Financial and Banking Strategic Studies

Modeling the application of blockchain technology in Bank Sepah's Negin system: A case study of the identity and credit verification process for corporate customers

Document Type : Original Article

Authors

Sina Norouzali 1
Amirreza Daniali 2
Hamid Aghamohammadi 3

1 Department of Management, Faculty of Economics and Administrative Sciences, University of Isfahan, Isfahan, Iran.

2 Department of Management, Faculty of Economics and Administrative Sciences, Islamic Azad University, Science and Research Branch, Tehran, Iran.

3 Department of Industrial Engineering and Management, Malek Ashtar University of Technology, Tehran, Iran.

https://doi.org/10.22105/fbs.2025.559848.1178
Abstract
Purpose: The purpose of this paper is to present an operational model for implementing blockchain technology in the Know Your Customer (KYC) and credit verification processes for corporate clients within Bank Sepah's "Negin" system. This research aims to identify the challenges of traditional systems and propose an innovative solution to enhance transparency, security, and efficiency in corporate banking services.
Methodology: This research employed a mixed-methods approach with a sequential exploratory design. In the first (qualitative) phase, Grounded Theory, using the systematic approach of Strauss and Corbin, was used. Data were collected through semi-structured interviews with 22 experts from the banking and technology industries and were analyzed using MAXQDA software. In the second (quantitative) phase, the conceptual model extracted from the qualitative phase was validated using the Delphi method through a questionnaire administered to 20 experts.
Findings: Data analysis identified a comprehensive model comprising 6 core categories, 4 main dimensions, and 238 indicators. Weaknesses in digital infrastructure, the high cost of the current structure, and institutional resistance were identified as the main causal conditions. Key strategies derived include implementing an integrated blockchain-based technical infrastructure, designing a sustainable financial model, and strengthening regulatory frameworks. The results of the Delphi method confirmed the validity and feasibility of the proposed model.
Originality/Value: By providing a localized, validated model for one of Iran's largest banks, this research fills a research gap and offers a practical roadmap for the digitalization of identity and credit verification processes in the country's corporate banking system. This argument can lead to cost reduction, increased security, and a move towards digital governance.

Keywords

Blockchain technology
Corporate customers
Grounded theory
Identity and credit verification
Negin system

Subjects

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Financial and Banking Strategic Studies
Volume 3, Issue 3
Autumn 2025
Pages 211-232

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