Open Innovation Ecosystems: Creating New Value Constellations in the Financial Services

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.