Dynamics of the Digital Banking Ecosystem in Iran
الموضوعات :
Farshid Farokhizadeh
1
,
Azim Zarei
2
,
AbbasAli Rastgar
3
,
Seyed Abbas Ebrahimi
4
1 - PhD, Department of Industrial Management, Faculty of Economics, Management and Administrative Sciences, Semnan University, Iran.
2 - Professor, Department of Business Administration, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran.
3 - Professor, Department of Business Administration, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran.
4 - Associate Professor, Department of Industrial Management, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran.
الکلمات المفتاحية: Ecosystem, Digital Banking, Fintech, Dynamic Simulation, Bibliometrics.,
ملخص المقالة :
This study examines the digital banking system using a cross-sectional research method that incorporates qualitative and quantitative exploratory data. Fuzzy logic is used to address the complexity and ambiguity of digital banking characteristics, particularly quality indicators and linguistic variables. The successful adoption of new technologies in digital banking depends on continuous use and habit formation. Previous models of electronic and digital banking have their strengths and weaknesses. Therefore, it is important to develop a dynamic model of the D- Banking Ecosystem that aligns with the specific characteristics of the Iranian bank under study. The research aims to analyze existing models and their strengths and weaknesses to present the boundaries, main players, and relationships within the digital banking ecosystem. Proposed models for digital banking were examined, and a new classification of dimensions and components was presented based on a systematic review method and interviews with subject matter experts. A fuzzy Delphi panel of digital banking experts was formed in three stages to determine the components. The developed model for the studied bank was simulated using dynamic analysis. Based on the findings of the simulation and examination of different scenarios, it is concluded that for this bank to enter the digital banking ecosystem, the first step should be an innovative approach to the use of new technologies and their benefits, along with special attention to cooperation and attraction of startups and Fintechs to satisfy and persuade customers and employees. Other important factors in the next stages include banking industry structure, digital transformation infrastructure, security, environmental-social factors, and laws and policies.
[1] Nicoletti, B. (2017). The Future of Fin Tech Integrating Finance and Technology in Financial Services, Rome, Italy.
[2] Singh, V. (2019). Digitalization, BIM ecosystem, and the future of built environment: How widely are we exploring the different possibilities?, Journal of Engineering, Construction and Architectural Management, Ahead of print. doi: https://doi.org/10.1108/ECAM-01-2018-0004
[3] Sedunov, J. (2020). Small Banks and Consumer Satisfaction, Journal of Corporate Finance, 60, 1-47. doi: https://doi.org/10.1016/j.jcorpfin.2019.101517
[4] Moore, J.F. (1996). The Death of Competition: Leadership and Strategy in the Age of Business Ecosystems, HarperCollins Publishers.
[5] Franz, Ch., Bieger, Th., & Herrmaan, A. (2017). Evolving Business Models: How CEOs Transform Traditional Companies, Springer. Available at: https://www.springer.com.
[6] IBM. The Paradox of Banking. (2015): Achieving More by Doing Less. Available at: https://thebankwatch.com.
[7] TorresVila, C. (2014). Looking Ahead: Digital Banking. Londn, BoAM, banking and insurance CEO conference. Available at: https://shareholdersandinvestors.bbva.com.
[8] Robinson, B., McGinnis, Ch., & Leyva, M. (2015). Shifting Sands: Banking in the Digital Era, Temenos and Capgemini. Available at: https://www.temenos.com.
[9] Westerman, G., Didier, B., & Mcafee, A. (2014). A Leading Digital: Turning Technology into Business Information, Harward Business Review Press. Available at: https://hbswk.hbs.edu.
[10] Anbumalar, S., Vignesh, C., & Abul Hassa, J. (2020). A Study on Perception of Customers Towards Digital Banking in Present Scenario.
[11] Christoph H., & Winnefeld Permantier, A. (2017). FinTech - The digital (R) Evolution in the German Banking Sector?, Business and Management Research, 6(3).
[12] Buvat, J., & Khadikar, A. (2016). BBVA: Rebooting Banking for a Digital Economy, Capgemini Consulting. Available at: https://www.capgemini.com.
[13] Ataee Ghortolmesh, A., Toloie Eshlaghy, A., Pourebrahimi, A. (2021). The role of web-based systems in improving business processes using simulation approach (Case study: Credit card). Journal of Industrial Engineering International, 2(17), 93-106. doi: 10.30495/jiei.2021.1928510.1117
[14] Bandara, O., Vidanagamachchi, K., & Wickramarachchi, R. (2019), A model for assessing maturity of Industry 4.0 in the banking sector, In Proceedings of the International Conference on Industrial Engineering and Operations Management Bangkok, Thailand, 1141-1150.
[15] Khoshnevis, M., Faezy Razi, F., Fathi Hafshejani, K., (2022). Designing a Dynamic Model of Banking Services Sustainable Supply Chain Management Using System Dynamics (Case Study: Mehr Iran Bank). Journal of Industrial Engineering International, 3(18), 90-105. doi: 10.30495/jiei.2022.1945056.1179
[16] Khosroanjom, D., Keshanchi, B., Pourgholi, A., & Abdoullahi, Sh. (2020). Evaluate Strategic Criteria of Digital Banking Implementation Using Integration of Interpretive Structural Modeling and Fuzzy Dematel Approaches. Journal of Business Management, 46(12), 125-148.
[17] Chauhan, Sh., Akhtar, A., & Gupta, A. (2022). Customer experience in digital banking: a review and future research directions, International Journal of Quality and Service Sciences, 14(2), 311-348. doi: https://doi.org/10.1108/IJQSS-02-2021-0027.
[18] Deighton, G.F., Marcus, J., & Ullrich, M. (2013). Banking in a Digital World, A.T.Kearney Inc. Available at: https://www.atkearney.com.
[19] Chauhan Alkhowaiter, W. A. (2020). Digital payment and banking adoption research in Gulf countries: A systematic literature review, International Journal of Information Management, Elsevier, Vol. 53(C).
[20] Gunawan, R., & Rustiadi, S. (2021). Banking Digitally To Micro-Business: Exploring Value Co-Creation Strategy in New Product Development, ASEAN Marketing Journal, 13(1), 14-35.
[21] Mekinjić, B. (2019). The impact of industry 4.0 on the transformation of the banking sector, Journal of contemporary economics, 1(1).
[22] Asgari, T., Naimi-Sadigh, A., & Abdolshah, M. (2019). Developing new strategies in the banking industry based on digital technologies. Strategy, 28(3), 5-34.
[23] Ghaemi, M.R., Dehghandehnavi, M.A., & Sadatmoradi, N. (2017). Analyzing the status of banks start-ups in the field of innovatine services (case study : Iranian banking system). Mieaoi, 6 (20) :119-139. URL: http://mieaoi.ir/article-1-525-fa.html
[24] Shafeian, N., Aghaei, M., & gharib navaz, N. (2022). Investigating Digital Marketing Pattern Using Foundation Data Approach in the Banking System (Case Study Tose’e Ta’avon Bank). Governmental Accounting, 8(2), 59-72. doi: 10.30473/gaa.2021.58119.1461
[25] Tahmasebi Aghbelaghi, D., Soltani, M., Shahbazi, M., & Ozaei, A. (2021). Development of a Framework for Strategic Collaboration between the Private Banking System and FinTechs in Iran. Journal of Technology Development Management, 9(1), 41-66. doi: 10.22104/jtdm.2021.4781.2761
[26] Forrester J.W. (1961). Industrial Dynamics, MIT Press, Cambridge, MA.
[27] Yim, N.H., Kim, S.H., Kim, H.W. & Kwahk, K.Y. (2004). Knowledge Based Decision Making on Higher Level Strategic Concerns: System Dynamics Approach, Expert Systems with Application, No. 27, 143-158. doi: https://doi.org/10.1016/j.eswa.2003.12.019.
[28] Farokhizadeh, F., Toloie Eshlaghy, A., Radfar, R., & Shoja, N. (2019). A Dynamic Model of E-Readiness for SMEs to Enter the E-Commerce Domain. Modern Research in Decision Making, 4(2): 97-122. doi: 20.1001.1.24766291.1398.4.2.4.0.
[29] Schwartz, P. (1996). The Art of the long View: Planning for the Future in an Uncertain World, New York: Currency Doubleday.
