The Rise of Service Science

Huo, Jiazhen; Hong, Zhisheng

doi:10.1007/978-3-642-34497-8_2

Cited by 5 publications

(4 citation statements)

References 3 publications

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“…However, efficient growth strategies, creation of value for the customers and shareholders have always been challenges for financial companies, not only during periods of growth, but also during volatile times. In order to react to long-term directions and short-term occurrences, financial companies have to develop the ability to tailor and promptly implement the appropriate transition strategies (Fasnacht, 2009;Huo & Hong, 2013).…”

Section: Open Innovation In Financial Service Sectormentioning

confidence: 99%

The prioritization of open innovation determinants in banking

Tornjanski¹,

Marinković²,

Levi-Jakšić³

et al. 2015

Industrija

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The research scope of the paper is prioritization of open innovation determinants in banking industry using an integrated application of qualitative and quantitative methods in the evaluation process. The research methods were implemented to compound the depth of experts' knowledge and experience on the one hand, and the precise mathematical reasoning, on the other, thus creating the objective and accurate basis for effective decision making. The overview of determinants of open innovations in banking industry has been obtained from the literature overview and the Delphi study conducted among 51 experts from banks in Serbia. Fifteen significant determinants within five dimensions were further evaluated through AHP decision-making method to prioritize them toward the development of the open innovation in banking. The research results show that effective application of open innovation in banking lies in formal reinforcement by management to integrate innovation into organizational policies and in designing dual structures that facilitate the initiation and implementation of an innovation, i.e. building an ambidextrous organization. The research findings and results introduced in this paper can be usefully applied and widely used by both academics and practitioners who are interested in applying the open innovation concept in banking industry.

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Section: Open Innovation In Financial Service Sectormentioning

confidence: 99%

The prioritization of open innovation determinants in banking

Tornjanski¹,

Marinković²,

Levi-Jakšić³

et al. 2015

Industrija

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“…According to experts, technological innovations and clients will "set new rules of the game" in the banking sector (Ćukić, 2013), which will significantly affect banks, especially the ones in which traditional banking is prominent (Tornjanski, V., Petrović, D., & Milanović, M., 2016). In order for banks to retain their competitiveness, growth and development, and to continually create valuable products for banking service users, as well as shareholders, bank management should without any delays acknowledge these trends and redefine existing business strategies (Fasnacht, 2009;Huo & Hong, 2013;Tornjanski et.al., 2014) and develop new models for the expansion of knowledge.…”

Section: Introductionmentioning

confidence: 99%

The use of regression analysis in the evaluation of the impact of digitalisation and technological inovations in three measures of the development of economy and society

Mekinjić¹,

Grujić²,

Vujičić-Stefanović³

2019

Bankarstvo

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Prevod obezbedili autori RezimeCilj rada je da se ispita korelacija između dostignutog nivoa tehnologije i inovacija i razvoja finansijskog tržišta, indeksa humanog razvoja i bruto domaćeg proizvoda po glavi stanovnika. Istraživačko pitanje glasi: "Da li su, i u kakvoj vezi, nivo tehnologije i inovacija sa indeksom razvijenosti tržišta, indeksom ljudskog razvoja i BDP-om po glavi stanovnika?" Cilj istraživanja je da utvrdimo da li ima osnova za verovanje da je "kopiranjem" određene zemlje po nivou digitalizacije i inovacija moguće dodatno razviti finansijsko tržište, uticati na nivo ljudskog razvoja ili na povećanje BDP-a po glavi stanovnika. Metode korištene u radu su regresiona analiza, odnosno prosta linearna regresija, te analiza i sinteza prethodnih istraživanja i teoretskih nalaza, da bi zaključci bili izvučeni metodom indukcije. Rad predstavlja doprinos autora ekonomskoj teoriji i praksi, te široj javnosti. Rezultati istraživanja još ukazuju i da bi bilo racionalno da finansijski posrednici u zemljama u razvoju razmotre izmjenu svojih poslovnih modela i mogućnosti za njihovo prilagođavanje ubrzanim tehnološkim promjenama. SummaryThe objective of this paper is to examine the correlation between the achieved level of technology and innovations and the development of the financial market, index of human development and gross domestic product per capita. The research question reads: "Is the level of technology and innovations related to the market development index, the human development index and GDP per capita, and in what way?" The research objective is to determine whether there is a reason to believe that, by imitating a certain country in relation to the level of digitalisation and innovations, it is possible to further develop the financial market, affect the level of human development or the increase in GDP per capita. Methods used in this paper are regression analysis, i.e. simple linear regression, as well as the analysis and consolidation of preceding research and theoretical findings in order for conclusions to be drawn through an induction method. The paper represents the authors' contribution to the theory and application of economics, as well as to the wider public. The research results also indicate that it would be rational for financial intermediaries in developing countries to consider changing their business models and new possibilities for their adjustment to accelerated technological changes. Mekinjić B., Grujić M., Vujičić-Stefanović D. Primjena regresione analize u procjeni uticaja digitalizacije i tehnoloških inovacija na tri mjere razvoja privrede i društva

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“…According to experts, technological innovation and customers will set the "new rules of the game" in the banking sector (Ćukić, 2013), which will have a significant impact on banks, especially those with a strong traditional banking business model. To maintain the bank's competitiveness, growth and development, and continuously create superior value for customers and shareholders of banking services, bank managements need to understand these trends, reshape the existing business strategy (Fasnacht, 2009;Huo and Hong, 2013;Tornjanski et al, 2014), and develop new models for acquiring knowledge, without delay.…”

Section: Introduction and Objectivesmentioning

confidence: 99%

The effects of IT and open innovation strategies on innovation and financial performances in the banking sector

Tornjanski¹,

Dejan²,

Milanovic³

2016

Bankarstvo

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Prevod obezbedili autori RezimeOvaj rad se bavi efektima IT i strategija otvorenih inovacija na inovacione i finansijske performanse u bankarskom sektoru Srbije, koristeći metodu studije slučaja koja se zasniva na kvalitativnim i kvantitativnim podacima. Rezultati istraživanja ukazuju na potrebu uvođenja koncepta otvorenih inovacija u bankarskom sektoru, odnosno na adekvatno inkorporiranje eksternog znanja u inovacione procese pomoću odgovarajućih tehnologija. Zaposleni i uspostavljeni partnerski odnosi sa značajnim stejkholderima predstavljaju dva najznačajnija izvora za stvaranje i komercijalizaciju radikalnih inovacija, dok korisnici bankarskih usluga i ostali izvori prikupljanja znanja omogućavaju generisanje različitih znanja i ideja, te stvaranja inkrementalnih inovacija koje su u primarnoj funkciji zadovoljstva korisnika bankarskih usluga, unapređenja postojećih procesa i poboljšanja kvaliteta usluga. U cilju maksimalnog iskorišćenja potencijala iz modela otvorenih inovacija, u zaključnom delu su izvedene preporuke za menadžere u bankarskom sektoru. Istraživanje može doprineti menadžerima u finansijskim uslugama, bankarskom sektoru, IT sektora i menadžmentu inovacija.Ključne reči: IT strategija, strategija otvorenih inovacija, radikalne inovacije, inkrementalne inovacije, inovacione performanse, finansijske performanse, bankarski sektor, menadžment inovacija JEL: O31, O33, G21 SummaryThis paper deals with the effects IT and open innovation strategies have on innovation and financial performances in the Serbian banking sector, using the case study method based on qualitative and quantitative data. The research results point to the need for introducing the concept of open innovation in the banking sector i.e. to adequately incorporate external knowledge in innovation processes using appropriate technologies. Employees and established partnerships with key stakeholders are the two most significant sources for the generation and commercialization of radical innovations, while customers and other sources of knowledge acquisition allow the generation of various knowledge and ideas, and the creation of incremental innovations with the primary purpose of satisfying the end users of banking services, improving existing processes and service quality. To maximize utilization of resources from the open innovation model, the concluding paragraph contains recommendations for managers in the banking sector. The study may be useful for managers in the financial services, banking, IT sector and innovation management. Keywords:IT strategy, open innovation strategy, radical innovation, incremental innovation, innovation performances, financial performances, banking sector, innovation management JEL: O31, O33, G21 Uvod i ciljeviBankarski sektor prolazi kroz period značajnih strukturnih promena, kao rezultat kombinovanih spoljašnjih i unutrašnjih snaga koje podjednako predstavljaju mogućnosti i pretnje za banke. Globalna finansijska i ekonomska kriza, izraženi regulatorni pritisci, nestabilno poslovno okruženje, brz tehnolo...

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The Rise of Service Science

Cited by 5 publications

References 3 publications

The prioritization of open innovation determinants in banking

The prioritization of open innovation determinants in banking

The use of regression analysis in the evaluation of the impact of digitalisation and technological inovations in three measures of the development of economy and society

The effects of IT and open innovation strategies on innovation and financial performances in the banking sector

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