The evolution of the financial technology ecosystem

An introduction and agenda for future research on disruptive innovations in ecosystems

Document identifier:
Access full text here:10.1016/j.techfore.2019.119779
Keyword: Social Sciences, Economics and Business, Business Administration, Samhällsvetenskap, Ekonomi och näringsliv, Företagsekonomi, Disruptive innovation, Digitalization, Ecosystems, Financial technology, FinTech, Artificial intelligence, Entrepreneurship, Incumbents, Entreprenörskap och innovation, Entrepreneurship and Innovation
Publication year: 2020
Relevant Sustainable Development Goals (SDGs):
SDG 15 Life on landSDG 14 Life below waterSDG 9 Industry, innovation and infrastructure
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At a time when many mature industries have been fundamentally transformed by disruptive innovations, prominent examples such as Apple and Uber reflect how disruptive innovations often originate at the ecosystem or system level rather than in individual firms. Unfortunately, the academic literature has paid little attention to the role of ecosystem development and evolution in relation to disruptive innovations. To overcome this oversight, our study defines disruptive innovation ecosystems and illustrates the impact that the financial technology (FinTech) ecosystem has had on disrupting the financial services industry. We offer an agenda for future research on disruptive innovations and ecosystems and discuss the evolution of the FinTech ecosystem. Our study shows that disruptive innovation ecosystems are not only in need of but also deserving of further attention.


Maximilian Palmié

University of St.Gallen, St.Gallen, Switzerland
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Joakim Wincent

University of St.Gallen/Hanken, School of Economics, Entrepreneurship and Management, St.Gallen/Helsinki, Switzerland/Finland
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Vinit Parida

Luleå tekniska universitet; Industriell Ekonomi; University of Vaasa, School of Management, Vaasa, Finland
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Umur Caglar

Innovalogy Capital Management, Tampere, Finland
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