The University of Southampton
University of Southampton Institutional Repository

Disruptive innovation: designing business platforms for new financial services

Disruptive innovation: designing business platforms for new financial services
Disruptive innovation: designing business platforms for new financial services
Business platform models often achieve industry disruption through the elimination of barriers such as time and space by implementing smart and sophisticated software that captures, analyzes, and exchanges huge volumes of
data. Central to business platforms is their online participative infrastructure that facilitates interaction between many external producers and consumers where the exchange of goods, services or social currency enables value
creation for all involved. This study adopts an exploratory approach to improve existing understanding about the strategies that financial platforms implement. In addition, we explore what incumbents are doing to ‘survive’ and if the measures they are taking are sufficient to achieve survival. Further, we examine whether customer-focused strategies, such as Experience-Based Offerings (EBOs), provide the best solution for financial service firms to gain
competitive advantage. The findings show that strategies can be implemented successfully by integrating technology to improve, personalize, and customize customer experiences, while managers and employees can add quality to experiences. This study contributes to our understanding of business platforms by identifying how they are designed and managed, and how incumbents can learn from them to respond to the challenges presented by today’s rapidly changing consumer behavior. Based on our findings, we extend existing conceptual models that can be used to achieve platform-based financial service goals.
Business models, Customer focus, Disruptive innovation, Ecosystem, Experience-based offerings, Financial services, Platforms
0148-2963
134-146
Agyei-Boapeah, Henry
97da4bfc-659e-43a7-b110-f5635ea2456f
Evans, Richard
bf155bdd-3a06-4ca0-9ceb-bf442fb90f21
Nisar, Tahir
6b1513b5-23d1-4151-8dd2-9f6eaa6ea3a6
Agyei-Boapeah, Henry
97da4bfc-659e-43a7-b110-f5635ea2456f
Evans, Richard
bf155bdd-3a06-4ca0-9ceb-bf442fb90f21
Nisar, Tahir
6b1513b5-23d1-4151-8dd2-9f6eaa6ea3a6

Agyei-Boapeah, Henry, Evans, Richard and Nisar, Tahir (2022) Disruptive innovation: designing business platforms for new financial services. Journal of Business Research, 150, 134-146. (doi:10.1016/j.jbusres.2022.05.066).

Record type: Article

Abstract

Business platform models often achieve industry disruption through the elimination of barriers such as time and space by implementing smart and sophisticated software that captures, analyzes, and exchanges huge volumes of
data. Central to business platforms is their online participative infrastructure that facilitates interaction between many external producers and consumers where the exchange of goods, services or social currency enables value
creation for all involved. This study adopts an exploratory approach to improve existing understanding about the strategies that financial platforms implement. In addition, we explore what incumbents are doing to ‘survive’ and if the measures they are taking are sufficient to achieve survival. Further, we examine whether customer-focused strategies, such as Experience-Based Offerings (EBOs), provide the best solution for financial service firms to gain
competitive advantage. The findings show that strategies can be implemented successfully by integrating technology to improve, personalize, and customize customer experiences, while managers and employees can add quality to experiences. This study contributes to our understanding of business platforms by identifying how they are designed and managed, and how incumbents can learn from them to respond to the challenges presented by today’s rapidly changing consumer behavior. Based on our findings, we extend existing conceptual models that can be used to achieve platform-based financial service goals.

Text
Disruptive Innovation Designing Business Platforms for New Financial Services - Accepted Manuscript
Restricted to Repository staff only until 15 June 2025.
Request a copy

More information

Accepted/In Press date: 26 May 2022
e-pub ahead of print date: 15 June 2022
Published date: 15 June 2022
Additional Information: Funding Information: None. Publisher Copyright: © 2022
Keywords: Business models, Customer focus, Disruptive innovation, Ecosystem, Experience-based offerings, Financial services, Platforms

Identifiers

Local EPrints ID: 469489
URI: http://eprints.soton.ac.uk/id/eprint/469489
ISSN: 0148-2963
PURE UUID: d921122e-e4bf-4bab-aaf4-16e8a86d71c9
ORCID for Tahir Nisar: ORCID iD orcid.org/0000-0003-2240-5327

Catalogue record

Date deposited: 15 Sep 2022 16:48
Last modified: 30 Nov 2022 02:37

Export record

Altmetrics

Contributors

Author: Henry Agyei-Boapeah
Author: Richard Evans
Author: Tahir Nisar ORCID iD

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton: eprints@soton.ac.uk

ePrints Soton supports OAI 2.0 with a base URL of http://eprints.soton.ac.uk/cgi/oai2

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.

×