Ranking The Most Critical Factors to Enhance Consumers’ Adoption of Chatbots Within the Banking Sector

Proceedings of The 5th World Conference on Management, Business and Economics

Year: 2023

DOI: https://www.doi.org/10.33422/5th.worldmbe.2022.11.101


Ranking The Most Critical Factors to Enhance Consumers’ Adoption of Chatbots Within the Banking Sector

Felix Amoah, Laura Novienyo Abla Amoah, Christabel Rusike



The digitalization of the banking sector in South Africa has increased in the past decade. Banks are shifting from a labour-intensive approach to doing business to the use of machines, robotics, and artificial intelligence. The use of chatbots seems to be a new platform that banks are utilizing to engage customers in a meaningful and productive manner. Compared to mobile applications and social media platforms, chatbot adoption within the banking sector has not attracted many customers. The purpose of this study was to investigate and rank the most critical factors that consumers consider before adopting chatbots in the banking sector. Using an online survey, primary data was collected from respondents who possess a banking account in South Africa and who have been exposed to online banking in the past. A sample size of 200 respondents was envisaged for the study; however, a total of 151 usable questionnaires were analyzed. The data collected from the respondents was coded and captured on a Microsoft Excel spreadsheet, which was then followed by the analysis of the data using IBM SPSS version 16. The findings indicate that relative advantage, perceived usefulness, and price value were ranked in the first group of important variables that consumers will prioritize. In addition, perceived compatibility, perceived ease of use, and facilitating conditions were classified in the second group of important factors. Hedonic motivation was identified in the third significant group, while social influence was classified in the fourth significant group. Valuable recommendations have been offered in the study that could assist the banking sector in designing strategies to enhance the use of chatbots in the banking sector.

keywords: Chatbots, banking sector, relative advantage, ranking, South Africa