The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems

Maximilian Palmié, Joakim Wincent*, Vinit Parida, Umur Caglar

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

12 Citations (Scopus)

Abstract

At a time when many mature industries have been fundamentally transformed by disruptive innovations, prominent examples such as Apple and Uber reflect how disruptive innovations often originate at the ecosystem or system level rather than in individual firms. Unfortunately, the academic literature has paid little attention to the role of ecosystem development and evolution in relation to disruptive innovations. To overcome this oversight, our study defines disruptive innovation ecosystems and illustrates the impact that the financial technology (FinTech) ecosystem has had on disrupting the financial services industry. We offer an agenda for future research on disruptive innovations and ecosystems and discuss the evolution of the FinTech ecosystem. Our study shows that disruptive innovation ecosystems are not only in need of but also deserving of further attention.
Original languageEnglish
Article number119779
Peer-reviewed scientific journalTechnological Forecasting and Social Change
Volume151
Number of pages10
ISSN0040-1625
DOIs
Publication statusPublished - 01.11.2020
MoE publication typeA1 Journal article - refereed

Keywords

  • 512 Business and Management
  • Disruptive innovation
  • Digitalization
  • Ecosystems
  • Financial technology
  • FinTech
  • Artificial intelligence
  • Entrepreneurship
  • Incumbents

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoHP: Strategic and entrepreneurial praxis

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