Designing a model of key indicators for evaluating financial technology in Iran's banking industry with Mixed approach

Document Type : Original Article


1 Department of Management, Karaj Branch, Islamic Azad University, Karaj, Iran

2 Assistant Professor, Department of Accounting, Karaj Branch, Islamic Azad University, Karaj, Iran



The purpose of this research was to provide a model of key indicators for evaluating financial technology in Iran's banking industry. , In this research, using a mixed-method design, In the qualitative approach, the Delphi method is used, The statistical population in the qualitative section was 12 experts who were selected based on snowball method , The process of data analysis was carried out in two stages, which includes identifying the key indicators of financial technology evaluation in Iran's banking industry through the interview tool and using thematic analysis method and theoretical validation of the research model. In the quantitative part, data were collected using a questionnaire and T-test. The results of the research showed that the key indicators model for evaluating financial technology in Iran's banking industry consists of 20 sub-indices as well as six main indicators including financial technology services, interaction of financial technologies with customers, new business partners, new revenue models, organizational innovation and innovation Technologically .The results of this study allow bank managers to have an integrated plan to improve the existing conditions to increase these factors in their organization


  • Singer, Haider. (2018). Designing and explaining the quality model of modern banking services based on fintech (digital banking) (PhD thesis). Faculty of Islamic Azad University, Shahrood Branch, Faculty of Humanities.
  • Abbasi, Kaleemullah; Alam, Ashraful; Du, Min Anna; & Huynh, Toan Luu Duc. (2021). FinTech, SME efficiency and national culture: evidence from OECD countries. Technological Forecasting and Social Change, 163, 120454.
  • Agarwal, Sumit; & Zhang, Jian. (2020). FinTech, lending and payment innovation: A review. Asia-Pacific Journal of Financial Studies, 49(3), 353-367.
  • Anagnostopoulos, Ioannis. (2018a). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7-25.
  • Anagnostopoulos, Ioannis. (2018b). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7-25.
  • Arner, Douglas W; Barberis, Janos; & Buckley, Ross P. (2015). The evolution of Fintech: A new post-crisis paradigm. Geo. J. Int'l L., 47, 1271.
  • Ashta, Arvind; & Biot-Paquerot, Guillaume. (2018). FinTech evolution: Strategic value management issues in a fast changing industry. Strategic Change, 27(4), 301-311.
  • Azarenkova, Halyna; Shkodina, Iryna; Samorodov, Borys; Babenko, Maksym; & Onyshchenko, Iryna. (2018). The influence of financial technologies on the global financial system stability.
  • Baber, Hasnan. (2020). FinTech, crowdfunding and customer retention in Islamic banks. Vision, 24(3), 260-268.
  • Braun, Virginia; & Clarke, Victoria. (2006). Using thematic analysis in psychology. Qualitative research in psychology, 3(2), 77-101.
  • Chemmanur, Thomas J; Imerman, Michael B; Rajaiya, Harshit; & Yu, Qianqian. (2020). Recent developments in the FinTech industry. Journal of Financial Management, Markets and Institutions, 8(1), 2040002.
  • Chen, Kuan-Chieh. (2020). Implications of Fintech developments for traditional banks. International journal of economics and financial issues, 10(5), 227.
  • Coetzee, Johan. (2018). Strategic implications of Fintech on South African retail banks. South African Journal of Economic and Management Sciences, 21(1), 1-11.
  • Fonseca, Cristina; & Meneses, Raquel. (2020). Motivations for Cooperation Strategies between Banks and Fintechs (Vol. 14, pp. 282-293). Presented at the Proceedings of the International Conference on Business Excellence, Sciendo.
  • Fung, Derrick WH; Lee, Wing Yan; Yeh, Jason JH; & Yuen, Fei Lung. (2020). Friend or foe: The divergent effects of FinTech on financial stability. Emerging Markets Review, 45, 100727.
  • Hu, Zhongqing; Ding, Shuai; Li, Shizheng; Chen, Luting; & Yang, Shanlin. (2019). Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11(3), 340.
  • Hwang, Yoonyoung; Park, Sangwook; & Shin, Nina. (2021). Sustainable Development of a Mobile Payment Security Environment Using Fintech Solutions. Sustainability, 13(15), 8375.
  • Jiao, Zhilun; Shahid, Muhammad Shehryar; Mirza, Nawazish; & Tan, Zhixiong. (2021). Should the fourth industrial revolution be widespread or confined geographically? A country-level analysis of fintech economies. Technological Forecasting and Social Change, 163, 120442.
  • Jünger, Moritz; & Mietzner, Mark. (2020). Banking goes digital: The adoption of FinTech services by German households. Finance Research Letters, 34, 101260.
  • Khastar, Hamzeh. (2009). Presenting a method for calculating the reliability of the coding stage in research interviews. Humanities methodology, 58(15), 161-174.
  • Li, Jianping; Li, Jingyu; Zhu, Xiaoqian; Yao, Yinhong; & Casu, Barbara. (2020). Risk spillovers between FinTech and traditional financial institutions: Evidence from the US. International Review of Financial Analysis, 71, 101544.
  • Mention, Anne-Laure. (2019). The Future of Fintech. Research-Technology Management, 62(4), 59-63.
  • Muda, Ruhaini; Lateff, Mohd Saifulizwan Mohd; Arshad, Roshayani; Rashdan, Arif Azhan; Oladapo, Ibrahim Abiodun; & Othman, Jaizah. (2021). Does FinTech Revolut lead to the disintermediation of banks? A Study into Islamic Bank Income. In Fintech, Digital Currency and the Future of Islamic Finance (pp. 169-185). Springer.
  • Rio, Del; & César, A. (2017). Use of distributed ledger technology by central banks: A review. Enfoque Ute, 8(5), 1-13.
  • Sheng, Tianxiang. (2021). The effect of fintech on banks' credit provision to SMEs: Evidence from China. Finance Research Letters, 39, 101558.
  • Subanidja, Steph; Sorongan, Fangky Antoneus; & Legowo, Mercurius Broto. (2022). Leveraging Financial Technology Entity into Sustainable Bank Performance through a Competitive Advantage. Emerging Science Journal, 6(1), 53-63.
  • Sultani, Morteza; and Tahmasabi Aghbalaghi, Dariush. (2019). Explaining the role of Bank Tejarat's strategic partnership with fintechs in efficiency through the mediation of technological developments and digital banking. Business Management, 45(12), 800-832.
  • Svensson, Christopher; Udesen, Jakob; & Webb, Jane. (2019). Alliances in financial ecosystems: A source of organizational legitimacy for fintech startups and incumbents. Technology Innovation Management Review, 9(1).
  • Truthful, Maryam; Shah Hosseini, Mohammad Ali; Kimasi, Massoud; and Shami Zanjani, Mahdi. (1401). Identifying factors affecting the cooperation of banks and fintechs using a systematic review of scientific literature. Business Management
  • Vives, Xavier. (2019). Competition and stability in modern banking: A post-crisis perspective. International Journal of Industrial Organization, 64, 55-69.
  • Wibowo, Santoso; Grandhi, Lakshmi; & Grandhi, Srimannarayana. (2020). Multicriteria group decision making approach for evaluating the performance of FinTech projects (pp. 130-135). Presented at the 2020 15th IEEE Conference on Industrial Electronics and Applications (ICIEA), IEEE.
  • Wonglimpiyarat, Jarunee. (2017). FinTech banking industry: a systemic approach. foresight.
  • Yes, Sloboda Larysa. (2020). Prospects and Risks of the Fintech Initiatives in a global banking industry. Economic Problems, (1 (43)), 275-282.
  • Yang, W; Sui, XP; & Qi, Z. (2021). Can fintech improve the efficiency of commercial banks?-An analysis based on big data. Research in International Business and Finance, 55, 101338.
  • Zalan, Tatiana; & Toufaily, Elissar. (2017). The promise of fintech in emerging markets: Not as disruptive. Contemporary Economics, 11(4), 415-431.