Open innovation means gathering new ideas from sources beyond organizational boundaries. It occurs when solutions to address clients’ needs are developed in collaboration and the resulting products and services are distributed through a flexible network of partners.
The second edition of Open Innovation in the Financial Services goes beyond elaborating the drivers for strategic change and suggesting the transition from a closed model of operation to open innovation. Following the global financial crisis, we experience a time with low interest rates due to several rounds of quantitative easing. Together with a number of new regulations and technologies radical disrupting the banking industry, margins are eroding and profits falling. With the decreasing client’s confidence in the banking industry, banks have no other option but to adopt open innovation business models. They must co-innovate with their clients and collaborate with fintechs to develop new opportunities. Various case studies illustrate how to systematically integrate the client into the organisation‘s innovation process. Visionary leaders are responsible for giving clients a remarkable experience and for creating social relationship capital based upon an open innovation culture.
- ISBN: 978-3-319-76393-4
- Editorial: Springer
- Encuadernacion: Cartoné
- Fecha Publicación: 11/09/2018
- Nº Volúmenes: 1
- Idioma: Inglés