Digital risk governance and behavioural drivers of robo-advisor adoption in financial services

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Abstract

This article examines the impact of ‘reasons for’ and ‘reasons against’ factors on the adoption of robo-advisors (RAs) in the Saudi financial services sector. The limited empirical evidence on behaviour drivers and resistance factors that affect the adoption of digital financial innovations (Mishra, Bansal, & Maurya, 2023) is to be addressed within the framework of the behavioural reasoning theory (BRT) (Claudy et al., 2015). The data of 1366 Saudi customers have been analysed using a multi-stage stratified sampling approach. Confirmatory factor analysis (CFA), structural equation modelling (SEM), and artificial neural networks (ANN) have been used for analysis. Our analysis reveals that factors related to ‘reasons for’ and ‘reasons against’ affect RAs adoption. The results indicate that compatibility (COMP) and openness to change (OC) have a significant impact on attitude (ATT) and behavioural intention (BEI), whereas relative advantage (REA) has a direct impact on behavioural intention. Additionally, openness to change and compatibility affect adoption motivations and attitudes toward RAs. The findings highlight the need to analyse both pro-adoption and anti-adoption aspects in marketing strategy. The research has valuable implications for financial service providers and policymakers who are interested in boosting the uptake of digital financial services.

Keywords: Consumer Resistance, Innovation Adoption, Robo-Advisors, Financial Services, Behavioural Reasoning Theory

Authors’ individual contribution: Conceptualization — Y.A.; Methodology — R.B.; Software — R.B.; Validation — A.K.M.; Formal Analysis — R.B.; Investigation — K.M.; Resources — Y.A.; Data Curation — P.K.M.; Writing — Original Draft — R.B.; Writing — Review & Editing — Y.A.; Visualization — A.K.M.; Supervision — Y.A.; Project Administration — Y.A.; Funding Acquisition — Y.A.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G1, G2, G4, O1, O3

Received: 21.06.2025
Revised: 10.10.2025; 14.02.2026; 17.03.2026
Accepted: 30.03.2026
Published online: 03.04.2026

How to cite this paper: Ansari, Y., Bansal, R., Mishra, A. K, & Maurya, P. K. (2026). Digital risk governance and behavioural drivers of robo-advisor adoption in financial services. Risk Governance and Control: Financial Markets & Institutions, 16(1), 207–224. https://doi.org/10.22495/rgcv16i1p18