Designing a Brand Digital Reputation Model in Banking Industry Using Grounded Theory Method

Extended Abstract
Introduction: Today we are witnessing the dramatic expansion of social media and e-commerce in general, and this phenomenon will grow exponentially in the future. Currently, digital media has brought convenience to consumers, and they are increasingly using digital channels to process information and make purchase decisions. With the development of communication and information technologies, reviews and content created by users regarding the reputation of the relevant brand can influence consumer behaviors and choices. Digital transformation brings both new challenges and opportunities when it comes to reputational risk management. Therefore, it is obvious that in such a situation, the vital role of every industry is to protect their companies and brands from scandal and public infamy. In the banking sector as well, the increase in the intensity of competition and globalization, along with technological advances, have changed the approach of banks towards customers, and the issue of reputation has become vital and important for banks. Without brand digital reputation management, increasing economic efficiency, increasing the level of attracting and retaining customers, earning more profit and achieving sustainable success in the long term as the most important goals of any business, especially banks, will be challenging. Therefore, the current research was conducted with the aim of investigating how to manage the brand digital reputation and how to use the benefits of digital platforms by banks. The current research is trying to find out what the brand digital reputation model is like for public and private banks and what components and indicators does it has by studying the theoretical foundations and asking opinions from professors and experts and conducting field studies.
Methodology: The present study is of a qualitative type and is an exploratory-applied research, which, due to its exploratory nature, Foundation's data method has been used. The required data were collected through semi-structured interviews with faculty members and senior bank managers (experts in marketing and informatics). A purposeful sampling method was used to collect data based on which, 12 interviews were conducted and the basis for completing the interviews was data saturation. At the same time as the interviews were conducted, the data were documented according to the process of Strauss and Corbin. Data analysis was performed in three stages of open coding, axial coding and selective coding using MAXQDA 2020 software. It should also be mentioned that in order to ensure the validity of the research findings, the method proposed by Lincoln and Guba was used.
Discussion and Results: After examining the data obtained from the conducted interviews, 12 main categories and 38 subcategories were extracted. Based on the analyzes conducted on the interviews and the obtained codes, three categories of intra-organizational factors, extra-organizational factors, and technological factors were classified as the main categories of causal conditions; The category of organization characteristics was classified as the main category of underlying conditions; Two categories of reviewer characteristics and management challenges were classified as the main categories of intervening conditions; Three categories of branding, strong digital presence, and process and operational strategies were classified as the main categories of strategies and three categories of financial consequences, attitudinal consequences and functional consequences were classified as the main categories of brand digital reputation consequences.
Conclusion: The results of the present study consist of identifying the main variables related to brand digital reputation and presenting a model related to it. Based on this, the most important causal conditions that justify the brand digital reputation are customer relationship management, knowledge management, advertising and public relations, social responsibility, regulatory and legal environment, economic factors, social and cultural factors, industry and competitors, technical performance, user experience, technological advancement and technical support. Also based on the intervening conditions and by presenting the brand digital reputation model, cumulative experience, psychological factors, demographic factors, managerial weaknesses and rapid environmental changes will be managed in a favorable manner. On the other hand, based on underlying conditions, organizational culture, organizational dynamics, organizational resource capacity, and organizational governance have been identified as the most important areas for the development of brand digital reputation. On the other hand, based on the strategies obtained from the research, in order to create and develop brand digital reputation, managers can try to expand and develop their brand digital reputation by defining the brand identity, co-branding, telling the brand story, providing exceptional service to customers, penetration among users, strong online activity, conducting market research and integrated marketing communications. Finally, with the presentation of the digital brand reputation model, the most important outcomes include increasing sales, increasing profitability, increasing market share, increasing stock value, brand preference, brand purchase intention, increasing the favorable image of the organization, customer loyalty, and attracting talented experts and employees.