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

Gomber, Peter; Kauffman, Robert J.; Parker, Christopher; Weber, Bruce W.

doi:10.1080/07421222.2018.1440766

Cited by 1,111 publications

(715 citation statements)

References 80 publications

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“…Because the development of blockchain is only in the initial stages, definitions are still emerging and no consistent definition has yet been adopted (Swan 2015). However, several authors agreed that decentralized ledger technology is key to the blockchain concept (Gomber et al 2018;Du et al 2019;Swan 2015). Swan (2015) described that the main idea of the blockchain is "that the decentralized transaction ledger functionality of the blockchain could be used to register, confirm, and transfer all manner of contracts and property.…”

Section: Definition and Technical Foundationmentioning

confidence: 99%

“…Similarly, Gomber et al (2018) stated that "the central technical innovation associated with blockchain is digital ledger technology, which is defined as the use of decentralized digital trust verification through encrypted digital signatures." Abstracting from a general definition, Christidis and Devetsikiotis (2016) proposed four key advantages of the blockchain: tolerance to node failure; single view of events; transparent, verifiable, predictable, and audible activities; and data ownership without a central authority.…”

Section: Definition and Technical Foundationmentioning

confidence: 99%

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The impact of blockchain technology on business models – a taxonomy and archetypal patterns

et al. 2019

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Blockchain technology enables new ways of organizing economic activities, reduces costs and time associated with intermediaries, and strengthens the trust in an ecosystem of actors. The impact of this seminal technology is reflected by an upcoming research stream and various firms that examine the potential uses of blockchain technology. While there are promising use cases of this new technology, research and practice are still in their infancy about altering existing and creating new business models. We develop a taxonomy of blockchain business models based on 99 blockchain ventures to explore the impact of blockchain technology on business models. As a result, we identify five archetypal patterns, which enhance our understanding of how blockchain technology affects existing and creates new business models. We propose to use these results to discover further patterns fueled by blockchain technology and illustrate how firms can use blockchain technology to innovate their business models.

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Section: Definition and Technical Foundationmentioning

confidence: 99%

Section: Definition and Technical Foundationmentioning

confidence: 99%

The impact of blockchain technology on business models – a taxonomy and archetypal patterns

et al. 2019

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“…One theory is to examine consumer technology adoption by consumer predispositions, such as overall feelings, attitudes, perceptions and intentions towards using a given technology; the most notable research model is the technology acceptance model (TAM; Davis, 1989). The TAM incorporates the idea that ease of use and perceived technology usefulness are critical constructs that influence an individual's attitude towards using the innovative technology, and these measures have been used in previous studies (Gomber et al, 2018;Jan & Contreras, 2011;Jokar, Noorhosseini, Allahyari, & Damalas, 2017;Park, Rhoads, Hou, & Lee, 2014;Wang & Sun, 2016). The other theory focuses on consumer characteristics linked to the time he/she takes to adopt innovation, which is called the theory of diffusion of innovation (DI), which is a conceptual framework formalized by Rogers (2003).…”

Section: Related Theories Of Technology Adoptionmentioning

confidence: 99%

“…Bypassing banks, Internet financing is a special type of credit market in which individual borrowers make microloans online without collateral or intermediation from financial institutions. P2P (person to person) lending/borrowing is one of methods for Internet financing, in which individuals lend money to individual borrowers directly (Gomber, Kauffman, Parker, & Weber, 2018). Approximately 150 platforms were set up in 2013, accounting for 50% of the total number of Internet financing platforms in China.…”

Section: Introductionmentioning

confidence: 99%

Financing knowledge, risk attitude and P2P borrowing in China

Han

Xiao

2018

Int J Consumer Studies

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The advance of Internet technology has provided a convenient market platform for matching lending and borrowing parties, but many consumers still hesitate to use online borrowing. To better understand consumer behaviour in online borrowing, we use nationally representative survey data in China to explore factors affecting consumer use of one type of online borrowing, person to person (P2P) borrowing. Through empirical analyses, we find that financing knowledge and risk attitude are two key factors associated with P2P borrowing. Results show that financing knowledge is directly associated with P2P borrowing, while risk attitude through an instrument variable is associated with P2P borrowing also. Given these results, an effective way to expand the consumer Internet borrowing market in China is to enhance consumer financial literacy education.

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“…The financial industry has been, and still is, in the center of innovation concerning information systems and technologies [7]. Information technology (IT) investments in the financial sector are among the highest due to the enormous profit potentials within the industry as well as the economic incentives for substituting expensive human labor by cheaper computers [8].…”

Section: Introductionmentioning

confidence: 99%

Exploring Digital Competence Requirements for Junior Financial Analysts in the UK Banking Industry

Darvish¹,

Prinz²,

Bick³

2020

Lecture Notes in Computer Science

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Although young adults familiar with digital technology join the workforce and bring in more advanced digital competences, the demand for digital competences in many industries increases even faster. In this study, we place the focus on the banking industry in the United Kingdom and aim for exploring those digital competences that are required for junior financial analysts. For this purpose, we apply a qualitative research approach which consists of two steps. First, we analyze job advertisements and code the identified competences by using the DigComp 2.0 framework. Second, we conduct interviews to validate and discuss our findings from the previous step. Our analysis reveals that the most important required competence categories are information and data literacy, followed by digital content creation. This paper contributes to the research field of digital competences and provides relevant insights for, amongst others, applicants, HR professionals, and training and education providers.

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

Cited by 1,111 publications

References 80 publications

The impact of blockchain technology on business models – a taxonomy and archetypal patterns

The impact of blockchain technology on business models – a taxonomy and archetypal patterns

Financing knowledge, risk attitude and P2P borrowing in China

Exploring Digital Competence Requirements for Junior Financial Analysts in the UK Banking Industry

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