FINANCIAL SERVICES AND OPEN INNOVATION

Patrick Schueffel and Iustin Vadana

Chapter 13 in Open Innovation: A Multifaceted Perspective:(In 2 Parts), 2016, pp 315-346 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Despite the fact that it could help to overcome the current global financial crisis, the concept of open innovation is only very scarcely applied in the financial services sector. This international literature review covering the past decade provides an overview of the relevant body of literature on this topic. Two questions represent the starting point of this work: (1) Why is open innovation so scarcely applied in the banking, wealth management and insurance industries? and (2) Should the financial services sector use open innovab2202 tion more widely? Our findings show that various organisational factors as well as monetary reasons prevent financial services companies from applying open innovation processes. Yet, by taking into account the potential benefits that the concept of open innovation may yield, this approach should indeed be applied more widely in the financial services industry.

Keywords: Open Innovation; Innovation Management; Innovation Economics; Crowdsourcing; Living Labs; Ecosystems; Skills and Competencies; Quadruple Helex Model; Communities of Practice; Strategy; Open Data; Multidisciplinary (search for similar items in EconPapers)
Date: 2016
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