Open Innovation in the Financial Services Sector - A global literature review

Main Article Content

Patrick Edmund Schueffel
Ioan-Iustin Vadana


Despite the fact that it could help to overcome the current global financial crisis, the concept of open innovation is only very scarcely applied in the financial services sector. This international literature review covering the past decade provides an overview of the relevant body of literature on this topic. Two questions represent the starting point of this work: (1) Why is open innovation so scarcely applied in the banking, wealth management and insurance industries? and (2) Should the financial services sector use open innovation more widely? Our findings show that various organizational factors as well as monetary reasons prevent financial services companies from applying open innovation processes. Yet, by taking into account the potential benefits that the concept of open innovation may yield, this approach should indeed be applied more widely in the financial services industry.

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Author Biographies

Patrick Edmund Schueffel, School of Management Fribourg

Director Insititute of Finance

Ioan-Iustin Vadana

School of Management Fribourg