AI virtual assistants in banking: Usefulness trumps trust, ease and aesthetics

In a revealing snapshot of digital banking behavior, a new study has found that Portuguese users adopt intelligent virtual assistants (IVAs) primarily for their functional benefits - not due to their design, human-like qualities, or service aesthetics. The research, titled “Adoption Drivers of Intelligent Virtual Assistants in Banking: Rethinking the Artificial Intelligence Banker,” was published in Computers. It offers the most comprehensive investigation to date into what drives customer adoption of AI chatbots in Portugal’s mature banking market.

The study surveyed 154 customers of a major Portuguese bank who interacted with an IVA embedded in the bank’s digital platform. Using the Technology Acceptance Model (TAM) as its framework and structural equation modeling for analysis, the research tested eight hypotheses to understand which variables most significantly influence IVA adoption and usage. The findings point to a distinct user preference for outcome-oriented design, where practical utility trumps interface characteristics like voice gender, ease of use, or anthropomorphic features.

What determines the use of banking IVAs in digitally mature markets?

Among the eight hypothesized drivers, only perceived usefulness emerged as a statistically significant predictor of both adoption intention and actual usage. Customers are far more likely to use banking IVAs if they believe the technology helps them complete tasks efficiently, manage their accounts, or access financial services more conveniently. This was reflected in the strength of the relationship between perceived usefulness and adoption intention, and the subsequent impact of adoption intention on actual usage behavior.

Contrary to expectations based on earlier international research, other variables such as perceived ease of use, trust, service quality, and anthropomorphism did not influence adoption intention. Customers did not appear to value whether the IVA was easy to use, trustworthy, or designed with human-like traits. Similarly, awareness of the service and the presence of a gendered voice, factors often explored in AI user experience design, had no measurable effect.

These outcomes highlight how Portugal’s banking customers, already familiar with online platforms and mobile financial tools, have moved beyond novelty-driven adoption. In such a digitally literate environment, customers focus squarely on whether the IVA delivers tangible benefits and saves time.

Why trust, design, and service features no longer sway users

The null effects of trust, anthropomorphism, and service quality suggest a shift in how users evaluate AI banking assistants in mature digital contexts. Rather than relying on emotional or perceptual factors, Portuguese users implicitly trust IVAs through their association with reputable banking institutions. There is no need for added layers of reassurance through human-like features or detailed service aesthetics.

This aligns with a broader cultural trend: Portuguese consumers exhibit a pragmatic, results-oriented approach to digital tools. High baseline digital literacy means users expect all banking technologies to meet a certain usability standard. As such, ease of use is considered a given, not a differentiator. The absence of influence from gendered voices further reflects evolving user expectations, voice-based personalization features do not significantly change behavior in this case.

While service quality is often a driver in human-based banking, its relevance diminishes in IVA contexts where interactions are structured and standardized. The study suggests that customers perceive these systems as utilities rather than customer service extensions, thereby evaluating them solely based on task performance.

How should banks respond to a usefulness-driven adoption pattern?

Banks must prioritize functionality over form in IVA design, the study stresses. Emphasis should be placed on expanding the scope of tasks IVAs can handle, such as automating transactions, providing personalized financial insights, facilitating budgeting tools, and managing complex account functions. Integration with real-time banking systems will further enhance responsiveness and perceived utility.

Marketing strategies should focus less on the novelty or emotional appeal of AI assistants and more on their concrete benefits - speed, convenience, problem-solving capacity, and operational efficiency. Banks should present IVAs as reliable, intelligent co-pilots for everyday banking, not as conversational partners or brand mascots.

From a technological perspective, future improvements should focus on enhancing accuracy, contextual understanding, and task complexity resolution, rather than interface features like voice customization or avatar animation. Continuous machine learning based on user history, financial behavior, and transaction context could further elevate utility.

The study also opens new directions for IVA deployment in other sectors. In retail banking, insurance, or financial planning, outcome-oriented features may consistently outperform aesthetic and relational features. Similarly, the use of utility-driven IVAs in sectors like education, healthcare, and public services could follow the same pattern in digitally mature societies.