عنوان مقاله [English]
Fintech has brought a new paradigm in information technology and innovation in the financial industry. It has changed the rules of the game and managed to move traditional financial markets with disruptive innovation. Considering recent advances in technology, access to cost-effective infrastructure, and introduction of emerging applications, fintechs are leading the way among competitors in this area.
It is now the time of moving away from traditional methods of business to technology-oriented and value-creating models. Considering the role of technology in changing business models, information technology has enormously influenced the banking industry.
This study seeks to design a new open banking business model for banking industry based on the emergence of disruptive innovation and open innovation and to identify the drivers and their implications. The present study used a mixed-method research approach. In the qualitative phase, a conceptual model was developed based on the literature and Delphi technique, to examine 34 banking experts perceptions.
In the quantitative phase, a researcher-made questionnaire (Likert-based) was used to validate the model. The questionnaire contained 40 statements and was administered to a sample of 361 banking employees selected by cluster random sampling from among the population of the study. Data were analyzed employing SmartPLS.
For reliability tests of the model, Cronbach's alpha, composite reliability (CR) and Average Variance Extracted (AVE) were used. To assess the discriminant validity, Fornell and Larcker test were used. According to the goodness of fit index, the predictive power of the research model is very strong.
The results show that the structure of financial institutions, financial technology developers and the business ecosystem have positive impact on open banking model, but customers segmentation does not have a direct impact on open banking model. Also, open banking model has a positive impact on business environment and organizational performance, but has no significant effect on virtual banking.
Discussion and Results
Considering the confirmation of Hypothesis 1 (the impact of the structure of financial institutions on the open banking model), In order to improve the business model of open banking, the structure of financial institutions should be more agile. Fintechs are more agile than banks because of their structure. Banks need to make their structures more horizontally than complex and sophisticated if they intend to offer better open banking services.
Regarding the confirmation of hypothesis 2 (the impact of financial technology developers on the open banking model), these emerging companies should be considered as the main components of the network of partners and suppliers in the business model of banks. This cooperation can be in the form of buying or possessing companies, or integrating horizontally or vertically with banks. Moreover, the development of banking services can be outsourced to fintechs and financial start-ups so that they can improve customer experience and the proposed value with more agility.
Concerning the confirmation of hypothesis 3 (the impact of environmental conditions on the open banking model), It is safe to conclude that access to open banking services and the market, expert workforce, government support, and clear rules and regulations are essential to ensuring the security of transactions and preventing the hacking of online payment gateways.
In relation to the rejection of hypothesis 4 (the impact of customer segmentation on the open banking model), It seems that Iranian banks have weaknesses in identifying target customers and their demographic characteristics, so the practice of customer segmentation is not correct. Banks should identify the needs of various groups of customers, enhance their intention to use open banking services, and ultimately customize their specific products based on their needs and wants.
Considering the confirmation of hypothesis 5 (the impact of the open banking model on the business environment), designing the business model of open banking results in the advancement of technologies, the development of application programming interface (API), and the creation of more user-friendly systems. Open banking business models offer transparency and security to the customers and investors.
Regarding the confirmation of Hypothesis 6 (the impact of the open banking model on organizational performance), It is clear that designing the open banking model helps bank reduce operational risks, increase attraction of new customers, increase customer trust and loyalty, provide more agility in service delivery, useful application of customer data, improve customer experience, and increase the customer lifecycle in an effective way.
With regard to the rejection of Hypothesis 7 (the impact of the open banking model on the acceptance of virtual banking), It could be argued that bank employees and customers are still not familiar with the concept of virtual banking and online self-service. One reason for this lack of familiarity is that they have not properly understood the importance of personal banking. To ensure open banking, banks should help fintechs gain access to customer data and payment infrastructure so that some banking services such as payments, personal banking, and money transfer can be done using fintechs.
The results also showed that among the independent variables, fintech developers had the highest path coefficient. The results thus emphasize the importance of cooperation of the banking system with fintechs and other financial start-ups. By changing the closed-to-open banking ecosystem in Iran, banks can use third-party suppliers to manage customers’ financial services.
It seems that the most important issue is the mistrust of banks towards third-party firms and cooperation with such firms. Today, banks operate as a financial service provider and distributor. Banks often tend to invest in their territory and their own businesses areas. It seems that banks should see these emerging companies as partners than competitors. Collaboration can be at different levels, such as providing skilled workforce, upgrading hardware and software infrastructure, or providing a variety of banking and non-bank services. Consequently, retail banking will be directed to fintechs, virtual banking will be replaced with e-banking, and virtual money with electronic money (e-money). It appears that Fintechs are moving away from “open banking” to “open innovation”, as they operate in the areas of banking services, securities, insurance, and so on.