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Theory and practice of innovation development in the banking sector
Małgorzata Zaleska, Przemysław Kondraciuk
Abstract: The aim of this article is to systematise the approach to innovation in the economic theory and to define the indicators used to measure the innovativeness of world economies. The considerations are focused on innovation in the banking sector as it is one of the most innovative sectors worldwide. The identification of the stages of innovation development in this branch is worth emphasising, along with the description of its economic and legal determinants
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<a href="https://dx.doi.org/10.15611/fins.2019.2.06">DOI: 10.15611/fins.2019.2.06</a>
<p>JEL Classification: G2, O3</p>
<p xml:lang="en-US"><span>Keywords:</span> economic theory of innovation, innovations in banking industry, banks,
FinTechs, start-ups. </p>
<h2>1. Introduction</h2>
<p>Nowadays, the word innovations is ever-present, but the scientific analysis of the theory of innovation is driven by
widely understood technologies. However, the issues related to technical progress are nothing new – they were first
raised a long time ago by the first exponents of the classical movement. Later, at the beginning of the 20th
century, Joseph Schumpeter distinguished the theory of innovation as a separate research category [Glapiński
2003, pp. 108-112]. Henceforth, not only have the definitions of innovation, but also the quantitative and qualitative
methods of its measurement gained significant importance. This is indicated for example by research on the innovative
character of economies, which has also contributed to the establishment of innovativeness as one of the key aspects of
today’s economic policy all around the world. The aim of this research paper is to systematise the approach to
innovation in economic theory and to determine the breakthrough moments, e.g. at what point it started to be treated
as a separate research category.</p>
<p>The pace of technological development is accelerating, which is undoubtedly challenging for the economic sciences,
their objective being to provide a thorough interpretation of the ongoing changes as well as to compare them with
business practice. The banking sector is one of the most innovative and this paper is therefore also focused on
innovations in this area. A special emphasis will be placed on the identification of the stages of innovation
development in the banking industry, as well as on the determination of the economic and legal conditions for such
development. To this extent, the authors present the hypothesis that innovations, despite being currently one of the
most important topics in banking activity, have an evolutionary rather than a revolutionary character. The
considerations are based mainly on the interpretation of the literature, as well as on the critical selection of
research and analyses carried out by commercial entities. Due to the current characteristics of the research problem,
the considerations are supported by case studies, the selection of which results from the cautious observation of the
market.</p>
<h2>2. Innovations – from economic theory to business practice </h2>
<p>The interest in technical progress and its impact on the production process were the first manifestation of the
economic perspective on innovation. Such attempts were visible in the works of the first exponents of classical
economics. In particular, they interpreted progress in terms of the positive impact of the use of machines and new
solutions in the production process, although some of them did fear its negative aspects as well. Adam Smith noticed
that the division of labour, being a key factor behind increasing the wealth of nations, supports the creation of
inventions. In his opinion, employees who focus on a highly specialised part of the production process are able
to actively search for its improvement. Due to such improvements the efficiency of manufacturing goods is increasing,
while at the same time it is reducing the human effort (i.e. number of the engaged employees) [Smith 1904]. David
Ricardo, in turn, translated the use of machines and improvements in the production process into the condition of the
whole economy and the labour market, noting, on the one hand, the rising unemployment, and on the other, its extensive
duration that allows to mitigate this negative effect [Ricardo 1821]. Meanwhile, Jean Baptiste Say directly used the
term benefits of innovation, defining it as one of the positive results of technical progress that could be achieved
thanks to creating new workplaces not only in the machine construction branch, but also in new emerging sectors [Say
1855]. John Stuart Mill realised that new solutions and inventions could provide exporters with a competitive
advantage over importers. Therefore, access to manufacturing technologies should be limited in the case of countries
specialising in export activities [Mill 1874]. When analysing industrial districts, Alfred Marshall noticed that
geographical concentration resulted in the faster exchange and diffusion of new ideas, thus enabling the more
effective development of innovative solutions [Marshall 1920]. The continuator of his research, Arthur Pigou, divided
inventions into those that introduced savings of capital, labour savings and neutral savings. He also noted that the
majority of inventions generate an increase in real income, which also results in an increase in the total income at
country level [Pigou 1932]. </p>
<p>In the first decades of the 20th century, Joseph Schumpeter in his research on economic growth established innovation
as one of the key elements of his theory. He was the first economist to clearly separate the terms of invention and
innovation [Schumpeter 1939, p. 84]. Starting with the analysis of business cycles, he defined three basic stages of
economic growth. The first stage is based on discovering and creating inventions. According to his theory not every
invention is an innovation, so there is a need for the commercialisation process, which is the second stage of
the cycle. It is also then that it becomes widely popular and leads to the appearance of imitations of innovative
solutions that are put on the market by the so-called imitators, and then, according to Schumpeter, comes an economic
recovery. With the disappearance of the positive impact of innovation on the market, the cycle enters its third and
final stage, characterised by an economic recession. The next economic growth is possible due to the emergence of
another innovation, which destroys the ineffective solutions and institutional structures created within the previous
cycle. This phenomenon has been described as creative destruction [Schumpeter 1994]. In Schumpeter’s theory,
innovations are responsible for economic growth, but at the same time they disrupt the market equilibrium. Moreover,
the supply side of the market is considered to be a source of innovation since it is associated with creative
entrepreneurs. Schumpeter also defined the specific determinants of economic development caused by innovations that
could occur in one of the five proposed combinations [Schumpeter 1960]:</p>
<ul>
<li>launch of a new product (or an already known, but modified product),</li>
<li>opening of a new market,</li>
<li>application of new methods of product manufacture,</li>
<li>acquiring new sources or materials for the production or more efficient use of existing ones,</li>
<li>introduction of new organisational structures in the sector.</li>
</ul>
<p>Since Schumpeter’s theory came into widespread use, a great number of scientific definitions of innovation has
been created. However, all of them were more or less related to the theses proposed by the Austrian economist. Edwin
Mansfield, Christopher Freeman and Luc Soete all emphasised the difference between inventions and innovations
[Mansfield 1968; Freeman, Soete 1997]. Moreover, the groundbreaking nature of innovations was recognised by Homer
Barnett, Simon Kuznetz and Alvin Harman [Barnett 1953; Kuznetz 1959; Harman 1971]. The currently predominant view is
represented by the model that, as a source of innovation, considers the demand side of the market, not as
suggested by Schumpeter – the supply side. For Schumpeter, the economic changes were the result of the activity of
entrepreneurs, but for example Peter Drucker considered those same changes as an opportunity to propose new solutions
by entrepreneurs [Drucker 1992]. What is more, Everett Rogers stressed the necessity of accepting innovations by their
end recipients [Rogers 2003]. Taking this a step further, Eric von Hippel proposed a concept according to
which innovations in general are created by clients that in the digital era are called users [von Hippel 2005].</p>
<p>It has become modern practice to apply a definition of innovation that does not directly refer to any of the
scientific approaches quoted, but to the interpretation formulated by the European Commission and the Organisation for
Economic Co-operation and Development (OECD). These organisations, in order to systematise the concepts and establish
a standard for research on innovation, jointly published the Oslo Manual in 1992. Since then, two further
editions have been published, the latest one in 2005<a id="footnote-10400-1-backlink" href="#footnote-10400-1">1</a>.
The methodology adopted therein defines innovations as the practical application of a new or significantly
improved product or service, process or even improvement at the marketing or organisational level. However, the
classification based on such a definition is subjective because the entity implementing the new solution decides
on its own whether it is an innovation or not. This definition is also a source of the basic categorisation of
innovations whereby innovations are divided into product, process, marketing and organisational ones [Oslo Manual…
2005, p. 3].</p>
<p>The Oslo Manual also clearly indicates that innovation is not the same thing as innovativeness or innovative
activity, but they are an element connecting them. Innovative activity is the activity of business entities in the
implementation of innovations. Innovativeness, on the other hand, is described as a characteristic attribute of
enterprises that are capable of implementing new solutions. It is innovativeness that is subject to measurement and
quantitative analysis. Such research takes different forms, And most often comes down to conducting surveys at the
level of individual enterprises, the results of which, after aggregation, provide the basis for determining the
innovativeness on country level. Alternatively, there are two types of indicators used to measure innovativeness:</p>
<ul>
<li>input indicators – e.g. the human or money capital involved in research and development activity (R&D),</li>
<li>output indicators – e.g. the number of patents or number of implemented innovations.</li>
</ul>
<p>It has been proved that these indicators, regardless of whether they are from the input or output group, have
a positive impact on economic growth, which is why innovativeness has become one of the key aspects of economic
policy across many countries. This is reflected in the research on innovativeness of economies conducted over recent
years on the basis of complex indexes that incorporate a number of variables from both the input and output
group. In Europe, the most commonly used index is the SII (Summary Innovation Index), and in the global context – the
GII (Global Innovation Index) as well as the GCI (Global Competitiveness Index) in the section dedicated to
innovations [Potencjał innowacyjny… 2016, pp. 23-28].</p>
<p>According to the mentioned indexes, Switzerland is currently the most innovative economy in the world. The
Scandinavian countries as well as the Netherlands, Germany, Great Britain and the USA are also ranked among the top
countries. Poland comes low in these rankings. According to the SII research that covers <br />36 European countries,
the Polish economy is ranked 5th from bottom [European… 2017, p. 62]. The GII index ranked Poland in 38th place out of
127 countries [The Global Innovation… 2017, p. 277], which is a positive result in comparison with the survey
carried out as part of the GCI in the sub-index focused on innovations, where the Polish economy took 59th position
out of the 137 participants [The Global Competitiveness… 2017, p. 241]. The above analyses usually indicate the
following weaknesses of the Polish economic system: business environment implicating a low level of innovative
activity, especially in the segment of small and medium-sized enterprises, underdeveloped partnerships in innovation
between the public and private sectors, but also between business and scientific institutions (i.e. universities) and
the low level of expenditure on research and development. Even with a gradual improvement, Poland is globally
perceived as a non-innovative country. Nonetheless, there are exceptions such as individual enterprises or
sometimes even sectors, of which the banking sector is a clear example [Zaleska 2014, p. 48].</p>
<h2>3. Innovations in the banking activity </h2>
<p>The banking industry is one of the sectors where innovation plays an important role, not only in Poland. Technology
development in the banking sector dates back a long time and so far it has definitely changed the way banks
operate. The recent example of electronic banking seems to be representative here. Nowadays, the latest technologies
even affect the business model of banks, threatening the profits of these traditional institutions, which so far have
been stable. This is inextricably linked to the growing importance of FinTech [Lee, Shin 2018, pp. 35-46], which
originally meant any combination of finance and technology, but is now associated mainly with young technology
companies (i.e. start-ups) that enter the financial services market. Therefore, one of the essential aspects of the
innovation context in banking activity is the definition of their development stages. </p>
<p>The second attribute of innovation characteristics is the specific classification of innovations in the banking
sector. The traditional classification of innovations defined by the Oslo Manual (i.e. product, process,
organisational or marketing-oriented innovations) could be applied also in the context of banking. It is possible to
indicate particular examples from banking practice for each of these innovation groups. However, over recent years,
banks have implemented new technologies to such an extent that the burden of banking business has significantly
shifted to digital channels. The result is that the aforementioned classification of innovations is inadequate
nowadays. Electronic banking could be a good example here, as it could be perceived as following product,
process, marketing and organisational innovations, forcing them to be associated only with the digital transformation.
The characteristics of the innovation development in banking activity should therefore be expanded to include the
determinants of their development. </p>
<h3>3.1. Stages of innovation development in banking activity </h3>
<p>The first examples of technology applied in financial services date back to the first half of the 19th century. It
was then that the telegraph was developed and the telegraph cable was laid across the Atlantic Ocean, connecting
Europe and America. These events resulted in establishing a permanent connection between the two continents which
allowed the further internationalisation of financial services. According to the theory of the gradual evolution of
financial technologies, that moment marked the beginning of the so-called FinTech 1.0 period. Due to the traditional
market structure, the leading role at that time was played by traditional institutions, mainly banks that used the
available technologies, thus strengthening their position. The end of this stage and the beginning of the next one,
called FinTech 2.0, was related to the introduction of the ATM for general use in 1967 in one of the largest banks in
the United Kingdom, i.e. Barclays. Since then, banks have started to use technologies more and more actively, entering
the next stage of development, namely the age of electronic banking and digitisation. During this period, banks were
also the key players in the development of innovations in the financial services, although in the 1990s the first
technology companies interested in providing financial services, such as PayPal, were established. In the first decade
of the 21th century, both the slowly changing structure of the market and the beginning of the global financial crisis
gave rise to yet another, third stage of the evolution of financial technologies – FinTech 3.0. As a result of
the financial crisis, investors were alarmed by the state of the banking industry, the sharp decline in bank shares
pricing at stock exchanges all around the world and the excessive number of institutional regulations. Therefore they
started looking for new investment goals, focusing their interest on the emerging sector of financial start-ups (i.e.
companies similar to the aforementioned PayPal). It is estimated that the scale of investment in financial start-ups
has tripled over the last seven years, reaching the highest level in 2015 [Figure 1]. In the period of FinTech 3.0,
the burden of developing innovations in the financial market was therefore shifted from traditional institutions of
the sector, called incumbents, to technology-enabled start-ups [Arner et al. 2015, pp. 5-20]. During this period, the
definition of FinTech itself was clarified, as it is currently used to describe start-ups operating on the periphery
of the world of technology and finance.</p>
<p>The development of the financial start-ups market led to the creation of a strongly connected network between
these companies and the incumbents. Therefore, there is a growing need to distinguish the next stage of market
development which, according </p>
<p><span><span><img src="06-Kondraciuk-web-resources/image/13220.png" alt="13220.png" /></span> </span></p>
<p><span>Fig. </span><span>1</span><span>.<a id="Zakotwiczenie-21" /></span> Global investment in FinTech companies in
2010-2017.</p>
<p xml:lang="en-US">Source: own study based on KPMG, 2010-2017, The Pulse of FinTech. </p>
<p>to the adopted terminology, should be called FinTech 4.0. The main argument to identify a new stage of the
described development is the emergence of the digital ecosystems created by FinTech companies, banks and other digital
service providers [Nicoletti 2017, pp. 17-18]. The analysed changes forced the banks to become more open to the
external world, both in terms of business and technology. In the latter area, the activity of banks became known as
open banking, based on providing access to the banking infrastructure through publicly available application
programming interfaces – APIs. The new market configuration means, on the one hand, many opportunities for the
development and creation of new business cases and business models (i.e. the platform business model) in the financial
services including banking, but on the other hand – increased competition between banks and the new entities on the
market may have negative effects not only on the banks themselves, but also on their clients [Siciliani 2018]. As
a result, a new systemic risk is identified, which currently it is at an acceptable level. Nevertheless, in
the near future an even better risk management will require a number of actions from all market participants,
highlighting the role of the market supervisory authorities [Financial… 2017].</p>
<h3>3.2. Determinants and challenges of innovation development in banking activity</h3>
<p>The shape of innovations in the banking sector is influenced by a number of factors. The most important ones
are, as has been stressed many times, technological determinants. The long history of the use of technological
solutions by the banks is the reason why they are now widely recognised as one of the most innovative among the
traditional services sectors. It has also given them a sound basis for further development in this direction.
This is confirmed by a large number of case studies that show that representatives of the banking market all over
the world actively participate in the creation and development of the new technologies. The synergy effects are
visible here not only in terms of operational effectiveness (i.e. automation of processes), but also in terms of sales
capabilities (i.e. personalised offer). Artificial intelligence, distributed ledgers (especially blockchain) and cloud
computing [Hon, Millard 2018, pp. 4-24] are just some of the latest trends that occupy experts in banks. It should be
emphasized that technologies in this sense depend mainly on the access to financing capabilities and therefore banks
should appear to be the natural pioneers of their implementation. However, practice shows that among start-ups and
large technology companies the adaptation of modern solutions is even faster. This is primarily a result of the
mentality of the bank management staff. As traditional institutions with centuries-old history, they are not
accustomed to reacting flexibly to changes in the field of technology and making bold decisions. Thus, banks have to
face a new type of challenges not only in terms of technological transformation, but also in terms of mentality
changes. Banks that do not fear to invest in technological innovations and establish a practice of efficient
implementation within their structures, will be able to maintain their market position and even build a unique
competitive advantage [Zaleska 2018b, p. 68]. </p>
<p>Gaining such an advantage is strongly correlated with another factor determining the development of innovations in
banking, which is demography. For the years to come, it is the next generation entering the financial services market
that will become one of the most profitable segments of bank customers, i.e. the millennials. This generation is
raised in the age of technology. The change of customer expectations today is already a powerful factor which
year to year will significantly gain importance. Customers expect from their banks the same standards as those offered
by other digital services that they use on a daily basis. Financial management should, in their opinion, be as
simple and intuitive as the use of any social media account. The change of customer experience in the digital era has
not however changed the level of security required from the banks, which they are obliged to ensure as institutions of
public trust. Maintaining a highly regulated environment guarantees systemic control over the technologies
introduced by the banks. The safe development of innovations in the banking activity is based on trust. Therefore, it
seems important to highlight the role of educating the public about the financial services offered and to build
awareness of the banking sector’s security. Such activities should be systemic, covering in particular all levels of
the education system. Ignorance poses a risk to clients who entrust their funds to companies not covered by
guarantee mechanisms (e.g. deposit guarantee schemes)., cryptocurrencies seem to be a good example here. The
cryptocurrency market has both its supporters and critics, however there is no doubt about the technology itself which
became popular because of the cryptocurrencies (i.e. Distributed Ledger Technology – DLT) and which in the nearest
future may revolutionise banking as well [Zaleska 2018a, <br />pp. 36-37]. </p>
<p>The latest technologies are merely a way to meet the clients’ needs. Unquestionably, technology will play an
increasingly significant role in the banking sector, enabling banks to concentrate on customers and prepare
personalised offers, especially in the context of the new generation of clients entering the financial market and
their behaviour shaped from an early age. However, at the same time, banks are perceived by their clients as
institutions of public trust. This implies that when following changes, they should also recognise and counteract new
types of risks imposed on their activity. Therefore, cybersecurity will be a challenge of the utmost importance
to banks. </p>
<p>The next determinant of the innovative character of banking activity is the high level of competition on the market,
which encourages the sector players to take advantage of the newest technologies. On the one hand, the innovations,
despite the fact that they require financial investment during the implementation phase, usually lead to the
optimisation of processes and generate savings in the long run. On the other hand, thanks to the preparation of an
attractive and modern range of products, they ensure high retention and make it possible to attract new customers. It
is precisely the scale in terms of the size of the client base that has already become the crucial factor determining
the profitability of banks in the environment of high cost pressure. In addition, when analysing the competitive
environment of banks, it is important to include start-ups and other technology companies that are entering the market
more and more effectively. An innovation-friendly environment in financial services outside the banking sector may
also significantly stimulate the willingness of the banks to experiment with technologies. For example, in Australia
and in Singapore, favourable conditions for the development of FinTech companies have influenced the active attitude
of banks. In these markets, there are specific regulatory solutions that facilitate financial innovations outside the
banking sector, such as the regulatory sandbox concept (the idea of creating a dedicated environment under
supervision of the market authorities allowing start-ups to conduct tests and verify their solutions in practice
[Koleśnik 2017, pp. 90-99]).</p>
<p>The traditional banks have repeatedly proved their understanding of market mechanisms and the ability to adapt to new
circumstances. That is why nowadays they not only actively implement innovations by developing them internally, but
they also use external sources, establishing cooperation with technology companies and start-ups. In addition, they
initiate a wide range of initiatives in order to stimulate the development of the financial start-ups, including
the establishment of dedicated investment funds or the organisation of acceleration or incubation programmes. These
actions prove the experience of banks and their ability to adapt not only to regulatory changes but also to new market
requirements. This is illustrated by banks in Poland that are not afraid to experiment with new solutions and, as
a result of their experience, they play an active role in shaping the domestic start-up market, while building
their competitive advantage on this basis [Kondraciuk, Kurkliński 2018, pp. 233-255].</p>
<p>However, one of the most important conditions for the development of innovations in banking activity is legislation.
The regulatory factor in the field of new technologies in banking is multi-faceted. First of all, there is the
systemic limitation of the use of some technologies due to the insufficient level of security. This is exemplified by
the restrictions on using cloud-based solutions imposed on banks in some parts of the world. On the other hand,
regulatory measures that promote the development of innovations in the banking sector are also visible. For example,
the United Kingdom has created an ecosystem that encourages not only the development of financial start-ups, but also
modern banks, which are called neo-banks or challengers (e.g. Starling Bank, Atom Bank and Monzo). There is no doubt
that legislation is also the weakest point in the innovation development on the banking market, because the lengthy
legislative process contradicts the dynamic changes in the world of technology. Therefore, the fact that legislation
is left behind the technological developments is also one of the major challenges for banks. </p>
<h2>4. Conclusions</h2>
<p>For the economic sciences, innovations are a highly topical issue which means that they should not only be
discussed from a purely theoretical perspective, but also supported by the observation of economic practice. The
banking industry, not only in Poland, is one of the sectors that actively implements innovations. Today’s market
changes in terms of emerging technologies and financial start-ups influence the functioning of the banks themselves
and even affect their business model. The banking industry, although it will likely have to undergo significant
changes and modifications, will survive because of the banks’ ability to adapt and because of strong customer trust
and high security level, to name just a few. It is therefore important to further strengthen this trust through
safe innovations and by providing clients with access to the appropriate financial education from an early age. Access
to the latest technologies is not only a matter of price, although it is the most important issue, but also
a matter of adapting traditional organisations, including their management, to skilfully implement and manage
them in new conditions characterised by higher dynamics, agility, but also risk. However, one of the most important
tasks that banks have to face is to maintain compliance of the implemented innovations with legislation, which is
often behind the described technological changes.</p>
<p>Based on the analysis in this paper, the hypothesis on the evolutionary character of innovation development in
banking activity is to be confirmed. The existence and development of innovations in the banking sector is undeniable,
however even the most revolutionary solutions are usually milestones from the technological point of view only.
Therefore, it is controversial to overestimate their significance in comparison with, for example, the abandonment of
gold parity or the creation of the dual banking system. </p>
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<p>Teoria i PrAktyka rozwoju innowacji <br />w sektorze bankowym </p>
<p><span>Streszczenie: </span>Celem opracowania jest usystematyzowanie podejścia do innowacji w teorii ekonomii
oraz pokazanie wskaźników służących do pomiaru innowacyjności. Główny nurt rozważań został odniesiony do rynku
bankowego ze względu na jego wysoki poziom innowacyjności. Na podkreślenie zasługuje wyodrębnienie etapów rozwoju
innowacji w działalności bankowej oraz scharakteryzowanie jego ekonomicznych i prawnych uwarunkowań.</p>
<p><span>Słowa kluczowe:</span> innowacje w teorii ekonomii, innowacje w bankowości, banki, FinTechy,
start-upy.</p>
<div class="footnotes">
<div>
<p><a id="footnote-10400-1" href="#footnote-10400-1-backlink">1</a> In late 2018 the next edition of the publication
was already announced.</p>
</div>
</div>
</div>
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