Objective: Open banking, as one of the most important manifestations of digital transformation in the financial industry, has provided a platform for interaction and co-creation of value between banks, fintech companies, financial service providers, and regulatory institutions. However, the success of this ecosystem does not depend solely on technological development, but also on the quality of interactions between actors and institutional and regulatory conditions. The present study aimed to investigate the impact of digital transformation 5.0 on the interaction of actors in the Iranian open banking ecosystem and to evaluate the role of information transparency, trust, and coordination in these relationships.
Method: This research is applied in terms of purpose and descriptive-survey in terms of method. Research data were collected through a questionnaire containing 16 items from 46 managers, experts, and activists of the Iranian open banking ecosystem. Partial least squares structural equation modeling (PLS-SEM) was used to analyze the data using SmartPLS 4 software.
Results: The results showed that digital transformation 5.0 has a positive and significant effect on coordination among actors, but its effect on information transparency and trust is not significant. Also, trust has a positive and significant effect on actor interaction, while other direct relationships and all indirect and chain effects examined were not statistically confirmed. In addition, the results of the Q² index indicate that the model has predictive power, although this power is at a low level.
Conclusions: The research findings show that in the Iranian open banking ecosystem, digital transformation 5.0 provides the basis for improving operational coordination among actors rather than strengthening trust and information transparency. Also, the formation of sustainable interactions requires the existence of data governance mechanisms, transparent regulatory frameworks, and inter-organizational trust alongside technological development. These results indicate that achieving the goals of open banking requires simultaneous attention to technological, institutional, and managerial dimensions.