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The digitalization of the economy helps the governments, people, and businesses make transactions safer and secure with one touch through smartphones. The banking industry and other financial institutions are adopting digital services that can help their customers. One of these services is the AI-powered Robo-advisor that acts like a human but provides useful information, better forecasting, and familiar elements for financial investments to the customers (Park, Ryu, & Shin, 2016). AI is a process where it acts like human-like with machine capabilities to think and make future forecasting (Bhutani, 2019; Brill, Munoz, & Miller, 2019; Makridakis, 2017). Hence, the banking industry has also transformed itself into a more revolutionary financial institution through technology such as mobile banking irrespective of place and time (Oliveira, Faria, Thomas, & Popovič, 2014; Salimon, Yusoff, & Mokhtar, 2017). Digital banking, i.e., mobile banking, helps consumers avail banking services at ones' fingertips without making a lot of effort (Goyette, Ricard, Bergeron, & Marticotte, 2010; Hogan, Lemon, & Libai, 2004). Technological advancements help customers, organizations, and research scholars understand the end-user interests and behavioral aspects (Gu & Tayi, 2016; Nijssen, Schepers, & Belanche, 2016). The use of AI-based tools is becoming of importance in FinTech services.
This advancement of technology is highly visible in the banking sector. Therefore, the banking industry is continuously looking for new ways to provide better services to their customers (Iberahim, Taufik, Adzmir, & Saharuddin, 2016; Karthikeyan, 2016). The banking industry provides its customer with the latest technologies to give them better services equipped with AI-powered chatbots and Robo-advisors. Consumers are always looking for convenient, useful, and benefits through the use of brands. And brands are continually adopting technologies to provide their customers according to their needs and wants. Therefore, in the current business environment, digital technology services such as AI-powered Robo-advisor in the banking sector can assist their customers. Nowadays, time is of the essence, and consumers look for convenience with trust, satisfaction, and innovativeness of the technology available to them. Thus, through AI-powered Robo-advisors, the banking industry can provide such advice to its customers for financial investments in different portfolios with less or no risk (Jung, Dorner, Glaser, & Morana, 2018; Park et al., 2016).