Dimitrios Salampasis

Open innovation and collaboration in the financial services sector: exploring the role of trust

This paper aims at exploring the role of trust within the financial services sector in relation to open and collaborative financial innovation. Financial services nowadays represent considerable share of the global economy. In the European Union (EU-27), financial services accounted for 5.9% of the gross value added in 2010 (Eurostat, 2011). There is a vast discussion about open innovation and the need for collaboration and knowledge sharing; however, in the process of building up this open and collaborative framework, trust does not yet seem to have a place in the academic debate. Relying on a review covering multiple literature streams and primary data collected from interviews, the relevant antecedents of trust in the financial services sector under this open and collaborative perspective, ex-post financial crisis are identified.

Open Innovation: Unveiling the Power of the Human Element

Pub Date: May 2017 Binding: Hardcover ISBN: 978-981-3140-84-4 Price: £112 Page Extent: 400pp Type: Review Volume Main Subject: Business & Management Sub-subjects: Innovation/ Technology/Knowledge/ Information Management; Organizational Behavior/ Industrial Organization; General Business and Management; Globalization BIC: KJD BISAC: BUS085000; BUS000000

Trust embeddedness within an open innovation mindset

This paper explores the role of trust under the prism of open innovation. There is a vast discussion about open innovation and the need for collaboration and knowledge sharing; however, in the process of building up an open and innovative organisation, trust does not yet seem to have a place in this process. The approaches of current literature fail to denote the relationship between the importance and impact of trust within an open and collaborative environment under an organisational perspective. The objective of this conceptual paper is to elevate trust as a core element of open innovation, perceived as an organisational mindset, by proposing a conceptual model leading to a re-contextualisation of the current approaches to open innovation.

FinTech: Harnessing Innovation for Financial Inclusion

Abstract The landscape of financial inclusion has for long been considered as the soft side of financial services, having received scarce attention from a financial, regulatory, and policy point of view, despite its central role within the global economic empowerment. Part of the disadvantaged and low-income segments of global population is left without (i.e. financially excluded) or very limited access (i.e. financially underserved) to basic financial services, creating a highly critical equality deficit in different parts of the world. In this frame of reference, financial exclusion still remains a highly critical problem that hinders developing regions around the world from eradicating poverty leading to large-scale starvation and civil unrest. Moreover, financial exclusion is interwoven with social dependency making financially excluded/underserved populations strongly dependable on their social networks. The emergence of FinTech, the new breed between financial innovation and financial technology, which has been challenging the prevailing position of incumbent financial institutions, is providing a promising vehicle of tackling this phenomenon by closing the gap between unbanked, under-banked and developed societies, opening the door to the global digital economy, bringing a long-term societal transformational change for the financially excluded/underserved, while leading to inclusive economic growth helping move towards a more just and equitable society.