Objective
The primary purpose of this study is to identify and prioritize the key success factors of neobanks in Iran’s banking industry, providing a structured and data-driven framework to guide strategic decisions of managers and policymakers.
Method
–Worst Method (BWM) was applied as a multi-criteria decision-making approach. Through an extensive review of the international literature, twelve key success factors were identified across three major dimensions: “strategy and business model,” “customer and marketing,” and “technology and innovation.” Data were collected from eighteen senior experts in Iran’s financial and banking sector. The analytical process was conducted in Excel Solver, and the consistency ratio was examined to ensure the validity and robustness of judgments.
Findings
The results revealed that “superior user experience on website and mobile applications” (weight = 0.191), “advanced cybersecurity and data protection” (weight = 0.168), and “building a trustworthy and secure brand” (weight = 0.144) are the top three success factors for neobanks in Iran. Among the primary dimensions, the “customer and marketing” category was found to be the most significant. These findings emphasize digital trust as the core driver underlying all other success determinants.
Conclusion
The outcomes align closely with international literature, confirming the central importance of user experience and cybersecurity. However, technological agility and organizational flexibility appear less influential in Iran due to regulatory constraints and lower digital maturity. This study contributes a context-sensitive framework for prioritizing strategic actions and offers empirical insights for executives, fintech entrepreneurs, and regulators seeking to promote the sustainable growth of Iranian neobanks.