نوع مقاله : مقاله پژوهشی

نویسندگان

• علیرضا رضانژاد کوخدان ¹
• پیمان غفاری آشتیانی ²
• محمد حسن ملکی ³
• مجید زنجیردار ⁴

¹ گروه مدیریت، واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران

² گروه آموزشی مدیریت،دانشکده مدیریت،دانشگاه آزاد اسلامی اراک،اراک،ایران نویسنده مسئول: pe.ghafari@iau.ac.ir

³ دانشیار، گروه مدیریت‌‌، دانشکده علوم اقتصادی و اداری، دانشگاه قم‌، قم‌، ایران

⁴ دانشیار، گروه مدیریت‌ مالی‌، واحد اراک‌، دانشگاه آزاد اسلامی‌، اراک‌، ایران

چکیده

چکیده
هدف: بانکداری سنتی برای بهبود فرایندها و خدمات خود به نوآوری‌های و فناوری‌های جدید فین‌تک‌ها نیاز دارد. عوامل مختلفی روی همکاری بانک‌ها و فین‌‌تک‌ها تأثیر دارند که بعضی از آن‌ها به درون بانک‌ها و برخی دیگر به محیط بانکداری ارتباط دارند. هدف پژوهش حاضر، شناسایی و تحلیل عوامل راهبردی موثر روی همکاری بانک‌ها و فین‌تک‌ هاست.
روش‌شناسی: تحقیق حاضر از نظر جهت‌گیری، کاربردی و از حیث روش‌شناسی، دارای ماهیت کمی است. برای تحلیل داده‌ها از دو روش دلفی فازی و دیمتل فازی استفاده شد. از روش دلفی فازی برای غربال عوامل راهبردی پژوهش و از تکنیک دیمتل فازی به منظور شناسایی اثرگذارترین عوامل استفاده شد. برای جمع‌آوری داده‌ها دو ابزار مصاحبه و پرسشنامه بکار گرفته شد. پرسشنامه‌های تحقیق عبارت بودند از: پرسشنامه غربال فازی و پرسشنامه اثرسنجی.
یافته‌ها: در ابتدا از طریق مرور پیشینه و مصاحبه با خبرگان، 28 عامل راهبردی (14 عامل داخلی و 14 عامل خارجی) شناسایی شد. این عوامل با تکنیک دلفی فازی غربال شدند. 10 عامل داخلی و هشت عامل خارجی دارای عدد دیفازی بیشتر از 7/0 بودند و برای تحلیل با دیمتل فازی انتخاب شدند. تحلیل عوامل داخلی با دیمتل فازی نشان داد که عوامل ماهیت نیازهای مشتریان بانک، آینده‌اندیشی مدیران ارشد بانک، فرهنگ ریسک‌پذیری بین مدیران و کارشناسان ارشد و چابکی ساختار و فرایندهای بانک دارای بیشترین خالص اثر و اثرگذاری هستند. در رابطه با عوامل خارجی، عوامل شدت رقابت بین بانک‌ها، نظام کارمزد، عملکرد رگولاتوردر قانونگذاری و ریسک‌ها و ملاحظات امنیتی مربوط به فین‌تک‌ها موثرترین عوامل روی همکاری بانک‌ها و فین‌تک‌ها بودند

کلیدواژه‌ها

• واژگان کلیدی: فناوری مالی
• فین‌تک
• صنعت بانکداری
• فین‌تک‌های بانکی

موضوعات

• رویکردهای مدیریتی در حوزه کسب‌ وکار هوشمند

عنوان مقاله [English]

Strategic Factors Affecting Banks' Cooperation with FinTechs

نویسندگان [English]

• alireza rezanezhad kookhdan ¹
• peyman ghafari ashtiani ²
• Mohammad Hasan Maleki ³
• Majid Zanjirdar ⁴

¹ Department of Management, Arak, Branch, Islamic Azad University, Arak, Iran

² Department of Management, Faculty member, Islamic Azad University, Arak. IranCorresponding Author: pe.ghafari@iau.ac.ir

³ Associate Professor, Department of Management, University Of Qom, Qom, Iran

⁴ Associate Professor, Department of Financial Management, Arak Branch, Islamic Azad University, Arak, Iran

چکیده [English]

Traditional banking needs new fintech innovations and technologies to improve its processes and services. Various factors affect the cooperation of banks and fintechs, some of which are related to banks and others to the banking environment.The purpose of this study is to identify and analyze the strategic factors affecting the cooperation of banks and fintechs in Bank.The present study is applied in terms of orientation and has a quantitative nature in terms of methodology. Two methods of fuzzy Delphi and fuzzy dematel were used to analyze the data. The fuzzy Delphi method was used to screen the strategic factors of the research and the fuzzy dematel technique was used to identify the most effective factors. Two tools of interview and questionnaire were used to collect data. The research questionnaires were:Fuzzy Screening Questionnaire and effect analysis Questionnaire. Initially, through literature review and interviews with experts, 28 strategic factors were identified.These factors were screened by fuzzy Delphi technique.10 internal factors and eight external factors had a defuzzy number greater than 0.7 and were selected for analysis with fuzzy dematel.Analysis of internal factors with fuzzy dematel showed that the factors of the nature of the needs of the bank's customers,the future thinking of the bank's senior managers, the culture of risk-taking between managers and senior experts and the agility of the bank's structure and processes have the most net effect In relation to external factors, the factors of intensity of competition between banks, effective factors on the cooperation between banks and fintechs.

Introduction

The relationship with banks is not only beneficial for them but also brings threats and challenges. So, banks have resorted to using different strategies to deal with the possible threats of FinTechs, the most important of which is the formation of strategic partnerships. A strategic partnership is a cooperative arrangement between organizations, contributing to the competitive advantage of the parties. Some advantages of the strategic partnership between the banking system and FinTech are efficiency in speed, agility, cost, and attracting new customers. Some of the challenges faced by traditional banks are having complex structures, high level of formality, increasing operating costs, providing expensive and time-consuming banking services, lack of service innovation, and failure to meet customer expectations (Soltani and Tahmasebi Aghbolaghi, 2020). Through strategic partnerships with FinTechs, banks can overcome many of their inefficiencies.
Most of the studies on banks and FinTechs have investigated the effects of financial innovations on the operational variables of banks, such as costs and performance. The challenges and opportunities of bank and FinTech partnerships have been evaluated by some studies. Moreover, some studies have extracted the patterns of bank and FinTech partnerships from the point of view of bank and fintech managers. Factors affecting the partnership between banks and FinTechs have been examined by a few studies. They obtained limited factors from the perspective of a few stakeholders. The strategic partnership between banks and FinTechs is affected by various factors, some of which are intra-organizational and some are extra-organizational. Accordingly, the study questions are as follows:

What are the strategic factors affecting the partnership between banks and FinTechs?
Which strategic factors have the most impact on the partnership between banks and FinTechs?
Literature Review

By providing customer-oriented services, using Internet-based technologies, and facilitating the use of financial services, FinTechs have competed with traditional financial services (Suryono et al., 2021). FiTtechs offer more innovative, faster, and cheaper services than banks. On the other hand, banks have slower structures and processes than FinTechs. Many traditional institutions, such as banks, do not have a positive view of Fintechs (Romānova & Kudinska, 2016; Temelkov, 2018). However, the trend towards bank-FinTech partnerships has increased significantly recently (Buchak et al., 2018; Iman, 2019; Ky et al., 2019; Cole et al., 2019; Ya, 2020; Cheng & Qu, 2020; Saphyra & Zahra, 2021; Hoang et al., 2021). Banks and their managers have two important approaches to FinTechs. The first approach does not have a positive view of FinTechs, arguing that the risk of partnering with and investing in them is very high and that partnering with them can lead to various threats such as security risks. The second approach suggests that partnering with them, especially in research and development, can lead to the agility of banking structures and processes. Partnerships between banks and FinTechs can have various reasons, the main of which are reducing costs, increasing profitability, growing revenues, developing market share, reducing each other's risks, and providing optimal and unique services (Tahmasebi Aghbolaghi et al., 2021). Many studies have investigated the effects of FinTechs on banking indicators. Th These studies, which form an important part of the literature, aim to explain the effects and functions of FinTechs and their innovations in the banking sector. This relationship is accompanied by challenges such as regulatory (Buchak et al., 2018; Omarova, 2020), customer management (Suryono et al., 2020), security (Lee & Shin, 2018), integration and partnership (Phan et al., 2020), fee system (Koshesh Kordsholi et al., 2019), receiving international licenses (Payandeh et al., 2014; Koshesh Kordsholi et al., 2019), authentication and validation systems (Suryono et al., 2020), wallets (Agarwal & Zhang, 2020), and low financial literacy of users (Suryono et al., 2020). One of the most important challenges faced by FinTechs is the lack of effective and supportive laws. The laws enacted are mainly for the benefit of traditional institutions. They are mostly ambiguous and unpredictable. Banks and large financial institutions are reluctant to partner with FinTechs due to the ambiguity of laws and regulations.

Materials and Methods

This study was conducted to provide a framework for identifying and analyzing strategic factors affecting the partnership between banks and FinTechs. For this purpose, fuzzy Delphi and fuzzy DEMATEL techniques were used. These are quantitative techniques and use quantitative data for analysis. The fuzzy Delphi technique was used to screen the strategic factors of partnership between banks and FinTechs and the fuzzy DEMATEL technique was used to analyze the effectiveness of these factors. Since these techniques are quantitative, the study has multiple quantitative methodologies. Moreover, it is an applied study because of the benefit of its findings for the banking industry and FinTechs.
The study was conducted in three steps. In the first step, the factors affecting the partnership between banks and FinTechs were extracted through a literature review and interviews with FinTech experts. In the next step, these factors were screened using the fuzzy Delphi technique. In the third step, the effectiveness of the screened factors was determined through the fuzzy DEMATEL technique.

Conclusion

This study was conducted to identify and analyze the strategic factors affecting the partnership between banks and FinTechs. 28 factors were extracted through a literature review and expert interviews. 14 of the extracted factors were intra-organizational and the rest were extra-organizational. They were screened using the fuzzy Delphi technique, and 10 factors were eliminated. The intra-organizational and extra-organizational strategic factors were then analyzed separately through the fuzzy DEMATEL technique. Among the intra-organizational strategic factors, the nature of the needs of the bank's customers, the forward-thinking of the bank's senior managers, the culture of risk-taking among managers and senior experts, and the agility of the bank's structure and processes were the most effective, respectively. Among the extra-organizational strategic factors, the intensity of competition between banks, the fee system, the performance of the regulator in legislation, and the risks and security considerations concerning FinTechs, had a greater effect on the partnership between banks and FinTechs, respectively.
Keywords: Financial Technology, FinTech, Banking Industry, Banking FinTechs, Fuzzy Approach.
Traditional banking needs new fintech innovations and technologies to improve its processes and services. Various factors affect the cooperation of banks and fintechs, some of which are related to banks and others to the banking environment.The purpose of this study is to identify and analyze the strategic factors affecting the cooperation of banks and fintechs in Bank.The present study is applied in terms of orientation and has a quantitative nature in terms of methodology. Two methods of fuzzy Delphi and fuzzy dematel were used to analyze the data. The fuzzy Delphi method was used to screen the strategic factors of the research and the fuzzy dematel technique was used to identify the most effective factors. Two tools of interview and questionnaire were used to collect data. The research questionnaires were:Fuzzy Screening Questionnaire and effect analysis Questionnaire. Initially, through literature review and interviews with experts, 28 strategic factors were identified.These factors were screened by fuzzy Delphi technique.10 internal factors and eight external factors had a defuzzy number greater than 0.7 and were selected for analysis with fuzzy dematel.Analysis of internal factors with fuzzy dematel showed that the factors of the nature of the needs of the bank's customers,the future thinking of the bank's senior managers, the culture of risk-taking between managers and senior experts and the agility of the bank's structure and processes have the most net effect In relation to external factors, the factors of intensity of competition between banks, effective factors on the cooperation between banks and fintechs.

Introduction

The relationship with banks is not only beneficial for them but also brings threats and challenges. So, banks have resorted to using different strategies to deal with the possible threats of FinTechs, the most important of which is the formation of strategic partnerships. A strategic partnership is a cooperative arrangement between organizations, contributing to the competitive advantage of the parties. Some advantages of the strategic partnership between the banking system and FinTech are efficiency in speed, agility, cost, and attracting new customers. Some of the challenges faced by traditional banks are having complex structures, high level of formality, increasing operating costs, providing expensive and time-consuming banking services, lack of service innovation, and failure to meet customer expectations (Soltani and Tahmasebi Aghbolaghi, 2020). Through strategic partnerships with FinTechs, banks can overcome many of their inefficiencies.
Most of the studies on banks and FinTechs have investigated the effects of financial innovations on the operational variables of banks, such as costs and performance. The challenges and opportunities of bank and FinTech partnerships have been evaluated by some studies. Moreover, some studies have extracted the patterns of bank and FinTech partnerships from the point of view of bank and fintech managers. Factors affecting the partnership between banks and FinTechs have been examined by a few studies. They obtained limited factors from the perspective of a few stakeholders. The strategic partnership between banks and FinTechs is affected by various factors, some of which are intra-organizational and some are extra-organizational. Accordingly, the study questions are as follows:

What are the strategic factors affecting the partnership between banks and FinTechs?
Which strategic factors have the most impact on the partnership between banks and FinTechs?
Literature Review

By providing customer-oriented services, using Internet-based technologies, and facilitating the use of financial services, FinTechs have competed with traditional financial services (Suryono et al., 2021). FiTtechs offer more innovative, faster, and cheaper services than banks. On the other hand, banks have slower structures and processes than FinTechs. Many traditional institutions, such as banks, do not have a positive view of Fintechs (Romānova & Kudinska, 2016; Temelkov, 2018). However, the trend towards bank-FinTech partnerships has increased significantly recently (Buchak et al., 2018; Iman, 2019; Ky et al., 2019; Cole et al., 2019; Ya, 2020; Cheng & Qu, 2020; Saphyra & Zahra, 2021; Hoang et al., 2021). Banks and their managers have two important approaches to FinTechs. The first approach does not have a positive view of FinTechs, arguing that the risk of partnering with and investing in them is very high and that partnering with them can lead to various threats such as security risks. The second approach suggests that partnering with them, especially in research and development, can lead to the agility of banking structures and processes. Partnerships between banks and FinTechs can have various reasons, the main of which are reducing costs, increasing profitability, growing revenues, developing market share, reducing each other's risks, and providing optimal and unique services (Tahmasebi Aghbolaghi et al., 2021). Many studies have investigated the effects of FinTechs on banking indicators. Th These studies, which form an important part of the literature, aim to explain the effects and functions of FinTechs and their innovations in the banking sector. This relationship is accompanied by challenges such as regulatory (Buchak et al., 2018; Omarova, 2020), customer management (Suryono et al., 2020), security (Lee & Shin, 2018), integration and partnership (Phan et al., 2020), fee system (Koshesh Kordsholi et al., 2019), receiving international licenses (Payandeh et al., 2014; Koshesh Kordsholi et al., 2019), authentication and validation systems (Suryono et al., 2020), wallets (Agarwal & Zhang, 2020), and low financial literacy of users (Suryono et al., 2020). One of the most important challenges faced by FinTechs is the lack of effective and supportive laws. The laws enacted are mainly for the benefit of traditional institutions. They are mostly ambiguous and unpredictable. Banks and large financial institutions are reluctant to partner with FinTechs due to the ambiguity of laws and regulations.

Materials and Methods

This study was conducted to provide a framework for identifying and analyzing strategic factors affecting the partnership between banks and FinTechs. For this purpose, fuzzy Delphi and fuzzy DEMATEL techniques were used. These are quantitative techniques and use quantitative data for analysis. The fuzzy Delphi technique was used to screen the strategic factors of partnership between banks and FinTechs and the fuzzy DEMATEL technique was used to analyze the effectiveness of these factors. Since these techniques are quantitative, the study has multiple quantitative methodologies. Moreover, it is an applied study because of the benefit of its findings for the banking industry and FinTechs.
The study was conducted in three steps. In the first step, the factors affecting the partnership between banks and FinTechs were extracted through a literature review and interviews with FinTech experts. In the next step, these factors were screened using the fuzzy Delphi technique. In the third step, the effectiveness of the screened factors was determined through the fuzzy DEMATEL technique.

Conclusion

This study was conducted to identify and analyze the strategic factors affecting the partnership between banks and FinTechs. 28 factors were extracted through a literature review and expert interviews. 14 of the extracted factors were intra-organizational and the rest were extra-organizational. They were screened using the fuzzy Delphi technique, and 10 factors were eliminated. The intra-organizational and extra-organizational strategic factors were then analyzed separately through the fuzzy DEMATEL technique. Among the intra-organizational strategic factors, the nature of the needs of the bank's customers, the forward-thinking of the bank's senior managers, the culture of risk-taking among managers and senior experts, and the agility of the bank's structure and processes were the most effective, respectively. Among the extra-organizational strategic factors, the intensity of competition between banks, the fee system, the performance of the regulator in legislation, and the risks and security considerations concerning FinTechs, had a greater effect on the partnership between banks and FinTechs, respectively.
Keywords: Financial Technology, FinTech, Banking Industry, Banking FinTechs, Fuzzy Approach.
 

کلیدواژه‌ها [English]

• Keywords: Financial Technology
• FinTech
• Banking Industry
• Bank FinTechs