Introduction to the course

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From the course by Copenhagen Business School

Innovation Strategy: Developing Your Fintech strategy

106 ratings

Copenhagen Business School

Innovation Strategy: Developing Your Fintech strategy

106 ratings

Course 3 of 4 in the Specialization Digital Transformation in Financial Services

Welcome to Innovation strategy: Developing your Fintech Strategy! As you probably know, this is the third course in a three-part specialization focused on the digital transformation of finance. In this course, we'll aim to bring you insights about how business strategy intersects with innovation in finance. I'm excited to have you in the class and look forward to helping you learn more about this important topic. To begin, I recommend taking a few minutes to explore the course site. A good place to start is the navigation bar on the left. Click Course Content to see what material we’ll cover each week, as well preview the assignments you’ll need to complete to pass the course. Click Discussions to see forums where you can discuss the course material with fellow students taking the class. Be sure to introduce yourself to everyone in the Meet and Greet forum! This course should take about four weeks to complete. You can check out the recommended course schedule below to see a quick overview of the lessons and assignments you’ll complete each week. By the time you finish this course, you’ll have understood the job your Fintech innovation strategy should solve and mastered both internal and external innovation tools to solve the problem. You will also have been exposed to how some of the world’s leading financial companies work with innovation and seen inspirational examples from the digital masters, such as Google, Apple and Amazon. You'll be introduced to the Capstone Project for the specialization and have a chance to form some preliminary solutions for a financial company that needs to re-think its Fintech innovation strategy. The course has a primary focus on the banking sector, with insurance as a secondary area of concern. Most examples are rooted in the North American and European financial markets. Good luck as you get started. I look forward to seeing you in class!

From the lesson

Innovation Strategy: Developing your FinTech Strategy

Welcome to "Innovation strategy: Developing your Fintech strategy". I am excited to have you in the class and look forward to your contributions to the learning community. To help you understand how the course will be structured, we would suggest that you go to the 'Start Here' tab first. After that, feel free to explore the rest of the course including the lectures, readings and quizzes. We would also encourage you to interact with each other on the Discussion Forums. This is a great way of hearing from others and discussing particular topics. So please go and introduce yourself on the 'Introduce Yourself' thread. So let’s get started!

Introduction to the course4:33

Meet the Instructors

Jonas Hedman
Associate Professor
Department of Digitalization
Stefan Henningsson
Associate Professor
Department of Digitalization

Hi, my name is Stefan Henningsson.

I'm an Associate Professor here at Copenhagen Business School in Copenhagen, Denmark.

It's a great pleasure to welcome you to innovation strategy,

developing your FinTech strategy.

As you may well know, this is the third course in

specialization on the digital transformation of financial services.

The course is assigned to stand on its own,

but if you haven't already taken the first two courses,

I recommend you to do so.

I promise, they're very interesting.

So in this opening video,

we are going to spend a little time to talk about

the framing and the motivation behind this course.

Do you think that digital innovations are going to be an important part of how

companies in the finance service industries compete in the future?

There are many reasons to think so.

In the previously very conservative financial industries,

FinTech is now the word on everyone's lips.

Investments in FinTech has grown almost exponentially over the last couple of years

to reach 25 billion US dollars in 2016.

Now, almost all traditional companies in

the finance service industries have ramped up their investments in innovative technology.

And more than half of the bank says that they are actively

looking at external sources for acquisitions,

partnerships, and accelerators that would give them access to exciting technology.

So even if we don't know exactly what will happen with finance,

it's quite certain that innovation would be

a critical component of how companies compete in the financial services industries.

Now, the bad news are that innovation is hard

because companies are stuck in doing business in the way that once made them great,

and they struggle to find their ways into the digital era.

On the other hand, the good news is that if we can nail this challenge,

if we can find a way to develop an effective FinTech innovation strategy,

then we set us apart from the pack.

Then we find an advantage that is not based on

historical paths but on the ability to create the future.

This course is all about targeting that problem,

how to escape the historical past and to develop

a FinTech strategy to compete on innovation in the digital era of finance.

To do this, we have two key questions in the course that we would keep coming back to.

The first one is, what do we want to achieve with our FinTech strategy?

We addressed this question in the first module of the course.

The question is basically about the problem we want to solve in our FinTech strategy.

We can't have a discussion about FinTech innovation without knowing where we're heading,

so we're going to start in this end.

The second question is then,

how do we develop a FinTech strategy to achieve our goals?

We addressed these questions in modules two and three.

In the search for tools that can make us innovative,

we have to look both at the arrangements to create

internal innovation and ways to channel innovations quite by others.

Then in the fourth model of the course,

you will use what you learned to develop a FinTech strategy for a real world company.

When we're working to answer these questions,

we're going to look at examples both from

the financial industries but also from other digital industries.

We can learn from companies like Apple, Google,

and Amazon, but we have to be careful here.

Finance is not like any other industry,

and a bank may have many differences if you compare it to Google.

To understand how ideas about innovation from Google translates into our world,

we will look at many real world examples from

the most innovative companies in the industry.

One company that we're going to look at more closely is Danske Bank.

You will hear more about them in a few minutes.

Danske Bank is one of the traditional banks

that are leading the digital transformation of finance.

It's a bank that has won

numerous innovation awards and is

behind some of the greatest digital innovations successes in Europe.

We will study their approaches to innovation and hear from

the bank itself about how it pushes to be relevant in the digital era.

So, welcome to the course. Let's get going.

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