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2018 | OriginalPaper | Chapter

6. Businesses with Ecosystem Mindset

Author : Daniel Fasnacht

Published in: Open Innovation Ecosystems

Publisher: Springer International Publishing

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Abstract

While large and traditional firms usually represent financial and organizational stability, fintechs are agile and flexible when it comes to transformational changes as they are part of disruptive business models. The characteristics could not be more diverse; the more stability and agility mutually exclude each other. The success of incumbents as well as startups in the next decade is predicted on being part of an ecosystem where they can acquire the capabilities required to innovate and grow. We provide a wide-lens view that expands business development to the entire ecosystem, considering the environment and all stakeholders. Financial institutions need to redefine their individual value chains and adopt an ecosystem mindset with value constellations. A dynamic client segmentation based on behaviour, supported by artificial intelligence and machine learning, provides a better understanding of client needs. The increasing client intelligence helps to develop new segments with innovative solutions. While some firms applied different models for automated investments, others test digital fund platforms as data supplier for the synthetic development of new products. Harnessing the ecosystem to develop underserved markets, create new businesses, or use cases for blockchain asset management and as a transaction management platform is what we discuss in this chapter.

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Footnotes
1
For the adaptation–imitation theory, see Kirton, M.J. (1980) “Adaptors and innovators in organizations”, Human Relations, 3, 213–224. Kirton’s theory has been put into the practical context of banking by Holland, P.A. (1987) “Adaptors and innovators: Applications of the Kirton adaptation–innovation inventory to bank employees”, Psychological Reports, 60, 263–270.
 
2
Chesbrough, H. (2006) Open business models. Harvard Business School Press, Boston, MA.
 
3
Source: BackEnd Benchmarking (2017) The Robo Report: Q4 2017.
 
4
For the conceptualization of client centricity, see Selden, L. and Colvin, G. (2003) Angel customers and demon customers. Portfolio/Penguin Group, New York. For research and segmentation by qualitative and psychographic dimensions in the financial services, see Fasnacht, D. (2009) Open Innovation in the Financial Services. Springer.
 
5
Larson, C. (2018) “China’s massive investment in artificial intelligence has an insidious downside”, Science, 8 February 2018.
 
6
FTSE Russell, FTSE Sharia Global Equity Index Series [online 20 February 2018], http://​www.​ftse.​com/​products/​indices/​Global-Sharia
 
7
The case study was compiled with permission of NatWest and with collaboration of the Global Banking Alliance for Women. For more information refer to GBA (2017) “NatWest: Leveraging the Ecosystem to Educate, Inspire and Connect Women in Business”.
 
8
The Global Banking Alliance for Women is a role model for harnessing the power of women as they still face a number of barriers to financial inclusion. The GBA and its partners work in 135 countries to build innovative, comprehensive programs that provide women and women entrepreneurs with vital access to capital, markets, education, and training. www.​gbaforwomen.​org
 
9
Strive Insight (2017) “The Future of Fintech – A Consumer View” [online 28 March 2018] http://​striveinsight.​com/​assets/​fintech.​pdf
 
10
For further information to Fundbase and Nectar Smart Alternatives, see https://​www.​fundbase.​com/​ and https://​www.​nectarfinancial.​com/​
 
11
The J-curve also looks like a hockey stick and refers to a period of negative returns or sentiments that is followed by a gradual recovery that stabilizes at a higher level than before the decline. For knowledge generation in the context of organizational collaboration, see the seminal work of Nonaka, I. and Takeuchi, H. (1995) The knowledge-creating company. Oxford University Press, New York.
 
Metadata
Title
Businesses with Ecosystem Mindset
Author
Daniel Fasnacht
Copyright Year
2018
DOI
https://doi.org/10.1007/978-3-319-76394-1_6

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