Economic Strategy

Economic Strategy

Compilation of Fintech development policies in the country's banking system based on the future research approach

Document Type : Original Article

Authors
reza khoraki 1
foad makvandi 2
ezatollah kiani 3
vahid chenari 2
ghanbar amirnegad 4
1 PhD candidate in public administration, Department of Public Administration, Shoushtar Branch, Islamic Azad University, Shoushtar, Iran.
2 Assistant Professor, Department of Public Administration, Shoushtar Branch, Islamic Azad University, Shoushtar, Iran.
3 Assistant Professor, Department of Public Administration, Shushtar Branch, Islamic Azad University, Shushtar, Iran
4 Associate Professor, Department of Public Administration, Science and Research Branch, Islamic Azad University, Tehran, Iran.
10.22034/es.2024.471537.1790
Abstract
The purpose of this research is to formulate Fintech development policies in the country's banking system based on the future research approach. In terms of the goal, this research is practical and uses mixed quantitative and qualitative methods. From the methodological point of view, it is sequential-exploratory due to the use of foresight methods and is in the category of qualitative or semi-quantitative methods in the field of foresight. is placed The statistical population of this research is internal and external sources, especially the reports of specialized banking and Fintech companies, the founders of Fintech startups, managers and banking and Fintech experts, and the Delphi focus group for extracting and identifying key uncertainties. In a targeted way, 20 journalists were selected as a sample. After semi-structured interviews with experts, there are 39 indicators in the form of 9 components: 1- actors, 2- laws and regulations, 3- interactions, 4- financial market formation, 5- infrastructure, 6- entrepreneurial activities, 7- performance improvement, 8- virtual banking, 9 - The improvement of the business environment was identified. After selective coding, they were divided in the form of three dimensions of drivers, drivers and consequences. Three possible, pessimistic and optimistic scenarios were investigated with the help of future research method, and finally, Fintech development policies, which include developing plans to reduce sanctions. Externally, using the cooperation model between Fintech companies and banks, creating technical factors, financial and commercial growth, paying attention to social factors, developing new technologies (artificial intelligence tools, data mining and big data, Block chain), using expert human resources to create technology The transfer of technology, the creation of ethical and security considerations, the creation of knowledge and technology infrastructure, the creation of human capital infrastructure, the creation of financial infrastructure and the potential market were formulated and designed.
Keywords
Fintech
Banking system
Policymaking
Future research
پاینده، رضا؛ شهبازی، میثم؛ منطقی، منوچهر و کریمی، تورج (1398). همکاری بانک و فین‌تک: مروری نظام‌مند بر ادبیات علمی. پژوهش‌های مدیریت در ایران، 23(4)، 174-130.
رامشه، منیژه؛ ملکی، محمدحسن؛ سرلک، نرگس و فلاحت بنگده، منیره (1403). آینده‌پژوهی فرصت‌های کارآفرینی فین‌تک در صنعت مالی با رویکرد سناریونگاری در ایران. مطالعات مدیریت کسب‌وکار هوشمند، 12(48)، 271-311.
سیدجوادین، سیدرضا؛ صفری، محمد؛ راعی، رضا و ایروانی، محمدجواد (1398). ارائه مدلی مفهومی برای تبیین آمادگی بانک‌های تجاری ایران به‌منظور پیاده‌سازی بانکداری اسلامی: به‌کارگیری استراتژی داده‌بنیاد، مدیریت بازرگانی، 9(1).
شفق، احمد و عبداللهی دزفولی‌نژاد، لیلا (1396). فرصت‌ها و تهدیدات فین‌تک، برای سیستم بانکی. فصلنامه مطالعات اقتصاد مدیریت و حسابداری، 3(1/2)، 210-202.
عنصری، آرش؛ خمسه، عباس؛ ترابی، تقی و یزدانی، حمیدرضا (1402). مدل کیفی همکاری نظام بانکی با شرکت‌های حوزه فین‌تک به روش داده‌بنیاد. نشریه علمی پژوهشی مدیریت کسب‌وکارهای بین‌المللی، 6(4)، 153-177.
غلامی، محمد؛ زنجیردار، مجید؛ غفاری آشتیانی، پیمان و حاجی، غلامعلی (1401). ارائه مدلی جهت پیاده‌سازی فین‌تک در صنعت بانکداری کشور ایران. نشریه پیشرفت‌های مالی و سرمایه‌گذاری، 3(7).
صفرزاده، حسین؛ بنکدار مازندرانی، نازنین و جاویدی حق، مریم (1389). نقش هوشمندی کسب‌وکار در استقرار اثربخش مدیریت استراتژیک در سازمان‌ها. مدیریت کسب‌وکار، سال دوم، (5)، ‏120-151.
غفاری، فاطمه؛ محمدی، مهدی و خانلری، امیر (1401). نظام الگوی صنعت فین‌تک در بانکداری با رویکردی نوآورانه. فصلنامه نواوری در صنعت دفاعی، (16)، 126-101.
مرادی، ش.؛ نادری، ن. و دل‌انگیزان، س. (1400). آینده‌‏نگاری صنعت بانکداری ایران با تأکید بر نقش استارت‌آپ‌های فین‌تک‌ در افق 1404. مطالعات مدیریت کسب‌وکار هوشمند، 10(38).
مرکز پژوهش‌های مجلس (1398). بررسی وضعیت صنعت فین‌تک و تدوین برنامه سیاستی توسعه فین‌تک در ایران(1): وضعیت فین‌تک در جهان. تهران: معاونت پژوهش‌های زیربنایی و امورتولیدی، دفتر مطالعات انرژی، صنعت و معدن.
نجفی، فریبا؛ ایراندوست، منصور؛ سلطان‌پناه، هیرشو شیخ احمدی، امیر (1399). طراحی الگوی مدیریت ارتباط صنعت بانکداری ایران با فین‌تک‌ها و استارت‌آپ‌های فین‌تکی با رویکرد نظریه داده‌بنیاد. دوفصلنامه راهبردهای بازرگانی، 26(1)، 1-18 .
 
Afshinmehr, F.; Saeednia, H.; Alipour Darvishi, Z. & Aligholi, M. (2023). Providing an electronic marketing model in digital banking in Iran. International Journal of Nonlinear Analysis and Applications.
Ahmad, H.; Hanandeh, R.; Alazzawi, F.; Al-Daradkah, A.; ElDmrat, A.; Ghaith, Y. & Darawsheh, S. (2023). The effects of big data, artificial intelligence, and business intelligence on e-learning and business performance: Evidence from Jordanian telecommunication firms. International Journal of Data and Network Science, 7(1), 35-40.
ALHOSANI, F. A. & TARIQ, M. U. (2020). Improving Service quality of smart banking using quality management methods in UAE. International Journal of Mechanical Production Engineering Research and Development (IJMPERD), 10(3), 2249-8001.
AlKhamese, A. Y.; Shabana, W. R. & Hanafy, I. M. (2019). Data Security in Cloud Computing Using Steganography: A Review. In 2019 International Conference on Innovative Trends in Computer Engineering (ITCE) (pp. 549-558). IEEE.
Allen, F.; Gu, X. & Jagtiani, J. (2022). Fintech, Cryptocurrencies, and CBDC: and Finance. 102625.
Arcand, M.; PromTep, S.; Brun, I. & Rajaobelina, L. (2017). Mobile banking service quality and customer relationships. International Journal of Bank Marketing, 35(7), 1068-1089.
 Arner, D. W. & Barberis, J. (2015). FinTech in China: from the shadows? Journal of Financial Perspectives, 3(3), 78-91.
Arner, DW.; Barberis, JN. andBuckley, RP. (2015). The Evolution Of Fintech: A New Post-Crisis Paradigm?, Georgetown. Journal Of International Law, (47), 1271-319.
Basile, L. J.; Carbonara, N.; Pellegrino, R. & Panniello, U. (2023). Business intelligence in the healthcare industry: the utilization of a data-driven approach to support clinical decision making. Technovation, (120), 102482.
Benedict J. Drasch, Andr´e Schweizer, Nils Urbacht (2018). Integrating the ‘Troublemakers’: A Taxonomy for Cooperation between Banks and Fintechs. Journal of Economics and Business-2018 Elsevier Inc.
Bergek, A.; Hekkert, M.; Jacobsson, S.; Markard, J.; Sand én, B. & Truffer, B. (2015). Technological Innovation Systems inontexts: Conceptualizing Contextual Structuresand Interaction Dynamics. Environmental Innovation & Societal Transitions, (16), 51-64.
Bohlin, E.; Shaikh, A. A. & Hanafizadeh, P. (2018). Social Network Banking: A Case Study of 100 Leading Global Banks. International Journal of E-Business Research (IJEBR), 14(2), 1-13.
Capgemini & EFma Company (2018). World Fintech Report 2018. Capgemini in collaboration with Efma.
Clavijo, S.; Vera, N.; Beltran, D. & Londoño, J. D. (2019). Digital Financial Services (FINTECH) in Latin America. Available at SSRN 3334198.
Dorfleitner, G.; Hornuf, L.; Schmitt, M. & Weber, M. (2017). The Fintech Marketin Germany, Handbook Of FintechIn Germany, Springer.
Erman, C. (2017). Financial Technologies Effect on Financial Services from an Open Innovation Perspective. Master’s Thesis, LAPPEENRANTA University of Technology, Finland.
Gruin, J. & Knaack, P. (2019). Not just another shadow bank: Chinese authoritarian capitalism and the ‘developmental’promise of digital financial innovation. New political economy, 1-18.
Halim, S.; Mubarokah, I. & Hidayanto, A. N. (2020, November). Rank Critical Success Factors (CSFs) of Data Warehouse and Business Intelligence (DW/BI) Implementation in Banking Sector Using Analytical Hierarchy Process (AHP). In 2020 International Conference on Informatics, Multimedia, Cyber and Information System (ICIMCIS) (pp. 313-318). IEEE.
Ikeda, K. & Hamid, M. N. (2018). Applications of blockchain in the financial sector and a peer-to-peer global barter web. In Advances in Computers (Vol. 111, 99-120). Elsevier.
innovation and organizational performance. International Journal of Business and Social Science, 3(2).
Ishikiriyama, C. S.; Miro, D. & Gomes, C. F. S. (2015). Text Mining Business Intelligence: a small sample of what words can say. Procedia Computer Science, (55), 261-267.
Joel Kassner, Andreas (2024). Factors influencing investment into PropTech and FinTech-only new rules or a new game? Journal of European Real Estate Research, https://doi.org/10.1108/jerer-04-2023-0011
Karim, S.; Rabbani, M. R. & Bawazir, H. (2022). Applications of blockchain technology in the finance and banking industry beyond digital currencies. In Blockchain Technology and Computational Excellence for Society 5.0 (pp. 216-238). IGI Global.
Kedah, Z.H. (2007). The impact of managing business partners supported by Web-based technologies on inter-organisational relationships: an empirical study from partners' perspective within the ICT industry. (Unpublished Doctoral thesis, City.
Kocianski, S. (2018). The blockchain in banking report: The future of blockchain solutions and technologies.
Lang, J. (2017). Three uses for blockchain in banking. IBM, October.
Lee, I. & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46.
Lee, T.H. & Kim, H.W. (2015). An Exploratory Study on Fintech Industry in Korea: Crowdfunding Case. 2nd International conference on Innovative Engineering Technologies (ICIET'2015) August, pp. 7-8, 2015 Bangkok (Thailand).
Lincoln, Y .S. & Guba, E .G. (1985). Naturalistic Inquiry. Newbury Park, CA: Sage Publications.
Lyons, A. C.; Kass-Hanna, J. & Fava, A. (2021). Fintech development and savings, borrowing, and remittances: A comparative study of emerging economies. Emerging Markets Review, 100842.
Mani, Z. & Chouk, I. (2021). Creation and destruction of the perceived value of a smart service: application to banking. Decisions Marketing, (2), 229-246.
Mao, H.; Liu, S. & Zhang, J. (2016). How the effects of IT and knowledge capability on organizational agility are contingent on environmental uncertainty and information intensity. Information Development, 31(4), 358-382.
Mao, H.; Liu, S.; Zhang, J.; Zhang, Y. & Gong, Y. (2020). Information technology competency and organizational agility: roles of absorptive capacity and information intensity. Information Technology & People © Emerald Publishing Limited, 31(6), 409-431.
Mao, X. B.; Wu, M.; Dong, J. Y.; Wan, S. P. & Jin, Z. (2019). A new method for probabilistic linguistic multi-attribute group decision making: Application to the selection of financial technologies. Applied Soft Computing, (77), 155-175.
 Milian, E. Z.; Spinola, M. D. M. & de Carvalho, M. M. (2019). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, (34), 100833.
 Molla, Stan Karanasios, Chin Eang Ong (2017). Is FinTech a Disruption or a New Eco-system? An Exploratory Investigation of Banks’ Response to FinTech in Australia, Australasian Conference on Information Systems, Hobart, Australia.
Moro, S.; Cortez, P. & Rita, P. (2015). Business intelligence in banking: A literature analysis from 2002 to 2013 using text mining and latent Dirichlet allocation. Expert Systems with Applications, 42(3), 1314-1324.
Mu, Weiwei, Kefu Liu; Yunqing, Tao & Yongwei, Ye (2023). Digital finance and corporate ESG, Finance Research Letters.
Muganyi, T.; Yan, L.; Yin, Y.; Sun, H.; Gong, X. & Taghizadeh-Hesary, F.(2022). Fintech, Regtech, And Financial Development: Evidence from China. FinancialInnovation, 8(1), 1-20.
Mwangi Ngumi, P. (2013). Effect of bank innovations on financial performance of commercial banks in Kenya, Jomo Kenyatta University of Agriculture and Technology.
Nicoletti, B. (2021). The future of fintech: Integrating Finance and Technology.
Osemwonyemwen Oshodin, Alemayehu (2017). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, (34), 100833.
 Palmié, M.; Wincent, J.; Parida, V. & Caglar, U. (2020). The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems. Technological Forecasting and Social Change, (151), 119779.
Pollari, I. & Ruddenklau, A. (2019). The Pulse of Fintech 2018: Biannual Global Analysis of Investment in Fintech. KPMG International Cooperative.
Pucihar, A.; KljajićBorštnar, M.; Ravesteijn, P.; Seitz, J. & Bons, R. (2018). Motives to form Alliances for Digital Innovation: The Caseof Banks and intechs. 31st Bled on ference: Digital Transformation: Meeting the Challenges June17-20, 2018, Bled Slovenia, Conference Proceedings.
Pyon, C. U.; Woo, J. Y. & Park, S. C. (2011). Service improvement by business process management using customer complaints in financial service industry. Expert Systems with Applications, 38(4), 3267-3279.
Rao, V. S. H. & Kumar, M. N. (2011). A new intelligence-based approach for computer-aided diagnosis of dengue fever. IEEE transactions on information technology in biomedicine, 16(1), 112-118.
Romānova, J. & Kudinska, M. (2016). Banking and Fintech: A Challenge or Opportunity?, in Simon Grima, Frank Bezzina, Inna Romānova, Ramona RupeikaApoga (ed.) Contemporary Issues in Finance: Current Challenges from Across Europe (Contemporary Studies in Economic and Financial Analysis, Volume 98) Emerald Group Publishing Limited, pp. 21 - 35.
Shankar, N.; Moid, S.; Beena, F. & Shukla, V. K. (2023). Pandemic-Induced Behavioral Change in Mobile Banking Adoption: An Opportunity for Indian Banking Industry for Embracing Artificial Intelligence. In Computational Intelligence: Select Proceedings of InCITe 2022 (pp. 167-178). Singapore: Springer Nature Singapore.
Shehzad, M. U.; Zhang, J.; Le, P. B.; Jamil, K. & Cao, Z. (2022). Stimulating frugal innovation via information technology resources, knowledge sources and market turbulence: a mediation-moderation approach. European Journal of Innovation Management, (ahead-of-print).
Smidt, H. J. & Jokonya, O. (2022). Factors affecting digital technology adoption by small-scale farmers in agriculture value chains (AVCs) in South Africa. Information Technology for Development, 28(3), 558-584.
Swanson, T. (2015). Consensus-as-a-service: a brief report on the emergence of permissioned, distributed ledger systems. Report, available online, Apr.
Tam, C. & Oliveira, T. (2017). Understanding mobile banking individual performance: the DeLone & McLean model and the moderating effects of individual culture. Internet Research, 27(3), 538-562.
Tamang, M. D.; Shukla, V. K.; Anwar, S. & Punhani, R. (2021, April). Improving business intelligence through machine learning algorithms. In 2021 2nd International Conference on Intelligent Engineering and Management (ICIEM) (pp. 63-68). IEEE.
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.
Tutunea, M. F. (2015). Business Intelligence Solutions for Mobile Devices– An Overview. Procedia Economics and Finance, (27), 160-169.
Werth, O.; Rodriguez, D. & Nowatschin, J. (2019). Challenges of the Financial Industry An Analysis of Critical Success Factors for FinTechs. Twenty-fifth Americas Conference on Information Systems, Cancun in Mexico.
Wonglimpiyarat, J. (2017). FinTech banking industry: a systemic approach. Foresight, 19(6), 590-603.
Wu, Yilin & Huang, Shilei (2022). The effects of digital finance and financial constraint on financial performance: Firm-level evidence from China's new energy enterprises, Energy Economics, doi.org/10.1016/j.eneco.2022.106158,
Yang, L. & Wang, S. (2022). Do fintech applications promote regional innovation efficiency? Empirical evidence from China. Socio-Economic Planning Sciences, 101258.

  • Receive Date 04 May 2024
  • Revise Date 22 September 2024
  • Accept Date 19 October 2024