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Abstract
This study uses the VIKOR methodology to evaluate and rank various banking options, focusing on core banking features, digital capabilities, business-specific services, and value-added services. The research analyses five distinct banking types: digital-only banks, traditional credit unions, and online business banking platforms, specialty banks, and crypto banking solutions. Through a systematic evaluation using the VIKOR methodology, which is designed to address decision-making problems across multiple criteria, the study provides detailed rankings and this assessment highlights the varying strengths and weaknesses of each banking option. Specialty banks stand out, ranking first due to their strong overall performance. Traditional credit unions, in second place, perform well in business-oriented services but are weak in other areas. Despite their moderate scores, crypto banking solutions, with significant weaknesses in digital capabilities, are in third place. Online business banking platforms are in fourth place, benefiting from value-added services but lacking in other important aspects. Although strong in digital capabilities, digital-only banks are in fifth place, with significant weaknesses in business-oriented and value-added services, making them the least competitive option.
The results reveal that specialty banks rank highest with a Qj value of 1, showing superior performance across multiple criteria. Traditional credit unions come in second place (Qj = 0.716478), followed by crypto banking solutions (Qj = 0.673956), online business banking platforms (Qj = 0.551683), and digital-only banks (Qj = 0). In particular, while digital-only banks excel in digital capabilities, their overall rankings indicate limitations in other key areas, particularly value-added services. The findings highlight that success in the banking industry requires a balanced approach that combines traditional banking strengths with modern capabilities. The study provides valuable insights for businesses selecting banking partners and for banking institutions developing strategic plans.
Furthermore, the research demonstrates the effectiveness of the VIKOR methodology in evaluating complex banking options, providing a structured approach to decision-making in the financial sector. These results contribute to understanding the evolving banking landscape and the importance of comprehensive service offerings in meeting diverse business needs.
