An empirical examination of the adoption of artificial intelligence in banking services: the case of Mongolia

Abstract Artificial intelligence (AI) has profoundly impacted banking services, particularly in the context of rapid technological advancements. The success of the banking sector depends on establishing customers’ intention to adopt AI. However, research on AI adoption in Mongolia’s banking sector remains limited, underscoring the need to understand consumer behavior and key adoption factors. This paper seeks to evaluate consumer attitudes toward adopting AI in banking services. To achieve this goal, we surveyed the perceptions of customers from selected banks, yielding 508 participants and 487 valid responses for subsequent analysis. The proposed model was assessed using a partial least squares approach to the technical acceptance model. Our findings indicate that the banks involved in this study have already integrated various AI products. The results demonstrate that perceived usefulness, perceived trust, and attitudes toward AI in banking significantly enhance the adoption of AI-enabled banking services. Additionally, the study examines the partial mediating effect of attitudes toward AI on the intention to adopt AI in banking, identifying ATT as a mediating variable between PEOU and PU with INT. These findings provide practical insights for banks and stakeholders seeking to enhance AI-powered customer service while contributing to the literature on AI adoption in banking from a consumer perspective.