Identifying and Determining Causal Relationships Between Challenges and Strategies for Fintech Market Development Based on a Hybrid Approach of Thematic Analysis and DEMATEL
Keywords:
FinTech, Market Development, Content Analysis, DEMATEL, Causal Relationships, Marketing StrategyAbstract
Given the rapid growth of financial technologies (FinTech) and the critical importance of market development in Iran, identifying key challenges and strategies, as well as understanding the causal relationships among them, is an essential necessity for policymakers and industry stakeholders. This study aims to identify and explain the causal relationships between the challenges and strategies of FinTech market development using a hybrid approach consisting of qualitative and quantitative phases. In the qualitative phase, using thematic analysis and conducting semi-structured interviews with 20 managers and experts from licensed FinTech companies under Shaparak (including Zarinpal, AsanDaryaft, Baleh Financial Messenger, EasyPay, and Iranian Credit and Reward Card), the main challenges and strategies were identified. In the quantitative phase, the extracted indicators were first validated using the Content Validity Ratio (CVR) and then the causal relationships among them were analyzed using the DEMATEL method. The results revealed that regulatory barriers and weak digital infrastructure are the most influential causal factors, which affect consequential challenges such as distrust in technology, price sensitivity, and cultural barriers. Furthermore, strategies such as branding, customer education, and the utilization of social networks were identified as key factors in reducing barriers and facilitating market development. Based on these findings, a conceptual model for FinTech market development was designed, which can serve as a decision-making foundation for regulators and FinTech companies in formulating policies and development programs.
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Copyright (c) 2024 Seyed Mani Sadraee (Author); Farideh Haghshenas Kashani; Mehdi Karimi Zand (Author)
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