Open innovation in financial services: what are the external drivers? Online publication date: Thu, 24-Jul-2014
by Anne-Laure Mention; Andrey Martovoy; Marko Torkkeli
International Journal of Business Excellence (IJBEX), Vol. 7, No. 4, 2014
Abstract: Over the last decades, the financial services sector has been affected by drastic changes, resulting from multiple sources: (de-, re-)regulation; dominant role of information and communication technologies; shift to off balance sheet activities; service bundling; and changes in customer preferences. This has challenged financial institutions and induced stronger needs for innovation. However, empirical evidence on the actual drivers of innovation in this sector is scarce. Even less is known on the factors of open innovation. This research addresses this gap by empirically exploring drivers of innovation in financial services. Drawing upon four datasets, we found that several forms of innovation in financial services are relatively strongly and positively correlated with the following indicators: number of mobile cellular subscriptions, domestic market size index, and bank concentration. Meanwhile, there is a negative correlation between the rate of product developed mainly by other enterprises and quality of management schools in a given country.
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