Преглед на модерните финансиски технологии и употребата на концептот на отворени иновации во финансиските услуги
Date Issued
2020-11-01
Author(s)
Kamenjarska, T.
Abstract
Nowadays, the art of innovation and its expressiveness play an essential role in the process of
gaining a competitive advantage and improving financial performance. This paper discusses
the basic concepts, importance, and upswing of the open innovation model in the modern
economy. Moreover, it tries to differentiate the concepts of open and closed innovation in
organizations. Open Innovation in the banking sector is tightly linked with the concept of
open banking, which allows third-party developers to design and implement innovative
applications or services with the use of open application programming interfaces (APIs). For
the banks to improve their market position and enhance the competitive edge, they are
imposed to digitalize their business process by building a collaborative climate with the
fintech companies and third-party organizations. This paper aims to explore diverse
approaches of developing a tech-driven strategy that amalgamates information technologies
within the business operations to successfully meet the business requirements and needs of
the company. We further attempt to provide a concise explanation of the recent technology
trends in the financial services in several countries including the SEE region. Considering the
increased demand for the implementation of technological innovations in the financial sector,
we stress the importance of forming collaborative relationships with external stakeholders
and incorporating the outside intellectual capital within organizations’ boundaries. To deal
with the ever-changing customer requirements, financial institutions should incorporate
technology as part of their central business activities. This will result in increased
productivity and efficiency, timely service delivery, enhanced customer retention, multi-
channel distribution network, higher
gaining a competitive advantage and improving financial performance. This paper discusses
the basic concepts, importance, and upswing of the open innovation model in the modern
economy. Moreover, it tries to differentiate the concepts of open and closed innovation in
organizations. Open Innovation in the banking sector is tightly linked with the concept of
open banking, which allows third-party developers to design and implement innovative
applications or services with the use of open application programming interfaces (APIs). For
the banks to improve their market position and enhance the competitive edge, they are
imposed to digitalize their business process by building a collaborative climate with the
fintech companies and third-party organizations. This paper aims to explore diverse
approaches of developing a tech-driven strategy that amalgamates information technologies
within the business operations to successfully meet the business requirements and needs of
the company. We further attempt to provide a concise explanation of the recent technology
trends in the financial services in several countries including the SEE region. Considering the
increased demand for the implementation of technological innovations in the financial sector,
we stress the importance of forming collaborative relationships with external stakeholders
and incorporating the outside intellectual capital within organizations’ boundaries. To deal
with the ever-changing customer requirements, financial institutions should incorporate
technology as part of their central business activities. This will result in increased
productivity and efficiency, timely service delivery, enhanced customer retention, multi-
channel distribution network, higher
Subjects
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An overview of the emerging financial technologies and adoption of the concept of open innovation in the financial services.docx
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