Critical success factors of Blockchain technology adoption for sustainable and resilient operations in the banking industry during an uncertain business environment

Abstract

Blockchain technology (BCT) adoption in banks can bring resilience and make banking operations sustainable in terms of security in times of increased risks and uncertainty. Along this line, this study aims to identify and model the critical success factors (CSFs) of blockchain technology adoption for sustainable and resilient banking operations. Seventeen CSFs were identified from the literature and semi-structured interviews. After that, 15 CSFs were confirmed through the fuzzy Delphi method, and cause-effect relationships were developed through the Decision-Making Trial and Evaluation Laboratory method. Findings of the study highlighted that ease of local and international legislation and regulation and user data privacy are the most significant CSFs of blockchain technology, and these demand a high level of attention from management and decision-makers to realise sustainability and resilience in the banking sector. The study will guide practitioners and policymakers in understanding the importance of CSFs and thereby help devise a strategy for successful blockchain technology adoption in the banking sector.

Investigating the Factors Influencing the Adoption of Blockchain Technology across Different Countries and Industries: A Systematic Literature Review

“…However, while these general trends emerged, the importance of specific factors in certain industries and countries was also evident. For example, the banking industry emphasises transaction cost efficiency, security and integrity, and user data privacy [51,55,59]. This reflects the banking industry's unique needs and challenges, particularly in ensuring security and reducing operational costs.…”

“…From a country perspective, factors like regulatory support and technology characteristics were more prominent in specific countries such as India and Malaysia [29,30,33,40,44,48,51,59,63,65]. This suggests that the country's contextual factors can significantly shape blockchain adoption, emphasising the need for localised strategies to promote its acceptance.…”

“…Compatibility with existing systems and infrastructures is another crucial consideration, as organisations need to assess how well blockchain integrates into their current technologies. Complexity and scalability issues are essential to evaluate whether the blockchain system can handle the expected transaction volume and future growth [51]. Interoperability and standardisation play a role in facilitating seamless integration and communication between different blockchain networks and systems.…”

Blockchain technology and its importance for the growth and prosperity of Indian small and medium-sized enterprises

“…The authors found the following reasons that favor the adoption of BT by the SMEs; relative advantage, technology compatibility, technology readiness, top management support, perceived usefulness, and vendor support. On the other hand, in another study, the authors (Mishra et al, 2023) found that ease of local and international legislation followed by regulation and user data privacy remain the critical success factors toward the adoption of BT in Indian SMEs,…”