The role of digital innovation in financial markets from the perspective of knowledge and presentation of the proposed model

Subject Areas : Financial Markets and Institutions

Mohaddaseh Soleymanian ¹ , Bahareh Banitalebi Dehkordi ²

1 - Department of Accounting, Shahrekord Branch, Islamic Azad University, Shahrekord, Iran.
2 - Department of Accounting, Shahrekord Branch, Islamic Azad University, Shahrekord, Iran.

Received: 2022-11-17 Accepted : 2023-03-15 Published : 2023-03-21

Keywords: financial market, digital innovation, phenomenological approach, snowball technique,

Abstract :

Purpose: Economists have attributed a major part of the slow economic growth process in the financial markets of developing countries to the underdevelopment and inefficiency of information technology and digital innovations used in this field, and systematic reforms of this sector are necessary to achieve extensive economic growth. They recommend more. However, there are challenges in how to innovate to digitize financial markets. Besides, so far, no research in Iran has specifically explained the role of digital innovations in financial markets. Therefore, the purpose of this research is to explain digital innovations in financial markets and provide a structural model regarding the factors affecting the impact of digital innovations in the financial market of individuals from the perspective of experts through a phenomenological approach.Methodology: This research is based on qualitative research, which investigated the views of 12 Iranian financial experts with the help of the phenomenological approach and using the snowball technique.Findings: The results of the research showed that the proposed model of the impact of digital innovation in the financial market includes 4 main themes of managing the complexity of shareholders, building a proposed smart service, developing a technical solution and guaranteeing economic life, as well as 19 categories and 41 factors for digital innovations in the financial markets. They are influential.Originality / Value: Therefore, the key to the development, growth and survival of today's financial markets is digital innovation, which plays an essential role in the transformation of financial markets and the economy of countries.

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