Developing a Framework for the Interactive Prerequisites of Prosumption in the Banking Industry of Iran
Rezvan Velayati Shokouhi*, Asadollah Kordnaeij*, Seyed Hamid Khodadad Hosseini* and Adel Azar*
Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran*
Abstract: uring the past decade, financial institutes have been faced with multiple challenges including severe competition, increasing speed of regulatory changes, cost pressures and market instability. In addition, customers’ expectations regarding financial services have complicated. To boost their innovative performance and competitiveness under such circumstances, many financial institutes endeavour to take advantage of the ideas generated by their customers, a paradigm referred to as presumption (i.e. a sub-domain of open innovation)- specifically considering the fact that the advent of Web 2.0 has paved the way for such collaborations. However, a review of the literature reveals that previous research has been limited to mere conceptualization of prosumption, failing to picture precisely the organizational infrastructures needed to process and utilize the insight gained from knowledge cooperation with customers (prosumers). Therefore, the present study aimed at developing an integrated framework in this regard through the application of a qualitative approach and Grounded Theory. Unstructured and semi-structured interviews as well as a focus group meeting were held with industry experts and academics in Iran, which led to the development of three major categories and eight concepts, all of which are required to effectively implement the knowledge obtained from prosumption initiatives.
Keywords: prosumption, open innovation, value co-creation, grounded theory, banking, Iran.