Open innovation in financial institutions: individual and organisational considerations
by Dimitrios G. Salampasis; Anne-Laure Mention
International Journal of Transitions and Innovation Systems (IJTIS), Vol. 6, No. 1, 2018

Abstract: This qualitative empirical paper contributes to extant literature by unveiling peculiarities of: a) the profile of an open innovation leader; b) the organisational practices and mechanisms conductive to an open innovation corporate environment, by bringing insights from the financial services industry. Thirty in-depth semi-structured interviews have been conducted with C-level executives of major financial institutions in Europe, Americas and Asia-Pacific and 100 job openings and descriptions have been reviewed. This research sharpens the understanding of open innovation in the financial industry, especially in the face of disruptive technological forces and FinTech innovation. Open innovation requires individual, organisational and cultural readiness. Integrated open innovation capabilities, dedicated open innovation teams, along, with, solid talent acquisition/retention, learning and development mechanisms, become crucial components. This paper shares novel academic and managerial implications on this dynamic co-dependence towards understanding the "human side of open innovation" and embracing open innovation practices within financial services institutions.

Online publication date: Tue, 27-Mar-2018

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