Inbound open innovation in financial services

Martovoy, A, Mention, A-L and Torkkeli, M 2015, 'Inbound open innovation in financial services', Journal of Technology Management and Innovation, vol. 10, no. 1, pp. 117-131.

Document type: Journal Article
Collection: Journal Articles

Title Inbound open innovation in financial services
Author(s) Martovoy, A
Mention, A-L
Torkkeli, M
Year 2015
Journal name Journal of Technology Management and Innovation
Volume number 10
Issue number 1
Start page 117
End page 131
Total pages 15
Publisher Universidad de Talca
Abstract In the existing literature on innovation, financial services firms are attributed with a dependence on external knowledge inputs. Meanwhile, relative importance of sources of knowledge for innovation, modes of knowledge inflow, cooperation partners, advantages and disadvantages of cooperation for innovation remain underexplored. This study has unveiled that the most important internal sources of knowledge for innovation in financial services are frontline employees, new service development teams, bank executives, and backstage staff. Highly valuable modes of knowledge inflow for innovation are human resource development, purchase of equipment, and informal personal interactions. Financial services firms benefit from cooperation for innovation with external partners in the following aspects: increase in customer satisfaction, developed new skills of employees, new technologies, access to knowledge and expertise, decreased costs, and finding a new approach to solve a problem. Costs associated with external cooperation for innovation remain the most influential disadvantage of this mode of inbound open innovation.
Subject Innovation and Technology Management
Keyword(s) inbound open innovation
financial innovation
new service development
advantages and disadvantages
benefits and costs
financial services
banking services
inter-firm cooperation
DOI - identifier 10.4067/S0718-27242015000100009
Copyright notice © Universidad Alberto Hurtado, Facultad de Economía y Negocios.
ISSN 0718-2724
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