Open Innovation Ecosystems: Creating New Value Constellations in the Financial Services 2nd ed. 2018 [Kõva köide]

  • Formaat: Hardback, 283 pages, kõrgus x laius: 235x155 mm, kaal: 653 g, 10 Illustrations, color; XXXVIII, 283 p. 10 illus. in color., 1 Hardback
  • Sari: Management for Professionals
  • Ilmumisaeg: 28-Nov-2018
  • Kirjastus: Springer International Publishing AG
  • ISBN-10: 3319763938
  • ISBN-13: 9783319763934
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  • Formaat: Hardback, 283 pages, kõrgus x laius: 235x155 mm, kaal: 653 g, 10 Illustrations, color; XXXVIII, 283 p. 10 illus. in color., 1 Hardback
  • Sari: Management for Professionals
  • Ilmumisaeg: 28-Nov-2018
  • Kirjastus: Springer International Publishing AG
  • ISBN-10: 3319763938
  • ISBN-13: 9783319763934
Teised raamatud teemal:

The next level for creating and capturing value for clients and businesses in the banking, wealth and asset management industry are platform business models embedded in cross-sector ecosystems.

Sharing information and knowledge, co-innovating with clients, communities, and competitors and adopting cognitive technology, robo advisors, crowdfunding, and blockchain reflect the socio-economic behavior in the interconnected digital world. Emerging growth regions in Asia, demographic shifts, intergenerational wealth transfers, and increasing regulations are further trends that are amplifying each other and disrupting the client journey and affecting the entire economy.

As this is not enough, we have never experienced before that new market entrants outside the financial sector, be it Amazon, Apple, Google, or Facebook, increasingly expand scale and scope to offer financial services. Featuring case studies of Chinese cross-sector ecosystems like that of Alibaba and Ant Financial that transformed from domestic and organic growth to rapid global expansion, this highly readable book gives you a glimpse how banking services where you just walk out of the store and pay with a smile are evolving. We break down everything you need to know about challenger bank’s foray into financial services by leveraging their digital platforms and analytical capabilities, offering services from health to wealth, threatening incumbent banks.

This is the last call for banks with traditional business models to open up and engage in an innovation ecosystem that transcend organizational boundaries and performs without sector borders because every actor contributes to the value constellation of the system. 

The book provides practitioners and scholars with new insights about open and holistic business models with platforms as the crucial entry point to global markets where competition will be among ecosystems rather than on company level. It encourages leaders to expand their skills and think through the lens of the ecosystem theory, while developing compelling strategies to serve the next generation clients.



This book discusses open business models in the financial services industry. It explores the developments during the last twenty years, including the subprime crisis and explains the vital transition from a closed model of operation to open innovation.

1 Preparing for the New Reality
1(24)
1.1 Radical vs. Incremental vs. Disruptive
1(4)
1.2 The Paradigm Shift
5(2)
1.3 Mastering the Transformation
7(2)
1.4 International Financial Centres
9(3)
1.5 Financial Services Quo Vadis?
12(3)
1.6 We Live in a Digital Service Economy
15(2)
1.7 Banks Are in Decline but Are Necessary
17(2)
1.8 What Is the Role of Fintechs and Non-banks?
19(4)
1.9 Conclusion
23(2)
2 Disruptive Trends
25(44)
2.1 Understanding the Drivers of Strategic Change
25(2)
2.2 Market
27(7)
2.2.1 Overview
27(1)
2.2.2 Wealth Growth
27(1)
2.2.3 Reordering Global Trade with the New Silk Road
28(2)
2.2.4 Competition and Consolidation Driven by Non-banks
30(1)
2.2.5 Impactful Demographic Changes
31(3)
2.3 Client
34(9)
2.3.1 Overview
34(1)
2.3.2 New Client Service Models
35(3)
2.3.3 Clientele with New Behaviour
38(2)
2.3.4 The Inevitable Wealth Transfer
40(2)
2.3.5 New Offering Required
42(1)
2.4 Regulation
43(10)
2.4.1 Overview
43(1)
2.4.2 Regulations Stabilize Financial Markets
44(1)
2.4.3 The Global Thread of Shadow Banking
45(1)
2.4.4 New Markets, New Regulations
46(1)
2.4.5 The Era of the Bank-Client Confidentiality Is Over
47(3)
2.4.6 Money Laundering and Terrorism
50(1)
2.4.7 How to Regulate Fintechs
51(2)
2.5 Technology
53(12)
2.5.1 Overview
53(1)
2.5.2 Innovative, Transformational, Disruptive
54(1)
2.5.3 The Rise of Cognitive Technologies
54(3)
2.5.4 Robo-advisory and Automated Investment Platforms
57(2)
2.5.5 Crowdfunding Is a Serious Trend
59(3)
2.5.6 Blockchain Can Transform Finance
62(3)
2.6 Disruptive Trends Create the New Landscape
65(4)
3 Strategic Choices for Growth
69(28)
3.1 Understanding Growth
69(3)
3.2 Understanding Profitability
72(6)
3.2.1 The Profitability Paradox
74(2)
3.2.2 Achieving Profitable Growth
76(2)
3.3 Growing Through Acquisitions
78(4)
3.4 Global Expansion Strategies
82(2)
3.5 Asset Management Is All About Size
84(2)
3.6 Rising to Prominence
86(4)
3.7 Encouraging Growth
90(4)
3.7.1 The Chief Growth Officer
90(2)
3.7.2 The Chief Marketing Officer
92(2)
3.8 New Business Risk Management
94(3)
4 Open Innovation in the Financial Services
97(34)
4.1 Understanding Innovation
97(17)
4.1.1 Innovation Is the Magic Bullet
97(1)
4.1.2 Invention First, Innovation Second
98(2)
4.1.3 Types of Innovation
100(1)
4.1.4 Defining Products and Services in Banking
101(1)
4.1.5 Special Characteristics of Service Innovation
101(4)
4.1.6 Only the Combination Creates Value
105(2)
4.1.7 Key Innovations in the Financial Services
107(3)
4.1.8 Innovate or Die
110(1)
4.1.9 Client Value Innovation
111(1)
4.1.10 Imitation
112(2)
4.2 The Need for Open Innovation
114(4)
4.2.1 The Traditional Innovation Paradigm
114(1)
4.2.2 Borderless Innovation Processes
115(2)
4.2.3 It Is All About Collaboration
117(1)
4.3 Open Innovation Is Symbiotic
118(6)
4.3.1 What Does Open Mean?
118(2)
4.3.2 The Open Model of Innovation
120(2)
4.3.3 White Labelling
122(2)
4.4 The Challenges of Open Innovation
124(5)
4.4.1 Controlling
124(3)
4.4.2 Measuring
127(2)
4.5 The Next Level of Open Innovation
129(2)
5 Open Innovation Ecosystems
131(42)
5.1 Defining the Ecosystem
131(19)
5.1.1 Types of Ecosystems
131(1)
5.1.2 Network Effects and Hyperconnectivity
132(1)
5.1.3 Creating Value in an Ecosystem
133(1)
5.1.4 Dynamic Value Constellation
134(3)
5.1.5 The Advantages of an Ecosystem
137(1)
5.1.6 The Roles of the Ecosystem Members
138(9)
5.1.7 Managing the Innovation Ecosystem
147(3)
5.2 Tapping into Regional Ecosystems
150(7)
5.2.1 Large and Small Ecosystems
150(1)
5.2.2 The Silicon Valley
151(3)
5.2.3 The Crypto Valley
154(3)
5.3 Alternative Ecosystems
157(2)
5.4 Cross-Sector Ecosystems: Fast Scaling Growth
159(10)
5.4.1 The Big Fusion
159(1)
5.4.2 Technology-Based Ecosystems
160(1)
5.4.3 The Winner Takes It All
161(5)
5.4.4 Success Factors of an Ecosystem Incubator
166(3)
5.5 Competing in a World of Ecosystems
169(2)
5.6 Conclusion
171(2)
6 Businesses with Ecosystem Mindset
173(32)
6.1 Business Model Innovation
173(5)
6.1.1 Adaptation
173(1)
6.1.2 Agility and Flexibility
174(1)
6.1.3 Focus on Value Creation for Clients
175(1)
6.1.4 Independency, Transparency, and Efficiency
176(2)
6.2 Different Models for Automated Investments
178(1)
6.3 The Right Ecosystem Strategy
179(1)
6.4 Enhancing the Client Journey
180(16)
6.4.1 How to View the New Clientele
180(2)
6.4.2 Dynamic Client Segmentation
182(1)
6.4.3 Combine Predictive and Cognitive Capabilities
183(2)
6.4.4 Differentiate with Niche Business Models
185(3)
6.4.5 New Ecosystems for New Clientele
188(4)
6.4.6 Turning Consumers into Clients
192(2)
6.4.7 Trust Remains Important in the Digital World
194(2)
6.5 Capturing Value in the Ecosystem
196(3)
6.5.1 Product Development with Platform Data
196(3)
6.5.2 Systematic Investment Strategies with Smart Data
199(1)
6.6 Blockchain as a New Asset Class
199(2)
6.7 Blockchain as a Leaver for Operational Efficiency
201(1)
6.8 Shifting the Mindset
202(3)
7 Ecosystem Services
205(26)
7.1 Disruptive Trends and Strategic Change
205(1)
7.2 Required Services
206(17)
7.2.1 Open Innovation Culture
207(1)
7.2.2 Boost New Ideas in Open Space
208(3)
7.2.3 Ambidextrous Innovation Capabilities
211(2)
7.2.4 Mastering Efficiency, Innovation, and Collaboration
213(1)
7.2.5 The New Design for Innovation Ecosystems
214(1)
7.2.6 Feeding the Ecosystem with Entrepreneurs
215(2)
7.2.7 Managing the Ecosystem with Intrapreneurs
217(3)
7.2.8 Run the Business and Change the Business
220(1)
7.2.9 Social Capital Is Building Collaborative Intelligence
221(1)
7.2.10 Benefits of Social Capital
222(1)
7.3 Learning from Ecosystems
223(1)
7.4 Becoming an Ecosystem Leader
224(4)
7.4.1 New Roles Required
224(1)
7.4.2 The Chief Innovation Officer
225(2)
7.4.3 Strong Management Commitment
227(1)
7.5 Conclusion
228(3)
8 Banking for the Next Generation
231(14)
8.1 The World Is Changing
231(1)
8.2 Chinese Ecosystems Will Transform Financial Services
232(1)
8.3 The Impact on Businesses
233(3)
8.4 What About the Far Future?
236(1)
8.5 Finding the "New"
237(2)
8.6 Blueprint of the Futures
239(1)
8.7 Living in a Social Credit System
240(1)
8.8 Floating in the Ecosystem
241(4)
9 The Way Forward
245(14)
9.1 Invite Challenges to Renew the Organization!
245(1)
9.2 Encourage Growth and Remain Profitable!
245(1)
9.3 Understand the Macroeconomic Changes!
246(1)
9.4 Embrace Disruption!
246(1)
9.5 Learn from the Challengers!
247(1)
9.6 Comply with the Rules!
247(1)
9.7 Don't Be Afraid of Robots!
248(1)
9.8 Invest into Artificial Intelligence!
249(1)
9.9 Evaluate Peer-to-Peer Platforms for Lending and Funding!
249(1)
9.10 Find Monetization Opportunities with Blockchain!
250(1)
9.11 Define and Measure Open Innovation!
251(1)
9.12 Bring Innovation to Your Ecosystem!
251(1)
9.13 Create and Capture Value in the Ecosystem!
252(1)
9.14 Focus on Data in the Ecosystem!
252(1)
9.15 Treat Data with Upmost Care!
253(1)
9.16 Realize Businesses with an Ecosystem Mindset!
254(1)
9.17 Provide an Open and Innovative Environment!
255(1)
9.18 Think Differently!
255(1)
9.19 Foster Social Capital!
256(1)
9.20 Develop Blueprints of the Futures!
257(1)
9.21 Adopt Trailblazing Ecosystem Strategies!
257(2)
Concluding Remarks 259(6)
Glossary 265(12)
Index 277
Daniel Fasnacht is a thoughtful leader with more than 25 years of professional experiences in the financial services industry. He began his career at SAP and Accenture, where he advised clients and led complex projects around the globe. Later, he worked for large private banks like Credit Suisse and Julius Baer, delivering value propositions and serving international high net worth individuals and families. Recently, he has been engaged as chief executive officer, developing small asset managers in Switzerland. He is the founder of Ecosystem Partners Ltd., a promotion and consulting firm for innovativeness and swissness. During his Ph.D. research, he came across the concept of open innovation in 2002 and was one of the first who adopted Professor Henry Chesbrough's early work from the manufacturing and high-tech industry in the Silicon Valley to the financial services with the thesis title Open Innovation: A Case Study in the Banking Industry. He published his first book Open Innovation in the Financial Services: Growing Through Openness, Flexibility and Customer Integration in 2009 by Springer. He understands the disruptive challenges of the banking, wealth, and asset management industry and has always strived to find innovative strategies, be it in practice or through dozens of articles and speeches. Daniel Fasnacht holds degrees in information management, an MBA from the University of St. Gallen, Switzerland in collaboration with the University of Berkeley, Haas School of Business, USA, and a Ph.D. in Strategic Management from the University of Nottingham, UK.

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