The present study was conducted to identify and analyze the negative consequences and strategies for dealing with symbolic innovation in the banking industry. The statistical population of the study consists of senior bank managers and university professors, 17 of whom were selected as sample members based on purposive sampling and the theoretical saturation principle. In the qualitative part, the data collection tool is a semi-structured interview, the validity and reliability of which were confirmed using content structural validity and recoding reliability, respectively. The data collection tool in the quantitative part is a researcher-made questionnaire, which was used using face and content validity with the opinions of experts. Also, in order assess the reliability of the data in FCM analysis, the criterion of inconsistency of the judgment matrix was used. The findings indicate that with the help of content analysis, fifteen factors were identified as consequences symbolic innovation and twelve factors as strategies for dealing with symbolic innovation in the banking industry. On the other hand, the results show that erosion of social capital, creation of innovation illusion, reduction of competitive ability, erosion of organizational culture, sustainability are the most important consequences of symbolic innovation, respectively. Also, encouraging open innovation, promoting innovation culture, realistic innovation governance are the most important strategies to deal with symbolic innovation in the banking industry, respectively.