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Simulating the Effects of Social Presence on Trust, Privacy Concerns & Usage Intentions in Automated Bots for Finance

Lookup NU author(s): Dr Magdalene Ng, Dr Kovila Coopamootoo, Dr Ehsan Toreini, Gladys -, Professor Karen ElliottORCiD, Professor Aad van Moorsel



This is the authors' accepted manuscript of a conference proceedings (inc. abstract) that has been published in its final definitive form by IEEE, 2020.

For re-use rights please refer to the publisher's terms and conditions.


FinBots are chatbots built on automated decision technology, aimed to facilitate accessible banking and to support customers in making financial decisions. Chatbots are increasing in prevalence, sometimes even equipped to mimic human social rules, expectations and norms, decreasing the necessity for human-to-human interaction. As banks and financial advisory platforms move towards creating bots that enhance the current state of consumer trust and adoption rates, we investigated the effects of chatbot vignettes with and without socio-emotional features on intention to use the chatbot for financial support purposes. We conducted a between-subject online experiment with N = 410 participants. Participants in the control group were provided with a vignette describing a secure and reliable chatbot called XRO23, whereas participants in the experimental group were presented with a vignette describing a secure and reliable chatbot that is more human-like and named Emma. We found that Vignette Emma did not increase participants' trust levels nor lowered their privacy concerns even though it increased perception of social presence. However, we found that intention to use the presented chatbot for financial support was positively influenced by perceived humanness and trust in the bot. Participants were also more willing to share financially-sensitive information such as account number, sort code and payments information to XRO23 compared to Emma - revealing a preference for a technical and mechanical FinBot in information sharing. Overall, this research contributes to our understanding of the intention to use chatbots with different features as financial technology, in particular that socio-emotional support may not be favoured when designed independently of financial function.

Publication metadata

Author(s): Ng M, Coopamootoo KP, Toreini E, Aitken M, Elliott K, vanMoorsel A

Publication type: Conference Proceedings (inc. Abstract)

Publication status: Published

Conference Name: IEEE European Symposium on Security and Privacy Workshops (EuroS&PW)

Year of Conference: 2020

Pages: 190-199

Online publication date: 22/10/2020

Acceptance date: 10/07/2020

Date deposited: 02/02/2021

Publisher: IEEE


DOI: 10.1109/EuroSPW51379.2020.00034

Library holdings: Search Newcastle University Library for this item

ISBN: 9781728185972