Typology of Digital Strategy in Banking Industry by Using Meta- Synthesis Method

Document Type : Original Article

Authors
Atena Atashsokhan 1
Ayoub Mohammadian 2
1 Ph.D. Candidate, Department of Business Management, Kish International Campus, University of Tehran, Tehran, Iran
2 Associate Prof., Department of Information Technology Management, Faculty of Technology and Industrial Management, College of Management, University of Tehran, Iran
10.22034/aimj.2023.211851
Abstract
Following changes caused by the digital era in the banking industry the necessity of having a digital strategy has been more and more considered. Moreover, the survival of banks in the dynamic market depends on pursuing a digital strategy and understanding the content of these strategies is of significant importance. By relying on these foundations, banks can formulate and develop a digital strategy and determine their strategic direction. Therefore, the main goal of this research is to examine the theoretical foundations related to the content of digital strategy. This research is Basic in terms of purpose, applied in terms of method and qualitative in terms of collecting data. In this paper, meta-synthesis has been used to review articles based on reliable scientific resources in order to bring together qualitative data to form a new interpretation of the research field. A total of 2501 articles were initially collected, out of which 30 articles were finally selected. After the refinements among the final selected articles, coding steps were done and by use of Shannon entropy method, the categories were weighted and the importance degree of each was determined. By analyzing the concepts mentioned in 30 articles, the content of digital strategy presented in the present paper included 46 codes, 9 subcategories, and 4 main categories. The main factors recognized for digital strategy content in banking industry were digital customer experience, new business processes, development of the beyond-banking digital ecosystem and finally innovation in service and business models. The analysis revealed that the most important content was related to Omni-channels and process re-engineering and the least important is related to open banking and open and digital innovation ecosystem beyond banking. On the other hand, it can be seen in almost all the articles that the strategic direction of the banking industry is not only based on one specific aspect of the digital strategy content, but according to the micro and macro goals, a set of them has been pursued.

Keywords

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  • Receive Date 16 September 2023
  • Accept Date 31 August 2024