Providing a Framework to Identify the Drivers Influencing the Future of Innovative Marketing in the Banking Industry with a Focus on Blockchain Technology
Subject Areas : Creativity and innovation from managerial, organizational, industrial, creativity and innovation
Majid
Ahmadi
1
(PhD student, Department of Business Management, Shahr-e-Qods Branch, Islamic Azad University, Tehran, Iran)
Alireza
Rousta
2
(Department of Business Management, Shahr-e-Qods Branch, Islamic Azad University, Tehran, Iran)
Mohammad Hassan
Maleki
3
(Associate Prof, Department of Management, Faculty of Management and Economics, University of Qom, Qom, Iran)
Farzad
Asayesh
4
(Department of Business Management, Shahr-e-Qods Branch, Islamic Azad University, Tehran, Iran)
Keywords: Banking industry, Blockchain Technology, Driver, Innovative Marketing,
Abstract :
Objective: The purpose of the current research is to Providing a framework to identify the drivers influencing the future of innovative marketing in the banking industry with a focus on blockchain technology. Method: The current research is applied in terms of direction and has a mixed methodology due to the use of qualitative and quantitative methods together. The theoretical population of the research was experts in banking marketing and digital financial technologies, and the sampling method was done in a judgmental method. The sample size in this study was equal to 15 people. For data analysis, meta-synthesis, Binominal test and developed Copras were used. The tool of data collection in this research was the questionnaires of expert assessment and priority assessment of Copras. Results: 47 drivers were extracted from the meta-synthesis and these drivers were classified into nine cultural, legal, technological, structural and process, fintech, environmental, customer, security and awareness and information drivers. After the theoretical and statistical screening, 12 drivers were considered for prioritization with the Copras. The remaining drivers were evaluated using the Copras technique and three criteria of importance intensity, degree of certainty and expertise of experts. The results showed that the drivers of marketing researchers' interest in digital financial technologies and blockchain and the development of decentralized banking have the highest priority in terms of influencing the future of innovative marketing in the banking industry with a focus on blockchain technology.Conclusion: Marketing research and financial technology, especially interdisciplinary studies, adjustment and compatibility of marketing methods and strategies in various fields with blockchain technology, investment in fintechs and regulatory improvement and reforming some laws and systems such as reforming the fee and wallet systems, were among the most important practical proposals of the research.
آقاجانی‌میر، سیده‌فاطمه؛ رجبی‌کفشگر، فاطمه‌زهرا؛ عرب، علیرضا (1400). شناسایی و اولویت‌بندی چالش‌های پیاده‌سازی تکنولوژی بلاک‌چین در زنجیره تأمین: رویکرد گروهی BWM بیزین. تصمیم‌گیری و تحقیق در عملیات، (4)، 464-483.
بانژاد، بابک؛ طباطبایی‌نژاد؛ سید‌محمد؛ صادقی، حجت‌الله (1397). واکاوی مفهوم آمیخته بازاریابی در صنعت بانکداری ایران: کاربرد تئوری داده‌بنیاد. فصلنامه انجمن علوم مدیریت ایران، 13(50)، 54-80.
برنگی، حامد؛ راجی، فاطمه؛ خاصه، علی‌اکبر (1399). تحلیل تحقیقات امنیت و حریم‌خصوصی حوزه بلاک‌چین: یک مطالعه علم‌سنجی. نشریه محاسبات نرم، (1)9، 40-55.
پاینده، رضا؛ شهبازی، میثم؛ منطقی، منوچهر (1400). سناریونگاری آینده بانک‌های ایران در مواجهه با فین‌تک. نشریه تحقیقات مالی، 23(2)، 294-328.
تاجفر، امیرهوشنگ؛ کمانکش، امیر (1400). بررسی و ارزیابی مزایای فناوری بلاک‌چین در صنعت بانکداری. نهمین کنفرانس ملّی پژوهش‌های کاربردی در علوم برق، کامپیوتر و مهندسی پزشکی، شیروان.
کوشش‌کردشولی، رضا؛ غلامی‌جمکرانی، رضا؛ ملکی، محمدحسن؛ فلاح‌شمس، میرفیض (1399). آینده‌پژوهی فناوری مالی در ایران با رویکرد سناریونگاری. فصلنامه برنامه‌ریزی و بودجه، (3)25، 3۳-6۳.
مرادی، شیوا؛ نادری، نادر؛ دل‌انگیزان، سهراب (1399). بررسی فرآیند توسعه استارت‌آپ‌های فین‌تک در ایران. نشریه توسعه کارآفرینی، 13(1)، 121-140.
نجاتی‌رشت‌آبادی، حجت؛ اکبری، محسن؛ دل‌افروز، نرگس؛ قلی‌پور سلیمانی، علی (1400). شناسایی مفهوم اعتماد مشتری به تبلیغات دیجیتال مبتنی بر بلاک‌چین: توسعه مدل با نظریه داده‌بنیاد. فصلنامه چشم‌انداز مدیریت بازرگانی، (1)20، 92-119.
Aggarwal, R., & Stein, P. (2016). The Complex Regulatory Landscape for FinTech: An Uncertain Future for Small and Medium-Sized Enterprise Lending. World Economic Forum, White Paper 170816.
Ali, O., Ally, M., & Dwivedi, Y. (2020). The State of Play of Blockchain Technology in the Financial Services Sector: A Systematic Literature Review. International Journal of Information Management, 54, 102199.
Antonio, M., & DiNizo, J.R. (2018). From Alice to Bob: The Patent Eligibity of Blockchain in a Post-CLS Bank World. Journal of Law, Technology & the Internet, Vol. 9, 1-28.
Awotunde, J.B., Ogundokun, R.O., Misra, S., Adeniyi, E.A., & Sharma, M.M. (2020). Blockchain-based Framework for Secure Transaction in Mobile Banking Platform. In International Conference on Hybrid Intelligent Systems, 525-534, Springer, Cham.
Batubara, F.R., Ubacht, J., & Janssen, M. (2018). Challenges of Blockchain Technology Adoption for E-Government: A Systematic Literature Review. In Proceedings of the 19th Annual International Conference on Digital Government Research: Governance in the Data Age, p. 76.
Beck, R., & Müller-Bloch, C. (2017). Blockchain as Radical Innovation: A Framework for Engaging with Distributed Ledgers as Incumbent Organization.
Berdik, D., Otoum, S., Schmidt, N., Porter, D., & Jararweh, Y. (2021). A Survey on Blockchain for Information Systems Management and Security. Information Processing & Management, 58(1), 102397.
Bonsón, E., & Bednárová, M. (2019). Blockchain and its Implications for Accounting and Auditing. Meditari Accountancy Research.
Buckley, P.J., Strange, R., Timmer, M.P., & De Vries, G.J. (2020). Catching Up in the Global Factory: Analysis and Policy Implications. Journal of International Business Policy, 3(2), 79-106.
Chammassian, R.G., & Sabatier, V. (2020). The Role of Costs in Business Model Design for Early-Stage Technology Startups. Technological Forecasting and Social Change, 157, 120090.
Chang, V., Baudier, P., Zhang, H., Xu, Q., Zhang, J., & Arami, M. (2020). How Blockchain Can Impact Financial Services – The Overview, Challenges and Recommendations from Expert Interviewees. Technological Forecasting and Social Change, 158, 120166.
Cheng, M., & Qu, Y. (2020). Does Bank FinTech Reduce Credit Risk? Evidence from China. Pacific-Basin Finance Journal, 63, 101398.
Cole, R.A., Cumming, D.J., & Taylor, J. (2019). Does FinTech Compete with or Complement Bank Finance?. SSRN Electronic Journal.
Dubey, R., Gunasekaran, A., Bryde, D.J., Dwivedi, Y.K., & Papadopoulos, T. (2020). Blockchain Technology for Enhancing Swift-Trust, Collaboration and Resilience Within a Humanitarian Supply Chain Setting. International Journal of Production Research, 58(11), 3381-3398.
Dutta, P., Choi, T.M., Somani, S., & Butala, R. (2020). Blockchain Technology in Supply Chain Operations: Applications, Challenges and Research Opportunities. Transportation Research Part E: Logistics and Transportation Review, 142, 102067.
Ertemel, A.V. (2018). Implications of Blockchain Technology on Marketing. Journal of International Trade, Logistics and Law, Vol. 4, Num. 2, 35-44.
Fernandez-Vazquez, S., Rosillo, R., De La Fuente, D., & Priore, P. (2019). Blockchain in FinTech: A Mapping Study. Sustainability, 11(22), 6366.
Fisher, K. (2019). Once Upon a Time in NFT: Blockchain, Copyright, and the Right of First Sale Doctrine. Cardozo Arts & Ent. LJ, 37, 629.
Garanina, T., Ranta, M., & Dumay, J. (2021). Blockchain in Accounting Research: Current Trends and Emerging Topics. Accounting, Auditing & Accountability Journal. Ahead of print. https://doi.org/10.1108/AAAJ-10-2020-4991
Ghosh, J. (2019). The Blockchain: Opportunities for Research in Information Systems and Information Technology. Journal of Global Information Technology Management, 22(4), 235-242.
Gonzalez, L. (2020). Blockchain, Herding and Trust in Peer-to-Peer Lending. Managerial Finance, Vol. 46, No. 6, 815-831.
Guo, Y., & Liang, C. (2016). Blockchain Application and Outlook in the Banking Industry. Financial Innovation, 2, Article No. 24.
https://doi.org/10.1186/s40854-016-0034-9
Harris, W.L., & Wonglimpiyarat, J. (2019). Blockchain Platform and Future Bank Competition. Foresight.
Harvey, C.R., Moorman, C., & Toledo, M.C. (2018). How Blockchain will Change Marketing as we Know It. SSRN Electronic Journal. Available at SSRN: https://ssrn.com/abstract=3257511 or http://dx.doi.org/10.2139/ssrn.3257511.
Hu, T., Liu, X., Chen, T., Zhang, X., Huang, X., Niu, W., ... & Liu, Y. (2021). Transaction-Based Classification and Detection Approach for Ethereum Smart Contract. Information Processing & Management, 58(2), 102462.
Lee, C.C., Li, X., Yu, C.H., & Zhao, J. (2021). Does Fintech Innovation Improve Bank Efficiency? Evidence from China’s Banking Industry. International Review of Economics & Finance, 74, 468-483.
Lee, I., & Shin, Y.J. (2018). Fintech: Ecosystem, Business Models, Investment Decisions, and Challenges. Business Horizons, 61(1), 35-46.
Leible, S., Schlager, S., Schubotz, M., & Gipp, B. (2019). A Review on Blockchain Technology and Blockchain Projects Fostering Open Science. Frontiers in Blockchain, 16.
Liu, D., Huang, C., Ni, J., Lin, X., & Shen, X. (2020). Blockchain-Based Smart Advertising Network with Privacy-Preserving Accountability. IEEE Transactions on Network Science and Engineering, 8(3), 2118-2130.
Madhani, P.M. (2022). Effective Marketing Strategy with Blockchain Implementation: Enhancing Customer Value Propositions. IUP Journal of Business Strategy, 19(1), 7-35.
Minkiewicz, J.A. (2021). Blockchain in Marketing. Journal of International Scientific Publications, Volume 15, 410-419.
Nabilou, H., & Prum, A. (2019). Central Banks and Regulation of Cryptocurrencies. Review of Banking & Financial Law, 39, 1003.
Narayanan, A., Bonneau, J., Felten, E., Miller, A., Goldfeder, S. (2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton University Press, Illustrated Edition.
Nguyen, Q.K. (2016). Blockchain- A Financial Technology for Future Sustainable Development. Paper Presented at the 2016 3rd International Conference on Green Technology and Sustainable Development (GTSD), 51-55, IEEE.
Omarova, S.T. (2020). Technology v Technocracy: Fintech as a Regulatory Challenge. Journal of Financial Regulation, 6(1), 75-124.
Saheb, T., & Mamaghani, F.H. (2021). Exploring the Barriers and Organizational Values of Blockchain Adoption in the Banking Industry. The Journal of High Technology Management Research, 32(2), 100417.
Schär, F. (2021). Decentralized Finance: On Blockchain-and Smart Contract-Based Financial Markets. FRB of St. Louis Review.
Schmitz, J., & Leoni, G. (2019). Accounting and Auditing at the Time of Blockchain Technology: A Research Agenda. Australian Accounting Review, 29(3), 331-342.
Staples, M., Chen, S., Falamaki, S., Ponomarev, A., Rimba, P., Tran, A.B., Weber, I., Xu, X., & Zhu, J. (2017). Risks and Opportunities for Systems Using Blockchain and Smart Contracts. Data 61 (CSIRO), Sydney. https://doi.org/10.4225/08/596E5AB7917BC
Sundarakani, B., Ajaykumar, A., & Gunasekaran, A. (2021). Big Data Driven Supply Chain Design and Applications for Blockchain: An Action Research Using Case Study Approach. Omega, 102, 102452.
Suryono, R.R., Budi, I., & Purwandari, B. (2020). Challenges and Trends of Financial Technology (Fintech): A Systematic Literature Review. Information, 11(12), 590.
Tang, L., Thomas, L., Fletcher, M., Pan, J., & Marshall, A. (2014). Assessing the Impact of Derived Behavior Information on Customer Attrition in the Financial Service Industry. European Journal of Operational Research, 236(2), 624-633.
Tapscott, A., & Tapscott, D. (2017). How Blockchain is Changing Finance. Harvard Business Review, 1(9), 2-5.
Truby, J. (2018). Decarbonizing Bitcoin: Law and Policy Choices for Reducing the Energy Consumption of Blockchain Technologies and Digital Currencies. Energy Research & Social Science, 44, 399-410.
Underwood, S. (2016). Blockchain Beyond Bitcoin. Communications of the ACM, 59, 15-17. https://doi.org/10.1145/2994581
Vincent, N.E., & Wilkins, A.M. (2020). Challenges When Auditing Cryptocurrencies. Current Issues in Auditing, 14(1), 46-58.
Wang, Z., Jin, H., Dai, W., Choo, K.K.R., & Zou, D. (2021). Ethereum Smart Contract Security Research: Survey and Future Research Opportunities. Frontiers of Computer Science, 15(2), 1-18.
Yermack, D. (2017). Corporate Governance and Blockchains. Review of Finance, 21, 1, 7-31.
Yoo, S. (2017). Blockchain based Financial Case Analysis and its Implication. Asia Pacific Journal of Innovation and Entrepreneurship, Vol. 11, No. 3, 312-321. DOI 10.1108/APJIE-12-2017-036.
Yussof, S.A., & Al-Harthy, A.M.H. (2018). Cryptocurrency as an Alternative Currency in Malaysia: Issues and Challenges. ICR Journal, 9(1), 48-65.
Zeadally, S., & Abdo, J.B. (2019). Blockchain: Trends and Future Opportunities. Internet Technology Letters, 2(6), e130.
Zhang, R., Xue, R., & Liu, L. (2019). Security and Privacy on Blockchain. ACM Computing Surveys (CSUR), 52(3), 1-34.
Zheng, Z., Xie, S., Dai, H-N., Chen, X., & Wang, H. (2018). Blockchain Challenges and Opportunities: A Survey. International Journal of Web and Grid Services, 14(4), 352-375.
Zhou, Y., Soh, Y.S., Loh, H.S., & Yuen, K.F. (2020). The Key Challenges and Critical Success Factors of Blockchain Implementation: Policy Implications for Singapore’s Maritime Industry. Marine Policy, 122, 104265.
_||_