Open innovation means gathering new ideas from sources beyond organizational boundaries. It occurs when solutions to address clients' needs are developed in collaboration and the resulting products and services are distributed through a flexible network of partners. Daniel Fasnacht's book, the first of its kind, discusses open business models in the context of the financial services industry. He elaborates the drivers for strategic change such as increasingly sophisticated clients or demanding shareholders among other trends, including the recent global financial crisis, and explains why the transition from a closed model of operation to open innovation is vital. Various case studies illustrate how to integrate the client into the firm's innovation process and emphasize the importance of smart client segmentation and a holistic advisory model to serve clients around the globe. Leaders must develop a set of new management practices to be able to invest in multiple strategic directions. They are responsible for giving clients a remarkable experience and for creating social relationship capital based upon an open innovation culture. Open Innovation in the Financial Services provides a much-needed framework for helping to understand industry dynamics in banking and to make the most of organizational energy by using open innovation to sustain profitable growth.

The book comes at the right time and offers a new mindset for business - not only for expansion strategies in general, but especially during turbulent times.

Sharing information and knowledge, co-innovating with clients, communities, and competitors and adopting cognitive technology, robo advisors, crowdfunding, and blockchain reflect current socio-economic behaviour. Emerging growth regions in Asia, demographic shifts, intergenerational wealth transfers and increasing regulations are other trends that amplify each other, disrupt the client journey, and affect the entire economy. Moreover, unprecedentedly, new market entrants outside the financial sector, be it Amazon, Apple, Google, or Facebook, are increasingly expanding their scale and scope to offer financial services. Featuring case studies of Chinese business ecosystems, such as Alibaba/Ant Financial, that have transformed from displaying domestic and organic growth to rapid global expansion, this highly readable book gives you glimpses of how banking services are evolving. We break down everything you need to know about the foray of challenger banks into the financial services. You learn how they link health to wealth data and gain advantages through analytical capabilities in the race to attract sophisticated clients with highly personalized experiences. The next level of creating and capturing value for clients and businesses involves platform models embedded in cross-sector ecosystems. Digital platforms are the crucial entry point to global markets, creating value for multiple sides. They leverage self-driving ecosystems that go beyond linear value chains applied in traditional business models as the sources of growth in an interconnected world are collaboration and network effects. The winners will be those who open up and engage themselves in an ecosystem that transcends 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 into open and holistic business models, where competition in future will be between ecosystems rather than at the 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.

Tauchen Sie ein in die faszinierende Welt der digitalen Disruption und entdecken Sie die transformative Kraft offener und digitaler Ökosysteme, die bis 2030 ein Drittel des Welthandels ausmachen werden. Das Buch zeigt, wie die Wertschöpfung über Organisationsgrenzen hinweg stattfindet und der Konsument ins Zentrum rückt. Die Konvergenz von Branchen und Technologien treibt die erlebnisorientierte Kundenreise voran und beschleunigt die digitale Transformation. Künstliche Intelligenz, Augmented Reality, das Internet der Dinge, Blockchain, Cloud- und Quantum-Computing sind die Schlüsselbausteine für Innovationen. Das goldene Dreieck der digitalen Ökosysteme umfasst Handel, soziale Medien und Finanzen. Unternehmen, wie Alibaba, Tencent, NIO, Alphabet, Apple, Amazon und Migros, zeigen beispielhaft, wie sie Kunden durch einzigartige Erlebnisse binden oder mit Super-Apps eine Vielzahl von Services integrieren. Mit tiefgreifenden Analysen und praxisnahen Anwendungsfällen lernen Sie, wie Unternehmen von diesem revolutionären Modell profitieren und Wachstum erzielen können. Unternehmen müssen in der Lage sein, Wissen und Ressourcen auszutauschen, schnell auf Marktveränderungen zu reagieren und die Balance zwischen der Optimierung bestehender Geschäfte und der Erschließung neuer Chancen zu finden. Die Führung in offenen und digitalen Ökosystemen erfordert ein Umdenken und neue dynamische Fähigkeiten. Als kooperative und vernetzte Prozesse werden Offenheit, Agilität und Ambidexterität als entscheidende Fähigkeiten betont. Dieses Buch ist ein unverzichtbarer Leitfaden für Unternehmen, die offene und digitale Ökosysteme als Schlüssel zum nachhaltigen Wachstum nutzen und eine agile und resiliente Organisation aufbauen möchten. Es liefert ein modernes Verständnis der Führung und zeigt, wie dieses die Zukunft der Arbeit prägt.