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Institute
The usage of data to improve or create business models has become vital for companies in the 21st century. However, to extract value from data it is important to understand the business model. Taxonomies for data-driven business models (DDBM) aim to provide guidance for the development and ideation of new business models relying on data. In IS research, however, different taxonomies have emerged in recent years, partly redundant, partly contradictory. Thus, there is a need to synthesize the common ground of these taxonomies within IS research. Based on 26 IS-related taxonomies and 30 cases, we derive and define 14 generic building blocks of DDBM to develop a consolidated taxonomy that represents the current state-of-the-art. Thus, we integrate existing research on DDBM and provide avenues for further exploration of data-induced potentials for business models as well as for the development and analysis of general or industry-specific DDBM.
Uncovering the digitalization impact on consumer decision-making for checking accounts in banking
(2022)
Checking account providers must understand the importance of digital and non-digital service attributes across different customer segments to achieve a product-market fit in digitalization. In particular, various latent personal characteristics influence customer choices in digital banking. However, there is only limited research on banking customer behavior beyond the technology acceptance model, and none that explores customer preferences for checking accounts experimentally. Against this background, we present the results of a discrete choice experiment on customer preferences towards checking accounts in Germany. The outcome of the paper is a detailed quantitative assessment of the relationships between checking account service attributes and a set of latent influencing factors on choice. While customer service experience, the scope of services, and professional expertise are identified as re-occurring critical aspects for customers when choosing their banking service provider, the type of provider and digital product innovation showed little impact on customer choice overall. In multigroup analyses, we reveal the moderating impact of influencing factors on the preference of checking account service attributes. Additional segmentation analyses point to six customer segments from which four still prefer a traditional operating model. The largest segment of traditional product-innovative customers prefers digitalized, i.e., data-driven checking accounts in a mixed-mode with human customer advisory and on-site branch services from a traditional bank. At the other end of the spectrum, a small innovative Fintech customer segment, influenced by non-pragmatism and social norms, prefers a purely digital operating model with data-driven applications in banking.
Digital transformation (DT) is a major challenge for traditional companies. Despite the term, DT is relatively new; its substance is not: a whole stream of research has examined the relationship between DT and firm performance with contradictory findings. Most of these studies have chosen a linear correlational approach, however, did not analyze the holistic interplay of DT dimensions, leading to firm performance. This applies especially to the mature financial services industry and the future perspectives of traditional financial service providers (FSP). Hence, it remains an open question for both research and practice what DT configurations have a positive impact on firm performance. Against this background, the aim of this exploratory study is to examine how DT dimensions are systemically connected to firm performance of incumbent FSP. Drawing on a qualitative-empirical research approach with case data from 83 FSP, we identify digital configurations along different levels of firm performance. Our findings suggest an evolution of digital configurations of FSP, leading to five empirical standard types from which only one managed to establish a profound basis of DT.
Digital transformation (DT) is a major challenge for traditional companies. Despite the term, DT is relatively new; its substance is not: a whole stream of research has examined the relationship between DT and firm performance with contradictory findings. Most of these studies have chosen a linear correlational approach, however, did not analyze the holistic interplay of DT dimensions, leading to firm performance. This applies especially to the mature financial services industry and the future perspectives of traditional financial service providers (FSP). Hence, it remains an open question for both research and practice what DT configurations have a positive impact on firm performance. Against this background, the aim of this exploratory study is to examine how DT dimensions are systemically connected to firm performance of incumbent FSP. Drawing on a qualitative-empirical research approach with case data from 83 FSP, we identify digital configurations along different levels of firm performance. Our findings suggest an evolution of digital configurations of FSP, leading to five empirical standard types from which only one managed to establish a profound basis of DT.
Traditional organizations are strongly encouraged by emerging digital customer behavior and digital competition to transform their businesses for the digital age. Incumbents are particularly exposed to the field of tension between maintaining and renewing their business model. Banking is one of the industries most affected by digitalization, with a large stream of digital innovations around Fintech. Most research contributions focus on digital innovations, such as Fintech, but there are only a few studies on the related challenges and perspectives of incumbent organizations, such as traditional banks. Against this background, this dissertation examines the specific causes, effects and solutions for traditional banks in digital transformation − an underrepresented research area so far.
The first part of the thesis examines how digitalization has changed the latent customer expectations in banking and studies the underlying technological drivers of evolving business-to-consumer (B2C) business models. Online consumer reviews are systematized to identify latent concepts of customer behavior and future decision paths as strategic digitalization effects. Furthermore, the service attribute preferences, the impact of influencing factors and the underlying customer segments are uncovered for checking accounts in a discrete choice experiment. The dissertation contributes here to customer behavior research in digital transformation, moving beyond the technology acceptance model. In addition, the dissertation systematizes value proposition types in the evolving discourse around smart products and services as key drivers of business models and market power in the platform economy.
The second part of the thesis focuses on the effects of digital transformation on the strategy development of financial service providers, which are classified along with their firm performance levels. Standard types are derived based on fuzzy-set qualitative comparative analysis (fsQCA), with facade digitalization as one typical standard type for low performing incumbent banks that lack a holistic strategic response to digital transformation. Based on this, the contradictory impact of digitalization measures on key business figures is examined for German savings banks, confirming that the shift towards digital customer interaction was not accompanied by new revenue models diminishing bank profitability. The dissertation further contributes to the discourse on digitalized work designs and the consequences for job perceptions in banking customer advisory. The threefold impact of the IT support perceived in customer interaction on the job satisfaction of customer advisors is disentangled.
In the third part of the dissertation, solutions are developed design-oriented for core action areas of digitalized business models, i.e., data and platforms. A consolidated taxonomy for data-driven business models and a future reference model for digital banking have been developed. The impact of the platform economy is demonstrated here using the example of the market entry by Bigtech. The role-based e3-value modeling is extended by meta-roles and role segments and linked to value co-creation mapping in VDML. In this way, the dissertation extends enterprise modeling research on platform ecosystems and value co-creation using the example of banking.
Due to changing customer behavior in digitalization, banks urge to change their traditional value creation in order to improve interaction with customers. New digital technologies such as core banking solutions change organizational structures to provide organizational and individual affordances in IT-supported personal advisory. Based on adaptive structuration theory and with qualitative data from 24 German banks, we identify first, second and third order issues of organizational change in value creation, which are connected with a set of affordances and constraints as the outcomes for customer interaction.
Retail banking has undergone a massive transformation in the last few years. A major aspect is changing consumer behavior. The aim of the paper is to better understand retail banking consumers regarding the impact of digitalization. Consequently, we acquired online consumer review data from Germany, the UK and US. We analyzed the data using coding techniques of grounded theory, supported by interdisciplinary literature to identify and categorize the relevant influence factors. The outcome of the paper is an integrated model of consumer decision-making in today’s retail banking along with four detailed partial models of the respective decision stages.