Open innovation in the financial services

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Open innovation involves sourcing new ideas from outside organizational boundaries, fostering collaboration to develop solutions for client needs, and distributing products through a flexible network of partners. This book, the first of its kind, explores open business models specifically within the financial services sector. It highlights key drivers for strategic change, such as sophisticated clients and demanding shareholders, alongside trends like the global financial crisis. The author explains the necessity of transitioning from a closed operational model to one embracing open innovation. Through various case studies, the text illustrates the integration of clients into the innovation process, emphasizing smart client segmentation and a holistic advisory model to serve a global clientele. Leaders are urged to adopt new management practices to invest in diverse strategic directions, ensuring clients receive exceptional experiences and fostering social relationship capital through an open innovation culture. This work provides a vital framework for understanding banking industry dynamics and leveraging organizational energy to achieve sustainable growth. It arrives at a crucial moment, offering a fresh perspective on business expansion strategies, particularly in challenging times.