Open innovation in financial institutions: individual and organisational considerations

Dimitrios G. Salampasis and Anne-Laure Mention

International Journal of Transitions and Innovation Systems, 2018, vol. 6, issue 1, 62-87

Abstract: This qualitative empirical paper contributes to extant literature by unveiling peculiarities of: a) the profile of an open innovation leader; b) the organisational practices and mechanisms conductive to an open innovation corporate environment, by bringing insights from the financial services industry. Thirty in-depth semi-structured interviews have been conducted with C-level executives of major financial institutions in Europe, Americas and Asia-Pacific and 100 job openings and descriptions have been reviewed. This research sharpens the understanding of open innovation in the financial industry, especially in the face of disruptive technological forces and FinTech innovation. Open innovation requires individual, organisational and cultural readiness. Integrated open innovation capabilities, dedicated open innovation teams, along, with, solid talent acquisition/retention, learning and development mechanisms, become crucial components. This paper shares novel academic and managerial implications on this dynamic co-dependence towards understanding the "human side of open innovation" and embracing open innovation practices within financial services institutions.

Keywords: open innovation; financial services industry; qualitative; human side; individual; organisational; interviews; capabilities. (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://www.inderscience.com/link.php?id=90781 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijtisy:v:6:y:2018:i:1:p:62-87

Access Statistics for this article

More articles in International Journal of Transitions and Innovation Systems from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().