Investigating the Impact of Citizens' Participation on Fintech
Subject Areas : Special
Mercedeh
Pahlavanian
1
(PhD in science and technology policy making management, Department of Management, Faculty of Economic and Administrative Sciences, Mazandaran University, Babolsar, Iran)
meysam
shirkhodaei
2
(Associate Professor, Department of Management, Faculty of Economic and Administrative Sciences, Mazandaran University, Babolsar, Iran)
seied sepehr
ghazinori
3
(Professor, Department of Information Technology Management, Tarbiat Modares University, Tehran, Iran)
Keywords: Financial Citizenship, Financial Technology, FinTech, Socio-Technical Transition,
Abstract :
Financial technologies or fintech have changed the way financial services are provided and have replaced traditional financial services. Large investments have been made in fintechs but there is a gap between service providers and consumers. Due to the high diversity and speed of change in this field, people still do not understand and resist the new financial system, while citizens are the ultimate target of a wide range of fintech services. Successful transition requires providing opportunities for citizens to participate, which is expressed with the concept of financial citizenship. The present study aims to achieve a clear understanding of the citizenship dimension in the transition to fintech. Therefore, based on the interpretive paradigm and qualitative research method, and with the inductive approach and the use Grounded theory, it has analyzed financial citizenship and promoted social capital in the Fintech transition. In this regard, with Purposive sampling and Sampling snowballs, have been interviewed with 15 experts in the field of fintech. The findings show that factors such as technological pressure at the international level and the weakness of the traditional financial system have stimulated the transition to fintech, but citizens' distrust has led to Lack of acceptance of fintech. Bridging this gap requires the formation of a participatory approach to financial citizenship in order to inform citizens and promote social capital to provide conditions for citizen participation in the position of customer, feedback provider or financial services requester. In this way, it will lead to the expansion of the FinTech startup market, financing, definition of innovative financial services, and finally change in government approach, and the transition to FinTech will be achieved
11. اعتمادی فرد، علی.، طبائیان، سیدکمال.، پیله‌وری، نازنین.، خمسه، عباس. (1401). طراحی مدل توسعه یکپارچه نوآوری خدمات بانکداری الکترونیک بر اساس قابلیت‌های پویا با استفاده از میک-مک فازی. فصلنامه نوآوری و ارزش‌آفرینی. دوره دهم. شماره بیستم. پاییز و زمستان 1400. 147 تا 166.
2. بانک مرکزی جمهوری اسلامی ایران. (1396). سیاست بانک مرکزی جمهوری اسلامی ایران در خصوص فناوری مالی.
3. پهلوانیان،مرسده.، شیرخدایی، میثم.، قاضی‌نوری، سید سپهر. (1400). تعیین مسیر گذار به فناوری‌های نوین بیمه‌ای در ایران. پژوهشنامه بیمه. مقاله آماده انتشار.
4. پهلوانیان، مرسده.، شیرخدایی، میثم.، قاضی‌نوری، سید سپهر. (1401). نوع‌شناسی مسیر گذار به فناوری‌های مالی پرداخت (پی‌تک) در ایران. سیاست‌نامه علم و فناوری. مقاله آماده انتشار.
5. پهلوانیان، مرسده.، شیرخدایی، میثم.، قاضی‌نوری، سید سپهر. (1401). تحلیل نحوه گذار به فناوری‌های نوین مدیریت ثروت در ایران. مطالعات مدیریت کسب و کار هوشمند. دوره1. شماره 40.
6. ثقفی،فاطمه.، آزادگان مهر، ماندانا. (1398). مبانی و نظریه‌های سیاستگذاری برای مدیریت گذارهای فناورانه. فصلنامه سیاست علم و فناوری. سال 11. شماره 2. 221-237.
7. دانایی فرد، حسن.، الوانی، مهدی.، آذر،عادل. (1394). روش‌شناسی پژوهش کیفی در مدیریت: رویکردی جامع. انتشارات صفار. تهران.
8. محقر، علی.، ثقفی، فاطمه.، مختارزاده،نیما.، آزادگان مهر،ماندانا. (1398). پیش بینی الگوی تحول فناورانه در بخش خدمات مالی ایران بر مبنای رویکرد چندسطحی گذار. فصلنامه سیاست علم و فناوری. سال یازدهم. شماره 4. زمستان 1398. Doi: 10.22034/jstp.2020.11.4.1066.
9. مرادی،شیوا.، نادری،نادر.، دل انگیزان، سهراب. (1399). بررسی فرایند توسعه استارتاپ‌های فین‌تک در ایران؛ با تاکید بر عوامل و موانع پیش رو. توسعه کارآفرینی. دوره 13. شماره 1. صفحه 121 تا 140.
10. Abbasi, K., Alam, A., Du, M., Huynh, T. (2021). FinTech, SME Efficiency and National Culture: Evidence from OECD Countries. Technological Forecasting and Social Change. https://doi.org/10.1016/j.techfore.2020.120454.
11. Berry, C., & Serra, V. (2012). Financial Citizenship Rethinking the State’s Role in Enabling Individuals to Save. Published By the International Longevity Center. UK (ILC-UK). http://www.infohub.moneyadvicetrust.org/content_files/files/ilc___financial_citizenship___full_report1.pdf.
# 12. Banko Central Do Brasil, (2018). Report on Financial Citizenship https://www.bcb.gov.br/Nor/relincfin/Relatorio_Cidadania_Financeira_2018_ingles_30_janeiro.pdf.
13. Bowater, L., Yeoman, K. (2013). Science Communication: A Practical Guide for Scientists. John Wiley & Sons, Ltd, Chapter 1. A Guide to Science Communication.
14. Burnstein, P. (2003). The Impact of Public Opinion on Public Policy: A Review and an Agenda. Political Research Quartery. Vol 56. Issue 1. https://doi.org/10.1177/106591290305600103.
15. Crandell, C. (2016). Custumer Co-creation is the Secret Sauce to Success. Available at: Forbes.com
16. Cao, S., Lyu, H., Xu, X. (2020). Insurtech Development: Evidence from Chinese Media Reports. Technological Forecasting & Social Change. Https://doi.org/10.1016/j.techfore.2020.120277.
17. Centeral Bank of Islamic Republic of Iran. (2017). Policy of the Centeral Bank of the Islamic Republic of Iran Regarding Financial Technology {in Persian}.
18. Danaeefard, H., Alvani, M., Azar, A. (2012). Qualitative Research Methodology in Management: A Comprehensive Approach. Saffar Publication.Tehran. {in Persian}.
19.Eames, M., Egmose, J. (2011). “Community Foresight for Urban Sustainability: Insights the Citizens Science for Sustainability (SuScit) Project”. Technological Forecasting & Social Change. No 78. P 769-784.
20. Earls, E. M. C. (2019). Preparing Students for a Future in Fintech. The Role of Massachusetts Public Universities. PIONEER INSTITUTE. Public Policy Research.
21.Etemadifard, A., Tabaeian, K., Pilevari, N., Khamseh, A. (2022). Designing an Integrated Development Model for Electronic Banking Services Innovation Based on Dynamic Capabilities Using Fuzzy MicMac. Quarterly Journal of Innovation and Entrepreneurship. Vol 10, 147-166. {In Persian}.
22.Federica Cornali, Department of Cultures, Politics and Society. (2017). Talking with the Scientists: Promoting Scientific Citizenship at School through Participatory and Deliberative Approach. University of Turin. Italy. Studies in Media and Communication, Vol. 5, No. 2; December 2017.
23.Geels, F. (2004). From Sectoral Systems of Innovation to Socio-Technical Systems: Insights about Dynamics and Change from Sociology and Institutional Theory. Research Policy. https://doi.org/10.1016/j.respol.2004.01.015.
24. Geels, F., Schot, j. (2007). Typology of Sociotechnical Transition Pathway. Research Policy. 36.399-417. http://doi.org/10.1016/j.respol.2007.01.003.
25. Geels, F. (2018). Low-Carbon Transition via System Reconfiguration? A Socio-Technical Whole System Analysis of Passenger Mobility in Great Britain (1990-2016). Energy research & Social Science. 46. 86-102.http://doi.org/10.1016/j.erss.2018.07.008
26. Ghazinoory, S., Afshari-Mofrad, M. (2012). Ranking different factors which affect E-Learning outcomes. International Journal of Computer Theory and Engineering, 4(2), 234.
27. Ghazinoory, S., Ghazinoory, S. (2008). Extracting Strategies for Modification of the National Innovation System of Iran Based on a Comparative Study. Journal of Science and Technology Policy. Vol 1. Issue 1. 64-80.
28. Ghazinoory, S., Daneshmand-Mehr, M., Azadegan, A. (2013). Technology Selection: Application of the PROMETHEE in Determining Preferences- A Real Case of Nano Technology in Iran. Journal of the Operational Research Society. Vol 64. Issue 6. 884-897. doi: 10.1057/jors.2012.45.
Gomber, P., Parker, C. (2018). On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information System. Vol 35. Issue 1. https://doi.org/10.1080/07421222.2018.1440778. 30.Hecker, S., Bonney, R., Hakley, M., Holker, F., Hofer, H., Goebel, C., et al. (2018). Innovation in Citizen Science- Perspectives on Science-policy Advances. Citizen Science: theory and Practice. 3(1):4, PP.1-14. DOI: Https://doi.org/10.5334/cstp.114 No,933 https://www.adb.org/publications/fintech-and-financial-literacy-lao-pdr.
31.Hess, J, D. (2019). Incumbent-Led Transitions and Civil Society: Autonomous Vehicle Policy and Consumer Organizations in the United States. Technological Forecasting and Social Change. https://doi.org/10.1016/j.techfore.2019.119825.
32.Ingold, K., Stadelmann-Steffen, I., Kammermann, L. (2017). The Acceptance of Instruments in Instrument Mix Situations: Citizens Perspective on Swiss Energy Transition. Research Policy. https://doi.org/10.1016/j.respol.2018.10.018.
33. Karikari, K. T., Yawson, A. N., Quansah, E. (2016). Build the Future of Science Communication in Developing Countries Through Systematic Training of Young Scientists. Journal of Microbiology & Biology Education. http://dx.doi.org/10.1128/jmbe.v17i3.1150.
34. Khalil, M. (2020). Financial Citizenship as a Broader Democratic Context of Financial Literacy. Citizenship, Social and Economics Education. 1-14. Doi: 10.1177/2047173420948411.
35.Killingsworth, S. (2015). The Commercial Zen of Muji). Available at: Newyorker.com.
36.Lai, K, Tan, C, H. (2015). Neighbours First, Bankers Second: Mobilizing Financial Citizenship in Singapore. Geoforum. 64. 65-77. http://dx.doi.org/10.1016/j.geoforum.2015.05.023.
37.Leong, K., Sung, A. (2018). Fintech (Financial Technology): What is it and How to Use Technologies to Create Business Value in Fintech Way? International Journal of Innovation, Management and Technology. Vol 9. No 2. Doi: 10.18178/ijimt.2018.9.2.791.
38. McKinley, C. D., Miller-Rushing, J. A., Ballard, L. H., Bonney, R., Brown, H., Cook-Patton, C. S., et al. (2016). Citizen science can improve conservation science, natural resource management, and environmental protection. Biological.
39.Milken Institute. (2021). Financial Literacy in the United States. https://milkeninstitute.org .
40.Mohaghar, A., Saghafi, F., Mokhtarzade, N., Azadegan-Mehr (2019). Anticipating Technological Transition Path in Iran’s Financial Sector Based on Multilevel Perspective. Journal of Science &Technology Policy. Vol 12. Issu 4. Serial Number 44. Autumn 2019.Page 77-98. Doi:/JSTP2020.11.4.1066 {in Persian}.
41. Moradi, Sh., Naderi, N., Delangizan, S. (2020). Analyzing Fintech Startups Development Process in Iran. Journal of Entrepreneurship Development. Vol 13. Issue 1. Serial Number 47. Spring 2020. Pages 121-140. Doi: 10.22059/JED.2020.296930.653250 {in Persian}.
42. Morgan, P. J., Trinh, L. Q. (2019). Fintech and Financial Literacy in the LAO PDR. Asian Development Bank Institute. No,933 https://www.adb.org/publications/fintech-and-financial-literacy-lao-pdr.
43. Natalia, D., Shihab, M. (2018). Public Relation Strategies to Build Financial Technology (Fintech) Awareness the KoinworksWay. International Conference on Media and Communication studies (ICOMACS 2018). Doi: 10.2991/icomacs-18.2018.62.
44. OECD, (2020). TIP Co-creation Project- Draft Case Studies. Available at: Community.oecd.org
45.Pahlavanian, M., Shirkhodaie, M., Ghazinoory, S. (2022). Determining the Transition Path to Emerging Insurance Technologies in Iran. Iranian Journal of Insurance Research. Article in Press {In persian}.
46.Pahlavanian, M., Shirkhodaie, M., Ghazinoory, S. (2022). Typology of the Transition Path to Payment Technology (PayTech) In Iran. Journal of Science and Technology Policy Letters. Article in Press. {In Persian}.
47.Pahlavanian, M., Shirkhodaie, M., Ghazinoory, S. (2022). Analysis of the Transition to New Technologies in Wealth Management in Iran. BI Management Studies. Vol 10. Issue 40. {In Persian}.
48. Panos, G. A., Wilson, J. (2020). Financial Literacy and Responsible Finance in the Fintech: Capabilities and Challenges. The European Journal of Finance. https://doi.org/10.1080/13518447x.2020.1717569.
49. Riles, A. (2018). Financial Citizenship Experts, Publics & the Politics of Central Banking. Published By Cornell University Press. Chapter 5. P 43-55.
50. Saghafi, F., Azadegan-Mehr, M. (2019). Policy Making for Governance of Technology Transitions: Basics and Theories. Volume 12. Issue 2. Spring 2019. 221-237. {in Persian}.
51.Sepasgozar, S., Hawken, S., Sargolzaei, S., Foroozanfa, M. (2018). Implementing Citizen Centric Technology in Developing Smart Cities: A Model for Predicting the Acceptance of Urban. Technological Forecasting & Social Change. https://doi.org/10.1016/j.techfore.2018.09.012.
52.Sauermann, H., Vohland, K., Antoniou, V., Balaz, B., Gobel, C., Karatzas, K. et al (2020). Citizen Science and Sustainability Transitions. Research Policy https://doi.org/10.1016/j.respol.2020.103978
53. Shim, Y., Shin, D. H. (2016). Analyzing Chinas Fintech Industry from The Perspective of Actor-Network Theory. Telecommunication Policy. http://dx.doi.org/10.1016/j.telpol.2015.11.005.
54. Shin, J. Y., Choi, Y. (2019). Feasibility of the Fintech Industry as an Innovation
Platform for Sustainable Economic Growth in Korea. Sustainability. 11. 5351. Doi: https://doi.org/10.3390/su11195351.
55.Tao, R., Su, C.W., Naqvi, B., AbbasRizvi, S.K. (2022). Can Fintech Development Pave the Way for a Transition Towards Low-Carbon Economy: A Global Perspective. Technological Forecasting and Social Change. https://doi.org/10.1016/j.techfore.2021.121278.
56.Wesseling, J. H., Bidmon, C., Bohnsack, R. (2020). Business Model Design Spaces in Socio-Technical Transitions: The Case of Electric Driving in the NetherLands. Technological Forecasting & Social Change. https://doi.org/10.1016/j.techfore.2020.119950.
57. Yildiz, O. (2014). Financing Renewable Energy Infrastructures Via Financial Citizen Participation- The Case of Germany. Renewable Energy. 68.(2014).677-685 http://dx.doi.org/10.1016/j.renene.2014.02.038.
58. Zavolokina, L., Dolata, M., Schwabe, G. (2016). The Fintech Phenomenon: Antecedents of Financial Innovation Perceived by the Popular Press. Financial Innovation. Doi:10.1186/s40854-016-0036-7.