It includes process, product and institutional innovation. Process innovation is new ways of operating business and implementing information technology, such as the Automated Teller Machine ATM , mobile banking, online banking, etc. Abor, An institutional innovation is the process of introducing new types of financial firms such as discount broking firms, internet banking, specialist credit card firms, etc.. All these types of innovation improve payment systems used in the borrowing and lending of funds, which ultimately opens up a quick way of dealing with customers. In addition, they include innovations in technology, equity generation, and risk transfer, which increase the available credit for borrowers and provide financial institutions with a new and low-cost way to raise capital.
Internet big data and capital markets: a literature review
Analysis of Financial Innovation and Engineering in the Literature | SpringerLink
Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: Schueffel , Ioan-Iustin Vadana Published Business Journal of innovation management 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? View PDF.
Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. The emergence of digital technologies enables, among other things, new business models and therefore, obviously constitutes an industry transformation potential. However, IS research that actually deals with digitally enabled industry transformation is still rare.
The power of financial innovations to affect societies on global and intergenerational levels compels us to ask how we can ensure their responsible emergence in society. This requires an understanding of how innovation occurs and how it is governed in practice. Despite this, there is little research on the process and governance of financial innovation. Therefore, using data from secondary sources, this study investigates how two major financial innovations occurred and were governed, and it discusses the findings in relation to those in the literature. This approach revealed that innovation processes fall within a continuum ranging from structured to unstructured.