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This book gathers together some of the most up-to-date thinking in
the growing field of innovation in services and more particularly,
in financial services. It explores the peculiarities of innovation
in financial services firms and surrounding market players,
discusses the open nature of the innovation process, and analyses
its success factors and its interplay with strategy and
performance. This book provides topical insights on the challenges
facing the financial industry, such as the convergence with other
sectors, and the increasing regulatory burden. By combining
multidisciplinary approaches and by selecting a number of
cutting-edge research models, theories, empirical findings and
practitioners' insights, it offers unique, contemporary and
multidimensional perspectives on innovation for a sector of
paramount importance for the running of economies around the world.
This book comes at a time of turbulence, uncertainty and within an
industry in need of vision and strategic foresight. By synthesizing
multiple views from academia and practice, it opens the agenda and
contributes to the on-going debate of redefining the multi-polar
role of innovation in the financial industry.
Technology-driven innovation in financial services has been
attracting global attention and interest. FinTech innovation is
presenting a paradigm shift in financial services affecting a wide
range of products, processes and services but also sparking a
broader evolutionary transformation, growth opportunities and
foundational systemic and structural changes in light of
technological interdependencies among market players,
infrastructures and ecosystem stakeholders.Transformation Dynamics
in FinTech contributes to the intellectual curiosity around the
symbiotic relationship of finance and technology by focusing on the
multidimensional and multidisciplinary role of open innovation
within FinTech innovation, observing and communicating the latest
technological, managerial, governance, policy and regulatory
perspectives, trends and developments.This book is an essential
reading for anyone interested in the growing and evolving
development of FinTech ecosystems based on new capabilities and
structures that create new dominant architectural designs, which
determine competitive dynamics, products, services, processes,
business models, markets, value chains, within an open and
transformed financial services industry landscape.
Recent developments of Internet-based digital technologies have
revealed a huge potential of developing open, collaborative and
network-centred innovation. However, firms face major challenges in
using new technologies for rapid prototyping, data-mining,
simulation, visualization, etc. to support their Open Innovation
strategies.Responding to the need for further conceptual and
empirical research on technology-enhanced open innovation, this
book provides fresh and topical insights on how firms from
different sectors have successfully implemented digital
technologies for Open Innovation. Based on rich empirical data,
this book discusses the benefits and drawbacks, the processes, the
characteristics and the management practices of ICT-driven Open
Innovation in private as well as public organizations.
For the last fifteen years, open innovation has been one of the
hottest topics in innovation management research. Digitalisation of
the open innovation process has also emerged as a concept of high
organisational value. The potential benefits of this concept and
how firms organise, or should organise, in order to realize these
benefits have been addressed in numerous empirical studies
published in scientific journals as well as books. Responding to
the need for further conceptual and empirical research on open
innovation in services, this book reveals if and how service
providers in different service sub-sectors have implemented the
concept of open innovation. Based on rich empirical data, the book
discusses the benefits and drawbacks, the processes, the
characteristics and the management practices of open innovation in
private as well as public service organizations.Through a series of
empirical case studies focusing on the open innovation practices of
different public and private service organizations, this book
contributes to deepening our understanding of how the concept of
open innovation has been implemented in services, and what
challenges, achievements and benefits that are associated with the
implementation of open innovation concepts in this sector. These
insights it provides can assist managers of both private and public
service providers to confidently implement open innovation in an
efficient manner in their organizations.
Open Innovation: A Multifaceted Perspective unveils research on
open innovation from multidisciplinary perspectives and with
practical insights from leaders and policy-makers. The first
section addresses the links between open innovation and various
disciplines, methods, concepts and policy instruments. The second
section reviews selectively the literature, focusing essentially on
open service innovation and innovation in financial services
industries. It also explores different forms and types of practices
reflecting the adoption and implementation of open innovation. The
third section focuses on the management of open innovation, paying
specific attention to the individual, intra- and
inter-organizational levels.
What is the profile to excel and lead in an open innovation
environment, within and across organizational boundaries? What are
the organizational ingredients and ways contributing to the
creation of the right corporate open innovation environment and
culture, within and across organizational boundaries? What is the
role of organizational culture as a catalyst for adopting open
innovation practices? What kinds of educational and training
curricula for open innovation need to be developed and put in
place? By unveiling the peculiarities of the dynamic interplay
between the individual and organizational spectrums, this volume,
seeks to provide relevant answers to these questions, among others.
Readers are invited to embark on a fascinating and challenging
journey towards one of the darkest of sides and mysteries of open
innovation: the human element.Open Innovation: Unveiling the Power
of the Human Element brings together the latest thinking from
members of the academic community, industry leaders and
practitioners, along with, policy-makers. By adopting a variety of
research methods, this volume provides relevant up-to-speed but at
the same time down-to-earth invaluable insights, foresights and
solutions in relation to the role and the positioning of the human
element within the participatory and connection-driven DNA of the
open innovation paradigm.
Digital innovation - involving the Internet, its content and
ecosystems of global users - is a rapidly evolving way of creating
strategic and societal value. The phenomenon of Open data is on the
rise and transforming the fundamental nature of how many
industries, companies and governments connect with each other and
the end-users of products and services - from increased
customer-centric innovations, to winning political campaigns, and
managing public health concerns. Open data holds the promise of
greater transparency, greater accountability and empowerment of
stakeholders. Yet curating and publicly sharing data can be
difficult, requires substantive investments in knowledge
infrastructures and incentives to do so are not well understood.
Who is driving and enabling the open data movement? What motivates
organizations to release data and how are they using it to create
value? What are the current challenges and how are they being
mitigated? What are the decision-frames adopted for sharing data?
What are the possible applications and lessons to be learnt from
current practices? What is the role of organisational ingredients
and culture as a catalyst for adopting and facilitating open data
practices? What is the possible impact of semantic web application?
By exploring the multiple dimensions of open data and the interplay
of economic utility, governance, societal values of fairness and
trust, this volume seeks to entice readers by providing
evidence-based answers to these questions, among others. Readers
are tempted to a progressively revealing and enlightening journey
from the conceptualisation to cultural proliferation of the latest
trends in knowledge management: open data.Digital Innovation:
Harnessing the Value of Open Data draws on practical experiences,
bringing together widely distributed and latest knowledge of open
data practices as case studies from researchers, academics,
industry leaders, policy advisors and practitioners. In exploring
the economics and technology paradigms, data governance and
management practices of digital-centric private and public
organizations, this volume sheds light on why there exists a need
to embrace open data, what is needed to optimize the value of open
data in driving digital innovation and how it is being currently
conceived. The book draws a thought-provoking conclusion on open
data as a purpose-driven phenomenon, with its disparate
applications in a world of where global convergence on information
sharing, storing and management are increasingly becoming a
norm.Related Link(s)
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