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Open Innovation in the Financial Services

In: Open Innovation Ecosystems

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  • Daniel Fasnacht

Abstract

The transformation of the financial services implies new forms of innovation. There was a slow uptake of open innovation after we introduced the concept to financial services in 2009. Meanwhile banks recovered from the financial crisis, and with the simultaneous arrival of multiple disruptive trends, they took up innovation as a route to grow, differentiate, and survive. The banking, wealth, and asset management industry is facing competition from new market entrants that embrace open innovation from the beginning. We explain open innovation as a facilitator to create value for clients and businesses as it fits perfectly into the era of sharing, collaborating, and digitalization. Knowledge on how to manage the transition to open innovation and on how to provide a culture based on openness improved. Open innovation is all about learning and collaborating with firms – both inside and outside the traditional financial services industry – to capitalize opportunities arising out of the disruptive trends. We discuss the amalgamation of products, services, and processes. Value derives from efficiency gains for the provider along the opportunity to collect and analyse vast amount of data. Open innovation is the prerequisite for future value streams and must be realized in the business models of incumbents as well as fintechs and non-banks. Basic understanding is essential before defining new strategies, also because it is the enabler for further engagements in innovation ecosystems.

Suggested Citation

  • Daniel Fasnacht, 2018. "Open Innovation in the Financial Services," Management for Professionals, in: Open Innovation Ecosystems, edition 2, chapter 4, pages 97-130, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-319-76394-1_4
    DOI: 10.1007/978-3-319-76394-1_4
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    Cited by:

    1. Björn Hofman & Gerdien de Vries & Geerten van de Kaa, 2022. "Keeping Things as They Are: How Status Quo Biases and Traditions along with a Lack of Information Transparency in the Building Industry Slow Down the Adoption of Innovative Sustainable Technologies," Sustainability, MDPI, vol. 14(13), pages 1-20, July.
    2. Aftab Alam, Muhammad & Rooney, David & Taylor, Murray, 2022. "Measuring Inter-Firm Openness in Innovation Ecosystems," Journal of Business Research, Elsevier, vol. 138(C), pages 436-456.
    3. Sprenker, Patrick Matthias, 2017. "RAIF – Reserved Alternative Investment Fund – The impact on the Luxembourg Fund Market and the Alternative Investment Fund landscape," EIKV-Schriftenreihe zum Wissens- und Wertemanagement, European Institute for Knowledge & Value Management (EIKV), Luxembourg, volume 19, number 19.
    4. Vesna Tornjanski & Sanja Marinkovic & Željka Jancic, 2017. "Towards Sustainability: Effective Operations Strategies, Quality Management and Operational Excellence in Banking," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 19(44), pages 1-79, February.
    5. Anne-Laure Mention, 2011. "Exploring voluntary reporting of intellectual capital in the banking sector," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 22(3), pages 279-309, November.
    6. Manuel Villasalero, 2018. "Multi-Business Firms, Knowledge Flows and Intra-Network Open Innovations," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(1), pages 162-179, March.
    7. Richardson Pessoa Diniz, 2024. "Impact of Innovative Work Behaviour and Digitalization on Organization performance: Empirical evidence from Brazil," International Journal of Science and Business, IJSAB International, vol. 33(1), pages 1-17.
    8. Riikkinen, Mikko & Pihlajamaa, Matti, 2022. "Achieving a strategic fit in fintech collaboration – A case study of Nordea Bank," Journal of Business Research, Elsevier, vol. 152(C), pages 461-472.
    9. Pilar Bernal & Idana Salazar & Pilar Vargas, 2019. "Understanding the Open Innovation Trends: An Exploratory Analysis of Breadth and Depth Decisions," Administrative Sciences, MDPI, vol. 9(4), pages 1-15, September.

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