Open Innovation in the Financial Services

This book discusses open business models in the financial services industry. It explores the developments during the last twenty years, including the subprime crisis and explains the vital transition from a closed model of operation to open innovation.

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. Daniel Fasnacht's book, the first of its kind, discusses open business models in the context of the financial services industry. He elaborates the drivers for strategic change such as increasingly sophisticated clients or demanding shareholders among other trends, including the recent global financial crisis, and explains why the transition from a closed model of operation to open innovation is vital. Various case studies illustrate how to integrate the client into the firm's innovation process and emphasize the importance of smart client segmentation and a holistic advisory model to serve clients around the globe. Leaders must develop a set of new management practices to be able to invest in multiple strategic directions. They are responsible for giving clients a remarkable experience and for creating social relationship capital based upon an open innovation culture. Open Innovation in the Financial Services provides a much-needed framework for helping to understand industry dynamics in banking and to make the most of organizational energy by using open innovation to sustain profitable growth.

The book comes at the right time and offers a new mindset for business not only for expansion strategies in general, but especially during turbulent times.

Innovative and inspiring: Open business models for financial institutions A plea for thinking outside of organizational boundaries Includes supplementary material: sn.pub/extras

Autorentext

Dr. Daniel Fasnacht is a Fellow and Director Executive Education at the University of Zurich, a visiting Senior Lecturer at universities like Bern, Rochester, Zhejiang, Kalaidos, as well as the CEO and Founder of EcosystemPartners AG, Zurich, Switzerland. He is recognized as a thought leader in digital transformation, disruptive technologies, social commerce, platform and ecosystems, driving insights at the intersection of academia and industry.

Inhalt
The Strategic Value of Growth and Innovation.- Leading Through the Changing Business Environment.- Open Innovation: The New Business Paradigm.- Transition Strategies to Open Innovation.- Developing a Set of New Management Practices.- Providing a Culture of Open Innovation.