Title: Analysing the adoption of artificial intelligence in financial services: a DEMATEL approach

Authors: Manish Kumar Rajak; Ariba Fatima; Somen Dey

Addresses: School of Management Studies, Motilal Nehru National Institute of Technology Allahabad, Prayagraj Uttar Pradesh, 211004, India ' School of Management Studies, Motilal Nehru National Institute of Technology Allahabad, Prayagraj Uttar Pradesh, 211004, India ' School of Management Studies, Motilal Nehru National Institute of Technology Allahabad, Prayagraj Uttar Pradesh, 211004, India

Abstract: The financial services sector is undergoing a profound transformation driven by the increasing adoption of AI technologies. This study extensively analyses the factors influencing AI adoption in financial services using the decision-making trial and evaluation laboratory (DEMATEL) approach. The approach classifies factors as causes and effects, systematically analysing their interdependencies in complex issues. Through a comprehensive review of the previous literature and expert opinion, data collected from ten experts. The study aims to evaluate the dynamics of causal relationships between the multi-dimensional adoption of AI. The study analyses the nine key factors influencing AI adoption in financial services. Furthermore, the findings emphasise innovation as vital for data management, while regulatory compliance efficiently fosters AI adoption. This study contributes crucial aspects for financial service institutions seeking to make informed decisions, develop effective strategies, and navigate the dynamic landscape of AI integration in the financial services sector.

Keywords: adoption; artificial intelligence; AI; financial services; decision-making trial and evaluation laboratory; DEMATEL.

DOI: 10.1504/IJMCDM.2025.150304

International Journal of Multicriteria Decision Making, 2025 Vol.10 No.2, pp.129 - 156

Received: 19 Mar 2024
Accepted: 10 Jul 2025
Published online: 08 Dec 2025 *

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