financial technology (fintech)

The emergence of emerging technologies in recent years and the conduct of banking operations on various platforms, which is an evolution of the banking ecosystem, necessitate explaining the factors influencing new product development in the field of financial technology to apply regulatory compliance with international standards. One of the differentiated aspects of new products and services is the observance of the standards that are required in the banking industry. Therefore, in order to help solve the existing problems, it is necessary to identify and investigate the factors affecting the development of new products in the field of financial regulatory technologies. The purpose of this research is applied and is a descriptive-survey method. Affecting factors extracted from the literature review, opinion of banking industry experts in Tejarat bank and the approved questionnaire distributed in the community of experts, and the results analyzed by confirmatory factor analysis and structural equations using Smart-PLS3 software. In this study, seven main factors with 46 sub factors influencing new product development in the field of regulatory technology identified and it was confirmed that all key identified factors had a significant impact on the development of new financial regulatory technology products.

Nowadays, in the age of digital transformation, the use of financial technologies (fintechs) has become an integral part of the banking industry and partnership with Fintech start-ups is not either a choice it is a necessary. In this study, we want to analysis the development process of Fintech startups in Iran, which are in the early stages of their life cycle. So the main question is; what are the challenges and obstacles facing Fintech start-ups in Iran? This research is applied by its purpose and qualitative by its data gathering method. To achieve this goal, systematic grounded theory approach applied. Data collected using semi-structured interviews with 13 bank experts in Fintech, Entrepreneurs, and Co-founders of Fintech start-ups, by using purposeful sampling method. Data were analyzed using MAXQDA software. The results showed that the most important barriers to the development of Fintech startups in Iran are regulatory challenges, lack of a clear bank strategy for partnership, and macroeconomic conditions of the country, especially sanctions. Therefore, providing strategies such as formulating new standards and rules especially for open banking and complete the digital transformation roadmap of the banking industry with the help of key stakeholders can lead to the development of fintech startups.