FinTech banking industry: a systemic approach
Article publication date: 13 November 2017
This paper aims to explore FinTech and its dynamic transitions in the banking industry. In particular, the study analyses the systemic innovation nature of FinTech-based innovations. The main contribution of this research study is the development of systemic innovation model which can be used as a dynamic tool to track the progress and pattern of technology development and diffusion. The research also discusses the latest financial innovation of PromptPay FinTech – the e-payment system in Thailand.
This research uses the case study approach to analyse the systemic innovation characteristics of FinTech-based innovations. This research offers a new systemic innovation model which is developed and can be used as a dynamic tool to track the progress and pattern of technology development and diffusion. The study uses FinTech-based innovations as case study samples to gain a better understanding concerning the systemic characteristics and the pattern of technology diffusion under the analytical framework of systemic innovation model. This research involves qualitative interviews with five major commercial banks in the financial services industry of Thailand.
The analyses of findings show the systemic characteristics of FinTech-based innovations in the banking industry, both at a global scale and Thailand case. The analyses have shown that systemic characteristics of the innovation process are the outcome of interactions between the complexity of the innovation and the capabilities of innovators in managing the innovation. The insightful implications on the systemic nature of innovation give the trend and direction of FinTech-based innovation development in the banking industry.
The main contribution which shows originality and value of this paper is the development of systemic innovation model. This research study develops a systemic innovation model to analyse the systemic characteristics which can be applied to all innovations in any industry. The model can also help track the progress and pattern of technology development and diffusion. Therefore, the model can be used to project the trend and diffusion of innovation competition in the banking industry.
Wonglimpiyarat, J. (2017), "FinTech banking industry: a systemic approach", Foresight, Vol. 19 No. 6, pp. 590-603. https://doi.org/10.1108/FS-07-2017-0026
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