Title: Are investors moving towards robo-advisory services?

Authors: Parth Shah; Amola Bhatt

Addresses: Institute of Management, Nirma University, Ahmedabad, India ' Institute of Management, Nirma University, Ahmedabad, India

Abstract: The present research aims to understand the usage intention of investors toward robo-advisory services in the Indian context. The UTAUT model, along with two new variables, risk tolerance and financial literacy, were reviewed to study their effect on the usage intention of investors. Performance expectancy, social influence, and facilitating conditions have a significant positive effect on the usage intention of investors towards robo-advisory services. The study also finds that the level of risk tolerance and financial literacy of the investors negatively affect the usage intention of investors towards robo-advisors. Gender and the education level of the investor significantly moderate the effects of financial literacy and social influence on usage intention, respectively. This study will help the financial service providers to understand how to raise the awareness and adoption rates of robo-advisory services.

Keywords: fintech; robo-advisory; digital investment management system; UTAUT; financial literacy; FL; risk tolerance; RT; usage intention; UI; financial services; electronic finance; performance expectancy; PE; social influence; SI; facilitating conditions; FC; gender; education.

DOI: 10.1504/IJEF.2026.150290

International Journal of Electronic Finance, 2026 Vol.15 No.1, pp.1 - 25

Received: 06 Mar 2023
Accepted: 21 Sep 2023
Published online: 08 Dec 2025 *

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