A framework for identifying the drivers affecting the future of the banking industry with emphasis on the role of financial technology
Subject Areas :
Financial Economics
Behzad Moumivand
1
,
Reza Gholami Jamkarani
2
,
Mohammad Hasan Maleki
3
,
Hossein Jahangirnia
4
1 - Department of Management, Qom branch, Islamic Azad University, Qom, Iran
2 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran
3 - Department of Management, University of Qom, Qom, Iran
4 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran
Received: 2022-10-14
Accepted : 2022-12-16
Published : 2022-12-22
Keywords:
G21,
drivers,
Future of Banking,
Keywords: Banking,
FinancialTechnology JEL classification: G17,
Abstract :
Abstract
In the present era, the development of digital currencies, open banking and digital banking has remarkably transformed the banking services market. Financial technology is one of the areas that will fundamentally change banking and its services.Fintechs with new financial innovations create new business models, applications, processes and new products that have a significant impact on financial markets and the financial services industry. The present study seeks to identify the effective drivers on banking by emphasizing the role of financial technology. The present study is applied in terms of orientation and is a mixed research in terms of methodology. In this study, two methods of qualitative (meta-synthesis) and quantitative (best-worst fuzzy) were used to analyze the data. Therefore, the research has pragmatic philosophical foundations. The key driversis one of the factors that shape and influence the future of a given subject. In the first step, effective drivers were extracted using systematic literature review. The 17 research drivers were then prioritized using the fuzzy BWM technique and obtaining expert opinions. The statistical population of the present study is the managers and experts of the banking sector, fintechs and fintech startups in the country, 15 of whom were selected using judgmental sampling method. Finally, the drivers of integration and homogeneity of laws and standards for the development of financial technology activities, the growth of banking startups, changing the demands of new generations in banking services and the performance of technology parks and incubators in accelerating the entry of innovation into the business environmenthad the highest priority.Then the practical suggestions of the research based on the most important drivers were presented.
References:
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