enhanced efficiency. Journal of Risk Financial Management. 2024;17:188.
[2]    Porfirio JA, Felício JA, Carrilho T. Factors affecting digital transformation in banking. Journal of Business Research. 2024;171:114393.
[3]    Siddquee TA. Digital Transformation and FinTech in Modern Banking: Impacts on Banking Efficiency, Customer Experience, and the Future of Digital Finance. Business and Social Sciences. 2025;3:1-9.
[4]    Munira MSK. Digital transformation in banking: A systematic review of trends, technologies, and challenges. Technologies, Challenges. 2025.
[5]    WorldEconomicForum. Accelerating Digital Transformation for Long Term Growth. Available online: https://initiatives.weforum.org/digital-transformation/home (accessed on 8 July 2023). 2023.
[6]    Bilal M, Xicang Z, Jiying W, Sohu JM, Akhtar S, Hassan MIU. Digital transformation and SME innovation: A comprehensive analysis of mediating and moderating effects. Journal of the Knowledge Economy. 2025;16:1153-82.
[7]    Anisi F, Chavoshi SK. Strategic Control model for implementing Digital Banking in Iranian Banking System. Journal of Strategic Management Studies. 2022;13:1-19. [In Persian]
[8]    Deputy for Banking, Insurance and State-Owned Companies, Ministry of Economic Affairs and Finance. Future Banking and Digital Transformation Document: Policy Approach and Establishment Framework Based on the Smart Economy Paradigm. Official website of the Ministry of Economic Affairs and Finance. April. 2019. [In Persian].
[9]    Khosropour H, Elyasi M, Ghazinoori SS, Taghva M. Governance framework of digital transformation for open banking in commercial banks of Iran. Journal of Entrepreneurship Development. 2024;17:23-55.  [In Persian].
[10]    Rodsaz H, Aslipour H, Sagolzaei M, Shakiba A. Developing Universal Banking Based on Digital Governance. Governance and Development Journal. 2025;5:5-35. [In Persian].
[11]    Radsaeed J, Vedadi A, Haghighat Monfared J. Designing an Open Digital Innovation Model in Iranian Banking Industry. Journal of Technology Development Management. 2022;10:73-91. [In Persian].
[12]    Mohamdrezaee H, Hajiha A, Heidarzadeh hanzaei K. Providing a model of banking services with an innovation ecosystem approach in state banks. Journal of Advertising and Sales Management. 2022;3:212-23. [In Persian].
[13]    Shiri F, ShamiZanjani M, Abooyee Ardakan M, Shams Aliee F. The banks in the age of digital transformation: Considerations for enterprise architecture. Iranian Journal of Information Processing Management. 2023;38:1283-317[In Persian].
[14]    Ali SA, Al-Absy MSM, Al Astal AYM, Gharaibeh AMO. Impact of financial technology on future of banking in Bahrain: opportunities and challenges. Digital Technology Changing Roles in Managerial Financial Accounting: Theoretical Knowledge Practical Application. 2024;36:141-53.
[15]    Abdurrahman A. Examining the impact of digital transformation on digital product innovation performance in banking industry through the integration of resource-based view and dynamic capabilities. Journal of Strategy Innovation. 2025;36:200540.
[16]     Aripin Z, Paramarta V. Between innovation and challenges: utilization of blockchain and cloud platforms in the transformation of banking services in the digital era. . In Journal of Jabar Economic Society Networking Forum. 2024;1:1-16.
[17]    Sendjaja T, Zainal VR, Imaningsih ES, Nawangsari LC, Lo SJ. Digital Bank Transformation: Sustainable Innovation in Financial Institutions. Journal of World Science. 2022;1:1118-31.
[18]    Nambisan S, Lyytinen K, Majchrzak A, Song M. Digital innovation management. MIS quarterly. 2017;41:223-38.
[19]     Nambisan S, Lyytinen K, Yoo Y. Digital innovation: Towards a transdisciplinary perspective.  Handbook of digital innovation: Edward Elgar Publishing; 2020. p. 2-12.
[20]    Adiguzel Z, Sonmez Cakir F, Karaaslan N. Examination of the effects of technology orientation, technology innovation strategy and strategic orientation on information technology companies in technoparks. International Journal of Innovation Science.2025.
[21]    Wang T. Toward an understanding of innovation failure: The timing of failure experience. Technovation. 2023;125.
[22]    Kotkova Striteska M, Prokop V. Dynamic innovation strategy model in practice of innovation leaders and followers in CEE countries—a prerequisite for building innovative ecosystems. Sustainability. 2020;12:3918.
[23]    Pisano GP. You need an innovation strategy. Harvard business review,. 2015;93:44-54.
[24]    Saeedian MM, Kiamehr M, Shahbazi M. What factors impact strategy of innovation acquisition? . Science and Technology Policy Letters. 2018;08:51-61. [In Persian].
[25]    López D, Oliver M. Integrating Innovation into Business Strategy: Perspectives from Innovation Managers. Sustainability. 2023;15:6503.
[26]    Xue F, Tan Y, Anwar S. Innovation strategy, digital transformation and competitive advantage of manufacturing enterprises: evidence from China. European Journal of Innovation Management. 2024.
[27]    Zhou Y, Xu J, Liu Z, Feng J. Digital transformation and innovation strategy selection: The contingent impact of organizational and environmental factors. IEEE Transactions on Engineering Management. 2023;71:9744-63.
[28]    Wolf V, Dobrucka R, Przekop R, Haubold S. Innovation strategies in the context of the paradigm of the five dimensions of innovation strategy. LogForum. 2025;17.
[29]    Shahin A, Malekzadeh N, Wood LC. Developing a decision making grid for selecting innovation strategies–the case of knowledge-based companies. Technology analysis strategic management. 2023;35:827-43.
[30]    Yang Q, Su Q, Cui H, Capaldo A. Realizing the NPD Benefits of the Firm Innovation Strategy: The Role of Supply Management and Supply Chain Transformational Leadership. R D Management. 2025.
[31]    Kral P, Janoskova K. Key attributes of successful innovation strategy in the global market.  In SHS web of conferences (Vol 92, p 04016) EDP Sciences2021.
[32]    Phung G, Trinh HH, Nguyen TH, Trinh VQ. Top‐management compensation and environmental innovation strategy. Business Strategy and the Environment. 2023;32:1634-49.
[33]     Guzman C, Vasquez F, Sanchez F. Firm heterogeneity and innovation strategy decision. Latin American Economic Review. 2024;33:1-31.
[34]    Wei S, Liu W, Choi TM, Dong JX, Long S. The influence of key components and digital technologies on manufacturer's choice of innovation strategy. European Journal of Operational Research. 2024;315:1210-20.
[35]     Virtanen H. Coopetition as a service innovation strategy.  CBIM 2021 International Conference: Challenges and opportunities for increasing turbulent times in business markets2021. p. 309-12.
[36]    Ye X, Wang Y, Shafiee S. An iterative consumer-centric and technology-driven product innovation strategy based on selective and dynamic consumer attention. Technological Forecasting Social Change. 2024;208:123-713.
[37]    Kihiko MK, Yatich H, Obuba RO. Evaluation of Process Innovation Strategy Influence on Performance of Equity Bank and Safaricom PLC in Kenya: A Comparative Analysis. International Journal of Management, Accounting Economics. 2024;11.
[38]    Martín-Rios C, Ciobanu T. Hospitality innovation strategies: An analysis of success factors and challenges. Tourism management. 2019;70:218-29.
[39]    Sá T, Ferreira JJ, Jayantilal S. Open innovation strategy: a systematic literature review. European Journal of Innovation Management. 2025;28:454-510.
[40]     Sebrek SS, Reichstein T, Garrido BP. Open Innovation Strategy and Competitive Pressure: The Tension between the Need to Compete and Apprehension toward Information Leakage.  DRUID23 Conference2023.
[41]    Fitzgerald T, Balsmeier B, Fleming L, Manso G. Innovation search strategy and predictable returns. Management science. 2021;67:1109-37.
[42]    Aslan Y. Analysis of Samsung’s Innovation Strategy. Middle East Technical University Northern Cyprus Campus. 2019.
[43]    Pimpan S, Jhundra-indra P, Raksong S. Antecedents of dynamic service innovation strategy: Empirical evidence of hotel businesses in Thailand. Journal of Southern Technology. 2019;12:206-16.
[44]     Irfan M, Suyatno A. Product Innovation Strategy in Increasing the Competitiveness of MSMEs in the Digital Era. Al-Kharaj: Journal of Islamic Economic Business. 2025;7.
[45]    Mora-Esquivel R, Leiva JC. The role of digital service innovation strategy on SME performance: an international study. Journal of Enterprise Information Management. 2025.
[46]    Maithufi MN. Product innovation strategies that support an organisation’s reset business strategy: University of the Witwatersrand, Johannesburg (South Africa), 2021.
[47]    Khosravi P, Newton C, Rezvani A. Management innovation: A systematic review and meta-analysis of past decades of research. European Management Journal. 2019;37:694-707.
[48]    Reis J, Melão N. Digital transformation: A meta-review and guidelines for future research. Heliyon. 2023;9.
[49]    Rocha CF, Quandt C, Deschamps F, Cruzara G. Digital transformation readiness in large manufacturing firms: a building block model proposition. Journal of Manufacturing Technology Management. 2025;36:45-68.
[50]    Mancuso I, Petruzzelli AM, Panniello U, Vaia G. Business model innovation in the banking sector: How digital technologies transform innovation drivers in value mechanisms innovations. Journal of Engineering and Technology Management. 2025;75:101858.
[51]    George AS. Finance 4.0: The transformation of financial services in the digital age. . Partners Universal Innovative Research Publication. 2024;2:104-25.
[52]    Gyau EB, Appiah M, Gyamfi BA, Achie, T.,, Naeem MA. Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance. International Review of Financial Analysis. 2024;96:103700.
[53]    Paramesha M, Rane N, Rane J. Artificial intelligence, machine learning, deep learning, and blockchain in financial and banking services: A comprehensive review. . Machine Learning, Deep Learning, and Blockchain in Financial and Banking Services: A Comprehensive Review. 2024.
[54]    Rahman M, Ming TH, Baigh TA, Sarker M. Adoption of artificial intelligence in banking services: an empirical analysis. International Journal of Emerging Markets. 2023;4270:300-18.
[55]    Hoque A, Islam I, Chowdhury SA, Mahmud I, Hossain AJ. AI and Machine learning in Banking: Driving Efficiency and Innovation. Well Testing Journal. 2025;34:80-101.
[56]    Abdurrahman A, Gustomo A, Prasetio EA. Impact of dynamic capabilities on digital transformation and innovation to improve banking performance: A TOE framework study. Journal of Open Innovation: Technology, Market, Complexity. 2024;10:100215.
[57]    Omoge AP, Gala P, Horky A. Disruptive technology and AI in the banking industry of an emerging market. International Journal of Bank Marketing. 2022;40:1217-47.
[58]    Li J, Wei J. Digital Transformation and Innovation in Emerging Economies: An Introduction and Future Directions. Int J Technol Manag. 2025;97.
[59]    Hutton S, Demir R, Eldridge S. How does open innovation contribute to the firm's dynamic capabilities? Technovation. 2021;106:102288.
[60]    Barrett G, Dooley L, Bogue J. Open innovation within high-tech SMEs: A study of the entrepreneurial founder's influence on open innovation practices. Technovation. 2021;103:102232.
[61]    Manohar S, Mittal A, Marwah S. Service innovation, corporate reputation and word-of-mouth in the banking sector: A test on multigroup-moderated mediation effect. Benchmarking: An International Journal. 2020;27:406-29.
[62]    Sayudin S, Nurjanah A, Yusup A. Innovation strategy and product development to increase company competitiveness in digital era. Eduvest-Journal of Universal Studies. 2023;3:996-73.
[63]    Diener F, Špaček M. Digital transformation in banking: A managerial perspective on barriers to change. Sustainability. 2021;13:2032.
[64]    Lindenthal AK. Navigating the Digital Innovation Landscape: Novel Perspectives on Digital Innovation Processes and Outcomes 2025.
[65]    Jelonek D. Environmental uncertainty and changes in digital innovation strategy. Procedia Computer Science. 2023;225:1468-77.
[66]    Ali M. Imitation or innovation: To what extent do exploitative learning and exploratory learning foster imitation strategy and innovation strategy for sustained competitive advantage? . Technological Forecasting and Social Change. 2021;165:120527.
[67]    Müller, J. M., Buliga, O., & Voigt, K. I. The role of absorptive capacity and innovation strategy in the design of industry 4.0 business Models-A comparison between SMEs and large enterprises. European Management Journal, 2021. 39(3), 333-343.
[68]    Zouari‐Hadiji R. Financial innovation characteristics and banking performance: The mediating effect of risk management. International Journal of Finance & Economics. 2023;28:1214-27.
[69]    Xie X, Wang S. Digital transformation of commercial banks in China: Measurement, progress and impact. China Economic Quarterly International,. 2023;3:35-45.
[70]    Zhao Y, Li L, Qi N, Cheng TE, Chin T. The moderating role of collaborative capacity in the relationship between ecological niche-fitness and innovation investment: an ecosystem perspective. International Journal of Technology Management. 2025;97:305-35.
[71]    Al Issa HE, Omar MMS. Digital innovation drivers in retail banking: the role of leadership, culture, and technostress inhibitors. International Journal of Organizational Analysis. 2024;32:19-43.
[72]    Mandych O, Zaika S, Zaika O, Zhyliaikova O, Blуznіuk О. Risk management of innovation activities in the digital ecosystem. Innovations in the Scientific, Technical and Social Ecosystems. 2023;1:24-45.
[73]    Ranta V, Aarikka-Stenroos L, Väisänen J-M. Digital technologies catalyzing business model innovation for circular economy—Multiple case study. Resources, conservation recycling. 2021;164:105155.
[74]    Fang L, Li X, Subrahmanyam A, Zhang K. Does FinTech Innovation Improve Traditional Banks’ Efficiency and Risk Measures? A New Methodology and New Machine-Learning-Based Evidence from Patent Filings. SSRN Electronic Journal. 2023.
[75]    Araújo M, Reis L, Morais I. Innovation strategies for adaptation of organizations in a VUCA world.  In Proceedings of the 16th European Conference on Innovation and Entrepreneurship (ECIE)2021.
[76]    Zhao Q, Tsai P-H, Wang J-L. Improving financial service innovation strategies for enhancing china’s banking industry competitive advantage during the fintech revolution: A Hybrid MCDM model. Sustainability. 2019;11:1419.
[77]    Nylén D, Holmström J. Digital innovation strategy: A framework for diagnosing and improving digital product and service innovation. Business horizons. 2015;58:57-67.
[78]    Ghazinoori S, Aghazade Masroor S, Naghizadeh M, Hajian Heidary M. Dimensions of Alignment between Digital Capability and Innovation Strategy in Petrochemical Industry. Business Intelligence Management Studies. 2024;12:223-69. [In Persian].
[79]    Mohammadi A, Mohammadi S. Providing a conceptual model for the innovation strategy by using scenariobased technology roadmap in context of smart logistic system. Journal of Organizational Culture, Communications Conflict. 2021;25:1-12.
[80]    Salehian M, Babaeefarsani M, Sadeghi M, Ghaedamini A. Analyzing the mediating role of innovation strategy and knowledge sharing in the relationship between inbound innovation and innovation performance. Journal of Knowledge Retrieval and Semantic Systems. 2021;8:131-54. [In Persian].
[81]    Madani D. Appropriate theoretical and applied research in management. Management Studies in Development and Evolution. 1992;2:101-22. [In Persian].
[82]    Jain RK, Triandis HC. Management of research and development organizations: managing the unmanageable: Translated by Sarhadi, M., Mohammad Rezaei Bidgoli, H. Defense Industries Training and Research Institute.Tehran. 1997 .[In Persian].
[83]    Strauss A, Corbin J. Basics of qualitative research techniques: Sage publications, 1990.
[84]    Holsti OR. Content analysis for the social sciences and humanities. Reading. MA: Addison-Wesley (content analysis), 1969.
[85]    Landis JR, Koch GG. The measurement of observer agreement for categorical data. Biometrics. 1977:159-74.
[86]    Kalaki H. Fundamental theory in the way theorizing. Journal of Culture-Communication Studies. 2008;10:119-40.
[87]    Habibi A, Sarabadani M. SPSS Practical Training. Tehran: Naroon, 2022. [In Persian].
[88]    Habibpour K, Safari R. Comprehensive manual for using SPSS in survey research. Tehran: Motafekran Publications. 6th Edition. Survey Strategy Institute. 2015. [In Persian].
[89]    Tenenhaus M, Amato S, Esposito Vinzi V. A global goodness-of-fit index for PLS structural equation modelling.  Proceedings of the XLII SIS scientific meeting2004. p. 739-42.
[90]    Werts CE, Linn RL, Jöreskog KG. Intraclass reliability estimates: Testing structural assumptions. Educational and Psychological measurement. 1974;34:25-33.
[91]    Henseler J, Ringle CM, Sinkovics RR. The use of partial least squares path modeling in international marketing.  New challenges to international marketing: Emerald Group Publishing Limited; 2009. p. 277-319.
[92]    Fornell C, Larcker DF. Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research. 1981;18:39-50.
[93]    Hair JF, Anderson RE, Babin BJ, Black WC. Multivariate Data Analysis: A Global Perspective (Vol. 7). NJ, USA: Pearson. Upper Saddle River, 2010.
[94]    Hair JF, William CB, Babin BJ, Anderson RE, Tatham RL. Multivariate data analysis. New Jersey: Pearson University Press, 2006.
[95]    Denicolai S, Previtali P. Innovation strategy and digital transformation execution in healthcare: The role of the general manager. Technovation. 2023;121:102555.
[96]    Putri SRR, Fontana A. Surviving digital transformation era through strategic entrepreneurship with collaborative innovation between bank and fintech.  Proceeding of the International Conference on Family Business and Entrepreneurship2022.
[97]    Tahirkheli SK, Ajigini OA. Factors influencing digital innovation strategy in organizations: An empirical analysis. Information Resources Management Journal. 2022;35:1-23.
[98]    Kitsios F, Giatsidis I, Kamariotou M. Digital transformation and strategy in the banking sector: Evaluating the acceptance rate of e-services. . Journal of Open Innovation: Technology, Market, and Complexity. 2021;7:204.
[99]    Dehghan V, Moeinadin M, Shahrestani S. The mediating role of human resources and internal processes on the relationship between innovation strategy and financial performance. Innovation Management and Operational Strategies. 2023;3:387-405 [In Persian].
[100]     Ko YJ, Ma L. Forming a firm innovation strategy through commitment-based human resource management. The International Journal of Human Resource Management. 2019;30:1931-55.
[101]     Karlsson C, Tavassoli S. Innovation strategies of firms: What strategies and why? . The Journal of Technology Transfer. 2016;41:1483-506.
[102]     Sepehr A, Manteghi M, Baradaran V. Innovation Strategy Based on Industry 4.0 and Digital Transformation in SME Companies in Iran. International Journal of Digital Content Management. 2023;4:41-58.
[103]     Wu Q, Wang W. The Measurement Model of the Matching Degree Between Service Innovation Strategy and Innovation Capability of Manufacturing Enterprises and Its Application.  IEIS2019: Proceedings of the 6th International Conference on Industrial Economics System and Industrial Security Engineering: Springer; 2020. p. 327-39.
[104]     Mirfallah Lialestani M, Khamseh A. Open Banking Innovation Model by Digital Transformations Based on Adaptive Neuro Fuzzy Inference System (ANFIS). Journal of System Management. 2021;7:155-90.
[105]     Dogan E. A strategic approach to innovation. Journal of Management Marketing and Logistics. 2017;4:290-300.
[106]     Silvianita A, Pradana M. Absorptive capacity and knowledge management as antecedents to innovation capability. 2022.
[107]     Sánchez Ramírez S, Guadamillas Gómez F, González Ramos MI, Grieva O. The effect of digitalization on innovation capabilities through the lenses of the knowledge management strategy. Administrative Sciences. 2022;12:144.
[108]     Abduvakhidovna YN. Factors influencing the implementation of the innovation strategy at industrial enterprises. World Bulletin of Management Law. 2023;19:5-11.
[109]     Wanof MI. Digital technology innovation in improving financial access for low-income communities. Technology Society Perspectives. 2023;1:26-34.
[110]     De Medeiros JF, Garlet TB, Ribeiro JLD, Cortimiglia MN. Success factors for environmentally sustainable product innovation: An updated review. Journal of Cleaner Production. 2022;345:131039.
[111]     Mahardhani AJ. The Role of Public Policy in Fostering Technological Innovation and Sustainability. Journal of Contemporary Administration and Management (ADMAN). 2023;1:47-53.
[112]     Carrasco-Carvajal O, García-Pérez-de-Lema D, Castillo-Vergara M. Impact of innovation strategy, absorptive capacity, and open innovation on SME performance: A Chilean case study. Journal of Open Innovation: Technology, Market, and Complexity. 2023;9:100065.
[113]     Baiyere A, Salmela H, Tapanainen T. Digital transformation and the new logics of business process management. European journal of information systems. 2020;29:238-59.
[114]     Van Looy A. A quantitative and qualitative study of the link between business process management and digital innovation. Information Management. 2021;58:103413.
[115]     Ahmad T, Van Looy A. Business process management and digital innovations: A systematic literature review. Sustainability. 2020;12:6827.
[116]     Holotiuk F. The Organizational Design of Digital Innovation Labs: Enabling Ambidexterity to Develop Digital Innovation.  In Wirtschaftsinformatik (Zentrale Tracks) 2020. p. 1019-34.
[117]     Oduro S, De Nisco A. From Industry 4.0 adoption to innovation ambidexterity to firm performance: a MASEM analysis. European Journal of Innovation Management. 2024;27:3060-3082.
[118]     O’reilly Iii CA, Tushman ML. Ambidexterity as a dynamic capability: Resolving the innovator's dilemma. Research in organizational behavior. 2008;28:185-206.
[119]     Hakimi I, Gholami Avati R. Innovation Ambidexterity: Antecedents and Its Impact on New Product Performance. Journal of Executive Management. 2023;15:41-65 [In Persian].
[120]     Lestari D, Rahmanto B, T. Fintech and its challenge for banking sector. The Management Journal of BINANIAGA. 2021;6:55-70.
[121]     Ting H-F, Wang H-B, Wang D-S. The moderating role of environmental dynamism on the influence of innovation strategy and firm performance. International Journal of innovation, management technology. 2012;3:517.