I 摘要 随着科学技术与金融领域的高度融合，大数据技术和人工智能技术正在改变 着全球金融业的发展轨迹，也让金融投资顾问领域有了一个全新的发展方向，目 前国内外各大传统金融机构和新型互联网金融科技公司均推出了智能投顾产品。 ZY银行为了增强在零售业务中的竞争力，也推出智能投顾产品“ONE智投”来开 拓新的业务领域，但是与招商银行摩羯智投、江苏银行阿尔法智投等该项业务的 市场先驱者相比，ZY银行的智能投顾业务存在对用户吸引力不足、短期内盈利 较低、智能化程度不够等多方面的问题。ZY银行亟待开拓新思路来优化业务发 展路径，树立品牌形象，进一步提升市场占有率。智能投顾是一种典型的金融服 务，其推广和发展取决于用户对产品的使用意向和使用行为。本研究希望借助实 证研究，分析ZY银行智能投顾用户使用行为的影响因素，挖掘出制约该行智能 投顾业务发展的主要问题，针对相关问题提出切实可行的优化建议。 本研究基于UTAUT模型和感知风险理论，增加了产品流动性、产品认知度、 感知风险三个自变量，以使用意愿作为中间变量，以使用行为作为因变量，构建 ZY银行智能投顾用户使用行为影响因素模型。利用互联网渠道发放调查问卷， 并进行实证研究，首先使用SPSS软件对调查问卷进行描述性统计分析、信度效 度检验，其次使用AMOS软件建立结构方程模型对研究中提出的各个假设进行验 证，通过删除不显著因素优化模型，得出最终研究模型。最后由实证结果得出， 绩效期望、产品认知度、努力期望、产品流动性、使用意愿正向影响用户的使用 行为，感知风险负向影响用户的使用行为，社会影响对用户使用行为影响效果不 显著。针对上述研究结论，本研究立足于ZY银行的实际情况，分析出主要制约 ONE智投业务发展中存在的问题，主要从增加产品收益、提升产品知名度、简化 用户操作流程、降低用户感知风险等方面提出对ONE智投业务的优化方案。 本研究创新性地提出了银行智能投顾用户使用行为的影响因素的相关实证 研究，有助于银行准确把握用户使用意愿、了解用户使用行为，为银行设计智能 投顾产品和推广营销提出一些建议。同时为ZY银行推广智能投顾业务提供相应 的优化方案， 希望本研究在给ZY银行智能投顾产品提出优化建议的同时，也能 够给其他金融机构一些智能投顾产品方面的启示。 关键词：智能投顾；UTAUT模型；使用行为；ZY银行 Abstract II Abstract With the further integration of science and technology and financial fields, big data technology and artificial intelligence technology are changing the development trajectory of the global financial industry, and also giving the investment advisory field a new development direction. At present, all major financial institutions at home and abroad, and new Internet financial technology companies have launched intelligent investment advisory products. In order to enhance its competitiveness in the retail business, ZY Bank launches the intelligent investment advisory product "ONE Smart Investment" to open up new business areas, but with the market pioneers such as China Merchants Bank Capricorn Smart Investment, Jiangsu Bank Alpha Smart Investment in comparison, ONE Smart Investment has many problems such as insufficient attractiveness to users, low profitability in the short term, and insufficient intelligence. ZY Bank urgently needs to develop new ideas to optimize the business development path, establish a brand image, and increase market share. Because intelligent investment advisor is a typical financial service, so its promotion and development depend on the user's intention and behavior of using the product. This study hopes to use empirical research to analyze the influencing factors of ZY Bank's intelligent investment advisory users' usage behavior, and find out the main problems that restrict the development of the bank's intelligent investment advisory business, then propose practical optimization suggestions for related issues. This study is based on the UTAUT model and Perceived risk theory, and increases three independent variables of product liquidity, product awareness, and perceived risk, using willingness as an intermediate variable, and using behavior as a dependent variable, then construct the Model of Influencing Factors of ZY Bank's Intelligent Investment Advice Users' Usage Behavior. This study uses Internet channels to distribute questionnaires, then conducts empirical research. First of all ,this study uses SPSS software to perform descriptive statistical tests on the questionnaire：analysis and reliability and validity. Secondly, it uses AMOS software to establish the structural equation model to verify the various hypotheses proposed in the study, concluding the final research model. Finally, based on empirical results, performance expectations, product awareness, effort expectations, product awareness, and willingness to use positively affect the user's usage behavior; perceived risk negatively affects user's usage Abstract III behavior; social influence has little effect on the user's usage behavior. In response to the above research conclusions, this study is based on the actual situation of ZY Bank. I analyze the problems that mainly restrict the development of ONE smart Investment. Then I mainly propose optimization solutions for ONE smart investment business in terms of increasing product revenue, enhancing product awareness, simplifying user operation processes, and reducing user perceived risks. This study innovatively puts forward relevant empirical research on the influencing factors of bank intelligent investment advisors ’user behavior. It can help the bank accurately grasp the user's willingness to use and understand the user's usage behavior, provide some suggestions for banks to design intelligent investment advisory products and promote marketing. At the same time, the conclusion of this study has certain reference value for the business optimization path of ZY Bank's intelligent investment advisory, which hopes to promote the development of ZY Bank's intelligent investment advisory business, enhance the competitive advantage of retail products, and to expand the brand influence of ZY Bank. It is hoped that this study can give some financial institutions some suggestions for intelligent investment advisory products while providing optimization suggestions for ZY bank intelligent investment advisory products Keywords: intelligent investment advisor; UTAUT model; usage behavior; ZY bank 目录 IV 目录 摘要 ........................................................................................................... I Abstract .................................................................................................... II 1 绪论 ....................................................................................................... 1 1.1.1 研究背景 ...................................................................................................................................1 1.1.2 研究意义 ...................................................................................................................................2 1.3.1研究内容 ....................................................................................................................................4 1.3.2研究方法 ....................................................................................................................................5 2 ZY银行智能投顾发展现状 ................................ 6 2.1.1美国智能投顾业务发展现状 ...............................................................................................6 2.1.2国内智能投顾业务发展现状 ...............................................................................................7 2.2.1 ZY银行智能投顾业务介绍 ..................................................................................................8 2.2.2 ZY银行智能投顾业务发展现状...................................................................................... 11 3 ZY银行智能投顾用户使用行为影响因素模型构建 ........... 12 目录 V 3.1.1 整合型技术接受与使用模型（UTAUT模型） ......................................................... 12 3.1.2 感知风险理论 ...................................................................................................................... 13 3.2.1变量的确定 ................................................................................