Networked value creation in the banking sector
The continuous development of technology and digitalization has increasingly changed society. Consumers have instant access to extensive information and numerous options from product and service providers via the Internet. The increasing change in the business environment and the shift in the role of companies in society have created a new situation that requires a fundamental rethinking of how companies create value and grow their business. In parallel with societal change, big techs, fintechs, and neobanks (digital banks) have massively changed the financial market landscape in recent years. The pandemic has also changed customers’ banking behaviour significantly. Traditional Swiss banks will not be competitive and lucrative in the long term if they do not adapt their business model, collaborate with partners which provide value-adding elements of products and services and focus on their core competencies. By conducting comprehensive literature reviews and a mass survey with over 200 respondents, this study illustrates the characteristics of networked value creation in a digital age, customer expectations in the financial sector, current financial product analysis, and possible solutions for networked value creation. Various expectations were identified, customers expect improvements in fees and interest rates, an increase in efficiency, reduce in complexity, and welcome foreign cooperation. Shall the banks not improve in the mid-long term, two-thirds of the respondents would change to another bank. Based on all the findings, an all-in-one bank account co-created by multiple banks and financial institutes from the entire financial network worldwide is introduced. It consists of all the banking functions that a customer could need. Different value-creating elements will be provided by different banks or financial institutes. Customers will have access to all the products and services by activating the functions. It is validated that it can better fulfil customer expectations and the banks can stay competitive in the long term.
Mitter, Zoe, 2022
Art der Arbeit Master Thesis
Betreuende Dozierende Laurenzi, Emanuele
Studiengang: Business Information Systems (Master)