Today, existing knowledge in the organizations is considered to be among their primary assets. Possessing such knowledge is invaluable in employees’ career success and survival of the organization. Despite enjoying numerous advantages, Knowledge Management (KM) systems were found not to be able to improve the efficiency of the organization in most cases (84%). In fact, KM systems failed in most cases due to the existing barriers and challenges. This study investigates challenges on the way of implementing KM systems in Eghtesad-e-Novin Bank. It employs Hicks model in four axes: organizational structure, information technology, human resources, and organizational culture. A researcher-made questionnaire which enjoyed Cronbach alpha reliability of 95% was used; the questionnaire was filled out by the respondents during the briefing sessions. T-test analyses revealed that the bank suffers from deficiencies in two axes of organizational structure and organizational culture. Also Freidman could provide us with the ranking of the axes in the concerned banking system, i.e. human resources, information technology, organizational structure and organizational culture. Finally, a new model was proposed to identify and rank the existing barriers on the way of implementing KM systems. The proposed model can be used in Eghtesad-e-Novin bank and similar contexts to improve the performance of the organization.