IMPACT OF AI IN BANKING: ROBO-ADVICE FOR FINANCIAL MANAGEMENT

One of the major developments in the fields of investing and personal finance management is the emergence of robo-advisors. This technology aims to assist people in making more effective and efficient financial decisions by providing algorithm-based solutions that offer individualized investment advice. Despite their reputation as tech-savvy, the millennial generation appears to be reluctant to use robo-advisory services. Given the enormous potential of the millennial market, this phenomenon presents a challenge for businesses offering these services. It is crucial to comprehend the different elements that affect the acceptance of this technology in order to boost the rate of robo-advisory adoption in personal financial management. This study emphasizes a number of important factors, including perceived ease of use, financial literacy, and degree of technology trust. The study's findings indicate that a person's decision to use robo-advisory services is significantly influenced by their level of financial literacy. Higher financial literacy tends to make people more willing to use robo-advisors because it makes it easier for them to evaluate the advantages they provide. The adoption of this technology is also significantly influenced by opinions about how simple it is to use. Users are more likely to attempt using the service for financial management if they find it to be user-friendly and intuitive. Another important consideration is the degree of trust that people have in the technology, particularly in the financial sector where privacy and data security are top priorities. Users must have faith that their personal information is secure and that the robo-advisor's recommendations are trustworthy and in line with their financial objectives. In general, robo-advisory service providers should concentrate on financial education initiatives, creating more user-friendly interfaces, and fostering trust through greater transparency and data security in order to promote broader adoption among millennials. Robo-advisors' potential as a tool for financial management can be maximized with the correct approach, giving users more advantages.