Document Type : Original Article
Authors
1
Professor, Department of Business Management, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran.
2
Ph.D. Student in Business Administration, Marketing major, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran.
3
Graduated from Business Administration, Organizational Behavior and Human Resources, Islamic Azad University, Torbat Jam Branch, Torbat Jam, Iran.
Abstract
Background and Objectives: In recent years, the concept of value creation has become a central theme in the banking industry. The emergence of technologies such as blockchain and smart contracts has provided opportunities to transform traditional banking processes, including credit assessment and loan granting. However, a significant research gap remains regarding the practical impact of these technologies on multidimensional value creation in banks of developing countries. This study aims to analyze the effects of smart contracts on banking value creation through accelerating the loan approval process and improving credit evaluation in Bank Mellat.
Materials and Methods: This research is applied-developmental in nature and adopts a qualitative approach based on thematic analysis. Data were collected through semi-structured interviews with nine managers and credit officers of Bank Mellat and analyzed using MAXQDA software through open, axial, and selective coding stages. Interpretive Structural Modeling (ISM) was also employed to identify hierarchical relationships among the extracted constructs.
Results: The analysis revealed five overarching themes. Results indicated that smart contracts contribute to operational value creation by reducing human intervention by 70%, increasing the speed of credit evaluation by 50%, and decreasing administrative errors by 45%. Furthermore, they enhance informational value creation by enabling immutable condition recording and commitment tracking. The ISM model showed that technical requirements and legal barriers act as fundamental prerequisites, enabling informational, operational, and ultimately strategic value creation.
Conclusion: Smart contracts, when supported by proper technical and legal infrastructures, can foster multidimensional value creation—financial, operational, customer, and strategic—by accelerating processes, mitigating credit risks, and enhancing customer satisfaction. Accordingly, banks are encouraged to invest in blockchain infrastructure, establish clear legal frameworks, and align existing processes with digital requirements to facilitate effective implementation and advance digital transformation in the banking sector.
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