Explaining the Factors Influencing Value Creation in Digital Banking (Case Study: Refah Bank)

Abstract

The present study aims to propose a value creation model in digital banking. This study employs a mixed-methods approach (qualitative and quantitative). The qualitative phase's statistical population consisted of 15 university professors, managers, and experts in digital banking, who were selected using purposive sampling. In the quantitative phase, the statistical population included managers and experts of Refah Bank in Tehran. The sample size for the quantitative phase was determined as 235 individuals using Cochran's formula. Data collection in the qualitative phase was conducted through semi-structured interviews based on theoretical foundations, and the reliability of this phase was confirmed using Cohen's kappa coefficient. In the quantitative phase, a questionnaire and simple random sampling method were used to collect data. The reliability of the questionnaire was assessed using Cronbach’s alpha. The qualitative data were analyzed using thematic analysis, while in the quantitative phase, descriptive statistics, exploratory factor analysis, and confirmatory factor analysis were applied. The results of thematic analysis identified 292 codes, 64 themes categorized into 18 basic themes, and 4 organizing themes. The findings indicated that the factors influencing value creation in digital banking include customer digital experience management, which encompasses user-friendly design, ease of use, creation of a unique experience, monitoring customer digital experience, and applying technology in experience management. Digital co-creation consists of direct digital feedback, indirect digital feedback, customer digital participation, and digital interaction with customers. Digital service management includes digital service customization, management of digital concerns, service delivery management, service quality improvement, digital service diversity, customer support and training, and a digital value-creating mindset. Digital value management involves monetary value, non-monetary value, informational value, relational value, and hedonic value. The results of confirmatory factor analysis further validated the model derived from the literature review.