The Generic Ecosystem and Innovation Patterns of the Digital Transformation in the Financial Industry

Abstract

The emergence of financial technology companies (Fintechs) through the easy access of digital technologies is transforming the entire financial industry, heralding a new era of business models. With digital technologies like mobile payments, robo advisors, and distributed ledgers or blockchain, Fintechs are challenging the prevailing position of traditional financial institutions. However, literature does not provide a structured overview of the digital transformation in the financial industry, including inter- organizational innovation patterns. By analyzing 792 Fintechs, this paper visualizes the 22 generic roles and value streams within the financial ecosystem using the e3- value method. Moreover, we identify and discuss seven inter-organizational innovation patterns of the digital transformation in the financial industry. We contribute to literature by examining digital transformation in the financial industry from an inter- organizational perspective. Practitioners may apply the model to position themselves and to identify disruptive actors or potential business opportunities. We also analyze the influence of blockchain technology.

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