Future Study of Fintech Entrepreneurial Opportunities in Financial Industry based on Scenario Planning in Iran

Abstract

Fintech and its entrepreneurial opportunities have the ability to play an effective role in the development of the financial industry. Therefore, it is necessary to make a correct and effective policy in this area to identify its probable future. This study is exploratory in terms of purpose and practical in terms of orientation. Interviews and questionnaires were used to collect data. 28 drivers were extracted by reviewing the background and interviewing experts. In order to screen the propellants, expert questionnaire and fuzzy Delphi method were used. Then the propellants screened were ranked through the priority assessment questionnaire and the developed COPRAS technique. The two drivers of the development of smart contracts in the financial industry and the tendency of financial institutions towards open innovation had the highest priority and were used to write research scenarios. Based on these two drivers, 4 scenarios of the era of pristine opportunities, the era of conservative managers, the era of dilapidated infrastructure and the ice age were developed. Then, using the MABAC technique, the scenario of the age of dilapidated infrastructures was selected as the possible scenario of the research. Research proposals were proposed based on priority drivers and possible scenarios. Government support, providing sufficient funds in order to create the necessary infrastructure for the development of smart contracts by banks or establishing a cooperative relationship between banks and financial institutions, fair legislation, development of regtechs, creating compatibility between current systems with new technologies were the most important practical proposals of the study.

Keywords

• future study
• driver
• scenario planning
• entrepreneurial opportunities
• fintech