Open innovation to accelerate the adoption of artificial intelligence in the financial services industry

Leandro Andrés Culetto and Emmanuel Peña Álvarez

EthAIca: Journal of Ethics, AI and Critical Analysis, 2024, vol. 3, 138

Abstract: This case report examines the implementation of an open innovation program in a software development company, focusing on accelerating artificial intelligence adoption through strategic collaboration with startups. The situational analysis identifies the challenges faced by technology companies in sustaining the rapid pace of innovation driven by exponential technological growth and increasing competition. To address these challenges, several strategies are outlined in action plans aimed at enhancing artificial intelligence adoption and promoting open innovation in both product and process dimensions. The conclusion highlights that the synergy between open innovation and artificial intelligence presents an opportunity to establish a sustainable competitive advantage for financial services companies that embrace it.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:dbk:ethaic:v:3:y:2024:i::p:138:id:138

DOI: 10.56294/ai2024138

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