Abstract

Banks, as pivotal financial and economic institutions, play a crucial role in resource allocation and guiding capital flows within the country. However, the dynamics of the competitive environment, the proliferation of novel financial technologies (FinTech), shifting customer behaviors and expectations, and new regulatory requirements have posed serious challenges to the structure and traditional strategies of banks. Methodologically, the present study is descriptive-survey in nature, utilizing structural equation modeling (SEM). The data collection instrument was a questionnaire derived from the qualitative phase of the research. The questionnaire comprised 162 equally weighted items designed using a five-point Likert scale. The statistical population consisted of managers and experts of banks in the country. Given the indefinite size of the statistical population and based on Cochran's sample size formula, 384 individuals were selected as the statistical sample using purposive sampling. For data analysis, descriptive statistics were employed to describe participants' demographic characteristics using SPSS software, while structural equation modeling was conducted using AMOS. The results indicate a correlation among the components of strategic renewal in the banking industry with an entrepreneurial approach. The highest correlation was observed between the renewal process and renewal outcomes, while the lowest correlation was found between renewal outcomes and renewal dimension strategies. Furthermore, the renewal antecedents variable, renewal process variable, renewal dimension strategies variable, and renewal outcomes variable have a direct impact on the strategic renewal model in the banking industry with an entrepreneurial approach.