Document Type : Original Article

Authors

1 Ph.D. Student , Department of Technology Management,Faculty of management and Economics, Science and Research Branch,Islamic Azad University,Tehran,Iran.

2 Associate Professor,Department of Industrial Management,Karaj Branch,Islamic Azad University,Karaj,Iran.

3 Associate Professor,Department of Economics,Faculty of Management and Economics ,Science and Research Branch, Islamic Azad University,Tehran,Iran.

4 Assistant Professor,Department of Management, Sanandaj Branch,Islamic Azad University,Sanandaj,Iran.

Abstract

The present study was conducted with the aim of developing a paradigm model of innovation strategy with a digital transformation approach in the banking industry. The approach used in this research is qualitative and the objective is applied. The participants includes managers and experts in the banking industry and university professors in the field of innovation strategy and digital transformation. Purposive sampling was conducted using the snowball method and theoretical saturation was achieved after interviewing 14 experts. A semi-structured interview was used to collect data. The key components of the innovation strategy have been formulated using the grounded theory in three stages of open, axial and selective coding using Maxqda. The results showed that, according to the research paradigm model, legal requirements, change in customers’ needs and expectations, the rapid development of transformative technologies and new players in the financial industry have a significant impact on the innovation strategy with a digital transformation approach. Innovation strategy includes types of innovation, levels of innovation, carrying out innovation and evaluating the effectiveness of innovation. The digital innovation culture, collaboration capability, and digital talents management constituted contextual factors. On the other hand, the level of maturity of knowledge management, the absorptive and learning capacity of banks, business intelligence, organizational barriers and macro barriers play the role of an intervening condition. Finally, customers credit scoring with Artificial intelligence, open banking, updating of policies and laws in the financial field, digital governance and intelligent supervision, Intelligent process automation, Digital Experience Management of customers and employees, data and infrastructure management, intelligent risk management, strategic renewal and ambidextrous innovation in the banking industry leads to digital value creation for stakeholders and achieving organizational and extra-organizational consequences.

Keywords

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