FinTech and the transformation of the financial industry

Alt, Rainer; Beck, Roman; Smits, Martin

doi:10.1007/s12525-018-0310-9

Cited by 266 publications

(178 citation statements)

References 27 publications

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“…FinTech business models are developed to be affordable and cost-effective, and, therefore, stand out from traditional financial service providers (Gagliardi et al, 2016). As argued by Alt, Beck, and Smits (2018) According to Puschmann (2017), the term FinTech was probably mentioned for the first time by the Citicorp CEO, John Reed at a convention in the 1990s. However, the sector only started to emerge and became popular in 2008 due to the technological development for mobile devices, changes in financial customer behavior, e-finance development, and the global financial crisis (Alt & Puschmann, 2012;Lee & Shin, 2018).…”

Section: Fintechmentioning

confidence: 99%

“…However, the sector only started to emerge and became popular in 2008 due to the technological development for mobile devices, changes in financial customer behavior, e-finance development, and the global financial crisis (Alt & Puschmann, 2012;Lee & Shin, 2018). The spread of mobile devices and digital financial services have enabled customers to gain access to their financial information anytime and anywhere (Alt et al, 2018). Alt and Puschmann (2012) argue that customer behavior has changed due to the emergence of the native digital generation, who have a closer relationship with the technologies and seek more transparency in the provision of financial services.…”

Section: Fintechmentioning

confidence: 99%

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Understanding FinTech Ecosystem Evolution Through Service Innovation and Socio-technical System Perspective

Castro

Rodrigues

Teixeira

2020

Exploring Service Science

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In the context of the studies on FinTech, this empirical research aims to understand the evolution of the FinTechs ecosystem and to strengthen its characterization through the perspectives of socio-technical system theory and service innovation. For this analysis, the case study research methodology was used, in which 11 FinTechs startups that are part of the Portuguese and Brazilian context were considered. Primary data were collected through semi-structured interviews with C-level and startups employees, while secondary data were obtained through reports from large consulting firms and public relations materials from FinTechs startups. The results show the evolution of the FinTechs ecosystem from the perspective of socio-technical system theory and service innovation. For socio-technical system perspective, it was possible to understand the evolution of this ecosystem from the roles of social, technological and organizational actors. Thus, it can be understood how each stakeholder influences the development of FinTechs business, in the creation of new products and services. For service innovation perspective, it was possible to understand the dynamics of the evolution of the FinTechs ecosystem and its results. The academic contribution to service innovation is present during the innovation process of the studied FinTechs, where they were identified as the stakeholders who are part of the ecosystem, impact on the incremental, radical, improvement and recombinative innovations of startups. The contribution to the socio-technical system theory is present during the use of the structure that allows understanding the development of the ecosystem and social, technological and organizational actors. Finally, the contribution to management can be defined as the characterization of the FinTechs ecosystem for the entrepreneurs who work with these startups to better understand the environment in which they are inserted.

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Section: Fintechmentioning

confidence: 99%

Section: Fintechmentioning

confidence: 99%

Understanding FinTech Ecosystem Evolution Through Service Innovation and Socio-technical System Perspective

Castro

Rodrigues

Teixeira

2020

Exploring Service Science

View full text Add to dashboard Cite

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“…Uma característica importante na dinâmica de aceitação desse ambiente bancário, devido ao avanço da mobilidade, é a possiblidade dos usuários em acessar as informações financeiras a qualquer momento e em qualquer lugar de acordo com estudos de Faase, Helms, & Spruit, 2011, Alt, Beck, & Smits, 2018. Em contrapartida, Alt, Beck, & Smits, 2018 afirmam que o volume de informações divulgadas no canal eletrônico de fidelização de clientes com o banco ficou restrito ao acesso de outras instituições, visto que atualmente, os usuários possuem relacionamento com vários bancos.…”

Section: Novo Mercado Financeiro: Fintechunclassified

“…Em resposta a esse novo ambiente, surge a expressão Fintech (Financial and Technology), para Li, Spigt, & Swinkels, 2017, que é um novo serviço baseado em tecnologia, conforme comunhão de ideias entre Bergara, & Ponce, 2017, Lehmkuhl, & Jung, 2013, Greve, 2011, Mosadegh, 2011, Há, Canedoli, Baur, & Bick, 2012, Mancini-Griffoli, 2018, Mai, Shan, Bai, Wang, & Chiang, 2018, Alt, Beck, & Smits, 2018, que pode ser usado por instituições financeiras e não financeiras de acordo com Bergara, & Ponce, 2017, Ojeniyi, Alo, Oyetade, Ang, & Sanusi, 2015. Nessa direção, estudos apontam para a possibilidade de compartilhamento de parcerias entre bancos e Fintechs, gerando opções para o consumidor acessar informações e serviços diferenciados, oferecendo novas opções financeiras e não financeiras (Bolchover, & Symington, 2012, Li, Spigt, & Swinkels, 2017, Lehmkuhl, & Jung, 2013.…”

Section: Novo Mercado Financeiro: Fintechunclassified

Social CRM E Fintech: Análise De Publicações Internacionais 2008-2018

Araújo¹,

Muylder²,

Guerra³

et al. 2019

Atas Da Conferência Ibero-Americana WWW/Internet 2019

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“…The ongoing integration of digital technology into banking is omnipresent. The convergence of previously disparate developments such as connected mobile devices, wireless networks, web technologies, and the internet of things creates opportunities for an unparalleled customer orientation, entrepreneurial spirit, and digital innovation [2].…”

Section: Introductionmentioning

confidence: 99%

Digital Mobile Services for Consumer Banking: Conceptualization and Implementation of Location-based Consumer Credits

Wenzel-Ruelberg¹,

Baiyere²,

Lohmann³

2020

Proceedings of the Annual Hawaii International Conference on System Sciences

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Interactions of banks with their customers are increasingly shifting to web and mobile channels. Being at risk of losing the role of the customer agent to FinTechs and digital challenger banks, incumbent banks are seeking ways to exploit technologies such as mobile phones as channels to generate insights and to sell products that their customers need. For many banks the potential of mobile banking to individualize products and personalize services from information collected by the mobile device' sensory components are largely untapped. In this paper, we draw on design science research in exploiting spatio-temporal information to build an algorithmic model to target customers with credit offers. While past research aimed to solve similar problems mainly through customer segmentation, our approach demonstrates the benefits of having a transparent and interpretable decision model for each individual customer. Our artifact enables the development of digital products and services, without large-scale, often unavailable data.

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FinTech and the transformation of the financial industry

Cited by 266 publications

References 27 publications

Understanding FinTech Ecosystem Evolution Through Service Innovation and Socio-technical System Perspective

Understanding FinTech Ecosystem Evolution Through Service Innovation and Socio-technical System Perspective

Social CRM E Fintech: Análise De Publicações Internacionais 2008-2018

Digital Mobile Services for Consumer Banking: Conceptualization and Implementation of Location-based Consumer Credits

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