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Analysing the adoption of artificial intelligence in financial services: a DEMATEL approach

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  • Manish Kumar Rajak
  • Ariba Fatima
  • Somen Dey

Abstract

The financial services sector is undergoing a profound transformation driven by the increasing adoption of AI technologies. This study extensively analyses the factors influencing AI adoption in financial services using the decision-making trial and evaluation laboratory (DEMATEL) approach. The approach classifies factors as causes and effects, systematically analysing their interdependencies in complex issues. Through a comprehensive review of the previous literature and expert opinion, data collected from ten experts. The study aims to evaluate the dynamics of causal relationships between the multi-dimensional adoption of AI. The study analyses the nine key factors influencing AI adoption in financial services. Furthermore, the findings emphasise innovation as vital for data management, while regulatory compliance efficiently fosters AI adoption. This study contributes crucial aspects for financial service institutions seeking to make informed decisions, develop effective strategies, and navigate the dynamic landscape of AI integration in the financial services sector.

Suggested Citation

  • Manish Kumar Rajak & Ariba Fatima & Somen Dey, 2025. "Analysing the adoption of artificial intelligence in financial services: a DEMATEL approach," International Journal of Multicriteria Decision Making, Inderscience Enterprises Ltd, vol. 10(2), pages 129-156.
    • Handle: RePEc:ids:ijmcdm:v:10:y:2025:i:2:p:129-156
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