The new technologies introduced into our lives as part of the Fourth Industrial Revolution, such as social robots, artificial intelligence, and the Internet of Things, are profoundly affecting not only how we communicate but also how we access services and make investments (Manser Payne, Dahl, and Peltier, 2021; Payne and Frow, 2017). Artificial intelligence is actively used in almost every area of life, including education, entertainment, retail, finance, investment, and the service sector, and its use is expected to increase and become more widespread. Digital assistants, such as Siri and Alexa, make our lives easier.
In parallel, social robots, which are AI-powered systems designed to interact with humans in socially meaningful ways, are becoming increasingly prevalent. Their use is particularly visible in sectors such as tourism, health care, and entertainment. Empirical evidence indicates that service robots guide customers in restaurants in Seoul, provide in-home support for older adults, and assist customers in bank branches in cities such as Tokyo (Čaić, Mahr, & Oderkerken-Schröder, 2019; Amelia, Mathies, & Patterson, 2022; Blaurock, Cai, & Henkel, 2022). Furthermore, the emergence of generative AI applications such as ChatGPT demonstrates that AI systems are now capable of producing text and explanations at a level comparable to human communication, thereby facilitating rapid and detailed access to information.
Artificial intelligence is expected to transform the service sector. Recent technological developments in this field provide security and convenience, particularly in the service sector, and help to control costs (Kaartemo and Helkkula 2018; Zhang, Pentina, and Fan 2021). With the advancement of artificial intelligence, the widespread use of social robots, which are already commonly used in many areas such as healthcare, education, tourism, and finance, will inevitably become more prevalent in banking. Research also shows that virtual assistants influence customers’ purchasing preferences (Belanche, Casaló, & Flavián, 2019). Today, it is becoming common for the first contact with customers in almost every sector to be made through smart interfaces. Along with technology and digital transformation, the financial sector is constantly seeking ways to offer new financial services at lower costs through different channels. The adoption of AI-powered technologies also means the proliferation of new actors engaging in direct communication with customers. Social robots have been particularly accepted by the industry and business world because they offer efficiency, productivity, and personalized solutions tailored to customers. Technological developments and the widespread use of telephone banking (Manser Payne, Dahl, et al., 2021), increased digitalization, and decreased branch visits after the Covid-19 pandemic (Baicu, Gârdan, Gârdan, and Epuran, 2020; Karageyim, 2022) can be considered important factors.
Considering the proliferation of AI-powered service robots and all the areas in which they are used, the market size is expected to reach $799 million by the end of 2031 (Amelia, Mathies, & Patterson, 2022b). Social robots are preferred for their mechanical, analytical, intuitive, and social abilities (Zhang, Pentina, and Fan, 2021b). New abilities are also being added. With the development of Chat GPT, we must acknowledge that its social abilities have developed alongside its linguistic abilities.
The most important feature of these assistants is their ability to convey emotions such as a human-like approach, warmth, social reactivity, and closeness, which can also be called social presence (Wirtz et al., 2018).
Today, many people communicate with social robots. Virtual assistants, such as Siri and Alexa, computers in cars, and much of the hardware in smart homes are powered by artificial intelligence. With the advent of ChatGPT, artificial intelligence is being used in many workplaces, schools, and universities to simplify and accelerate tasks.
Artificial intelligence simplifies and changes many tasks and duties, both in personal and professional settings. It is used more intensively in banking and financial institutions than in other sectors. Currently, the most important AI-powered robots in the banking sector are chatbots. Communication that was previously carried out by humans is now carried out by AI-powered social assistants or social robots in many industries. In an era shaped by GenAI, people prefer effortless and invisible interactions over traditional digital banking experiences. Platforms like Uber, Booking.com, and Starbucks already embed financial services directly into their user journeys,
Their widespread use in almost every sector ensures that social robots will become part of our lives over time. What are the basic requirements for adopting social robots in banking? Currently, most academic research focuses on the relationship between consumers and social robots. The results of the research show that five main themes are important for this relationship.
Social interaction (liveliness/humanity, social intelligence, social presence), customers’ responses to robots, opinions about the company or brand, previous familiarity with self-service technologies, technology anxiety, and the need to communicate with a person seem to be the most important reasons for social robot adoption in banking. Speed, convenience, and perceived ease of use are also critical components of adoption.
In addition, trust in social robots is important for loyalty in the online context. Trust is a particularly salient determinant in financial contexts. Because AI-powered social robots often handle sensitive personal and financial information, concerns related to privacy and security significantly affect users’ attitudes. Nevertheless, empirical evidence generally supports the acceptability of social robots in the financial industry, provided that these concerns are adequately addressed by the financial institutions. Individuals consider these risks, especially when it comes to issues involving social robots, including privacy and security risks. Most studies provide empirical evidence for the acceptability of social robots, especially in the financial industry. According to these studies, consumers consider qualities such as social interaction, liveliness, social intelligence, and social presence when communicating with robots.
Consequently, the rise of AI-powered social robots in the financial industry is a real opportunity for the industry. AI is expected to significantly reduce customer service costs in the future. It may also provide better consumer experience, faster product distribution and ecosystem innovation. In addition, social robots widely used in the service industry provide personalization, effectiveness, efficiency and customer loyalty.
