Title: Open innovation and collaboration in the financial services sector: exploring the role of trust

Authors: Dimitrios Salampasis; Anne-Laure Mention; Marko Torkkeli

Addresses: Public Research Centre-Henri Tudor, 29 Avenue John F. Kennedy, L-1855, Luxembourg ' Public Research Centre-Henri Tudor, 29 Avenue John F. Kennedy, L-1855, Luxembourg ' Lappeenranta University of Technology, Prikaatintie 9, FI-45100 Kouvola, Finland

Abstract: This paper aims at exploring the role of trust within the financial services sector in relation to open and collaborative financial innovation. Financial services nowadays represent considerable share of the global economy. In the European Union (EU-27), financial services accounted for 5.9% of the gross value added in 2010 (Eurostat, 2011). There is a vast discussion about open innovation and the need for collaboration and knowledge sharing; however, in the process of building up this open and collaborative framework, trust does not yet seem to have a place in the academic debate. Relying on a review covering multiple literature streams and primary data collected from interviews, the relevant antecedents of trust in the financial services sector under this open and collaborative perspective, ex-post financial crisis are identified.

Keywords: financial services; open innovation; collaboration; trust; European Union; EU; collaborative financial innovation; knowledge sharing.

DOI: 10.1504/IJBIR.2014.064609

International Journal of Business Innovation and Research, 2014 Vol.8 No.5, pp.466 - 484

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 16 Aug 2014 *

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