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.