This paper aims to depict an extensive and cohesive picture of future banking’s dimensions and components.
A two-step qualitative approach has been applied. First, an extensive scanning has been carried out to identify megatrends and best practices. Second, applying meta-synthesis analysis, more than 186 up-to-date references were strategically scanned to elicit dimensions and components of future banking.
This research has had twofold findings. The direct and explicit results were the main dimensions of banking in the future: information technology, employees, customers, diversified services, organizational structures and farsightedness. The implicit findings were also remarkable: many entities are thinking about future of banking, mostly in financial technology dimension; the departure from traditional banking has recently been accelerated; and more works need to be done to have a comprehensive map of banking in the future.
As the research methodology was based upon a literature review, it lacks covering some hidden or less flashing dimensions such as future business models, merging between banks and other financial or technological firms in advance, the evolution of organizational structures, etc., which would be captured by applying other methods such as expert Delphi panels.
Planners in the banking industry can benefit from the direct findings. They may extend the results, customize and prioritize the components to provide a competitive business model in the future market of banking.
The novelty of this paper lies in a cohesive representation of future banking dimensions and components, which is created by a systematic methodology and broad literature review.
The author thanks Dr M. Amirkhanloo for his initial supports and comments. He thanks his colleagues from Iran Banking Institute who provided insights and expertise that greatly assisted the research. He would like to express his very great appreciation to Aida for her support, and Akbar Dehghan Ferdows for his comments that greatly improved the manuscript. He would also like to show his gratitude to the anonymous reviewers for their in-depth comments and suggestions that upgraded the manuscript remarkably.
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