Journal of Intelligent Marketing Management

Journal of Intelligent Marketing Management

A multi-level model of IoT adoption in financial services: Implications for smart marketing

Document Type : Excerpt from doctoral thesis

Authors
Ayatollah Momayez 1
Jahangir Yadollahi Farsi 2
Maryam Sahebi 3
1 Department of technology Entrepreneurship, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran
2 Department, of New Venture, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran
3 Phd Candidate of Entrepreneurship Kish International Campus, University of Tehran
JABM.3.2.15564.654985.41568
Abstract
The growing digitalization of financial services has positioned the Internet of Things (IoT) as a transformative enabler of innovation. Yet, little is known about how IoT adoption unfolds in the financial sector and how it reshapes marketing management toward smart marketing practices. This study aims to fill this gap by developing a multi-level conceptual model that explains both the determinants of IoT adoption in financial services and its implications for smart marketing.

A qualitative research design based on grounded theory was employed. We conducted 28 semi-structured interviews with managers, IT specialists, and marketing professionals from banks, insurance companies, and fintech firms in Iran. Through open, axial, and selective coding, we identified categories and constructed their relationships. The findings reveal that IoT adoption is shaped not only by technological factors such as data integration, security, and infrastructure readiness but also by organizational culture, leadership support, regulatory pressures, competitive dynamics, and, crucially, customer trust.

Most importantly, the results show that IoT adoption enables the development of smart marketing capabilities. By generating real-time insights into customer behaviors, IoT systems support personalization, predictive analytics, improved customer engagement, and effective customer lifetime value management. These outcomes highlight the strategic link between IoT integration and marketing transformation in financial services.

The proposed multi-level model contributes to theory by extending traditional technology adoption frameworks with marketing implications, thereby offering a richer understanding of how IoT fosters smart marketing. Practically, the study provides financial managers with actionable guidance on leveraging IoT adoption not merely as a technological upgrade but as a strategic pathway toward customer-centric and data-driven marketing.
Keywords
Smart marketing
Internet of Things (IoT)
financial services
multi-level adoption model
customer analytics

Subjects

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  • Receive Date 16 August 2025
  • Revise Date 30 September 2025
  • Accept Date 15 October 2025