Narrow Results

The global Wealth Management industry is changing fast and incumbents need to anticipate and react in order to be successful. Led by a significant rise in wealth in Asia, changing customer preferences, and digital transformation post the global financial crisis, open business models will assist innovative companies in creating tailored solutions for their new customer segments. New customer segments among women, millennials, and cross-border require new services aided by digital technology and are customer-centric and values-based, not just focused on investment returns.

Business models should be underpinned by a hybrid offering of digital services with a strong focus on human relationships. Systems, processes, and structures must ensure agility, innovation, and efficiency in order to continue to compete in this environment and be ready for ongoing technology-led disruption.

Technology-led disruption and involving customers in the value creation process using the Lean methodology and value co-creation can be used in order to understand and increase customer value. FinTech should be simple and responsive and designed to augment human advisors.

In our contemporary society, innovation is more and more considered as a collaborative effort between different actors who tap into distributed sources of knowledge. This has fostered research into open innovation, innovation networks and open innovation processes. However, research on how these innovation processes are coordinated within these networks is largely lacking. Therefore, within this chapter we explore a specific approach that tries to facilitate and govern distributed innovation processes through a Public–Private–People partnership with a central role for the end-user: Living Labs. As we consider Living Labs as clear examples of distributed innovation through a collaborative effort of different actors, we use concepts from open innovation and from innovation networks literature to analyse and make sense of innovation processes taking place in Living Labs. By means of an in-depth case study analysis, we look at the knowledge transfers, constellation and orchestration taking place in FLELLAP, a Flemish ICT Living Lab that generated some successful projects, but also failed on some aspects. This allows to abstract lessons and propose avenues for future research.