Embedded banking in the age of intelligent financial services: behavioral drivers, ecosystem dynamics, and strategic integration

This thesis examines Embedded Banking as a key evolution in the delivery of financial services, where banking products are seamlessly integrated into non-financial platforms such as retail, e-commerce, and digital ecosystems. The study focuses on understanding the behavioral drivers of consumer adoption and the strategic implications for incumbent banks, with particular emphasis on the Greek market. Building on the Technology Acceptance Model (TAM) and its extensions, the research develops an integrated framework that combines traditional adoption constructs—Perceived Usefulness and Perceived Ease of Use—with contemporary factors such as Trust, Artificial Intelligence (AI) Acceptance, Social Influence, and Facilitating Conditions. A mixed-methods research design is employed, combining qualitative interviews with industry experts and senior executives, and a quantitative survey of digitally mature consumers. The quantitative analysis, conducted using regression and mediation techniques, reveals that Perceived Ease of Use is the strongest and most stable predictor of consumers’ intention to adopt Embedded Banking services. AI Acceptance also has a significant positive effect, highlighting the growing role of intelligent, automated, and personalized financial services. In contrast, Trust, Social Influence, and Facilitating Conditions do not show a statistically significant direct impact, suggesting that in digitally mature environments they function more as baseline requirements rather than differentiating adoption drivers. By integrating qualitative insights with empirical evidence, the thesis contributes to the literature on technology adoption in embedded and AI-enabled financial services. From a managerial perspective, it provides actionable strategic recommendations for banks—particularly Eurobank—on how to design, govern, and scale Embedded Banking initiatives within complex digital ecosystems, while balancing user experience, technology integration, and regulatory constraints.