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Partnerships in Banking 5.0

In: Banking 5.0

Author

Listed:
  • Bernardo Nicoletti

    (Temple University)

Abstract

This chapter deals with partnerships and examines banking ecosystems, whose importance is growing. An ecosystem combining in a value network, partners, customers, and regulators can add customers’ and organizations’ value (The term value networkFunctionsvalue network has been used with a different meaning. Stabell and Fieldstad [Stabell, C. B., & Fjeldstad, Ø. D. (1998). Proposed it. Configuring value for competitive advantage: On chains, shops, and networks. Strategic Management Journal, 19(5), 413–437]. It is based on mediation technologies according to Thompson’s typology [Thompson, J. D. (2017). Organizations in action: Social science bases of administrative theory. Routledge, LondonEuropeUnited Kingdom (UK)London, UK]. It connects customers and partners who are interested in creating mutual relations and interdependence. The mediating technologies support relations between actors scattered over time and space. This model is similar to what has been called the platform approach [Zhu, F., & Iansiti, M. (2007). Dynamics of platform competition: Exploring the role of installed base, platform quality and customer expectations. Division of Research, Harvard Business School, Cambridge, MA]). In this vision of banking 5.0, external entities supporting the banking services are partners in the banking 5.0 transformation. Working as a team with partners is crucial in banking 5.0. The partners can support the distribution of banking services, especially in an embedded banking approach. Partners’ relevance is essential in all financial institutions’ functions. They must be part of the transformation to banking 5.0. This chapter analyzes different models of partnerships. It considers the importance of ecosystems in banking 5.0. It presents the best ways to organize partnerships in a banking 5.0 ecosystem. Under this view, the partner rating, seen as a process that starts with the vendor marketing and ends with the final evaluation of the partners’ contribution, is an essential process.

Suggested Citation

  • Bernardo Nicoletti, 2021. "Partnerships in Banking 5.0," Palgrave Studies in Financial Services Technology, in: Banking 5.0, chapter 0, pages 359-368, Palgrave Macmillan.
    • Handle: RePEc:pal:psincp:978-3-030-75871-4_11
    DOI: 10.1007/978-3-030-75871-4_11
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