The Effect of New Financial Technologies on the Financial Ecosystem of Interest-Free Banking in Iran

New financial technologies strengthen the financial system to provide smarter, more agile and broader services. The widespread influence of new financial technologies has changed people's lifestyles as well as banking rules. Leading companies in the field of financial technology are covering more and more parts of the value chain of banks every day. One of the main conditions in the discussions of economic growth is the discussion of public access to financial services (financial inclusion), which is in line with the principles of justice and equality in the Islamic financial system. Another important benefit of fintechs is financial transparency, which is emphasized by most stakeholders. The present study has been conducted with regard to the importance of the financial services sector and the transformative capacity of new technologies in promoting banking services in the direction of economic development of the country and the role they play in their survival and competitiveness. In terms of purpose-based classification, this research is of applied research type and in terms of data collection, it is of survey type. For data analysis, heuristic factor analysis method and SPSS and Amos software were used. The results of the questionnaires have been approved for model design. The findings show that the independent variable called new financial technologies, through indicators of cost reduction, improvement of financial services, revenue growth, financial security, financial transparency, asset management, increase in cash flow, reduction of information asymmetry and time dependent auditing on the variable (Banks' ecosystem), is especially effective in interest-free banking in Iran.