A meta-analysis of technological adoption of financial services: investigating risk and trust perception effects

Purpose This meta-analysis examines the effects of risk perception and trust on the technological adoption of financial services. By integrating findings from multiple studies, it aims to identify the overall influence of these factors while assessing the role of moderators that shape adoption patterns. This study seeks to clarify how risk and trust interact across different banking technologies and contexts, offering a comprehensive understanding of their impact. Design/methodology/approach A systematic literature review and meta-analysis were conducted following PRISMA-S guidelines. Data were extracted from 55 studies, totaling 2,104 effect sizes related to risk perception, trust, and technological adoption. A random-effects model was employed to estimate the aggregated effects, while hierarchical linear meta-analysis (HiLMA) examined contextual, practical, and methodological moderators. Findings Risk perception negatively influences the technological adoption of financial services, with economic performance, business efficiency, and globalization level amplifying its effects. Additionally, age and education levels moderate risk perception, with older and more educated individuals becoming more risk-sensitive. Conversely, trust perception positively affects adoption, with government efficiency, infrastructure, and AI-driven solutions strengthening its influence. Cultural dimensions such as universalism vs. particularism and the perceived degree of control also shape trust’s role in adoption decisions. Originality/value Heterogeneity analysis highlights key variations unexplored in prior studies, demonstrating that risk and trust effects differ across economic, technological, and methodological contexts. By identifying contextual, practical, and methodological moderators, it provides a comprehensive framework for understanding technological adoption in banking. The study offers valuable insights for financial institutions, policymakers, and investors, supporting the development of trust-building strategies and risk mitigation measures tailored to specific markets.