Value- Co-creation in Iran Banking Industry:Analysis of Value Creation Elements and Relationships

Currently, none of organizations can satisfy its stakeholders and customers by simply emphasizing its unique capabilities and assets. In fact, organizations work together and cooperate to provide distinctive products and services to customers.In this paper, the value network framework in banking industry is examined based on 33 banking experts’ opinions using one sample t-test to investigate the validity of model elements and using interpretive structural modeling (ISM) on the opinions of the same sample extracted from matrix questionaire, for analyzing the relationships among the elements. According to the research findings, the value network model of banking industry is drawn in four levels, in which, in the first level, "Value Creation in Banking Value Network"; in the second level, "Bank Interactions with Stakeholders"; in the third level, "Bank as the Core of Value Network", "Banks' Internal Conditions", "Banking Rules and Policies" and "Competition in Banking Industry"; and finally, "Bank Assets", "Changes in Banking Industry", "Macro-conditions in the Country", "Iran Banking Industry" and "Customer Needs and Characteristics" are placed. The results show that environmental and contextual elements, especially banks’ internal conditions, play the important role in value co-creation in banking industry.