On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services

• 成果类型: Article
• 署名作者: Gomber, Peter; Kauffman, Robert J.; Parker, Chris; Weber, Bruce W.
• 署名单位: Goethe University Frankfurt; Singapore Management University; Dartmouth College; University of Minnesota System; University of Minnesota Twin Cities; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Delaware; University of Delaware; University of London; London Business School; University of London; London Business School; New York University; City University of New York (CUNY) System; Baruch College (CUNY)
• 刊物名称: JOURNAL OF MANAGEMENT INFORMATION SYSTEMS
• ISSN/ISSBN: 0742-1222
• DOI: 10.1080/07421222.2018.1440766
• 发表日期: 2018
• 页码: 220-265
• 关键词: mobile payments; network externalities; EMPIRICAL-EXAMINATION; electronic markets; INFORMATION; TECHNOLOGY; systems; performance; ECONOMICS; strategy

摘要

The financial services industry has been experiencing the recent emergence of new technology innovations and process disruptions. The industry overall, and many fintech start-ups are looking for new pathways to successful business models, the creation of enhanced customer experience, and approaches that result in services transformation. Industry and academic observers believe this to be more of a revolution than a set of less influential changes, with financial services as a whole due for major improvements in efficiency, customer centricity, and informedness. The long-standing dominance of leading firms that are not able to figure out how to effectively hook up with the Fintech Revolution is at stake. We present a new fintech innovation mapping approach that enables the assessment of the extent to which there are changes and transformations in four areas of financial services. We discuss: operations management in financial services and the changes occurring; technology innovations that have begun to leverage the execution and stakeholder value associated with payments, cryptocurrencies, blockchain, and cross-border payments; multiple innovations that have affected lending and deposit services, peer-to-peer (P2P) lending, and social media use; issues with respect to investments, financial markets, trading, risk management, robo-advisory and services influenced by blockchain and fintech innovations.