The Model of Trust and Brand Image in Financial Services Based on Artificial Intelligence and Blockchain (Case Study: Pasargad Bank)
Keywords:
Trust and brand image, financial services, artificial intelligence, blockchain, Pasargad BankAbstract
This study aims to design and test a model explaining the mechanisms of trust and brand image formation in AI- and blockchain-based financial services at Pasargad Bank. A mixed-method (qualitative–quantitative) design was employed. In the qualitative phase, thematic analysis and 20 semi-structured expert interviews identified the dimensions and indicators influencing technological trust and brand image. In the quantitative phase, data from Pasargad Bank’s managers and employees were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Convergent and discriminant validity were evaluated through AVE, and reliability was tested via Composite Reliability (CR) and Cronbach’s alpha. Results indicated that all dimensions had positive and significant effects on trust and brand image. The “technological brand image” dimension exerted the strongest impact (factor loading = 0.785; t = 24.946), followed by “perceived technological trust” and “algorithmic transparency and ethics.” “Digital customer interaction experience” and “functional value of smart services” also showed positive but weaker effects. All constructs exhibited satisfactory reliability and validity (AVE > 0.5; CR, α > 0.7). The study highlights that strengthening technological brand image, enhancing data transparency, and institutionalizing algorithmic ethics are key to building customer trust in AI-driven financial services. The final model proposes four practical strategies: developing the technological brand, creating a digital ethics charter, improving digital interaction experience, and providing technological training for employees and clients. Together, these measures enable the transition from traditional trust to “smart trust” grounded in transparency and technological integrity.
Downloads
References
AlQodry, M. R. R., & Kuswanto, A. (2024). Pengaruh Social Media Marketing Terhadap Purchase Intention Dengan Consumer Trust Dan Brand Image Sebagai Variabel Intervening (Studi Kasus Pada Uniqlo Indonesia). Jurnal Ilmiah Universitas Batanghari Jambi, 24(1), 731. https://doi.org/10.33087/jiubj.v24i1.4414
Ameen, N., Cheah, J.-H., & Kumar, S. (2022). It's all part of the customer journey: The impact of augmented reality, chatbots, and social media on the body image and self-esteem of Generation Z female consumers. Psychology & Marketing, 39(11), 2110-2129. https://doi.org/10.1002/mar.21715
Antoniadis, I., Kontsas, S., & Spinthiropoulos, K. (2019). Blockchain and Brand Loyalty Programs: A Short Review of Applications and Challenges. https://doi.org/10.2645/v5.i1.1
Atf, Z., Taherikia, F., & Heidarzadeh Hanzaei, K. (2024). Designing a Model for Brand Engagement Value Creation through the Integration of Gamification Technology and Explainable Artificial Intelligence (XAI). Journal of value creating in Business Management, 4(3). https://doi.org/10.22034/jvcbm.2024.434941.1292
Bastami, H., Karimi, A., Hedayat Rasa, M., & Jahan, J. (2023). Designing the Development Model of Islamic Sports Marketing in Swimming Federation. Dynamic Management and Business Analysis, 2(3), 59-72. https://doi.org/10.22034/dmbaj.2024.2022990.1021
Boukis, A. (2020). Exploring the implications of blockchain technology for brand–consumer relationships: a future research agenda. Journal of Product & Brand Management, 29(3), 307-320. https://doi.org/10.1108/JPBM-03-2018-1780
Brandon, D. (2016). The Blockchain: The Future of Business Information Systems. International Journal of the Academic Business World, 10(2), 33-40.
Daraei, A., Akbari, M., & Mousavi Kashi, Z. (2021). The Relationship between Green Packaging and Green Brand Attachment with the Mediating Roles of Green Trust, Green Brand Attitude, and Green Brand Image. New Marketing Research Journal, 11(3), 45-66. https://nmrj.ui.ac.ir/article_26171.html?lang=en
Diputra, I., & Yasa, N. (2021). The influence of product quality, brand image, brand trust on customer satisfaction and loyalty. American International Journal of Business Management (AIJBM), 4(1), 25-34. http://www.aijbm.com/wp-content/uploads/2021/01/E412534.pdf
Jünger, M., Mietzner, M., Kurniawan, D., Tumbuan, W. J. F. A., & Roring, F. (2020). Banking goes digital: The adoption of fintech services by German households Pengaruh brand image, viral marketing, dan brand trust terhadap keputusan penggunaan aplikasi e-money fintech pada mahasiswa di Universitas Sam Ratulangi saat pandemi COVID-19. Finance Research Letters, 34(3), 101260. https://doi.org/10.1016/j.frl.2019.08.008 10.35794/emba.v9i3.34981
Mohajer, S. (2023). The role of artificial intelligence in marketing and business. Brandafrin journal of management, 41(3).
Mousavi, S. S., & Sibili, L. (2024). Using Artificial Intelligence in Detecting and Predicting Advertising and Branding Trends. Third International Conference on Smart Cities: Challenges and Strategies, https://civilica.com/doc/1950257
Nalbant, K. G., & Aydin, S. (2023). Development and Transformation in Digital Marketing and Branding With Artificial Intelligence and Digital Technologies Dynamics in the Metaverse Universe. Journal of Metaverse, 3(1), 9-18. https://doi.org/10.57019/jmv.1148015
Nurhadi, M., Salsabillah, A. S., Suryani, T., & Fauzi, A. A. (2024). Peran Social Media Marketing Activities Dalam Membangun Brand Equity Dengan Mediasi Brand Trust, Brand Image, Brand Awareness Pada Produk SOMETHINC Di Indonesia. Performance Jurnal Bisnis & Akuntansi, 14(1), 241-256. https://doi.org/10.24929/feb.v14i1.2948
Parsa, A. (2023). The role of artificial intelligence in marketing activities. Brandafrin journal of management, 38(3).
Peres, R., Schreier, M., Schweidel, D. A., & Sorescu, A. (2023). Blockchain meets marketing: Opportunities, threats, and avenues for future research. International Journal of Research in Marketing, 40(1), 1-11. https://doi.org/10.1016/j.ijresmar.2022.08.001
Plidtookpai, N., & Yoopetch, C. (2021). The electronic word-of-mouth (Ewom) trustworthiness, brand image and other determinants of purchase intention of the middle class to luxury hotel services. Kasetsart Journal of Social Sciences, 42(1), 61–68-61–68. https://so04.tci-thaijo.org/index.php/kjss/article/download/249437/169443/878677
Poerwadi, S., Suyanto, M., Hidayat, A., & Mustafa, Z. E. Q. (2019). Influence of Brand Extension Strategy, Brand Image and Brand Trust on Coffee Product’s Brand Equity. International journal of marketing studies, 11(3). https://doi.org/10.5539/ijms.v11n3p26
Rahman, M. A., Abir, T., Yazdani, D., Hamid, A. B. A., & Al Mamun, A. (2020). Brand image, eWOM, trust and online purchase intention of digital products among Malaysian consumers. Journal of Xi’an University of Architecture & Technology, 12(3), 4935-4946. https://www.researchgate.net/profile/Tanvir-Abir/publication/340096206_Brand_Image_eWOM_Trust_and_Online_Purchase_Intention_of_Digital_Products_among_Malaysian_Consumers/links/5e7dcc43458515efa0adb6ee/Brand-Image-eWOM-Trust-and-Online-Purchase-Intention-of-Digital-Products-among-Malaysian-Consumers.pdf
Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2020). How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas [Review]. Frontiers in Blockchain, 3. https://doi.org/10.3389/fbloc.2020.00003
Sanny, L., Arina, A., Maulidya, R., & Pertiwi, R. (2020). Purchase intention on Indonesia male’s skin care by social media marketing effect towards brand image and brand trust. Management Science Letters, 10(10), 2139-2146. http://growingscience.com/beta/msl/3779-purchase-intention-on-indonesia-males-skin-care-by-social-media-marketing-effect-towards-brand-image-and-brand-trust.html
Shafiq, R., Naveed, S., & Zeeshan, M. (2023). Driving Customer Loyalty through Customer Satisfaction in Online Shopping: The Role of Brand Image, Price, Trust and Website Quality. The Lahore Journal of Business, 11(1), 103-122. https://doi.org/10.35536/ljb.2023.v11.i1.a5
Singhal, P. (2024). Understanding the Usability and Response Quality of Artificial Intelligence Chatbots on Customer Engagement in Branded Apparel E-Retailing. 403-420. https://doi.org/10.4018/979-8-3693-7620-1.ch020
Talha, M. (2025). Optimizing Digital Marketing Campaigns Using Artificial Intelligence (AI) and Social Media Analytics: A Comparative Study of Machine Learning Algorithms. Interantional Journal of Scientific Research in Engineering and Management, 09(03), 1-9. https://doi.org/10.55041/ijsrem42691
Tan, Z., Sadiq, B., Bashir, T., Mahmood, H., & Rasool, Y. (2022). Investigating the impact of green marketing components on purchase intention: The mediating role of brand image and brand trust. Sustainability, 14(10), 5939. https://doi.org/10.3390/su14105939
Teng, H. Y., Li, M. W., & Chen, C. Y. (2025). Does smart technology, artificial intelligence, robotics, and algorithm (STARA) awareness have a double-edged-sword influence on proactive customer service performance? Effects of work engagement and employee resilience. Journal of Hospitality Marketing & Management, 1-24. https://doi.org/10.1080/19368623.2025.2449853
Wang, L., Luo, X., & Lee, F. (2019). Unveiling the interplay between blockchain and loyalty program participation: A qualitative approach based on Bubichain. International Journal of Information Management, 49, 397-410. https://doi.org/10.1016/j.ijinfomgt.2019.08.001
Downloads
Published
Submitted
Revised
Accepted
Issue
Section
License
Copyright (c) 2025 سیده شیما افتخاری سینجانی (نویسنده مسئول)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
