FACTORS AFFECTING ADOPTION OF AI-POWERED FINTECH SERVICES IN OMAN

Abstract

The rapid advancements in financial technology have revolutionised the financial services industry, with artificial intelligence playing a crucial role in shaping the future of this sector. Oman, as a part of the Middle East and North Africa region, has not been immune to these transformations, and the adoption of Artificial Intelligence (AI)- driven fintech solutions has become a topic of growing interest and importance. The integration of Al into the financial industry offers numerous benefits, including improved customer experience, enhanced decision-making processes, and increased operational efficiency. As Oman continues to diversify its economy and strive for financial inclusion, understanding the determinants of consumer attitudes and adoption of these innovative fintech solutions becomes essential for policymakers, financial institutions, and technology providers. The current study is based on the Technology Acceptance Model proposed to identify the factors which influence attitudes towards Al-powered fintech services and whether attitude has a statistically significant impact on the adoption of AI- powered fintech services. The study adopted quantitative research methods. Primary data was collected from three hundred and seventy-five fintech users from the Sultanate of Oman using a purposive and snowball sampling technique. The proposed model and hypothesis were tested using Partial Least Squares-based Structural Equation Modelling. The hypothesis results show that attitude towards Al has a statistically significant effect on fintech adoption intention. Perceived ease of use of Al, perceived trust, and technological Readiness were statistically significant predictors of attitude towards Al. Partial mediation paths were inferred from Perceived Use of AI, Perceived Trust and Technological Readiness to Fintech Adoption Intention. Perceived Usefulness had not statistically significant direct or indirect effect on Fintech adoption Intention.