemic context.