Exploratory Factor Analysis of Financial Modeling Chatbot Features Factor
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Abstract
Financial models are essential for startups, serving as a guideline for conducting business and fundraising. However, most startups lack the requisite financial knowledge and understanding, leading to operational challenges. Chatbots have expanded their functionality across various domains, yet their application in financial modeling remains unexplored. This study seeks to investigate the elements influencing a chatbot capacity to develop financial models. A mixed research approach was utilized to collect data from a sample group of startups in Thailand. Exploratory Factor Analysis (EFA) revealed several pivotal factors essential for the development of chatbots adept at financial modeling. These include ease of use, the ability to give recommendations, and the presence of advanced features. By understanding these factors, chatbot developers can create more effective financial modeling tools. This, consequently, will benefit startup founders by offering them a variety of chatbot options to select the one that best aligns with their requirements.
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