Strategic adaptation & collaboration European global banks approach to Fintech

Banks are today challenged by new entrants to their industry mainly regarded as Financial Technology (Fintech) Companies. Fintech companies are rather innovative and offer great customer experience while being very much customer oriented. This apparent threat demands banks to deal with both new tech...

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Main Author: Gandara, Dino Mejia
Other Authors: Kauppakorkeakoulu, School of Business and Economics, Taloustieteet, Business and Economics, Jyväskylän yliopisto, University of Jyväskylä
Format: Master's thesis
Language:eng
Published: 2018
Subjects:
Online Access: https://jyx.jyu.fi/handle/123456789/64614
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author Gandara, Dino Mejia
author2 Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä
author_facet Gandara, Dino Mejia Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä Gandara, Dino Mejia Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä
author_sort Gandara, Dino Mejia
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description Banks are today challenged by new entrants to their industry mainly regarded as Financial Technology (Fintech) Companies. Fintech companies are rather innovative and offer great customer experience while being very much customer oriented. This apparent threat demands banks to deal with both new technologies and evermore demanding customers. The environmental shock caused by Fintech companies in the European and global landscape is very much felt across the industry and shifts the way business has been traditionally carried for the last years since they create new business models and take away customers from existing banking services. All this upheaval raised the question on “How are European global banks reacting to the emergence of Fintech companies?” To answer this, it was necessary to look into concrete actions towards innovation that banks are taking, which methodologies for innovation and collaboration are being adopted and who are they engaging with in such activities. This thesis was built upon literature around strategic management and entrepreneurship and later taking an overview on the innovation landscape of 18 European Global Banks from the years 2012 to 2018 regarding their approaches to strategic adaptation, innovation mindset and collaboration. Public documentation provided online by banks was the main sources for exploration to finding relevant information. The collected data provided an overview on the different initiatives that European banks have considered relevant in their journey of strategic adaptation and transformation. The findings show that banks are going through an organizational transformation and are intending to increase their collaboration and innovation capabilities. Some of the carried collaboration initiatives included engaging in a partnership with Fintech companies, other banks, innovation experts and players outside the industry. Regarding entrepreneurship initiatives, banks hosted accelerators, incubation programs, and hackathons, started innovation oriented venture funds and organized knowledge sharing events for internal and external stakeholders. Focusing on strategic adaptation, an innovation mind-set and collaborative entrepreneurship provide today an opportunity for banks to reinvent them-selves in the areas that need attention.
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spellingShingle Gandara, Dino Mejia Strategic adaptation & collaboration : European global banks approach to Fintech Fintech collaboration global banks Yrittäjyys Entrepreneurship 20422 sopeutuminen liiketoimintamallit innovaatiot pankkiala finanssiala adaptation (change) business models innovations banking sector financial sector
title Strategic adaptation & collaboration : European global banks approach to Fintech
title_full Strategic adaptation & collaboration : European global banks approach to Fintech
title_fullStr Strategic adaptation & collaboration : European global banks approach to Fintech Strategic adaptation & collaboration : European global banks approach to Fintech
title_full_unstemmed Strategic adaptation & collaboration : European global banks approach to Fintech Strategic adaptation & collaboration : European global banks approach to Fintech
title_short Strategic adaptation & collaboration
title_sort strategic adaptation collaboration european global banks approach to fintech
title_sub European global banks approach to Fintech
title_txtP Strategic adaptation & collaboration : European global banks approach to Fintech
topic Fintech collaboration global banks Yrittäjyys Entrepreneurship 20422 sopeutuminen liiketoimintamallit innovaatiot pankkiala finanssiala adaptation (change) business models innovations banking sector financial sector
topic_facet 20422 Entrepreneurship Fintech Yrittäjyys adaptation (change) banking sector business models collaboration financial sector finanssiala global banks innovaatiot innovations liiketoimintamallit pankkiala sopeutuminen
url https://jyx.jyu.fi/handle/123456789/64614 http://www.urn.fi/URN:NBN:fi:jyu-201906143200
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