The state of the art of innovation-driven business models in the financial services industry

Abstract

Emerging innovation-driven business models are changing the financial services landscape. Most companies are using innovation to sustain their business models. However, new entrants into the financial services market innovate in a way that disrupts the industry. Typically, directions for innovation initiatives in financial services are absent. In this report, we present a structured method to analyze innovation initiatives and their impact on the financial services industry. Our method is based on innovation and business model frameworks that let us analyze business models driven by different kinds of innovations. We apply our method to emerging innovation-driven business models providing an overview of the financial services industry. Companies in financial services can use this report as an overview of the state of the art and as a guiding tool for their innovation initiatives. We contribute to the innovation and business models research fields, presenting a unified method to analyze business models driven by innovation in financial services.

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