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Open Banking: The Emergence of New Digital Business Models

Author

Listed:
  • Boumediene Ramdani

    (Centre for Entrepreneurship, College of Business and Economics, Qatar University, Qatar)

  • Ben Rothwell

    (Aldermore Bank PLC, London, UK)

  • Elias Boukrami

    (Business & Management, Regent’s University London, London, UK)

Abstract

Open banking has recently been advanced as a measure to foster competition and innovation in the retail banking sector. Since its introduction in the UK, a number of banks have created new digital business models (BMs) that offer individuals and businesses access to more personalized financial services. Yet, it is still unclear what new entrants (smaller and newer banks) have done to potentially disrupt incumbents (larger and well-established banks). To shed light on the innovations in BMs that have been initiated by digital banks to move away from traditional retail banking BM, seven digital BMs operating in the UK financial sector were examined using the BM innovation analysis framework. Our findings suggest that innovation in the new digital BMs has been achieved by building on the existing retail banking activities, developing new digitally enabled activities, and leveraging open innovation activities. Implications of our findings for researchers, managers and policy makers will be outlined.

Suggested Citation

  • Boumediene Ramdani & Ben Rothwell & Elias Boukrami, 2020. "Open Banking: The Emergence of New Digital Business Models," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 17(05), pages 1-19, August.
    • Handle: RePEc:wsi:ijitmx:v:17:y:2020:i:05:n:s0219877020500339
    DOI: 10.1142/S0219877020500339
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    Citations

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    Cited by:

    1. José Ramón Martínez Resano, 2021. "Regulating for competition with BigTechs: banking-as-a-service and “beyond banking”," Financial Stability Review, Banco de España, issue Autumn.
    2. Laura Grassi & Nicolas Figini & Lorenzo Fedeli, 2022. "How does a data strategy enable customer value? The case of FinTechs and traditional banks under the open finance framework," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-34, December.
    3. Sánchez, Marisa A., 2022. "A multi-level perspective on financial technology transitions," Technological Forecasting and Social Change, Elsevier, vol. 181(C).
    4. José Ramón Martínez Resano, 2021. "Regulating for competition with BigTechs: banking-as-a-service and “beyond banking”," Financial Stability Review, Banco de España, issue Autumn.
    5. Laura Grassi, 2024. "In a world of Open Finance, are customers willing to share data? An analysis of the data-driven insurance business," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(3), pages 727-753, September.
    6. Gorka Briones de Araluze & Natalia Cassinello Plaza, 2023. "The Relevance of Initial Trust and Social Influence in the Intention to Use Open Banking-Based Services: An Empirical Study," SAGE Open, , vol. 13(3), pages 21582440231, July.
    7. Sadowski Krystian, 2021. "Impact of PSD2 on The Payment Services Market – General Objectives and Evidence from Polish and UK Legal Systems," Wroclaw Review of Law, Administration & Economics, Sciendo, vol. 11(1), pages 89-102, December.
    8. José Ramón Martínez Resano, 2021. "Regulating for competition with BigTechs: banking-as-a-service and “beyond banking”," Revista de Estabilidad Financiera, Banco de España, issue Otoño.
    9. Mohammad Bagher Arayesh & Mostafa Rezaeirad & Mohammad Aidi & Tohfeh Ghobadi Lamuki, 2022. "Modeling the platform-based banking in commercial banks of Iran," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(4), pages 351-367, December.

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