Open innovation in the financial services sector : a global literature review

Schüffel, Patrick (School of Management Fribourg, HES-SO // University of Applied Sciences Western Switzerland) ; Vadana Iustin (School of Management Fribourg, HES-SO // University of Applied Sciences Western Switzerland)

Despite the fact that it could help to overcome the current global financial crisis, the concept of open innovation is only very scarcely applied in the financial services sector. This international literature review covering the past decade provides an overview of the relevant body of literature on this topic. Two questions represent the starting point of this work: (1) Why is open innovation so scarcely applied in the banking, wealth management and insurance industries? and (2) Should the financial services sector use open innovation more widely? Our findings show that various organizational factors as well as monetary reasons prevent financial services companies from applying open innovation processes. Yet, by taking into account the potential benefits that the concept of open innovation may yield, this approach should indeed be applied more widely in the financial services industry.


Keywords:
Article Type:
scientifique
Faculty:
Economie et Services
School:
HEG FR Haute école de gestion de Fribourg
Subject(s):
Economie/gestion
Date:
2015
Pagination:
24 p.
Published in
Journal of innovation management
Numeration (vol. no.):
2015, vol. 3, no. 1, pp. 25-48
ISSN:
2183-0606
External resources:
Appears in Collection:



 Record created 2015-08-27, last modified 2018-11-09

Fulltext:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)