Open innovation and collaboration in the financial services sector: exploring the role of trust. (1st January 2014)

• Record Type: Journal Article
• Authors: Salampasis, Dimitrios; Mention, Anne-Laure; Torkkeli, Marko
• Is Part Of: International journal of business innovation and research. Volume 8:Number 5(2014)
• Page Start: 466
• Page End: 484
• Publication Date: 2014-01-01
• Subjects: financial services sector -- open innovation -- collaboration -- trust; Management science -- Research -- Periodicals; Industrial management -- Technological innovations -- Periodicals; Industrial management -- Research -- Periodicals; 658.0072
• Languages: English
• ISSNs: 1751-0252

Abstract

This paper aims at exploring the role of trust within the financial services sector in relation to open and collaborative financial innovation. Financial services nowadays represent considerable share of the global economy. In the European Union (EU-27), financial services accounted for 5.9% of the gross value added in 2010 (Eurostat, 2011). There is a vast discussion about open innovation and the need for collaboration and knowledge sharing; however, in the process of building up this open and collaborative framework, trust does not yet seem to have a place in the academic debate. Relying on a review covering multiple literature streams and primary data collected from interviews, the relevant antecedents of trust in the financial services sector under this open and collaborative perspective, ex-post financial crisis are identified.