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Financial technologies effect on financial services from an open innovation perspective

Erman, Can (2017)

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FINANCIAL TECHNOLOGIES EFFECT ON FINANCIAL SERVICES FROM AN OPEN INNOVATION PERSPECTIVE.pdf (2.882Mb)
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Diplomityö

Erman, Can
2017

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Julkaisun pysyvä osoite on
http://urn.fi/URN:NBN:fi-fe201701251311

Tiivistelmä

The growth in financial technologies (Fintech) skyrocketed after 2008 and there are many reasons behind this happening. New entrants in financial services sector such as large cutting-edge technology companies and technology startups offer new innovations and technologies. They shape whole sector in terms of regulations which are made by authorities, customer habits and strategies. While new entrants are attracting customers with their new technologies and services, incumbents are being forced to collaborate with them and trying to adopt the new environment and protect their interests.
There are five purposes of this research. It aims to understand the triggers behind Fintech development. Then, it researches the role of Open Innovation methods in the field. It reveals advantages and disadvantages of incumbents and Fintechs. Then it examines the opportunities and threats in Fintech space. Finally it exposes the risks and the challenges in the field.
The study reflects the effect of economic crises in 2008, the developments in technology after 2008, changing business models of technology vendors and changes in the demographics as triggers behind Fintech development. It reveals that collaboration is a must and it offers myriad opportunities for the parties. It shows the importance of Open Innovation methods including acquisition of assets, partnerships, alliances and accelerators in the Fintech space. It highlights the importance of adopting new environment and investing technology. It exposes that while capital and customer base are the main advantages of incumbents, cutting-edge technologies and flexibility are main advantages of Fintechs. It emphasizes the importance of “Banking as a Service” notion with respect to new regulations. In addition, it reflects that political and regulatory ambiguities, overvaluation of Fintechs and hurdles in acquisitions are the main challenges in the market.
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