Talking to the Market: Field Evidence on AI Chatbots, Digital Advice Utilization, and Retail Trading Outcomes (International Journal of Science Strategic Management and Technology)

Summary

• The final dataset included 300 retail investors who actively traded listed securities and had recently used AI-enabled investment chatbots.p.8
• Respondents had a mean age of 33.15 and made 6.85 trades per month on average.p.8
• Perceived chatbot competence correlates with digital advice utilization (r = 0.487), and trust with utilization (r = 0.486).p.9
• Digital advice utilisation correlates with trading outcomes (r = 0.363) and with financial literacy (r = 0.282).p.9
• The regression of trading outcomes explains 19.65% of variance (R² = 0.196).p.10
• Financial literacy does not significantly moderate the link between advice utilisation and trading outcomes.p.11

Key insights

1. Cronbach's alpha values of 0.94–0.95 indicate excellent internal consistency of the scales.p.9
2. Perceived competence is positively associated with advice utilisation (B = 0.3195, p < 0.001).p.10
3. Trust in the chatbot is positively associated with advice utilisation (B = 0.3177, p < 0.001).p.11
4. Competence and trust contribute almost equally to explaining variation in advice utilisation.p.11
5. Chatbot advice and financial literacy appear to be complementary resources rather than substitutes.p.14