Innovation relationships in the emergence of Fintech ecosystems

Kaisa Still, Ilkka Lähteenmäki, Marko Seppänen

    Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsScientificpeer-review

    3 Citations (Scopus)


    This paper explores the emergence of ecosystems in the context of Fintechs infusing digital technology into financial services. The rapid rise of Fintechs has changed the business landscape, challenging the established firms with novel solutions and services. As a result, the established firms are turning to new models of cooperation, replacing the hierarchically managed value chains with ecosystems that are modular and decentralized in their architecture. First, a bibliometric analysis was conducted to present the content and relationships in Fintech research in general. Then, a case study on two of the biggest retail banks in Finland and their innovation relationships in developing Distributed Ledger Technologies and related services was conducted. The results show how established players have established multiple innovation relationships, in different ecosystems as well as between them. These can be seen to demonstrate the emergence of Fintech ecosystems. The study contributes to previous literature by making the linkages explicit, particularly by examining the contextual elements that are crucial enablers or hindering factors in such relationships.

    Original languageEnglish
    Title of host publicationProceedings of the 52nd Annual Hawaii International Conference on System Sciences, HICSS 2019
    EditorsTung X. Bui
    PublisherUniversity of Hawaii Press
    ISBN (Electronic)978-0-9981331-2-6
    Publication statusPublished - 8 Jan 2019
    MoE publication typeA4 Article in a conference publication
    Event52nd Annual Hawaii International Conference on System Sciences, HICSS 2019 - Maui, United States
    Duration: 8 Jan 201911 Jan 2019


    Conference52nd Annual Hawaii International Conference on System Sciences, HICSS 2019
    Country/TerritoryUnited States


    • ecosystem
    • emergence
    • financial
    • fintech
    • innovation


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