What factors influence the acceptance of metaverse technology in financial advisory services for the South African financial sector

Abstract

This research investigated the factors affecting the adoption of metaverse-based financial advisory services within South Africa's financial sector. The study sought to look into the effective implementation of metaverse-based advice platforms by financial service providers, ensuring adequate consumer protection and confidence while identifying the factors influencing financial service providers and customer adoption of these platforms in South Africa. The study used a qualitative phenomenological approach, conducting semi-structured interviews with eight financial service providers and eight clients to investigate both supply and demand perspectives. The findings suggested that effective metaverse adoption necessitated a more complex strategy than existing theories propose, especially in emerging economies like South Africa. The research noted an ""optimisation paradox"" where successful automation produced new operational restrictions, undermining existing digital transformation frameworks. The research enhanced the comprehension of trust processes in financial services, revealing substantial differences from general metaverse applications. Results indicated that successful implementation necessitated a balance between technology innovation, market preparedness, infrastructure capabilities, and customer understanding. The research contributed to technology acceptance theory by revealing how South African market conditions necessitated sophisticated implementation strategies that consider infrastructure limitations, trust dynamics, and user comprehension.