Developing a business model framework for commercial banks with an open banking approach

Open banking is a new paradigm that is rapidly growing in the world banking industry. Moving towards open banking and using the capacities and potentials of cooperation with innovative businesses can draw a clear horizon for maintaining banking services' survival as one of the macro banking strategies. But this requires a change in the traditional business model of banks. The purpose of this study is to provide a business model framework for commercial banks with an open banking approach. In this study, using banks' approach to participate in the financial ecosystem and the type of cooperation with third parties, four types of the strategic approaches and the dimensions of banks' business model in each situation are described. Accordingly, each bank can have one of the roles, including the integrator, producer, distributor, and the platform in open banking. In this research, a multi-case study research method has been used in which, based on the opinion of experts, three banks were studied, selected, and the dimensions of their business model were examined. Sepah Bank as a bank with an integrating role, Pasargad Bank as a bank with a producer role and Ayandeh Bank as a bank with a platform role were studied. According to experts in this field, no bank in Iran has the function of the distributor. The characteristics and the dimensions of each bank's business model vary according to their chosen approach to open banking and interaction with third parties