In recent years, the development of innovation and the introduction of innovative initiatives and services have become fundamental requirements for competitiveness within the banking industry. Evolving customer needs and expectations, the expansion of digital technologies, intensifying competition, and the necessity of creating new value have compelled banks and financial holdings to re-evaluate their approaches to marketing innovative initiatives. This study aims to identify the dimensions, components, and indicators of a marketing model for innovation initiatives in the banking industry (focusing on the Tourism Financial Group Holding as a case study). The research employs a qualitative approach and is exploratory in nature. The study population consisted of academic experts, as well as managers and specialists in the fields of management, marketing, innovation, and the banking industry within the Tourism Financial Group Holding. Participants were selected using the snowball sampling method, which continued until theoretical saturation was reached. Data were collected through semi-structured interviews and analyzed using thematic analysis and MAXQDA software.Validity and reliability were assessed through test-retest procedures and inter-coder agreement. Subsequently, Interpretive Structural Modeling (ISM) was utilized to determine the relationships among the identified themes and to establish a hierarchical structure. The findings reveal a total of 97 open codes, 16 basic themes, 5 organizing themes, and one global theme, which collectively form the basis for the proposed model. The organizing themes included market understanding and analysis; market development and the value of innovation; the formulation and launch of innovative initiatives; digital engagement and marketing; and the management and improvement of marketing. Furthermore, the results of the Interpretive Structural Modeling (ISM) indicated that market understanding and analysis occupy the foundational level; market development, the value of innovation, the formulation and launch of innovative initiatives, and marketing management and improvement reside at the intermediate levels; while digital engagement and marketing are positioned at the final level of the model. Based on these findings, the proposed model offers a practical framework for managers within the Tourism Financial Group holding company—as well as other organizations in the banking sector—to better understand the market, develop and launch innovative initiatives, create value for customers, strengthen digital engagement, and continuously improve marketing activities.