Investigating the Effect of FinTech Implementation Components in the Banking Industry of Iran

محورهای موضوعی : Statistical Methods in Financial Management

Mohammad Gholami ¹ (Department Of Management Arak Branch, Islamic Azad University, Arak, Iran.)
Peyman Ghafari Ashtiani ² (Department Of Business Management, Arak Branch, Islamic Azad University, Arak, Iran)
Majid Zanjirdar ³ (Department Of Accounting, Arak Branch, Islamic Azad University, Arak, Iran)
Gholamali Haji ⁴ (Department Of Economics Arak Branch, Islamic Azad University, Arak, Iran)

تاریخ دریافت : 1400/11/18 تاریخ پذیرش : 1401/01/21 تاریخ انتشار : 1402/02/11

کلید واژه: Smart Economy, Financial Technology, Structural Equations, Open Banking, block chain,

چکیده مقاله :

FinTech is the solution that strengthens the way of financial communication and if we apply this technology, it will provide us with new methods of performing smarter, more agile and wider financial services. The purpose of this study is to investigate and analyze the factors affecting the implementation of FinTech in Iran's banking industry using structural equation modeling to provide comprehensive solutions of removing barriers and development of this industry in the Iranian banking industry by fully understanding the current situation. The present article is of descriptive-analytical type and data collection has been done through library studies and questionnaires. The statistical sample of the study was 12147 personnel working in Iran's banks in 1400. Due to the size of the population, Cochran’s method and random sampling method were used to determine the sample size. To analyze and classify the extracted data, a questionnaire and a test of the main hypothesis and sub-hypotheses and structural equation modeling were used using smart PLS statistical software. The obtained results confirm the main hypothesis and the sub-hypotheses of the research. The results indicated that in the banking sector, there is a need for legalization and harmonization with upstream laws, as well as the need for infrastructure and tools that are very important in adopting strategies to implement FinTech in Iran's banking industry, in order to make transparency, reduce costs, provide high-speed services, and move towards a smart economy.

منابع و مأخذ:

[1] Accenture, Accenture communications technology vision 2019, Accenture, 2019.

 

[2] Amal Nik, M., and Julaei, F., Intelligent Agents for Business Negotiations and Electronic Banking, First World Conference on Electronic Banking, 2008, Tehran. (In Persian)

 

[3] Anagnostopoulos, i., fintech and regtech: impact on regulators and banks, journal of economics and business, 2018, 100, P.7-25. Doi: 10.1016/j.jeconbus.2018.07.003.

 

[4] Arner, d. W, barberis, j., buckley, rp. The evolution of fintech: a new post-crisis paradigm? University of Hong kong factulty of law reaserch paper no.2015 / 047, UNSW Law Research Paper No. 2016-62.

Doi: 10.2139/ssrn.2676553.

 

[5] Ashuri Kiwani, M., Fakour Sagheh, A., Mamalekzadeh, G., The Impact of Performance Beliefs and Innovation Dissemination Theory on Beliefs Based on Internet Banking Acceptance. Technology Development Management Quarterly, 2019, 6(1), P.133-159.  Doi: 10.22104/jtdm.2018.2829.1954. (In Persian)

 

[6] Azar, A., Mir Fakhreddini, H., And Anwari Rostami, AS, a comparative study of data analysis in Six Sigma, with the help of statistical tools and multi-criteria decision making techniques, Journal of Humanities, 2008, 12(4), P.1-35. (In Persian)

 

[7] Bani Talebi Dehkordi, B., And Shamsi Khairabadi, H., The Role of Information Technology in the Convergence of Financial Accounting and Management Accounting, International Conference on Accounting and Management, 2015, Tehran. (In Persian)

 

[8] Bhandari, V, FinTech: A Study of Enablers, Opportunities, and Challenges in the Banking and Financial Services Sector. In I. Management Association (Eds.), Research Anthology on Concepts, Applications, and Challenges of FinTech, 2021, P. 24-31. IGI Global. Doi: 10.4018/978-1-7998-8546-7.ch002.

 

[9] Brett, king, Bank 4.0 banking everywherr, never at a bank. 1 edition, Singapore, Marshall cavendish business, 2018.

 

[10] Cohen, J.E, Statistical Power Analysis for the Behavioral Sciences, Hillsdale, NJ: Lawrence Erlbaum Associates, Inc. 1988.

 

[11] Delaware, A., Introduction to Factor Analysis, Islamic Azad University Press, Tehran, 2001. (In Persian)

 

[12] Davari, A., and Rezazadeh, A., Structural Equation Modeling with PLS Smart Software, Jihad Daneshgahi Publications, Tehran, 2014. (In Persian)

 

[13] Diemers, d., lamaa, a., salamat, j., steffens, t, Developing a fintech ecosystem in the gcc. Strategy &. Dubai: Strategy, 2015.

 

[14] Drasch, Benedict J.Andr´e Schweizer, Nils Urbacht, Integrating the ‘Troublemakers’: A Taxonomy for Cooperation between Banks and Fintechs, Journal of Economics and Business, 2018, 100, P.26-42. Doi: 10.1016/j.jeconbus.2018.04.002.

 

[15] Fornell, C., and Larcker, D.F., Evaluating Structural Equation Models with Unobservable Variables and Measurement Error, Journal of Marketing Research, 1981, 18, P.39-50. Doi: 10.2307/3151312.

 

[16] Franklin, Allen, Xian, Gu, Julapa, Jagtiani, do fintech applications promote regional innovation efficiency? Empirical evidence from China. Socio-Economic Planning Sciences, Journal of International Money and Finance, 2022, 124. Doi: 10.1016/j.jimonfin.2022.102625.

 

[17] Gai k., qiu m., sun x, A survey on fintech, Journal of network and computer applications, 2018, 103, P.262-273. Doi: 10.1016/j.jnca.2017.10.011.

 

[18] Henseler, J., Ringle, C., Sinkovics, R, The Use of Partial Least Squares Path Modeling in International Marketing, Advance in International Marketing, 2009, 20, P.277-319.

Doi: 10.1108/S1474-7979(2009)0000020014.

 

[19] Jinsong z., xinghao l., chin-hsieny., shi chen., chi-chuan l, Riding the fintech innovation wave: fintech, patents and bank performance, Journal of international money and finance, 2022, 122. Doi:10.1016/j.jimonfin.2021.102552 .

 

[20] Jörg, H., Christian M., Ringle, Marko, S., a new criterion for assessing discriminant validity in variance-based structural equation modelling, Journal of the Academy of Marketing Science, 2015, 43, P.115–135.

Doi: 10.1007/s11747-014-0403-8.

 

[21] Kawai, y., Fintech and the iais International Association of Insurance Supervisors newsletter. 2016

 

[22] Lee in, shin yong jae, Fintech: ecosystem, business models, investment decisions, and challenges, Business horizons, 2018, 61(1), P.35-46. Doi: 10.1016/j.bushor.2017.09.003

 

[23] Lihong, Yang, Shixun, Wang, do fintech applications promote regional innovation efficiency? Empirical evidence from China. Socio-Economic Planning Sciences, 2022, 101258.  Doi: 10.1016/j.seps.2022.101258

 

[24] Moradi, S., And Naderi, N., And Del Angizan, S., Investigating the development process of FinTech startups in Iran, Entrepreneurship Development, 2021, 13(1), P.121-140. (In Persian).

 

[25] Najafi, F., Irandoost, M., Sultanpanah, H., and Sheikh Ahmadi, A., Designing a Management Model for the Relationship between the Iranian Banking Industry and FinTechs and FinTech Startups with the Data Theory Approach, Scientific Journal of Business Strategies, 2020, 26(13), P.1-18. (In Persian).

 

[26] Sergi, B. S., Popkova, E. G., Towards a 'wide' role for venture capital in OECD countries' industry 4.0. Heliyon, 2022, 8(1), e08700. Doi: 10.1016/j.heliyon.2021.e08700.

 

[27] Panpan l., hu x., can fintech improve corporate investment efficiency? Evidence from china. Research in international business and finance, 2022, 60. Doi: 10.1016/j.ribaf.2021.101571.

 

[28] Shafaq, A., and Abdollahi Dezfulinejad, L., Investigating the Opportunities and Threats of FIN TECH for the Iranian Banking System, Quarterly Journal of Economic Studies, Financial Management and Accounting, 2018, 3(2), P.69-77. (In Persian).

 

[39] Izadikhah, M. Financial Assessment of Banks and Financial Institutes in Stock Exchange by Means of an Enhanced Two stage DEA Model. Advances in Mathematical Finance and Applications, 2021, 6(2), P. 207-232. Doi: 10.22034/amfa.2020.1910507.1491

 

[30] Siti Nurazira, MohdDauda, Halim, Ahmad, Airil, Khalida. W.N.W.Azman-Saini,  FinTech and financial stability: Threat or opportunity? Finance Research Letters, 2021, 102667. Doi: 10.1016/j.frl.2021.102667

 

[31] Tabatabaeenasab, S. M., Mahavarppoor, F., Actors affecting on foster technology reputation and That Role on business performance, Journal of Technology Development Management, 2018, 6(1), P.103-132.

Doi: 10.22104/jtdm.2018.2859.1965

 

[32] Werts, C. E., Linn, R. L., Joreskog, K. G., Intra Class Reliability Estimates; Testing Structural Assumptions, Educational and Psychological Measurement, 1974, 34(1), P.177-190.

Doi: 10.1177/001316447403400104.

 

[33] Wilson J., Creating strategic value through financial technology, jr. Published by john wiley & sons inc, 2017, 9, P.133-155. Doi:10.1002/9781119318682.

 

[34] Hanif, Y., Harjinder, S., security factors on the intention to use mobile banking applications in the uk older generation (55+). A mixed-method study using modified utaut and mtam - with perceived cyber security, risk, and trust, Technology in society, 2021, 67. Doi: 10.1016/j.techsoc.2021.101693.

 

[35] Zhang, Q., Perceived teacher credibility and student learning: development of a multicultural model, Western Journal of Communication, 2009, 73(3), P.326-347.

 

[36] Zhongqing H., Shuai D., Shizheng L., Luting C, Shanlin Y., Adoption intention of fintech services for bank users: an empirical examination with an extended technology acceptance model, symmetry, 2019, 11(3), 340. Doi: 10.3390/sym11030340.

 

[37] Abbasian-Naghneh, S., Tehrani, R., Tamimi, M. The Effect of JCPOA on the Network Behavior Analysis of Tehran Stock Exchange Indexes. Advances in Mathematical Finance and Applications, 2021, 6(3), P. 465-477, Doi: 10.22034/amfa.2019.1873319.1258

 

[38] Zanjirdar, M. Overview of Portfolio Optimization Models. Advances in Mathematical Finance and Applications, 2020, 5(4), P. 419-435. Doi: 10.22034/amfa.2020.674941

[39] Zangenehmehr, P., Farajzadeh, A. On Solutions of Generalized Implicit Equilibrium Problems with Application in Game Theory. Advances in Mathematical Finance and Applications, 2022, 7(2), P. 391-404. Doi: 10.22034/amfa.2021.1935453.1617

 

[40] Izadikhah, M. DEA Approaches for Financial Evaluation - A Literature Review, Advances in Mathematical Finance and Applications, 2022, 7(1), P. 1-36, Doi: 10.22034/amfa.2021.1942092.1639

 

[41] Salehi, A., Mohammadi, S., Afshari, M., Impact of Institutional Ownership and Board Independence on the Relationship Between Excess Free Cash Flow and Earnings Management. Advances in Mathematical Finance and Applications, 2017, 2(3), P. 91-105. Doi: 10.22034/amfa.2017.533104