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Open innovation in financial institutions: individual and organisational considerations

Author

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  • Dimitrios G. Salampasis
  • Anne-Laure Mention

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.

Suggested Citation

  • Dimitrios G. Salampasis & Anne-Laure Mention, 2018. "Open innovation in financial institutions: individual and organisational considerations," International Journal of Transitions and Innovation Systems, Inderscience Enterprises Ltd, vol. 6(1), pages 62-87.
    • Handle: RePEc:ids:ijtisy:v:6:y:2018:i:1:p:62-87
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    Cited by:

    1. Anna Eugenia Omarini, 2018. "Banks and Fintechs: How to Develop a Digital Open Banking Approach for the Bank’s Future," International Business Research, Canadian Center of Science and Education, vol. 11(9), pages 23-36, September.
    2. Richardson Pessoa Diniz, 2024. "Impact of Innovative Work Behaviour and Digitalization on Organization performance: Empirical evidence from Brazil," International Journal of Science and Business, IJSAB International, vol. 33(1), pages 1-17.
    3. Fan, Xiaoming, 2024. "Fintech platforms and information service quality from the perspective of investor cognition," Technology in Society, Elsevier, vol. 77(C).
    4. Zhiyong Zheng & Jian He & Yingjie Yang & Mengting Zhang & Desheng Wu & Yang Bian & Jianhong Cao, 2023. "Does financial leverage volatility induce systemic financial risk? Empirical insight based on the Chinese fintech sector," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 1142-1161, March.

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