Inbound Open Innovation in Financial Services

In the existing literature on innovation, financial services firms are attributed with a dependence on external knowledge inputs. Meanwhile, relative importance of sources of knowledge for innovation, modes of knowledge inflow, cooperation partners, advantages and disadvantages of cooperation for in...

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Autores principales:	Martovoy,Andrey, Mention,Anne-Laure, Torkkeli,Marko
Lenguaje:	English
Publicado:	Universidad Alberto Hurtado. Facultad de Economía y Negocios 2015
Materias:	inbound open innovation financial innovation new service development advantages and disadvantages benefits and costs financial services banking services inter-firm cooperation
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-27242015000100009
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spelling	oai:scielo:S0718-272420150001000092015-05-19Inbound Open Innovation in Financial ServicesMartovoy,AndreyMention,Anne-LaureTorkkeli,Marko inbound open innovation financial innovation new service development advantages and disadvantages benefits and costs financial services banking services inter-firm cooperation In the existing literature on innovation, financial services firms are attributed with a dependence on external knowledge inputs. Meanwhile, relative importance of sources of knowledge for innovation, modes of knowledge inflow, cooperation partners, advantages and disadvantages of cooperation for innovation remain underexplored. This study has unveiled that the most important internal sources of knowledge for innovation in financial services are frontline employees, new service development teams, bank executives, and backstage staff. Highly valuable modes of knowledge inflow for innovation are human resource development, purchase of equipment, and informal personal interactions. Financial services firms benefit from cooperation for innovation with external partners in the following aspects: increase in customer satisfaction, developed new skills of employees, new technologies, access to knowledge and expertise, decreased costs, and finding a new approach to solve a problem. Costs associated with external cooperation for innovation remain the most influential disadvantage of this mode of inbound open innovation.info:eu-repo/semantics/openAccessUniversidad Alberto Hurtado. Facultad de Economía y NegociosJournal of technology management & innovation v.10 n.1 20152015-01-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-27242015000100009en10.4067/S0718-27242015000100009
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	inbound open innovation financial innovation new service development advantages and disadvantages benefits and costs financial services banking services inter-firm cooperation
spellingShingle	inbound open innovation financial innovation new service development advantages and disadvantages benefits and costs financial services banking services inter-firm cooperation Martovoy,Andrey Mention,Anne-Laure Torkkeli,Marko Inbound Open Innovation in Financial Services
description	In the existing literature on innovation, financial services firms are attributed with a dependence on external knowledge inputs. Meanwhile, relative importance of sources of knowledge for innovation, modes of knowledge inflow, cooperation partners, advantages and disadvantages of cooperation for innovation remain underexplored. This study has unveiled that the most important internal sources of knowledge for innovation in financial services are frontline employees, new service development teams, bank executives, and backstage staff. Highly valuable modes of knowledge inflow for innovation are human resource development, purchase of equipment, and informal personal interactions. Financial services firms benefit from cooperation for innovation with external partners in the following aspects: increase in customer satisfaction, developed new skills of employees, new technologies, access to knowledge and expertise, decreased costs, and finding a new approach to solve a problem. Costs associated with external cooperation for innovation remain the most influential disadvantage of this mode of inbound open innovation.
author	Martovoy,Andrey Mention,Anne-Laure Torkkeli,Marko
author_facet	Martovoy,Andrey Mention,Anne-Laure Torkkeli,Marko
author_sort	Martovoy,Andrey
title	Inbound Open Innovation in Financial Services
title_short	Inbound Open Innovation in Financial Services
title_full	Inbound Open Innovation in Financial Services
title_fullStr	Inbound Open Innovation in Financial Services
title_full_unstemmed	Inbound Open Innovation in Financial Services
title_sort	inbound open innovation in financial services
publisher	Universidad Alberto Hurtado. Facultad de Economía y Negocios
publishDate	2015
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-27242015000100009
work_keys_str_mv	AT martovoyandrey inboundopeninnovationinfinancialservices AT mentionannelaure inboundopeninnovationinfinancialservices AT torkkelimarko inboundopeninnovationinfinancialservices
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Inbound Open Innovation in Financial Services

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