Artificial intelligence: understanding the determinants of adoption and intention to recommend the technology in the financial sector in Portugal

Purpose The financial sector is undergoing a significant path transformation due to the convergence of technological advancements and the ever-increasing importance of financial services. This trend has led to the adoption of disruptive technologies, such as artificial intelligence (AI), to enhance service delivery and address critical needs. Design/methodology/approach This model was empirically tested using structural equation modelling with data collected from Portuguese people. Findings The results suggest that perceived usefulness, perceived ease of use, perceived risk and perceived trust significantly influence user attitudes. Hedonic motivation and social influence emerged as key determinants of intention to adopt AI in the financial sector. The study also found that awareness significantly moderated the relationship between the intention to adopt and the recommendation the technology. Originality/value Despite the potential benefits, research on the acceptance of AI within the financial sector remains limited. This study proposes an innovative and comprehensive theoretical model that combines the Unified Theory of Acceptance and Use of Technology with an extension of the technology acceptance model, with an the technology construct and two understudied moderators in literature, namely awareness and familiarity, offering valuable insights into factors influencing the adoption and the intention to recommend the technology. This research contributes to the yet understudied body of knowledge on AI adoption in the financial sector. The findings provide valuable insights for financial institutions seeking to effectively implement AI solutions and enhance user acceptance within the sector.