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2021 | OriginalPaper | Chapter

Banking 4.0: Digital Ecosystems and Super-Apps

Author : Daniel Fasnacht

Published in: Theories of Change

Publisher: Springer International Publishing

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Abstract

Banking 4.0 is characterised by digital innovations, fusing the physical, artificial, and biological worlds, affecting societies, industries, and companies with ever higher speed and intensity. In the process to a new world order with new competitive forces and uncertainty, where goals are continually changing, and resources must be flexibly reorganised, there is no room for traditional ways of strategic thinking. With old management concepts, linear value chains, and rigid and closed organisational structures, established firms will be the losers. This article explains why the banking industry is ripe for disruption. It introduces a conceptual framework based on a case study research of Chinese juggernauts, including value constellations, platform business models and super-apps. Our journey from the industrial economy to the digital era opens up new vistas on how to create and capture value for businesses and clients of the next generation. We describe why modern leaders must embrace change, learn from Asia, and develop strategies through the lens of the ecosystem theory. Digital ecosystems focus on clients and data and consolidate interconnected goods and services. To achieve sustainable financial growth, we suggest an agile management approach that takes the digital transformation as a chance and builds upon partnerships to connect with diverse actors—technologically, socially, and culturally.

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Footnotes
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2
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Huang, J., Fasnacht, D., Starkey, K., Tempest, S. (2006) The Development of Architectural Ambidexterity: Information Technology in an Age of Hypercompetition. In: Best Paper Proceedings, Academy of Management, Vol. 2006, No. 1.
 
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Porter M (1980) Competitive Strategy: Techniques for Analyzing Industries and Competitors, The Free Press, New York.
 
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Schwab, K. and Davis, N. (2018) Shaping the Future of the Fourth Industrial Revolution, Penguin Books, New York.
 
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Wendt K (2015) Responsible Investment Banking, Springer, Groebenzell.
 
11
United Nations, Sustainbale Development Goals [online 21 September 2020] www.​un.​org/​sustainabledevel​opment/​
 
12
Chesbrough H and Bogers M (2014) Explicating open innovation: Clarifying an emerging paradigm for understanding innovation, In Chesbrough H, Vanhaverbeke W, West J (eds) New Frontiers in Open Innovation: 3–28. Oxford University Press, Oxford, p 17.
 
13
Accenture (2017) Your Role in the Ecosystem, Accenture Strategy.
 
14
Fasnacht D (2018) Open Innovation Ecosystems: Creating New Value Constellations in the Financial Services, Springer, Berlin, p. 132.
 
15
McKinsey & Company (2019) How the best companies create value from their ecosystems, 21 November.
 
16
Fasnacht D (2019) Chinesische Touristen wollen anders bezahlen, Bankmagazin, Sringer Professional, Nr. 12, 27 September.
 
17
McKinsey & Company (2019) How the best companies create value from their ecosystems, 21 November.
 
18
Investor Day (2020) Hangzhou, China.
 
19
Alibaba company homepage [online, 21 September 2020]. www.​alibabagroup.​com/​en/​about/​culture
 
20
Deloitte (2019) Global Millenial Survey 2019, Deloitte; Finra & CFA Institute (2018) Millennials and Investing [online 21 September 2020], www.​cfainstitute.​org/​-/​media/​documents/​support/​advocacy/​1801081-insights-millennials-and-investing-booklet.​ashx; Gallup (2018) 4 Ways Banks can Win and Keep Millennial Customers [online 21 September 2020], www.​gallup.​com/​analytics/​237734/​ways-banks-win-keep-millennial-customers.​aspx
 
21
Lusch, R.F. and Nambisan, S. (2015) Service Innovation: A Service-dominant Logic Perspective, MIS Quarterly, 39, 155–175.
 
Metadata
Title
Banking 4.0: Digital Ecosystems and Super-Apps
Author
Daniel Fasnacht
Copyright Year
2021
Publisher
Springer International Publishing
DOI
https://doi.org/10.1007/978-3-030-52275-9_15