Designing Marketing Model for Open Banking and Neobank Services: In Case of Bank Refah Kargaran

Introduction: In the face of rapid technological advancement, traditional banks increasingly struggle to remain competitive in a landscape reshaped by digital transformation. Concepts such as open banking and neobanks—driven by APIs, fintech collaborations, and data-based personalization—are redefining financial ecosystems. In Iran, the gap between traditional banking structures and emerging digital trends has widened, particularly within major state-owned banks. Bank Refah Kargaran, as one of the largest and most established institutions, faces the pressing need to develop a localized marketing model aligned with the dynamics of open and digital banking. Existing studies in Iran have focused primarily on technical and regulatory aspects, leaving a research gap in designing effective marketing frameworks for digital banking evolution. This study addresses that gap by constructing an integrated marketing model that not only supports open banking and neobank services but also enhances customer experience and institutional adaptability.

Method: Following a pragmatic stance, the research used a sequential exploratory mixed-methods approach. The qualitative phase involved purposive sampling of 14 experts and managers across digital transformation, IT, risk, product, and marketing functions. Semi-structured interviews were transcribed and subjected to inductive thematic analysis (Braun & Clarke approach), yielding an initial conceptual framework of domains and sub-domains. In the quantitative phase, these domains were translated into evaluative items and assessed by the same expert panel using a linguistic five-point scale. Responses were converted into triangular fuzzy numbers for computational processing in the Fuzzy TOPSIS method. This approach enabled aggregation of subjective expert judgments into robust priority scores and final rankings for both main pillars and sub-themes.

Findings: Quantitative analysis demonstrated that the “Foundation of Trust, Security, and Compliance” theme ranked as the most critical pillar, followed by “Customer Experience Engine” and “Organizational and Cultural Transformation.” Experts emphasized that in financial marketing, trust itself constitutes a product, and robust security frameworks are the strongest marketing tools. Furthermore, customer experience was identified as the direct bridge to loyalty and long-term relationship value, whereas organizational agility and cultural renewal were deemed essential enablers for sustained innovation. The results collectively suggest that digital marketing success in traditional banks depends on balancing technological readiness with human-centric transformation. The integrated model illustrates how these pillars interact dynamically—security as the foundation, experience as the differentiator, and transformation as the catalyst for sustained competitiveness.

Conclusion: The proposed marketing model for open banking and neobank services in Bank Refah Kargaran emphasizes a “foundations-first strategy.” By grounding digital initiatives in trust, security, and regulatory compliance, and sequentially advancing toward customer-centric experience design and internal agility, banks can ensure a stable yet progressive digital transformation. This model provides a realistic, context-sensitive, and data-driven roadmap for Iranian banks transitioning into the open banking era—offering both strategic guidance and operational clarity for sustainable success.



Funding

This study was funded by Bank Refah Kargaran. It is derived from master’s thesis, conducted in alignment with the research priorities of Bank Refah Kargaran, and was financially and academically supported by the bank.

Author's contribution

All authors contributed equally to this study.

Conflict of interest

The authors declare no conflict of interest