Journal of Intelligent Financial Management

Journal of Intelligent Financial Management

Designing a Bank Governance System in a Digital Environment: Identifying the Components of Responsive Governance and Validating It with Content Analysis and Fuzzy Delphi

Document Type : Original Article

Authors
Iman Samadi 1
Mohsen Mehrara 2
Gholamreza Kordestani 3
Hossain Badiei 4
1 Management and Economics Faculty, Islamic Azad University, SR.C.,esearch Branch, Tehran, Iran
2 Professor, Department of Economics, University of Tehran, Tehran, Iran
3 Professor, Faculty of social sciences, Imam Khomeini International University, Qazvin, Iran
4 Department of Accounting, ST.C., Islamic Azad University, Tehran, Iran
10.25843/JIFM.2025.8563.11920
Abstract
The digital transformation in the banking industry is not limited to the electronicization of services, but has also changed the structures of decision-making, risk management, internal control, auditing, data governance, transparency, and accountability. In such circumstances, conventional governance models, which are mainly based on periodic reports, ex post controls, and traditional boundaries between organizational units, are faced with the challenge of responding to an environment in which data, algorithms, cloud services, open banking, and cyber threats constitute an important part of the value creation process. The purpose of this article is to design a bank governance system in a digital environment by identifying the components of responsive governance and validating them by relying on content analysis and fuzzy Delphi. The research used the findings of the qualitative phase of the basic thesis. In the first stage, semi-structured interviews with 15 experts from the fields of banking, corporate governance, risk management, auditing, information technology and digital transformation were analyzed and 70 initial indicators were extracted. Then, 20 experts assessed the importance and level of agreement on the indicators using Fuzzy Delphi. According to the results reported in the thesis, all 70 indicators met the acceptance criteria in the first round of Fuzzy Delphi; the threshold value for the indicators was less than 0.20 and the consensus of the experts was at least 85%. The analysis of the results showed that information security, digital risk management, intelligent internal controls, data governance, transparency and accountability are at the center of the digital governance system and, alongside them, human capital, organizational culture, digital maturity, infrastructure, regulations and analytical capabilities provide the necessary conditions for the realization of this system. Finally, the paradigmatic model of the research consists of causal conditions, central phenomenon, background conditions, intervening conditions, strategies and consequences, and “digital corporate governance” is introduced as the central core of a responsive and data-driven governance system.
Keywords
Corporate Governance
Banking Governance
Digital Transformation
Data Governance
Digital Risk Management
Content Analysis
Fuzzy Delphi
Information Security
Subjects
امیری، ح.، و رضایی، م. (۱۴۰۳). موانع داده محوری در نظام بانکی ایران. فصلنامه مطالعات بانکداری و اقتصاد دیجیتال، ۵(۳)، ۷۱–۸۹.
امیری، ح.، و رضایی، م. (۱۴۰۴). پاسخگویی به مشتریان و ذینفعان در بانکداری دیجیتال. فصلنامه مدیریت بانکداری و خدمات مالی، ۹(۱)، ۲۳–۴۱.
باقری، جواد و هاشمی گهر، محسن و بیطاری، جلیل،1400،بررسی اثرات عوامل و مکانیزم های نظام راهبری و حاکمیت شرکتی بر کیفیت و حق الزحمه های حسابرسی،چهارمین کنفرانس بین المللی سالانه تحولات نوین در مدیریت، اقتصاد و حسابداری،تهران https://civilica.com/doc/1268136
رستمی، ع.، و جعفری، س. (۱۴۰۳). الزامات حاکمیتی امنیت سایبری در بانک های ایران. فصلنامه امنیت اطلاعات و مدیریت فناوری، ۷(۴)، ۹۵–۱۱۵.
زارعی، م.، و کاظمی، ر. (۱۴۰۲). رابطه بلوغ فناوری اطلاعات و اثربخشی حاکمیت شرکتی در بانک های ایرانی. فصلنامه تحقیقات حسابداری و حاکمیت شرکتی، ۶(۲)، ۵۵–۷۴.
زارعی، م.، و همکاران. (۱۴۰۲). پیچیدگی و ابهام در ریسک های ناشی از فناوری در نظام بانکی. فصلنامه مدیریت ریسک و بانکداری، ۴(۳)، ۸۱–۱۰۲.
مرادی، ف.، و اسدی، م. (۱۴۰۳). نقش رهبری دیجیتال در هدایت تحول در نظام بانکی ایران. فصلنامه مدیریت تحول و نوآوری سازمانی، ۸(۱)، ۳۷–۵۶.
نادری، ک.، و ابراهیمی، م. (۱۴۰۲). تحول دیجیتال و اصلاح ساختارهای نظارتی در بانک های ایرانی. فصلنامه سیاستگذاری پولی و بانکی، ۱۰(۴)، ۶۷–۸۶.
یوسفی، س.، صادقی، م.، و رسولی، ح. (۱۴۰۲). رابطه فرهنگ سازمانی و آمادگی دیجیتال در بانک ها. فصلنامه مطالعات مدیریت و تحول سازمانی، ۷(۲)، ۴۹–۶۸.
 
Adams, R. B., & Mehran, H. (2012). Bank board structure and performance: Evidence for large bank holding companies. Journal of Financial Intermediation, 21(2), 243–267.
Alatassi, B., & Pillai, R. (2024). Corporate governance and risk management: An evaluation of board responsibilities in western and Islamic banks. Economics and Business Review, 10(1), 125–152.
Anifowose, M. (2020). Digital transformation and corporate governance: Emerging challenges and opportunities. International Journal of Business and Management, 15(4), 45–58.
Arner, D. W., Barberis, J. N., & Buckley, R. P. (2017). FinTech and RegTech in a nutshell, and the future in a sandbox. CFA Institute Research Foundation.
Banna, H., Hassan, M. K., & Rashid, M. (2020). Corporate governance, risk-taking and bank performance: Evidence from Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 451–474.
Bankewitz, M., Åberg, C., & Teuchert, C. (2016). Digitalization and boards of directors: A new era of corporate governance? Business and Management Research, 5(2), 58–69.
Berman, S. J., & Kim, C. (2020). Digital transformation and organizational governance: Strategic implications for financial institutions. Journal of Business Research, 117, 567–578.
Broby, D. (2021). Financial technology and the future of banking. Financial Innovation, 7, 47.
Chiu, I. H.-Y. (2024). Regulating financial institutions for micro-stability—What can new governance offer? Banking and Finance Law Review, 40(3), 453–485.
Cong, L. W., & Quinn, J. (2020). FinTech and the digital transformation of financial services. Review of Financial Studies, 33(1), 1–20.
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Hasan, M., & Mollah, S. (2020). Corporate governance and performance of Islamic banks: Evidence from emerging markets. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 789–808.
Hartani, N. H., Rashid, M., & Suryanto, T. (2021). Digital banking transformation and corporate governance in Islamic financial institutions. Journal of Islamic Accounting and Business Research, 12(6), 945–962.
Hillary, R., & Sirt, M. (2020). Corporate governance, transparency and digital transformation in financial institutions. Corporate Governance, 20(5), 901–918.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Lacombe, I., & Jerbouille, S. (2021). Digital transformation and governance mechanisms in banking. Journal of Financial Regulation and Compliance, 29(4), 421–438.
Levine, R. (2004). The corporate governance of banks: A concise discussion of concepts and evidence. World Bank Policy Research Working Paper.
Li, Z., Xie, B., Chen, X., & Fu, Q. (2024). Corporate digital transformation, governance shifts and executive pay-performance sensitivity. International Review of Financial Analysis, 92, 103060.
Liu, H., Zhu, J., & Cheng, H. (2024). Enterprise digital transformation’s impact on stock liquidity: A corporate governance perspective. PLoS ONE, 19(3), e0293818.
Maria, A. (2021). Digital transformation and corporate governance in banking institutions. International Journal of Financial Studies, 9(4), 1–18.
Martínez, J. (2022). Digital transformation, governance and banking performance. Journal of Banking Regulation, 23(3), 245–260.
Mikalef, P., Pateli, A., van de Wetering, R., & van de Wetering, R. (2020). Digital transformation and organizational capabilities: The role of information technology. Information & Management, 57(8), 103365.
Price, R. (2018). Corporate governance and organizational accountability in financial institutions. Corporate Governance, 18(4), 745–760.
Rashid, M. (2021). Corporate governance and digital transformation in Islamic banking. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 521–538.
Ross, S. A. (1973). The economic theory of agency: The principal’s problem. American Economic Review, 63(2), 134–139.
Shoshani, A. (2020). Digital transformation and governance challenges in financial institutions. Journal of Financial Services Marketing, 25(4), 180–192.
Smith, J., & Lang, K. (2020). Digital governance and strategic transformation in banking. International Journal of Bank Marketing, 38(6), 1245–1262.
Suryanto, T., Haseeb, M., & Hartani, N. H. (2022). Digital transformation, corporate governance and financial performance of Islamic banks. International Journal of Financial Studies, 10(4), 1–18.
Teuchert, C. (2020). Digitalization and corporate governance: Challenges for boards of directors. Corporate Governance, 20(3), 455–470.
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J. Q., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901.
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118–144.
Wang, Y., Zhang, L., & Chen, X. (2021). Digital transformation and corporate governance: Evidence from financial institutions. Finance Research Letters, 43, 102012.
Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Barberis, J. N. (2017). From FinTech to TechFin: The regulatory challenges of data-driven finance. New York University Journal of Law & Business, 14, 393–446.
Zhou, Y., & Jin, S. (2023). Digital transformation of banks and operational capabilities of commercial banks. Sustainability, 15(11), 8783.