On the Fintech revolution: Interpreting the forces of innovation, disruption and transformation in financial services
Firms in the financial services industry have been faced with the dramatic and relatively recentemergence of new technology innovations, and process disruptions. The industry as a whole, and many newfintech start-ups are looking for new pathways to successful business models, the creation of enhance...
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| Main Authors: | , , , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2018
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/sis_research/4274 https://ink.library.smu.edu.sg/context/sis_research/article/5277/viewcontent/Gomber_Kauffman_Parker_and_Weber_On_the_Fintech_Revolution_242l035.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | Firms in the financial services industry have been faced with the dramatic and relatively recentemergence of new technology innovations, and process disruptions. The industry as a whole, and many newfintech start-ups are looking for new pathways to successful business models, the creation of enhanced customerexperience, and new approaches that result in services transformation. Industry and academic observers believethis to be more of a revolution than a set of less impactful changes, with financial services as a whole due formajor improvements in efficiency, in customer centricity and informedness. The long-standing dominance ofleading firms that are not able to figure out how to effectively hook up with the “Fintech Revolution” is at stake.This article presents a new fintech innovation mapping approach that enables the assessment of the extent towhich there are changes and transformations in four key areas of the financial services industry. We discuss: (1)operations management in financial services, and the changes that are occurring there; (2) technologyinnovations that have begun to leverage the execution and stakeholder value associated with paymentssettlement, cryptocurrencies, blockchain technologies, and cross-border payment services; (3) multiple fintechinnovations that have impacted lending and deposit services, peer-to-peer (P2P) lending and the use of socialmedia; (4) issues with respect to investments, financial markets, trading, risk management, robo-advisory andrelated services that are influenced by blockchain and fintech innovations. |
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