Identifying and Investigating Key Factors Affecting the Management of New Product Development in the Field of Financial Regulatory Technologies (Case study: TEJARAT Bank)

Subject Areas : business management

Soroush Motamedi fard ¹ , Amir Bayat Tork ² , JALAL HAGHIGHAT MONFARED ³

1 - Department of Management of Technology, Tehran University Branch, Islamic Azad University, Tehran, Iran
2 - Department of Management of Technology, Tehran University Branch, Islamic Azad University, Tehran, Iran
3 - Department of Management of Technology, Tehran University Branch, Islamic Azad University, Tehran, Iran

Received: 2020-02-05 Accepted : 2020-06-22 Published : 2020-09-22

Keywords: innovation, R&D, New product development (NPD), Financial Technology (Fintech), Regulatory Technology (Regtech),

Abstract :

The emergence of emerging technologies in recent years and the conduct of banking operations on various platforms, which is an evolution of the banking ecosystem, necessitate explaining the factors influencing new product development in the field of financial technology to apply regulatory compliance with international standards. One of the differentiated aspects of new products and services is the observance of the standards that are required in the banking industry. Therefore, in order to help solve the existing problems, it is necessary to identify and investigate the factors affecting the development of new products in the field of financial regulatory technologies. The purpose of this research is applied and is a descriptive-survey method. Affecting factors extracted from the literature review, opinion of banking industry experts in Tejarat bank and the approved questionnaire distributed in the community of experts, and the results analyzed by confirmatory factor analysis and structural equations using Smart-PLS3 software. In this study, seven main factors with 46 sub factors influencing new product development in the field of regulatory technology identified and it was confirmed that all key identified factors had a significant impact on the development of new financial regulatory technology products.