Revista

de la

Universidad

del Zulia

Fundada en 1947

por el Dr. Jesús Enrique Lossada

DEPÓSITO LEGAL ZU2020000153

ISSN 0041-8811

E-ISSN 2665-0428

Ciencias del

Agro

Ingeniería

y Tecnología

Año 12 N° 32

Enero - Abril 2021

Tercera Época

Maracaibo-Venezuela

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Thematic analysis on a model of implementation of open and

technological banking in commercial banks in Iran

Mohammad Bagher Arayesh

Mostafa Rezaeirad **

Mohammad Aidi

***

Tohfeh Ghobadi Lamoki

****

ABSTRACT

The purpose of this study was the thematic analysis on a model of implementation of open

and technological banking in commercial banks in Iran. It is an applied study; in terms of

method, qualitative; And in terms of research philosophy, it is a kind of interpretive

research. To analyze the data from the semi-structured interviews, a thematic analysis was

used. The population of this study included 20 knowledgeable people (experts in banking

and university professors in the field of open banking, as well as appropriate texts for the

extraction of indicators). In this investigation a snowball approach was used to select

samples. As a standard for the end of sampling, the thematic saturation method is used. The

topics were obtained using the two sources of theoretical literature and semi-structured

interviews. The result of the qualitative data analysis led to the identification of 25 basic

issues, 6 organizational issues and finally 4 contextual issues including productivity and

digital governance in the shadow of knowledge, alliances with competing partners,

customer experience management, digital strategic management of economic and customer

management, and reform of banking processes, all presented in the form of a model. Finally,

suggestions were made in this area based on the results.

KEY WORDS: Open Banking, Thematic Analysis, Implementation, Commercial Banks of

Iran

Ph.D Student of Business Management, Hamedan Branch, Islamic Azad University, Hamedan,

Iran. E-mail: arayesh.b@gmail.com

**Assistant, professor, Faculty of Humanities, University of Hamedan, Hamedan, Iran. E-mail:

m.rezaeirad@basu.ac.ir

***

Assistant, professor, Faculty of Humanities, University of Ilam, Ilam, Iran. E-mail:

M.aidi@ilam.ac.ir

****

Assistant, professor, Faculty of Humanities, Hamedan Branch, Islamic Azad University,

Hamedan, Iran. E-mail: t_ghobadi@yahoo.com

Recibido: 10/09/2020 Aceptado: 05/11/2020

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Análisis temático sobre un modelo de implementación de banca

abierta y tecnológica en bancos comerciales de Irán

RESUMEN

El propósito de este estudio fue el análisis temático sobre un modelo de implementación de

banca abierta y tecnológica en los bancos comerciales de Irán. Es un estudio aplicado; en

términos de método, cualitativo; y en términos de filosofía de la investigación, es un tipo de

investigación de interpretación. Para analizar los datos de las entrevistas semiestructuradas

se ha utilizado un análisis temático. La población de este estudio incluyó a 20 personas

conocedoras (expertos en banca y profesores universitarios en el campo de la temática de

banca abierta, así como textos apropiados para la extracción de indicadores). En esta

investigación se utilizó un enfoque de bola de nieve para seleccionar muestras. Como

estándar para el final de muestreo, se utiliza el método de saturación temática. Los temas se

obtuvieron utilizando las dos fuentes de literatura teórica y entrevistas semiestructuradas.

El resultado del análisis de datos cualitativos llevó a identificar 25 temas básicos, 6 temas

organizativos y finalmente 4 temas contextuales incluyendo productividad y gobernanza

digital a la sombra del conocimiento, alianzas con socios competidores, gestión de la

experiencia de los clientes, gestión estratégica digital de la gestión económica y de clientes,

y reforma de los procesos bancarios, todo ello presentado en forma de modelo. Finalmente,

se hicieron sugerencias en esta área basado en los resultados.

PALABRAS CLAVE: Apertura bancaria, Análisis Temático, Implementación, Bancos

Comerciales de Irán.

Introduction

The current business environment is constantly experiencing, influenced by factors

such as expanding science and technology, increasing competition and globalization, new

evolution (Asadollah, Sanavifard & Hamidizadeh, 2019; Dargahi & Tahriri, 2020). In this

environment, the survival condition of any organization will be to adapt to rapidly

changing technology and to accept the demands of sustainability in an unstable

competitive environment. Over the years, banks have always been leading the way in

providing new services but, the banking business environment is changing dramatically and

traditional banking structures are collapsing (Berger, Molyneux & Wilson, 2012). shortly,

emerging technologies, new regulations, innovations and changing customer expectations

will fundamentally change the banking industry (Eckenrode, 2017). Traditional banking

systems, bureaucratic and even electronic banking systems not only do they lack

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competition (Cajetan & Ezepue, 2018) but also, have no impact on the competitive

advantage, attraction and, retention of new customers. Banks are therefore not only at risk

of losing direct customer relationships, but may lose many of their services and

consequently their customers as well. These trends and the emergence of open banking are

a major change for banks and the financial system(OECD, 2020). Oracle financial services

(2018) believes that the most important challenges for Asian banks are recruiting and

retraining talent (38%), attracting new customers (34%) and market newcomers (25%),

and their most important investment priorities include promotion. Customer service (51%),

research, development and innovation (40%) and new product development (34%).

According to a McKinsey company report, a range of competitors such as fin techs

and rival banks with emerging business models are emerging in the financial services

industry. Estimates show that more than 60 percent of profits and 40 percent of traditional

and micro-banking will decrease with the entry of new actors into the banking and

financial ecosystem (Deloitte, 2014). To survive in this ecosystem, banks will need to re-

create their current business models, continuous innovation, agility, and optimize

structures to achieve sustainable competitive advantage (OECD, 2020). Nowadays, the

customer definition of a good bank is a bank that does not need to go to a branch to provide

more access to remote banking services. At present, one cannot expect a bank to meet all

the financial services of a technology leader alone given the staggering growth of

technology. The notion that the bank should meet all the micro and macro needs of its

specific customers in general, has become obsolete and customers have different

expectations. Despite the many communication channels that closed banking offers to its

customers, Not only have customers not been saturated, but it has increased their

expectation to receive services tailored to the state of the art (Asadollah et al., 2019). It is

here that the need for open banking is felt to converge banks and startups (Adrian &

Mancini-Griffoli, 2019).

According to the Accenture Institute, about 20 percent of banks have invested in

open banking by 2017, and 77 percent of banks will do so by the end of 2019 (Accenture,

2018). Open Banking, also known as Software Development Interface Banking and Digital

Banking, is a new paradigm that aims to interact more with customers, personalize and

meet each customer's specific needs, provide potential value added for monetary

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institutions and banks, and monopolize Bank production is fast becoming popular in the

world of banking (Deloitte, 2015), which has not been widely considered in Iran so far.

Open banking means digitizing all the activities of traditional banking programs that have

previously only been offered to customers in the physical branch (Ramdani, Rothwell

and Boukrami, 2020). Open banking does not mean online or offline banking. In this type of

banking, the physical branches of banks will not be removed, but, they will shift from the

current axial transaction to the axial consultation (OECD, 2020). Despite Iran's great

potential for Application software development, many applications still require direct

access to banking services. Open Banking provides this platform for software developers to

implement new and creative ideas through access to banking services (Brodsky & Oakes,

2017).

This new approach also allows banks to share their customers' financial information

with businesses and companies with the required standards (Ramdani er al., 2020). In Iran,

this process has just begun and fortunately, the Central Bank has taken the first steps to

comply with these conditions. It is to be hoped that this process will continue

expeditiously and deeply to make the Iranian banking system a more welcoming industry

for its citizens. With the advent of new technologies, in addition to evolving banking

models, new businesses are emerging in the field of financial technology that will naturally

target a portion of the financial and banking services market. Accordingly, future bank

growth will be possible only through Strategic partnership and integration (with fin techs

or other banks) as well as growth through innovative investments (artificial intelligence

and artificial cognition opportunities, blockchains, robotic automation and improve

cybersecurity (OECD, 2020).

The fact is that there are almost no issues with designing and implementing open

banking in Iran, and given that there has not been much focus on the open banking process

modeling in domestic and foreign sources and practically, new applied knowledge in Iran

and the world is considered, thus, there is considerable theoretical development capacity in

this area. Therefore, the main issue of this study is to present a theoretical model of open

banking implementation through thematic analysis method. Nowadays, due to the

digitalization movement of the world's leading banks, there is a need to develop an

application model for implementing an open banking model that reflects the unique

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features of Iranian commercial banks. Accordingly, the main objective of this study is to

present thematic analysis on a model of implementation of open and technological banking

in commercial banks in Iran

1. Literature review

1.1. Theoretical background

Various evidence shows that customers and companies can do a better transaction in

open banking. Customers tend to stay with the same banking service provider for long

periods, even in the presence of more competitive offers (Delloite, 2015). In the face of this

complexity, many clients base their decisions on experience-based rules or shortcuts - such

as following what their colleagues do and choosing a well-known institution. In some

cases, such decision processes can lead to a reasonable outcome for the customer. In others,

they can have a significant and detrimental effect on individuals' long-term financial

consequences (Asadollah et al., 2019). Open banking can lead to the development of new

financial products and services for specific customer groups. Increase data sharing gives

opportunities to financial service providers to access data on disadvantaged customers

(Reynolds, 2017), Enabling them to gain a fuller picture of their customers' financial

situation and the development of products and services tailored to their needs (Accenture,

2018). In many cases, open banking is a simple concept, especially as it enables its

customers to easily and securely share their banking data with trusted groups (OECD,

2020). Customer-centered open banking, promoting competitiveness, encouraging

innovation, efficient and fair open banking and providing competitive approaches are the

most important open banking capabilities (Ramdani et al., 2020).

Over the past years, traditional banks have defined specific products and services for

customers and due to the limited selection options, customers had to go to banks and get

bank-defined services (Brodsky & Oakes, 2017). In other words, banks were market

leaders, and customers were following them (Reynolds, 2017). With the increasing number

of banks, customer preference was no longer limited to the existence or absence of service.

They could choose between different banks. In these circumstances, banks have focused on

how to offer their services to customers. Any bank that offered more value to customers

was more likely to be accepted by customers (Hallsworth et al., 2019). Therefore, it is clear

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that in modern banking, creating a unique and excellent experience for receiving services

(banking and non-banking) is the most important goal (Deloitte, 2014). With this

approach, on the one hand, bank customers meet their expectations and, on the other hand,

more and more sustainable sources of revenue will be created for value-added banks

(OECD, 2020). Entering this field occurs when the bank changes its view of the customer

market, competition and service delivery (Owen & Pereira, 2018).

One of the most fundamental strategies resulting from Changing the Look of the

Banking System is moving towards an open banking industry (Hallsworth er al., 2019).

Generally in open banking, the value chain of financial services is defined at three levels of

products, interface, and services. At the first level, the products are developed. These

products are converted to services using user interfaces (Reynolds, 2017). Open Banking

redefines the development and distribution of its products through the provision of new

technologies, legislation and the development of new technologies (OECD, 2020).

New open-source combinations of services, capabilities, and data can be created if

new programming interfaces are made available to third party actors with personalization

capabilities. Also, third parties can integrate functional capabilities, banking data and

products with their services and facilitate new services and products and provide new

products and services (Brodsky & Oakes, 2017). There are two main ways to create open

banking. One way is for banks to be seen as markets and the other is that banks are seen as

platforms and change roles (Omarini, 2018). If the bank is seen as a market, open banking is

expected to come alongside the bank's core services؛ and allows third-party partners to

access parts of customer information, provide them with semi-open access or banking

applications. By doing this, they can produce products according to banking services. But it

should be noted that defining open source programming interfaces that provide easy access

and good integration of products is the main challenge of this type of open banking

(Deloitte, 2015).

When the bank is seen as a platform, the bank creates a framework of open

programming interfaces and makes them available to all third parties interested in

designing new products. In this case, the bank will have limited control over the products

and tools created (Euro bank association, 2017). In this type of open banking, the depth of

innovation and third-party space will be greater than open banking as a market (Omarini,

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2018). At the same time, this type of open banking is closer to the requirements of the role

of customer information providers in the European Payment Services Guide (Chaudhry et

al., 2016).

Open Banking as a platform means that banks operating in this field, by redefining

the scope of their business are trying to attract innovation from outside the banks. In open

systems, the software is not owned and managed by a single company. It supported by a

community or larger group of stakeholders such as small companies, individuals, large

corporations or universities (OECD, 2020). This form of collaboration can be accompanied

by more and faster innovations and increased efficiency (Ramdani et al., 2020). It is

believed that the most important trend of banking in the future is the transformation of

banks into platforms. In this situation, both banks and startups can move towards

becoming a platform through strategic joint action. Depending on the strategy selected for

the bank and the type of service, open planning interfaces can be defined at different levels

(Deloitte, 2015). On the path of open banking development, banks choose different

approaches based on their strategies. These approaches can be selected by answering two

key questions that show what role the bank intends to play in the financial value chain:

Who develops banking products? Who delivers banking products to customers? In answer

to these two questions, four types of banks can be identified (OECD, 2020؛ Deloitte, 2020).

Core Banks: This approach is similar to traditional banking. In these circumstances,

the Bank directly performs activities such as product development, distribution, and

delivery to customers. There are no third parties in these situations.

Distributor banks: In this approach, the bank provides a product development space

for third party actors, and assumes the delivery of products to customers. In this

framework, banks are expanding their digital market and provide good services to business

partners and third parties, thus, they have the role of a distributor. Today, fin techs play a

distributive role in the payment industry because they categorize and distribute services

created by banks and other payment service providers.

Producer Banks: In this approach, the bank's focus is on product and service

development and Product Distribution up to the delivery stage to the customer is the role

that business partners and third parties will play. Suggest to the customer in this approach

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is done by at least 2 groups. The bank produces services, and outsiders, who can be Fin

Tech, provide services to customers.

Platform banks: This approach is the ultimate in open banking. In this approach, the

bank provides the necessary framework for third party activity across all value chains of

financial services. Here the platform is one of the types of business models and it's different

from the Interpretation of the platform in the software world. In this approach, banks can

offer client matching, security and customer recognition capabilities as a platform.

1.2. Experimental background

Camerinelli (2017) states in his research that managing funds, applying for online

credit card, virtual prepaid credit card for secured payments, mobile loan application, SMS-

based payments, mobile payment in stores and taxis, personalized products and services

and the existence of a remote financial advisor are the most important user expectations of

open banking. According to a research report by Mckinsey & Company (2017), Banking in

any time, any place, with any device, Analysis of clients' personal experience, customer-

centric, immediate fulfillment of needs, acceptance of open banking power, cost-effective,

less operational risk, constant updating, market leadership, scalability and cloud

infrastructure implementation, customer experience platform, centralized applications,

channels, branches and call center, bank model(Micro, corporate, investment), devices

(tablet, cell phone, ...) were the most important requirement of banking system to be

digitalized. In the report of Fingleton (2019), is noted that the implementation of open-

bank banking takes place in 6 stages including:

a) Develop standards, b) Implement standards, c) Engage and connect with TPPS, d)

TPPs develop propositions, e) TPPs launch and refine propositions in market and f)

Evaluate success.

In a study done by Hallsworth er al (2019), is introduced five ecosystem

requirements for successful open banking that are included: APIs, Enabling assets, Use

cases, Killer apps and Partnerships. Martin hearing (2019), believes that

before implementing a new model, it is necessary to pay attention to the following four

elements:

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a) Unified Strategy, b) Collaborative Mindset, c) Open Culture, d) Diligent

Compliance

According to a research report by (Lipton, Shrier & Pentland, 2016), is noted that

the most key requirements for a digital bank from the viewpoint of bank, investor and

consumer is introduced:

-from Customers’ Perspective: holistic customizable, biometric, mobile-first, end to

end digital, electronic credit card, ambient channel management.

-from bank’ Perspective: full-stack business model, artificial intelligence-enabled,

security and discretion, novel database design, advanced data analytics, and digital

payments.

-from investor’ Perspective: digital sales and banking products, multichannel, rob

advisor, digital financial planner, SME upside, smart big data, a digital wallet.

In the research of Barquin, Vinayamak & Heidi (2015), the key aspects of open

banking are mentioned. The four features of quality, essential services, the power of

financial products and services, brand reputation and customer experience are particularly

important in open banking. Simplicity and security are also important aspects of open

banking that increase customer satisfaction. In the research done by Deloitte (2015), factors

such as social networks, consumer protection, products, digital investment, internet, Fin-

techs, block Chin technology and biometric technology are the most important factors

affecting the customer and bank on the digitalization highway. In a study done by Deloitte

(2019) entitled "creating an open banking Framework for Canada", the most important

constraints and limitations of open banking have been reported. These include:/ new

entrants, data breaches, fraud, privacy, recourse, distribution of costs.

2. Research methodology

This study is applied based on the purpose of research, and in terms of a philosophy

of research is interpretive. The thematic analysis method was used to analyze the data from

semi-structured interviews and analysis of the texts used. thematic analysis is a process for

analyzing qualitative information and is used in most qualitative methods. Because, the

thematic analysis method deals with the analysis of the text, then, is carried out the process

of gathering information in the form of textual cycles.

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The researcher achieves a better understanding of the text by following the cyclic

path within the text. This path will continue until it is reached an acceptable

understanding of the text with the least internal contradiction. The theme states important

information about research data and questions and it shows the meaning of the current

pattern in the data set (Braun & Clark, 2006).

The thematic analysis is a data reduction and analysis strategy as well as the

classification, summarization, and reconstruction of qualitative data (Alhojailan, 2012). In

this way, the researcher seeks to find meaningful duplicate patterns. Repeat means that at

least 2 of the texts can receive a subject. Based on specific procedures at three levels, it

offers basic themes (codes and key points in the text), organizing themes (themes derived

from the composition and summary of the basic themes) and inclusive themes (higher

themes include the principles governing the text as a whole) in which, the themes are put

together concerning each other (Attride- Stirling, 2001).

To achieve the objectives of the research, the qualitative process was carried out in

two stages. In the first step, due to the multitude of articles related to digital banking and

to select appropriate articles to extract effective indicators, was used meta-analysis with

seven-step approach. Where qualitative research was combined, their similarities and

differences were compared, their findings were translated into one another, finally, a new

interpretation of their collection was obtained. The statistical population in this section

included all articles published in the domestic journals databases (Sid, Magiran, Noormags)

and valid international databases (Sciencedirect, Proquest, Springer, Emerald, Wiley, Sage)

from 2014 to 2019. In total, 43 articles were identified. Criteria such as keyword allocation,

subject area, access level, and screening for inclusion or exclusion of articles were used to

obtain the best articles to enter the hyperbolic process. From the total number of articles

obtained, 16 articles, which had very good and excellent quality in the evaluation table,

were evaluated as the sample and for data extraction.

Semi-structured interview with an exploratory approach in the second stage of

qualitative research was used to extract complementary indicators related to open banking

implementation, for this purpose, semi-structured interviews were conducted with 13

managers of commercial banks of Saman, Iran Zamin, Ayandeh, Mellat, City Bank, Melli

and Tejarat, 7 university professors who familiar with banking issues.

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At the beginning of the interview, the purpose of the study was to emphasize that

the interviews will be used for research purposes only and that the identities of the

individuals will not be mentioned in the research reports. for selection of the sample, non-

probable purposive judgment sampling with a snowball sampling approach was used.

Select samples continued until the adequacy and theoretical saturation stage. Twenty

people were interviewed in this study, which was repeated in the information received from

the 17th interview, but to ensure data adequacy continued until interview 23 thematic

analysis encompasses a wide range of methods and techniques (template themes, thematic

Matrix, thematic network, and comparative analysis).

In this study, the thematic network method was identified as a suitable method for

thematic analysis. What the themes network offers is a web-like map as the organizing

principle and method of display. Thematic network systematizes the basic, organizing

inclusive themes, based on the specific process. It is important to note that, the thematic

network is not a procedure for preparing the analysis or delivering the final results, but

rather a technique for breaking the text and finding meaningful and salient points within

the text. Figure 1 illustrates the structure of a thematic network.

Figure 1. The structure of a thematic network

Source: (Vaezi et al., 2018: 23)

Inclusing theme

Organizing

theme

Organizing

theme

Organizing

theme

Organizing

theme

Basic theme

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Table1 shows the demographic characteristics of the statistical samples.

Table 1. Demographic characteristics of research interviewees

Educational level

age

Gender

Educational level

age

Gender

PhD in Marketing

woman

PhD in business

management

man

PhD in IT

man

PhD in E- Comerce

man

PhD in IT

man

PhD in electronic

banking

man

PhD in E- Comerce

man

MSc in marketing

woman

MSc in IT

woman

PhD in business law

woman

PhD in IT

woman

PhD in IT

man

PhD in business management

woman

PhD in computer

science

man

PhD in electronic banking

man

PhD in computer

science

man

MSc in IT

anm

PhD in international

marketing

man

PhD in international marketing

man

PhD in electronic

banking

man

Source: Research findings

Reliability refers to the consistency of the results of the interview, the credibility and

the ability of the interviewee to measure the intended goals. Validity is said to be the ability

of a method to measure the purpose of the study. In the present study, the reliability of the

two coders was used to calculate the reliability of the interviews. To this purpose, a

university professor who was aristocratic on the research subject was asked to participate

as a researcher (coder) in this research. Then, The researcher along with the research

colleague coded three interviews and calculated the percentage of the intra-subject

agreement as a measure of research reliability. How to calculate the percentage of intra-

subject agreement is given in Formula 1:

Formula1. Percentage of intergroup agreement = A 2/B  100

That A = Number of agreements reached, B = Total number of codes

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To extract the amount and the number of agreements, a questionnaire containing

themes, along with open coding samples, was provided to the research participants and the

degree of agreement was questioned through the choice questions of high, medium, and low

concordance. If the participant chooses the low or medium option, it means disagreement,

and if the participant chooses the high option, it means an agreement (Vaezi, Chekin&

Aslipour, 2018). Regarding the main research question, which is the model for

implementing open banking in Iranian commercial banks? It was considered as the main

question of the interviews.

Table 2. Calculation of reliability between two coders

Interview

code

Number of

codes

Number of

Agreements

Coefficient of

agreement

./86

./85

./73

Total

./81

Source: Research findings

As be seen in Table 2, the reliability between the two coders for the interviews was

/81. Thus, it can be argued that the reliability of the interview analysis is appropriate. The

usual size of acceptable reliability coefficient is 80 to 100 percent for most research and

research with a reliability coefficient of less than 70% will have difficulty interpreting their

achievements and replicating research (Vaezi et al., 2018).

3. Results and discussion

In the first step, the researcher recorded the interviews by the ethical principles of

qualitative research and with the full consent of the interviewees first, the first interview

was translated precisely into text, and the coding was done paragraph by paragraph. Key

points in the context of interviews were outlined about open banking implementation, and

after the initial coding, it continued until the level of determination of basic themes. This

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process was applied until the 17th interview and theoretical saturation. At this stage were

extracted 187 original codes from the interviews with more conceptual power. In the

second step, 25 basic themes were extracted from the 60 conceptual codes. In the three-

step, the basic themes with the most semantic and conceptual affinities were put together,

and 6 organizer themes were extracted from them. organizing themes are the answer to the

research questions extracted from qualitative data. In this study, a total of 6 organizing

themes were identified among the 25 basic themes. Table 3 shows Summary results of

organizing themes from basic themes.

Table 3. Summary results of organizing themes from basic themes

Conceptual code

basic themes

Organizing code

The quality of banking operations

Banking flexibility and

compatibility

Economic Management and

Banking Process Reform

Banking economic criteria

changing structure and

downsizing

banking system Integration

User store integration

The power of attracting

stakeholders and new

technologies

Culturalize and education

Participatory culture

Third party on boarding

Managing key activities

Managing payment

channels

Payment channels

Payments and trade

Risk management

Reduce risk and uncertainty

Cost efficiency

Cost-benefit evaluation

Income streams

Cost streams

Outsourcing activities

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flexibility of organizational

platform

Activity framing

Technical-legal compatibility

based on market and

technology optimization

activities

Architecture management and

API monitoring

API specification

Motivation and loyalty programs

Regulatory and legal

infrastructure

Legal requirements

Integrated infrastructure and

security

Standardization

API security

Strong customer authentication

Fraud detection

Applying optimization

and correlation

techniques

Predictive analysis

Prescriptive analysis

Market making and marketing

Market dynamics

Business insights

Weaknesses

Internal analysis

digital strategic management

of customer

Strengths

Opportunities

External analysis

Inhibitors

Strategic look and horizon

Strategic thinking

Smart data

Customer data

Social media

Customer-centric

Customer orientation

Customer experience

management

Quality

Customer consent management

Implementation of customer

experience

Customer experience

Optimizing the customer

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experience

management

Homogenization of Customer

Experience

Software and technology

infrastructures

Providing software

infrastructure and

system architecture

Infrastructure engineering

and implementation

mechanisms

Mechanism and Modern System

Architecture

Platform design

Pre-implementation mechanisms

Implementation

mechanisms

Current implementation

mechanisms

Post-implementation

mechanisms

Successful implementation

Successful

implementation

Comprehensive business model

New business modeling

structural productivity and

digital governance in the

shadow of knowledge

partnerships

New businesses

Digital leadership

Agility in competition and

profitability

Competitiveness

Banking culture with other

partners

Development of

technical - cultural

relations

Downsizing banking processes

Structural efficiency

Creating a new digital value

chain

value creation

Multiple value creation of

customer

Source: Research findings

Table 4 shows the frequency of the basic themes

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Table 4. Frequency of repetition of basic themes

Basic themes

Frequency

Basic themes

Frequency

Banking flexibility and

compatibility

Customer orientation

Participatory culture

Customer experience

management

Managing payment channels

Providing software

infrastructure and system

architecture

Risk management

Implementation

mechanisms

Cost-benefit evaluation

Successful implementation

Activity framing

New business modeling

Legal requirements

Digital leadership

Applying optimization and

correlation techniques

Competitiveness

Market dynamics

Development of technical -

cultural relations

Internal analysis

Structural efficiency

External analysis

value creation

Strategic thinking

Social media

Customer data

Source: Research findings

In the fourth step, the researcher chose inclusive themes, by applying sensory

constructs and technical terms derived from the theoretical and specialized background of

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the and according to the interviewees' point of view and linked to relevant categories

systematically. When the theoretical adequacy is reached, the core of open banking

implementation was formed in the conditions of commercial banks of Iran, encompassing

the themes of Economic Management and Banking Process Reform, structural productivity

and digital governance in the shadow of knowledge partnerships, Customer experience

management and digital strategic management of the customer. In step 5, a thematic

network was drawn to facilitate the visualization of the themes and the meaning of the idea

(Attride – Stirling, 2001). In this step, while examining the consistency of the themes with

the extracted codes and sorting themes, the basic, organizing inclusive themes were

outlined. Accordingly, in figure 2, the final model of research is presented in the context of

the thematic network.

The results of the descriptive analysis of the field interviews and their coding

showed that organizer themes, "structural productivity and digital governance in the

shadow of knowledge partnerships" with 56 repeats have been of the utmost importance

among all organizing themes of the open banking implementation model. This theme

includes the basic themes of new business modeling, digital leadership, competitiveness,

development of technical - cultural relations, structural efficiency and value creation.

The second main theme, with the most repetition, was " digital strategic

management of customer ", which is mentioned in 55 cases. This theme has included sub-

themes of internal analysis, external analysis, strategic thinking, customer data, and social

media. "economic management and banking process reform" was the third major theme

respondents mentioned 47 times. It includes the sub-themes of flexibility and adaptability

of banks, collaborative culture, payment channel management, risk management, and cost-

benefit assessment. The fourth main theme is “customer experience management” that the

interviewees mentioned 44 times during the interviews. This theme has included the

themes of customer orientation, customer experience management.

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Figure 2. The final thematic research model

Implementation of

open banking

model

Structural productivity and digital

governance in the shadow of knowledge

partnerships

Digital strategic management

of customer

Economic Management and Banking

Process Reform

Customer experience

management

New business modeling, Digital leadership,

Competitiveness, Development of technical -

cultural relations, Structural efficiency, value

creation

Banking flexibility and compatibility, Participatory

culture, Managing payment channels, Risk

management, , Cost-benefit evaluation

Internal analysis, External analysis, Strategic

thinking, Customer data, Social media

Customer orientation, Customer experience

management

Technical-legal compatibility

based on market and technology

optimization activities

Activity framing, Legal requirements,

Applying optimization and

correlation techniques

Infrastructure engineering and

implementation mechanisms

Software and technology infrastructures, Mechanism and Modern System

Architecture, Platform design, Pre-implementation mechanisms, Current

implementation mechanisms, Post-implementation mechanisms, Post-

implementation mechanisms, Successful implementation,

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Confirmation/

rejection

Average (percentage

of fit)

conceptual codes

Basic themes

Organizing

themes

Confirm

%82

The quality of

banking

operations

Banking

flexibility and

compatibility

Economic

Management and

Banking Process

Reform

Confirm

%90

Banking

economic criteria

Confirm

%85

changing

structure and

downsizing

Confirm

%79

banking system

Integration

Confirm

%75

User store

integration

Confirm

%82

The power of

attracting

stakeholders and

new technologies

Confirm

%76

Culturalize and

education

Participatory

culture

Confirm

%85

Third party on

boarding

Confirm

%91

Managing key

activities

Managing

payment channels

Confirm

%85

Payment

channels

Confirm

%90

Payments and

trade

Confirm

%79

Risk management

Confirm

%84

Reduce risk and

uncertainty

Confirm

%80

Cost efficiency

Cost-benefit

evaluation

Confirm

%79

Income streams

Confirm

%94

Cost streams

Confirm

%91

Outsourcing

activities

Activity framing

Confirm

%90

flexibility of

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organizational

platform

Technical-legal

compatibility

based on market

and technology

optimization

activities

Confirm

%88

Architecture

management and

API monitoring

Confirm

%85

API specification

Confirm

%80

Motivation and

loyalty programs

Confirm

%78

Regulatory and

legal

infrastructure

Legal

requirements

Confirm

%80

Integrated

infrastructure

and security

Confirm

%83

Standardization

Confirm

%87

API security

Confirm

%86

Strong customer

authentication

Confirm

%87

Fraud detection

Applying

optimization and

correlation

techniques

Confirm

%91

Predictive

analysis

Confirm

%81

Prescriptive

analysis

Confirm

%85

Market making

and marketing

Market dynamics

Confirm

%83

Business insights

Confirm

%78

Weaknesses

Internal analysis

digital strategic

management of

customer

Confirm

%87

Strengths

Confirm

%82

Opportunities

External analysis

Confirm

%81

Inhibitors

Confirm

%85

Strategic look

and horizon

Strategic

thinking

Confirm

%90

Smart data

Customer data

Confirm

%85

Social media

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Confirm

%87

Customer-centric

Customer

orientation

Customer

experience

management

Confirm

%96

Quality

Confirm

%84

Customer

consent

management

Confirm

%94

Implementation

of customer

experience

Customer

experience

management

Confirm

%91

Optimizing the

customer

experience

Confirm

%90

Homogenization

of Customer

Experience

Confirm

%80

Software and

technology

infrastructures

Providing

software

infrastructure

and system

architecture

Infrastructure

engineering and

implementation

mechanisms

Confirm

%90

Mechanism and

Modern System

Architecture

Confirm

%87

Platform design

Confirm

%86

Pre-

implementation

mechanisms

Implementation

mechanisms

Confirm

%82

Current

implementation

mechanisms

Confirm

%78

Post-

implementation

mechanisms

Confirm

%80

Successful

implementation

Successful

implementation

Confirm

%89

Comprehensive

business model

New business

modeling

structural

productivity and

digital

Confirm

%90

New businesses

Confirm

%90

Digital leadership

Confirm

%88

Agility in

competition and

Competitiveness

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Table 5. Matching basic themes with organizer themes

Source: Research findings

3.1. Model validation

After designing the model based on the results of the interviews, this model was re-

presented to 4 academic experts in a model validation questionnaire to obtain their views

on the relevance of basic concepts to organizational themes. Construct validity was used to

validate the model. If approved by 75% of experts, the model is valid (Taherdoost, 2016).

The SPSS software was used to calculate the mean of expert opinions to determine whether

or not themes fit. Table 5 shows the fit of the basic themes to the organizer themes.

The model obtained from the interviews was confirmed as the final model of the

research according to the model validity table and the views of academic experts.

Conclusion and Recommendations

Open banking, along with its inherent features in the banking system, is a trend that

will shape the future of the banking industry. Open banking is a digital transformation of

the banking business model in which the banking business model moves from subsidiary

income to a new share of non-equity and payroll income. In addition to transforming the

banking business, it is done adaptation to the Framework of Government. Modern banking

has opened a new position in the economic system by leveraging technology, which banks

profitability

governance in

the shadow of

knowledge

partnerships

Confirm

%87

Banking culture

with other

partners

Development of

technical -

cultural relations

Confirm

%81

Downsizing

banking

processes

Structural

efficiency

Confirm

%88

Creating a new

digital value

chain

value creation

Confirm

%92

Multiple value

creation of

customer

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are not only key players. The banking system's customer expectations have changed along

with technology.

They expect to be able to receive different services consistent with day-to-day user

experiences. Traditional banks are not necessarily the best way to serve these customers,

and new players will enter the monetary system with a better understanding of the needs of

users and customers. on the other hand, banks as traditional actors of the system, have been

able to gain deep trust in their customers over the years, and so they are considered a safer

place to get paid services. The convergence of new and traditional actors in this ecosystem

can create the best return for monetary customers, as well as leading to customer

confidence and tailoring new banking services to their needs.

In the banking ecosystem, the architecture of banking systems is different from

traditional ways, and by using open banking platforms, it provides synergy between banks

and new players. In open banking, not only new players are found to play key roles in the

monetary system, but also the provision of banks' software and hardware infrastructures

will also be shifted to a three-way specialized approach bank, supplier and dedicated

executor. Providers produce and support the core of comprehensive banking solutions.

Dedicated executives have the task of adapting the bank's internal needs to the core of

comprehensive banking solutions and implement new bank products on these platforms.

This study was presented with a conceptual model for the implementation of an

open banking model in the situation of Iranian commercial banks using grounded theory.

The process of information analysis in data- the derived theory is based on the three stages

of open coding (creation of concepts and categories), axial coding (axial category

identification, causal conditions, the interveners, contexts, strategies, and consequences)

and selective coding (theory creation). In the open coding phase, 60 conceptual codes and

25 main categories were identified after extracting and coding all the key points of the

interviews.

In the axial coding process, the categories derived from the open coding process

were categorized into six categories including customer experience management, economic

management and banking process reform, digital data management strategic of customer,

technical-legal compatibility based on market and technology optimization activities,

infrastructure engineering and implementation mechanisms, and structural productivity

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and digital governance in the shadow of competing knowledge partners. Table 6 compares

the elements and components of the model with the empirical and theoretical literature of

the research subject. The comparative action in this section can show the innovations

presented in this study and reflect the "content" or "localization framework" of the research

results as well as the extent of its participation in the theoretical foundations of the subject.

One of the main goals of this study was to thematic analysis on a model of

implementation of open and technological banking in commercial banks in Iran. So that

banking activists can continue to live in the competitive world of today's business and the

sustainability requirements in this space. For this purpose, some suggestions are presented

concerning the results of this study.

 According to the fundamental nature of the present study, it is recommended that

future researchers evaluate each part of the proposed model in terms of quantitative and

applied studies. The basic dimensions and components introduced in the present study

provide the opportunity for independent studies along with detailed explanations and

analyzes to provide practical and practical solutions for the complete and comprehensive

deployment of an open banking system in the country's economy.

 Policies adopted by the government of regulators affect the performance of all actors

in the open banking ecosystem. Therefore, policymakers and regulators can facilitate

open banking in the country by providing rules and standards. The result of regulator

policies and guidelines can reduce credit risk and strengthen the accreditation system,

along with the rational participation of each ecosystem member.

 Providing a conceptual framework for open banking implementation is needed to

guide actions and efforts properly. This conceptual framework is presented in this study.

 It is recommended for bank managers to first consider the necessity of establishing

open banking in their banks, based on the developed framework and the results of the

accreditation process because if the necessity of deployment is not understood, the

deployment of open banking, like other management approaches, will become a

managerial fashion and after a while, its importance diminishes.

 After understanding the requirements of establishing open banking, bank managers

will be assured that they have the platforms and requirements needed to deploy it. This

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will help them to meet fewer obstacles before, during and after the establishment of open

banking.

Table 6. Comparison of model components with experimental and theoretical literature of

research subject

Open Banking

Implementation Model

Theoretical background in

the subject literature

No theoretical background

in the subject literature

Economic Management and

Banking Process Reform

Banking flexibility and

compatibility

Participatory culture

Managing payment channels

Risk management

Cost-benefit evaluation

---------------------

First Interview, Third

Interview, Fourth Interview,

Seventh Interview, Eleventh

Interview, Fourteenth

Interview, Seventeen

Interview, Twenty-Three

Interview

Customer experience

management

Customer orientation

Customer experience

management

Adrian & Mancini-Griffoli.

2019؛ Oracle Financial

Services ؛ Owen, & Pereira,

2018 ؛ OECD, 2020

First Interview, Second

Interview, Third Interview,

Fifth Interview, Sixth

Interview, Fifth Interview,

Nineteen Interview, 21st

Interview

Technical-legal compatibility

based on market and

technology optimization

avtivities

Activity framing

Legal requirement

Applying optimization and

correlation techniques

Market dynamic

Ramdani et al., 2020 ؛ lipton

et al., 2016؛ Omarini, 2018

First Interview, Third

Interview, Sixth Interview,

Seventh Interview, Ninth

Interview, Twelfth

Interview, Thirteen

Interview, Sixteenth

Interview, 18th Interview,

Twenty-Second Interview,

Twenty-Three Interview

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digital strategic management

of customer

Internal analysis

External analysis

Strategic thinking

Customer data

Social media

Mckinsey & Company, 2017

؛ OECD, 2020؛ Hallsworth

et al., 2019 ؛ Cajetan &

Ezepue, 2018

Second Interview, Sixth

Interview, Twelfth

Interview, Sixteenth

Interview, Seventeen

Interview, Eighteen

Interview, Nineteen

Interview, Twenty-Second

Interview, Twenty-Three

Interview

Infrastructure engineering

and implementation

mechanism

Providing software

infrastructure and system

architecture

Implementation mechanisms

Successful implementation

Omarini, 2018 ؛ lipton et al.,

2016؛ Oracle Financial

Services, 2018 ؛ Owen &

Pereira, 2018؛ Ramdani et al.,

2020

First Interview, Fourth

Interview, Fifth Interview,

Sixth Interview, Seventh

Interview, Ninth Interview,

Tenth Interview, Eleventh

Interview, Fourteenth

Interview, Fifteenth

Interview, Eighth Interview,

Twentieth Interview,

Twenty-Second Interview,

Twenty-Three Interview

structural productivity and

digital governance in the

shadow of knowledge

partnerships

New business modeling

Digital leadership

Competitiveness

Development of technical -

cultural relations

Structural efficiency

value creation

Reynolds, 2017 ؛ Owen &

Pereira, 2018؛ lipton et al.,

2016، Deloitte. 2020؛

Chaudhry et al., 2016

Hallsworth et al., 2019؛

Eckenrode, 2017

Third Interview, Fourth

Interview, Sixth Interview,

Seventh Interview, Eighth

Interview, Ninth Interview,

Tenth Interview, Fourteenth

Interview, Fifth Interview,

Seventeen Interview,

Eighteen Interview, Nineteen

Interview, Twenty-Second

Interview, Twenty-two

Interview

Source: Research findings

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