The Catalyzing Role of FinTechs for Innovation Sourcing in Financial Services

Creators: Gewald, Heiko and Wagner, Heinz-Theo and Wolff, Bastian
Title: The Catalyzing Role of FinTechs for Innovation Sourcing in Financial Services
Item Type: Conference or Workshop Item
Event Title: 23rd Pacific Asia Conference on Information Systems (PACIS) 2019
Event Location: Xi'an, China
Event Dates: July, 8-12, 2019
Projects: CROSS
Date: July 2019
Divisions: Informationsmanagement
Abstract: In recent years a lively scene of startup companies developed focusing specifically on the financial services sector. These so-called FinTechs are characterized by highly innovative capacities, rapid development methods and a short time to market for their services and technical solutions. This external source of innovation can pose a competitive threat to traditional financial service companies or, on the contrary, may add value by serving as an additional resource for new ideas and technical solutions. Using a multiple case study approach, 18 interviews were conducted with representatives of FinTechs, financial services corporations, and specialized consulting firms. We study how large corporations and FinTechs interact with each other, what organizational setups were chosen and how knowledge transfer is organized for successful collaboration. Our results indicate that the organizational setup, split into three dimensions, has a strong impact on the integration of external knowledge which, in turn, affects the success of innovation sourcing.
Citation:

Gewald, Heiko and Wagner, Heinz-Theo and Wolff, Bastian (2019) The Catalyzing Role of FinTechs for Innovation Sourcing in Financial Services. In: 23rd Pacific Asia Conference on Information Systems (PACIS) 2019, July, 8-12, 2019, Xi'an, China.

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