Robo-Advisor Model Adoption: A Digital Transformation To Accelerate Continuance Usage of Islamic Banking Product
Keywords:
Robo-Advisor, Digital Transformation, Continuance usage, Islamic Bank
Abstract
As Islamic banking becomes one of vital sectors in driving National economic growth, accelerating its development is prominent. The use of Robo-Advisor in this sector can help Islamic banking increase its existence and market share to compete in a global financial market. This research aims to conduct a model for the adoption of Robo-Advisor in Islamic banking sector to accelerate continuance intention usage of Islamic banking product in Indonesia by exploring the role of sharia financial literacy and halal awareness as mediating variables. This is explanatory research with quantitative and survey method. This research picks Islamic banking users in Indonesia, using quota sampling technique to achieve a representative sample in each province of Indonesia, resulting in 403 respondents. Structural Equation Model (SEM-PLS) is used to analyze the data and the relationship among variables. Empirically, the result revealed that the Robo-Advisor model adoption significantly accelerates the continuance intention usage of Islamic banking product in Indonesia. This research contributes in broadening horizon in terms of Islamic banking continuance usage by proposing integrated model. Furthermore, this research recommends the implementation of Robo-Advisor as a digital transformation for Islamic banking sector to support the growth of Islamic financial industry in Indonesia, remembering that Robo-Advisor is currently not used in either Islamic or conventional banking sectors.
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Albaity, M., & Rahman, M. (2019). The intention to use Islamic banking: an exploratory study to measure Islamic financial literacy. International Journal of Emerging Markets, 14(5), 988–1012. https://doi.org/10.1108/IJOEM-05-2018-0218
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Badan Pusat Statistik. (2023). Pertumbuhan Ekonomi Indonesia Triwulan III-2023.
Bandura, A. (1982). Self-efficacy mechanism in human agency. American Psychologist, 37(2), 122–147. https://doi.org/10.1037/0003-066X.37.2.122
Bank Indonesia. (2023). Kajian Ekonomi dan Keuangan Syariah Indonesia 2023: Sinergi Ekonomi dan Keuangan Syariah Memperkuat Ketahanan dan Kebangkitan Ekonomi Nasional.
Barile, D., Secundo, G., & Bussoli, C. (2024). Exploring artificial intelligence robo-advisor in banking industry: a platform model. Management Decision. https://doi.org/10.1108/MD-08-2023-1324
Bashir, A. M. (2019). Effect of halal awareness, halal logo and attitude on foreign consumers’ purchase intention. British Food Journal, 121(9), 1998–2015. https://doi.org/https://doi.org/10.1108/BFJ- 01-2019-0011
Belanche, D., Casaló, L. V., & Flavián, C. (2019). Artificial Intelligence in FinTech: understanding robo- advisors adoption among customers. Industrial Management & Data Systems, 119(7), 1411– 1430. https://doi.org/10.1108/IMDS-08-2018-0368
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Candra Sari, R., Rika Fatimah, P. L., Ilyana, S., & Dwi Hermawan, H. (2022). Augmented reality (AR)- based sharia financial literacy system (AR-SFLS): a new approach to virtual sharia financial socialization for young learners. International Journal of Islamic and Middle Eastern Finance and Management, 15(1), 48–65. https://doi.org/10.1108/IMEFM-11-2019-0484
Chang, C.-M. (2018). Understanding social networking sites continuance. Online Information Review, 42(6), 989–1006. https://doi.org/10.1108/OIR-03-2017-0088
Cheng, Y.-M. (2021). Will robo-advisors continue? Roles of task-technology fit, network externalities, gratifications and flow experience in facilitating continuance intention. Kybernetes, 50(6), 1751– 1783. https://doi.org/10.1108/K-03-2020-0185
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319. https://doi.org/10.2307/249008
Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User Acceptance of Computer Technology: A Comparison of Two Theoretical Models. Management Science, 35(8), 982–1003. https://doi.org/10.1287/mnsc.35.8.982
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Ewe, S. Y., Yap, S. F., & Lee, C. K. C. (2015). Network externalities and the perception of innovation characteristics: mobile banking. Marketing Intelligence & Planning, 33(4), 592–611. https://doi.org/10.1108/MIP-01-2014-0006
Fatima, S., & Chakraborty, M. (2024). Adoption of artificial intelligence in financial services: The case of robo-advisors in India. IIMB Management Review, 36(2), 113–125. https://doi.org/10.1016/j.iimb.2024.04.02
Gong, X., Cheung, C. M. K., Zhang, K. Z. K., Chen, C., & Lee, M. K. O. (2020). Cross-Side Network Effects, Brand Equity, and Consumer Loyalty: Evidence from Mobile Payment Market. International Journal of Electronic Commerce, 24(3), 279–304.https://doi.org/10.1080/10864415.2020.1767427
Goodhue, D. L., & Thompson, R. L. (1995a). Task-Technology Fit and Individual Performance. MIS Quarterly, 19(2), 213. https://doi.org/10.2307/249689
Goodhue, D. L., & Thompson, R. L. (1995b). Task-Technology Fit and Individual Performance. MIS Quarterly, 19(2), 213. https://doi.org/10.2307/249689
Hartani, N. H., Ridwan, M., & Asnawi, N. (2020). The moderating role of religiosity to determine the influence of halal awareness and emotional marketing strategy for Shariah based banking in Indonesian. International Journal of Innovation, Creativity and Change, 10(10), 373–387.
Hasibuan, I. H., Basri, Y. Z., & Mahfudz, A. A. (2021). The Effect of Religiosity and Maslahah Orientation on Halal Awareness, Satisfaction And Loyalty of Consumers of Halal Labeled Food. International Journal of Science and Society, 3(2), 154–175. https://doi.org/10.54783/ijsoc.v3i2.327
HC, R. H. K., & Gusaptono, R. H. (2020). The Impact of Financial Literacy on Investment Decisions Between Saving and Credit: Studies on Sharia Bank Customers in the Special Region of Yogyakarta. Journal of Economics and Business, 3(4). https://doi.org/10.31014/aior.1992.03.04.291
Ibrahim, D., Harun, R., & Isa, Z. M. (2010). A Study on Financial Literacy of Malaysian Degree Students.Canadian Academy of Oriental and Occidental Culture, Vol. 5(No. 1), 51–59.
Kementerian Keuangan RI. (2021). Keuangan Syariah Sangat Berperan dalam Pemulihan Ekonomi Nasional. Kementerian Keuangan RI.
Kementerian Keuangan RI. (2023, January 26). Ciptakan Sumber Pertumbuhan Ekonomi Baru, Wamenkeu: Perdalam Sektor Keuangan Indonesia. Kementerian Keuangan RI. https://www.kemenkeu.go.id/informasi-publik/publikasi/berita-utama/Ciptakan-Sumber- Pertumbuhan-Ekonomi-Baru
Lin, K.-Y., & Lu, H.-P. (2011). Why people use social networking sites: An empirical study integrating network externalities and motivation theory. Computers in Human Behavior, 27(3), 1152–1161. https://doi.org/10.1016/j.chb.2010.12.09
Luo, C., Lan, Y., (Robert) Luo, X., & Li, H. (2021). The effect of commitment on knowledge sharing: An empirical study of virtual communities. Technological Forecasting and Social Change, 163, 120438. https://doi.org/10.1016/j.techfore.2020.120438
Malik, R. F., Hermawan, A., & Asnawi, Y. H. (2019). the Effect of Halal Awareness, Halal Certification and Halal Marketing Toward Halal Purchase Intention of Fast Food Among Muslim Millenials Generation. Russian Journal of Agricultural and Socio-Economic Sciences, 90(6), 76–83. https://doi.org/10.18551/rjoas.201906.11
Mansyur, A., & Ali, E. M. T. bin E. (2022). The Adoption of Sharia Fintech Among Millenial in Indonesia: Moderating Effect of Islamic Financial Literacy on UTAUT 2. International Journal of Academic Research in Business and Social Sciences, 12(4). https://doi.org/10.6007/IJARBSS/v12-i4/13035
Merhi, M. I. (2016). Towards a framework for online game adoption. Computers in Human Behavior, 60, 253–263. https://doi.org/10.1016/j.chb.2016.02.02
Muslichah, M., Abdullah, R., & Abdul Razak, L. (2020). The effect of halal foods awareness on purchase decision with religiosity as a moderating variable: A study among university students in Brunei Darussalam. Journal of Islamic Marketing, 11(5), 1091–1104. https://doi.org/10.1108/JIMA-09- 2017-0102
Najib, M., & Fahma, F. (2020). Investigating the adoption of digital payment system through an extended technology acceptance model: An insight from the Indonesian small and medium enterprises. International Journal on Advanced Science, Engineering and Information Technology, 10(4), 1702–1708. https://doi.org/10.18517/ijaseit.10.4.11616
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Published
2025-12-31
How to Cite
Furwanti, R., Lestari, D. M., & Wibisono, D. D. (2025). Robo-Advisor Model Adoption: A Digital Transformation To Accelerate Continuance Usage of Islamic Banking Product. Jurnal Ilmu Ekonomi Dan Bisnis Islam, 7(2), 154-176. https://doi.org/10.24239/jiebi.v7i2.412.154-176
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