Management approaches in the field of smart
alireza rezanezhad kookhdan; peyman ghafari ashtiani; Mohammad Hasan Maleki; Majid Zanjirdar
Abstract
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 ...
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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. IntroductionThe 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 ReviewBy 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 MethodsThis 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. ConclusionThis 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. IntroductionThe 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 ReviewBy 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 MethodsThis 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. ConclusionThis 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.
Shiva Moradi; Nader Naderi; Sohrab Delangizan
Abstract
Today, in the age of digital developments, financial technologies (fintechs) have become an integral part of the banking industry. These technologies have challenged the future of the banking industry. So the purpose of this study is to identify the future scenarios of the banking industry and fintech ...
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Today, in the age of digital developments, financial technologies (fintechs) have become an integral part of the banking industry. These technologies have challenged the future of the banking industry. So the purpose of this study is to identify the future scenarios of the banking industry and fintech startups in Iran, on 1404 horizon. The research is applied according to the type of purpose and exploratory from the methodological point of view. By using purposive sampling and theoretical saturation, 17 interviews were done with co-founders of fintech startups and managers and experts in banking and Fintech industry. In the first step, using interview analysis and background review, 38 drivers influencing the future of the banking and fintech industry were identified. Among the mentioned drivers, 4 key uncertainties were identified using a combination of the results of two methods: structural analysis and instantaneous Delphi. By plotting two possible scenarios for each of them in the future, 16 possible scenarios were obtained. In the meantime, some scenarios were omitted due to similarity and incompatibility to other scenarios. Based on the morphological analysis, out of 16 possible scenarios, 5 scenarios remained and the other scenarios were eliminated. Thus five scenarios include; "The paradise of fintechs in the banking system", "migration of fintechs”, "crucified fintechs", "resistance fintechs" and "creeping fintechs" were identified, which according to the experts, the scenario paradise of fintechs In the banking system was introduced as a favorable scenario in the horizon of 1404.
hamid bekamiri; Mohammad Lagzian; Alireza Pooya; Hossein Sharif
Abstract
While this study identifies the most important key indicators that influence the banking industry, it also attempts to provide a forecast for the Iranian banking industry in the future. Scenario planning and cross-impact matrix are used in this study. Among all the identified factors, 29 key factors ...
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While this study identifies the most important key indicators that influence the banking industry, it also attempts to provide a forecast for the Iranian banking industry in the future. Scenario planning and cross-impact matrix are used in this study. Among all the identified factors, 29 key factors influencing the future of the industry were selected through a fuzzy analytical hierarchical process and then the impact of each of these factors was determined through analysis of the cross-impact matrix. The cross-impact balance was then used to write scenarios.Accordingly, of all combined scenarios, the most likely strong scenarios were clustered into five general categories using K-mode clustering. Finally, four scenarios were identified, including optimism for the bank, banking industry development, inflationary conditions and sanctions. It was therefore possible to define action plans for each of the scenarios.
mahdi soltaninjad; Kiamars Fathi Hafashjani; gholamreza hashemzadeh; abotorab alirezaee
Abstract
The main purpose of the study is to explore the important issues and their relations to present a pattern for design and development process of financial services with a competitiveness approach in Iran banking industry. The study applies mixed method as its methodology. The qualitative section approach ...
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The main purpose of the study is to explore the important issues and their relations to present a pattern for design and development process of financial services with a competitiveness approach in Iran banking industry. The study applies mixed method as its methodology. The qualitative section approach is based on Grounded Theory strategy. The data-collection instrument consists of semi-structured interview with twelve research and innovation experts and managers in banking industry selected through purposeful as well as snowball sampling. Dimensions and components of design and development process of financial services were extracted and compiled in a Grounded Theory conceptual model. The main phenomenon, process design and development services in the field of banking. Lastly, the final model were formulated and presented with regard to casual, intervening and contextual conditions as well as strategies and results. In quantitative section, the data was collected by a researcher-made questionnaire consisting of 236 items and the descriptive-survey method was used for analysis and explanation of proposed pattern. Finally, the findings of the study shows that the managers and policy-makers of banking industry should consider all casual, intervening and contextual conditions as well as strategies and outcomes for successful development of banking modern products and services; They also should step into the identified phases of modern service development with a competitiveness and market-based approach.
Salah Rezaie; Seyed Javadi Mirabedin; Ataollah Abtahi
Abstract
Although many organizations have embraced the deployment and use of business intelligence systems, not all have been successful in implementing such systems. The present study has reviewed the factors affecting the effective implementation process of such systems in Iran Banking Industry. This research ...
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Although many organizations have embraced the deployment and use of business intelligence systems, not all have been successful in implementing such systems. The present study has reviewed the factors affecting the effective implementation process of such systems in Iran Banking Industry. This research is an applied research in terms of purpose and a survey study in terms of implementation strategy. Also, based on the research design the present study is a descriptive study and data was collected through documentary and field studies. Statistical population of this study comprises experts and professionals in information technology who are active in implementing solutions of business intelligence in Iran Banking Industry. In this research, a comprehensive literature review has been conducted and the result was a framework for the factors affecting the implementation of business intelligence and business intelligence effectiveness criteria. Then, using this basic framework and obtaining opinions of experts by fuzzy Delphi technique approach, key factors affecting the process of implementing business intelligence and important criteria of business intelligence effectiveness in the banking industry have been identified and, finally, a model for effective implementation of business intelligence was provided. In the next step, the model was validated by confirmatory factor analysis and statistical tests. Based on the results of the research, the dimensions of the effective implementation model of business intelligence in Iran banking industry include 10 dimensions: organizational, human, data quality, environment, system capability, strategy, service quality, technical and managerial infrastructure, and the effectiveness of business intelligencev
