Unveiling the adverse effects of artificial intelligence on financial decisions via the AI-IMPACT model.
Curr Opin Psychol
; 58: 101843, 2024 Aug.
Article
in En
| MEDLINE
| ID: mdl-39002472
ABSTRACT
There is considerable enthusiasm for the potential of artificial intelligence (AI) to improve financial well-being. Despite this enthusiasm, it is important to underscore AI's potential adverse effects on consumers' financial decisions. We introduce the AI-IMPACT model, a unifying theoretical framework for how AI can influence consumers' financial decisions. The model details how AI impacts the marketplace, affecting psychological processes and consumer traits core to financial decision-making (e.g., pain of payment, financial literacy). We use the AI-IMPACT model to illustrate one way AI can reduce financial well-being as its influence on the marketplace (e.g., facilitating biometric payment methods) decreases consumers' pain of payment, increasing spending. Lastly, we use the AI-IMPACT model to identify areas for future research at the intersection of AI and financial decision-making.
Key words
Full text:
1
Collection:
01-internacional
Database:
MEDLINE
Main subject:
Artificial Intelligence
/
Decision Making
Limits:
Humans
Language:
En
Journal:
Curr Opin Psychol
/
Curr. Opin. Psychol
/
Current opinion in psychology (Online)
Year:
2024
Document type:
Article
Country of publication:
Netherlands