The financial industry is being characterized by a series of novelties and changes that have their emblematic representation in the regulation adopted in EU in the field of payments service, namely the PSD2 (Payment Service Directive 2). This programmatic approach, anticipated in UK by the project of Open Banking Implementation Entity (OBIE) in charge of delivering open banking, consists in the openness of payment accounts’ data of users towards third parties. Nevertheless, other initiatives and experiences are characterizing the financial scenario. Indeed, new innovative financial operators such as Fintech and Insurtech companies have appeared in the competitive arena as well as technology sector giants such as Google, Amazon and Apple, traditionally distant from a pure financial offer, are entering in the financial context. Moreover, collaborative experiences, that seem to change the idea of a simple competitive contrast between new and traditional actors in the financial scenario, are signalled. Indeed, there are several partnerships or agreements that financial actors have signed or are signing with companies traditionally outside the boundaries of the financial industry. These new experiences, along with the thrust towards innovation brought by the sharing of data promoted by PSD2 in EU and by OBIE in UK, signal a general tendency of the financial world to open towards new actors of other industries. Labelling all these experiences under the name of “open finance”, meaning the application of the open innovation theory in finance, our research aims to explain such paradigm. After having verified the lack in literature of a detailed discussion on this theme as well as of a comprehensive theoretical model that will allow to understand what open finance is, our research questions have been written. In particular, with the first research question it has been clarified the definition of finance as well as the boundaries of the financial industry. The answer to this question has resulted to be propaedeutic to the second research question on what open finance is. Due to the aforementioned literature issues of lack of answers, a conceptual model has been built in order to explain the implementation of open innovation in finance. Other theories besides the open innovation, as well as operative tools, have been considered since they emerged from literature as relevant in our model to answer the second research question of this research. From these theories and operative tools, benefits as well as openness indicators of the financial industry have been derived. Once having built the model, the next step was verified empirically the level of adoption of open finance upon a sample of 48 European open finance platforms, mapped according to some variables. This empirical analysis has been completed with 5 case studies on European open finance platforms and initiatives operating in Italy, that have allowed to go in-depth in the understanding of the empirical implementation of open finance. From the empirical analysis it resulted as the different initiatives of open finance are positioned on different levels and still, looking at the overall picture, there is not a complete exploitation of all possibilities, enabled by the usage of theories and tools of our mode, to take all the benefits of open finance. In this way, our dissertation contributes to the literature by proposing a model able to explain the characteristics of the open finance paradigm and its implementation giving also the result of the level of adoption of this model in the experiences existing at the moment in the European context.
Il settore finanziario sta venendo caratterizzato da una serie di novità e di cambiamenti che hanno la loro emblematica rappresentazione nella regolamentazione adottata in Unione Europea in materia di pagamenti che va sotto il nome di PSD2 (Payment Service Directive 2). Tale approccio programmatico, anticipato nel Regno Unito dal progetto dell’Open Banking implementation Entity (OBIE) che si propone di attuare l’open banking, rappresenta l’apertura dei dati sui conti di pagamento degli utenti a terze parti. Tuttavia, altre iniziative ed esperienze stanno caratterizzando lo scenario finanziario. Infatti, nuovi innovativi operatori finanziari come le aziende Fintech e Insurtech sono apparsi nell’arena competitiva cosi come giganti del settore tecnologico come Google, Amazon e Apple, tradizionalmente distanti da un’offerta puramente finanziaria, stanno entrando nel contesto finanziario. Vengono segnalate inoltre esperienze collaborative che sembrano rimodulare l’idea di un semplice contrasto competitivo tra vecchi e nuovi attori nel panorama finanziario. Infatti, numerose sono le partnerships o gli accordi che attori finanziari hanno stretto o stanno stringendo con aziende tradizionalmente al di fuori dei confini del settore finanziario. Queste nuove esperienze, insieme alla spinta all’ innovazione data dalla condivisione dei data promossa dalla PSD2 nell’ Unione Europea e dall’OBIE nel Regno Unito, segnalano una generale tendenza del mondo finanziario all’apertura verso nuovi attori di altri settori. Facendo rientrare tutte queste esperienze sotto la denominazione di “open finance”, intendendo cosi l’applicazione della teoria dell’open innovation nel finance, la nostra ricerca si propone di spiegare questo paradigma. Dopo aver accertato la mancanza in letteratura di una trattazione dettagliata sul tema nonché di un modello teorico generale che ci permetta di comprendere cosa è l’open finance, le nostre domande di ricerca sono state stilate. In particolar modo, con la prima domanda di ricerca è stata chiarita la definizione di finance cosi come i confini del settore finanziario. La risposta a questa domanda è risultata propedeutica alla seconda e centrale domanda di ricerca su cosa sia l’open finance. A causa dei già citati problemi di mancanza di risposte in letteratura, un modello concettuale è stato costruito per spiegare l’implementazione dell’open innovation nel finance. Altre teorie oltre l’open innovation, cosi come strumenti operativi, sono stati considerati perché emersi dalla letteratura come rilevanti nel nostro modello al fine di rispondere a questa seconda domanda di ricerca. Da queste teorie e strumenti operativi ne sono risultati dei benefici cosi come degli indicatori di apertura del settore finanziario. Una volta costruito il modello, il passo successivo è stato verificare empiricamente il livello di adozione dell’open finance su un campione di 48 piattaforme europee open finance mappate secondo alcune variabili. Questa analisi empirica è stata completata anche da 5 casi studio su iniziative e piattaforme europee open finance operanti in Italia, che ci hanno permesso di andare in profondità nella comprensione dell’implementazione empirica dell’open finance. Dall’analisi empirica è risultato come le varie iniziative di open finance si posizionano su livelli diversi e ancora, guardando alla visione d’insieme, manca un completo sfruttamento di tutte le possibilità, date dall’uso di teorie e strumenti del modello, per cogliere a pieno i benefici dell’open finance. In tal modo la nostra tesi contribuisce alla letteratura attuale proponendo un modello in grado di spiegare le caratteristiche del paradigma open finance e la sua implementazione dando anche risultato del livello di adozione di questo modello nelle esperienze attualmente presenti nel contesto europeo.
A conceptual framework to analyze and to implement the open finance paradigm
CUTRONA, FILIPPO;ZANNI, VALENTINA
2018/2019
Abstract
The financial industry is being characterized by a series of novelties and changes that have their emblematic representation in the regulation adopted in EU in the field of payments service, namely the PSD2 (Payment Service Directive 2). This programmatic approach, anticipated in UK by the project of Open Banking Implementation Entity (OBIE) in charge of delivering open banking, consists in the openness of payment accounts’ data of users towards third parties. Nevertheless, other initiatives and experiences are characterizing the financial scenario. Indeed, new innovative financial operators such as Fintech and Insurtech companies have appeared in the competitive arena as well as technology sector giants such as Google, Amazon and Apple, traditionally distant from a pure financial offer, are entering in the financial context. Moreover, collaborative experiences, that seem to change the idea of a simple competitive contrast between new and traditional actors in the financial scenario, are signalled. Indeed, there are several partnerships or agreements that financial actors have signed or are signing with companies traditionally outside the boundaries of the financial industry. These new experiences, along with the thrust towards innovation brought by the sharing of data promoted by PSD2 in EU and by OBIE in UK, signal a general tendency of the financial world to open towards new actors of other industries. Labelling all these experiences under the name of “open finance”, meaning the application of the open innovation theory in finance, our research aims to explain such paradigm. After having verified the lack in literature of a detailed discussion on this theme as well as of a comprehensive theoretical model that will allow to understand what open finance is, our research questions have been written. In particular, with the first research question it has been clarified the definition of finance as well as the boundaries of the financial industry. The answer to this question has resulted to be propaedeutic to the second research question on what open finance is. Due to the aforementioned literature issues of lack of answers, a conceptual model has been built in order to explain the implementation of open innovation in finance. Other theories besides the open innovation, as well as operative tools, have been considered since they emerged from literature as relevant in our model to answer the second research question of this research. From these theories and operative tools, benefits as well as openness indicators of the financial industry have been derived. Once having built the model, the next step was verified empirically the level of adoption of open finance upon a sample of 48 European open finance platforms, mapped according to some variables. This empirical analysis has been completed with 5 case studies on European open finance platforms and initiatives operating in Italy, that have allowed to go in-depth in the understanding of the empirical implementation of open finance. From the empirical analysis it resulted as the different initiatives of open finance are positioned on different levels and still, looking at the overall picture, there is not a complete exploitation of all possibilities, enabled by the usage of theories and tools of our mode, to take all the benefits of open finance. In this way, our dissertation contributes to the literature by proposing a model able to explain the characteristics of the open finance paradigm and its implementation giving also the result of the level of adoption of this model in the experiences existing at the moment in the European context.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/151774