In today's world, the financial industry plays a vital role as one of the key sectors of the economy, significantly contributing to the dynamism and economic growth of countries. The development of financial products is shaped by the diverse and complex impacts of macroeconomic factors, which not only directly influence market behavior and financial companies but also affect the decisions of investors and customers. The macroeconomic environment of each country plays a crucial role in the success or failure of financial product development. Factors such as economic growth rate, inflation, interest rates, exchange rates, and unemployment can impact the ability of financial institutions to design and offer new products that influence the market [1]. Therefore, companies and financial institutions must conduct a thorough analysis of these factors and utilize analytical models such as PESTEL to understand the external environment better. This model specifically helps companies identify macro external impacts and develop strategies to capitalize on opportunities or counter threats [2]. The Political, Economic, Social, Technological, Environmental, Legal (PESTEL) model aids in analyzing macro factors in the external environment. Each of these six factors can influence the development of financial products. Political factors include tax policies and government regulations that may affect the costs of financial companies. Economic factors pertain to indicators such as economic growth rate, inflation, and interest rates, which directly impact market demand and consumer behavior. Social factors encompass demographic changes, consumption patterns, and customer behavior. Technological factors relate to innovations and new technologies, such as fintech, which create new opportunities for the development of financial products [3]. A precise understanding of these factors and an analysis of their effects can help financial institutions capitalize on opportunities and mitigate potential threats. In this context, one of the important analytical tools is the PESTEL model, which is used to assess the impact of environmental factors in various political, economic, social, technological, environmental, and legal domains.

The PESTEL model provides a comprehensive and structured analysis of the external environment of organizations, enabling managers to utilize this analysis to identify existing opportunities and threats in the macro environment. In the context of financial product development, this model serves as a highly effective framework for identifying factors that influence demand, innovation, investment, and the development of financial services. Political factors include tax policies, banking regulations, and government decisions in the monetary domain, which can directly impact the profitability and financial activities of institutions [4], [5]. On the other hand, economic factors such as interest rates, inflation, exchange rates, and economic growth are macroeconomic indicators that influence the behavior of customers and financial institutions [6]. These variables can lead to increased demand for financial products during economic booms and reduced demand and increased risk during economic downturns.

In the field of social factors, demographic changes, financial literacy levels, and consumer culture are among the factors that can alter demand for financial products. For instance, changes in population patterns, such as an aging population in some countries, can lead to shifts in the type and volume of demand for financial products related to retirement [7]. In this regard, technological factors and rapid advancements in fintech and the digitization of financial services create innovative opportunities and new products in financial markets. The development of financial technologies such as blockchain, artificial intelligence, and digital payments has not only reduced operational costs but also increased access to financial services on a global scale [8].

Conversely, environmental factors and the growing emphasis on sustainability and corporate social responsibility have brought green and sustainable financial products to the forefront. Investors and customers are seeking products that consider not only financial returns but also environmental and social responsibilities [9]. Finally, legal factors and regulatory standards are of great importance. Compliance with legal regulations and standards can serve as an opportunity to enhance customer trust and create transparency in financial markets. However, sudden changes in banking laws and regulations can pose a threat to long-term financial planning [10]. Based on the theoretical foundations and research background, the research framework can be outlined as shown in Fig. 1.

Overall, the analysis of macroeconomic factors using the PESTEL model enables organizations and financial institutions to become aware of the positive and negative impacts of environmental factors. Consequently, they can develop more effective strategies for the development of their financial products. This model provides a comprehensive framework that helps financial managers to accurately analyze the surrounding environment, identify risks associated with political, economic, social, technological, environmental, and legal factors, and adjust their plans based on available opportunities. Thus, the use of the PESTEL model in identifying opportunities and threats is considered an effective tool for the sustainable development of financial products.

The present research is classified as applied research in terms of its objectives. This study is qualitative and descriptive-analytical, examining the impact of macroeconomic factors on the development of financial products using the PESTLE analysis method. Thematic analysis is a qualitative method used to identify, analyze, and report patterns (themes) within data. This method is employed to gain a deeper understanding of complex topics and to identify meaningful relationships and patterns. The PESTLE analysis includes six dimensions: PESTLE. The data required for this research were gathered through a review of relevant articles and previous studies on the topic from scientific databases such as Civilika, Google Scholar, JSTOR, and Science Direct, as well as published reports using qualitative content analysis.

To enhance the validity and reliability of the research findings, methods such as comparing the results with similar studies, examining their consistency, and utilizing credible and scientific sources for data collection and analysis were employed. Thematic analysis was used to analyze the data. Initially, a thorough and repeated review of the collected data was conducted to familiarize with the content and identify preliminary ideas. Subsequently, initial codes were extracted from the data, and significant sections of the text related to the research questions were identified. Next, similar codes were grouped, and foundational themes related to the research topic were identified. The identified themes were reviewed and evaluated to ensure consistency with the data, and organizing themes were identified. Each organizing theme was named and described in detail, followed by the identification of overarching themes. Finally, the identified themes were synthesized, and a comprehensive analysis was presented in the form of a report covering the six dimensions of the macro environment.

The thematic analysis aids in identifying meaningful patterns within the data. Table 1 presents the foundational, organizing, and overarching themes related to the role of macroeconomic factors in the development of financial products based on the PESTLE model.

Decrease or increase in national currency value, changes in foreign exchange rates

Changes in consumer buying behavior, increase or decrease in luxury goods consumption Decreased willingness to save, increased consumerism Increase in the young population, aging population, migration Increased financial literacy, greater access to financial educational resources Expansion of fintech, blockchain, artificial intelligence in financial management online banking, electronic payments, mobile financial systems Use of robots and automation in financial consulting and banking services Cyberattacks, privacy breaches, data theft

Changes in tax laws, protective regulations for customers, stringent financial policies Compliance with anti-money laundering standards, stricter enforcement of financial transaction monitoring financial and banking laws, new regulations related to fintech Consumer protection laws, increased transparency in financial service provision International relations and sanctions Tax reforms, changes in corporate and individual tax rates financial products is analyzed based on this model.

Foundational Development of green financial products, issuance of green bonds, investment in renewable energy Intensification of environmental regulations, impacts of climate change on assets and financial markets Investment in clean energy, use of green technologies in financial companies

Impact on Financial Product Development

This table provides a comprehensive view of the influencing factors on the development of financial products using the PESTLE model and thematic analysis, illustrating how each of these factors can create opportunities and threats for financial institutions. In Table 2, the role of macroeconomic factors in the development of

Impact on Financial Product Development Changes in tax laws can impact costs and profitability for companies, while protective laws increase customer trust. Anti-money laundering laws can enhance financial

for institutions.

Sudden changes in regulations can disrupt companies' financial planning and pressure new products.

Increased transparency in financial services can help attract new customers and strengthen public trust.

Demand for green and sustainable financial products is rising, and social responsibility can enhance companies' reputations.

financial products based on natural resources.

Demand for investment in clean energy can create new opportunities for the development of financial products. attract financial markets. transparency, but compliance may create additional costs

may increase. of non-compliance Climate change may lead to decreased asset values and

Overall, the model depicting the role of macroeconomic factors on the development of financial products

Macroeconomic factors such as economic growth, inflation rates, interest rates, exchange rates, and unemployment have significant impacts on the development of financial products. By conducting a thorough analysis of these factors and utilizing the PESTEL model, companies can identify existing opportunities and threats in the market and adopt appropriate strategies to adapt to changes in the economic environment. A deep understanding of these factors helps companies develop their financial products more effectively in a dynamic and complex environment. This article analyzed the impact of macroeconomic factors on the development of financial products using the PESTEL model. This model, by identifying six key factors— political, economic, social, technological, environmental, and legal—assists in analyzing the opportunities and threats present in the market. In particular, focusing on economic factors highlights the importance of financial and economic conditions in shaping successful strategies in the financial industry. The findings indicate that political stability and government support for financial innovations can aid in the development of new products. Conversely, political instability and unexpected changes in laws may pose serious threats to financial companies. The results align with the research of Allard et al. [26], which show that political instability can lead to market uncertainty and reduced investments. Niehans [27] emphasize that changes in monetary and fiscal policies, especially during economic crises, can affect financial innovations and market demand.

Economic conditions such as interest rates, inflation, and economic growth significantly influence market demand and access to capital. The results show that lower interest rates and economic growth can create favorable opportunities for the development of new financial products. These findings are consistent with the research of Hall et al. [28] and Lian et al. [29], which indicate that lower interest rates can lead to increased consumer demand and investments. Additionally, Prechter et al. [30] examined the impact of economic fluctuations on investor behavior and the need for new financial products, demonstrating that economic volatility can lead to changes in consumption patterns and demand. Kose et al. [31] showed that macroeconomic impacts on financial product development and market volatility can lead to changes in investment strategies. Furthermore, economic changes can play a crucial role in customers' financial decision-making.

Changes in consumer needs and preferences are recognized as significant factors in the development of financial products. Previous studies have shown that financial companies that can quickly respond to these changes have been more successful. These findings align with the research of Feola et al. [32] and Javaid et al. [20], which emphasize the importance of identifying and responding to social changes. Additionally, Hoque et al. [33] examined the impact of social factors on financial product development and concluded that changes in attitudes and social values significantly affect demand.

The rapid advancement of technology, particularly in the fintech sector, influences financial processes and customer services. Studies indicate that the use of new technologies can lead to significant improvements in efficiency and customer experience. The results are consistent with the research of Tai et al. [34], which show that technological innovations enhance services and increase customer satisfaction. Skaf et al. [35] also analyzed the impact of technology on customer experience in the financial industry, demonstrating that technological innovations significantly affect customer satisfaction.

With the increasing attention to environmental issues, the demand for green and sustainable financial products is on the rise. Previous research indicates that companies offering environmentally friendly products can gain a competitive advantage. The findings are consistent with the studies of McNally et al. [36], which emphasize the importance of considering environmental dimensions in financial product development. Additionally, Cantele et al. [37] analyzed the impact of environmental changes on the demand for green and sustainable financial products, stating that companies providing environmental products have a competitive edge. Laws and regulations can act as either opportunities or threats. For example, investor protection laws can facilitate the development of new products, while stringent regulations may hinder innovation. The findings align with the research of Cantele et al. [37] and Janicka [38], which indicate that effective legal frameworks can contribute to the formation of sustainable financial markets. Strict regulatory laws, especially in areas such as anti-money laundering and banking transparency, can create opportunities for increasing public trust. Additionally, Berger et al. [39] examined the impact of legal and regulatory factors on the financial industry, demonstrating that laws and regulations can serve as opportunities for creating new products.

Previous research on the impact of macro factors on the financial industry has shown that these factors directly influence consumer behavior and investment decisions. For instance, a study by Bidabad [40] shows that economic fluctuations can lead to changes in consumption patterns and the need for new financial products. Furthermore, studies by Skaf et al. [35] have emphasized that technological factors and financial innovations significantly impact customer satisfaction. Compared to these studies, our findings also confirm that the PESTEL model can serve as a useful tool for identifying opportunities and threats in the financial industry. This model, especially in changing economic conditions, can assist financial managers in adopting better strategies for developing new products and competing in the market. Additionally, the research by Tufano [41] analyzed the relationship between economic factors and innovation in the financial industry, showing that economic conditions, particularly interest rates and inflation, are key drivers of innovation. Furthermore, McNally et al. [36] demonstrated that increasing consumer awareness of social and environmental issues can lead to higher demand for sustainable financial products. As an effective analytical tool, the PESTEL model can help financial companies accurately identify macroeconomic, social, and technological factors, as well as the existing opportunities and threats.

Recommendations for financial companies:

I. Enhance innovation in financial products: Based on the research findings, financial companies should strive to quickly adapt to economic and social changes and utilize new technologies to offer innovative financial products. It is recommended that companies form innovation and research and development teams to identify new opportunities and implement new technologies.

II. Focus on preventive laws and regulations: Financial managers and policymakers should work towards formulating and drafting supportive and transparent laws and regulations that promote the growth and development of the financial market. These laws should be updated in line with technological advancements and market changes to support innovation and prevent potential crises.

III. Increase investment in fintech: Given the importance of technology in developing financial services, companies should invest more in ICT and fintech. These investments can help create digital platforms to improve efficiency, reduce costs, and enhance customer experience.

IV. Emphasize green and sustainable financial products: with the growing global focus on environmental issues, it is recommended that financial companies engage more in developing and offering sustainable and green financial products. This action can help attract investors and consumers who prioritize these issues.

V. Periodic evaluation of macroeconomic factors: financial companies should periodically assess macroeconomic environmental factors (Political, economic, social, etc.) to identify threats and opportunities accurately. This can improve strategic planning and optimize decision-making.

In conclusion, the effective use of this model can contribute to the sustainable and optimal development of financial products, enabling managers to make better strategic decisions. Given the changing economic conditions, it is suggested that further research be conducted on the direct impact of these factors on customer behavior and financial outcomes to gain a better understanding of future trends in the financial industry. Therefore, the following suggestions are provided for future researchers:

I. Examine the precise impacts of macroeconomic factors on consumer behavior: Future researchers can conduct more detailed studies on the impact of economic factors such as inflation rates, interest rates, and economic growth on consumer behavior in using financial products. This research can help identify new trends and predict market changes.

II. Comparative studies between countries: Future studies can compare the impact of PESTEL factors on the development of financial products in different countries to examine geographical, economic, and cultural differences in the development of these products. These studies can provide a better understanding of successful strategies in various markets.

III. Analyze the impact of technological innovations on financial products: Researchers can further investigate the impact of technological innovations in areas such as blockchain, artificial intelligence, and machine learning on the development of financial products. This research can help identify key technologies that can contribute to the growth of the financial market.

IV. Examine the impact of laws and regulations in developing countries: The impact of laws and regulations on the development of financial products in developing countries may vary. Therefore, researchers can conduct deeper analyses and adapt the results of the PESTEL model in these countries to provide suitable solutions for financial development.

V. Develop new frameworks for environmental assessment of financial products: Given the importance of environmental issues and the increasing attention to green financial products, researchers can design new frameworks for assessing the environmental impacts and sustainability of financial products. These frameworks can help better evaluate products and increase customer trust.

VI. Examine interrelationships between PESTEL factors: Researchers can study the interrelationships between PESTEL factors (such as the impact of political factors on economic factors and vice versa). This systematic approach can enhance the understanding of how these factors influence each other and ultimately affect the development of financial products.

This research comprehensively and systematically examined the impact of macroeconomic factors on the development of financial products. The results indicated that various factors, such as political stability, economic conditions, social changes, technological advancements, attention to environmental issues, and laws and regulations, can directly and indirectly influence the opportunities and threats present in the financial market. This analysis not only confirms the importance of considering these factors in developing financial strategies but also emphasizes the necessity of rapid and effective adaptation to environmental and technological changes. Financial companies and policymakers can make better decisions regarding innovation, sustainability, and long-term growth by accurately recognizing and understanding these factors. It is suggested that future research adopt comparative and international approaches to investigate the impacts of these factors further and analyze their interrelationships more precisely. Such studies can contribute to the development of new and innovative frameworks for risk management and market opportunities, ultimately leading to improved performance and sustainability in the financial industry. The conclusion of this research not only serves as a point for summarizing existing achievements but also marks the beginning of further research and innovations aimed at developing and improving high-quality and sustainable financial products.

The author declare thatno external funding or support was received for the research.

All data supporting the reported findings in this research paper are provided within the manuscript.