{"product_id":"banks-and-fintech-on-platform-economies-isbn-9781119756972","title":"Banks and Fintech on Platform Economies","description":"\u003cp\u003e\u003cb\u003eDiscover the future of the financial services industry with this insightful new resource on Contextual and Conscious Banking\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eBanks and Fintech on Platform Economies: Contextual and Conscious Banking\u003c\/i\u003e, accomplished fintech professional and author Paolo Sironi delivers an insightful examination of how platform theory, born outside of financial services, will make its way inside banking and financial markets to radically transform the way firms do business.\u003c\/p\u003e \u003cp\u003eYou’ll learn why the financial services industry must master the necessary shift of focus from selling business outputs to selling client outcomes. You’ll also discover how to steer the industry towards new forms of digital transformation underpinned by Contextual Banking and Conscious Banking platform strategies that will benefit stakeholders of all kinds.\u003c\/p\u003e \u003cp\u003eThis important book:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDescribes the shift in mindset necessary to help banks strengthen and extend the reach of their Banking-as-a-Service and Banking-as-a-Platform operations.\u003c\/li\u003e \u003cli\u003eShows how a renewed interpretation of fundamental uncertainty inspires the usage of exponential technologies to achieve architectural resilience, and open the reference theory to spring new business models centered on clients’ and ecosystems’ antifragility.\u003c\/li\u003e \u003cli\u003eFinancial services industry can break-out from a narrow space of value-generation to reclaim top spot against bigtech contenders, enjoying greater flexibility and adaptability at lower digital costs\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePerfect for CEOs, business leaders, regulators, fintech entrepreneurs, wealth managers, behavioral finance researchers and professionals working at financial technology companies, \u003ci\u003eBanks and Fintech on Platform Economies\u003c\/i\u003ewill also earn a place in the libraries of bankers seeking a firm grasp of the rapidly evolving outcome economy and a view about the future of the industry.\u003c\/p\u003e \u003cp\u003eForewords xv\u003c\/p\u003e \u003cp\u003eAbout the Author xxix\u003c\/p\u003e \u003cp\u003eDisclaimer xxxi\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Foundations of Platform Theory\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Platform Essentials on Outcome Economies 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Introduction 16\u003c\/p\u003e \u003cp\u003e1.2 Platforms and ecosystems 17\u003c\/p\u003e \u003cp\u003e1.3 Innovating from output to outcome economies 22\u003c\/p\u003e \u003cp\u003e1.4 Linear and non-linear thinking 24\u003c\/p\u003e \u003cp\u003e1.5 Platform types 25\u003c\/p\u003e \u003cp\u003e1.6 About platforms and innovation theory 27\u003c\/p\u003e \u003cp\u003e1.7 Shifting the perception of value 29\u003c\/p\u003e \u003cp\u003e1.8 Banks and fintech on outcome economies 31\u003c\/p\u003e \u003cp\u003e1.9 Conclusions 33\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Trust Advantage 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Introduction 35\u003c\/p\u003e \u003cp\u003e2.2 Elements of platform creation 37\u003c\/p\u003e \u003cp\u003e2.2.1 The platform challenge 38\u003c\/p\u003e \u003cp\u003e2.2.2 The chicken-or-egg dilemma 39\u003c\/p\u003e \u003cp\u003e2.3 Transparency generates trust 42\u003c\/p\u003e \u003cp\u003e2.3.1 It’s marketing, stupid! or not? 42\u003c\/p\u003e \u003cp\u003e2.3.2 Trust in the middle kingdom 43\u003c\/p\u003e \u003cp\u003e2.4 The trust advantage for banks and fintech 44\u003c\/p\u003e \u003cp\u003e2.5 Conclusions 47\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Open Innovation and Data 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Introduction 49\u003c\/p\u003e \u003cp\u003e3.2 Closed and open innovation 51\u003c\/p\u003e \u003cp\u003e3.2.1 Attributes of closed and open innovation 52\u003c\/p\u003e \u003cp\u003e3.2.2 Open innovation in platform economies 53\u003c\/p\u003e \u003cp\u003e3.3 The strategic role of complementors 55\u003c\/p\u003e \u003cp\u003e3.4 The monetisation perspective 56\u003c\/p\u003e \u003cp\u003e3.5 The monetisation of APIs 58\u003c\/p\u003e \u003cp\u003e3.5.1 Free use 59\u003c\/p\u003e \u003cp\u003e3.5.2 API consumers pay 59\u003c\/p\u003e \u003cp\u003e3.5.3 API consumers get paid 60\u003c\/p\u003e \u003cp\u003e3.5.4 Indirect monetisation 60\u003c\/p\u003e \u003cp\u003e3.6 The monetisation of user engagement 61\u003c\/p\u003e \u003cp\u003e3.6.1 Imposing transaction fees 61\u003c\/p\u003e \u003cp\u003e3.6.2 Asking for access fees 61\u003c\/p\u003e \u003cp\u003e3.6.3 Tiering enhanced access fees 61\u003c\/p\u003e \u003cp\u003e3.6.4 Delivering enhanced curation 62\u003c\/p\u003e \u003cp\u003e3.7 The API economy for banks and fintech 62\u003c\/p\u003e \u003cp\u003e3.8 Conclusions 65\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 66\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Platform Governance Founded on Transparency 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Introduction 67\u003c\/p\u003e \u003cp\u003e4.2 Power comes with responsibility 68\u003c\/p\u003e \u003cp\u003e4.3 Platform monopoly between competition and regulation 71\u003c\/p\u003e \u003cp\u003e4.3.1 Intensified regulation 71\u003c\/p\u003e \u003cp\u003e4.3.2 Better governance to fight monopoly powers 73\u003c\/p\u003e \u003cp\u003e4.4 Negative externalities threaten platform resilience 74\u003c\/p\u003e \u003cp\u003e4.5 Governance of openness and curation 76\u003c\/p\u003e \u003cp\u003e4.6 The transparency governing principle 78\u003c\/p\u003e \u003cp\u003e4.6.1 Transparency about platform management 78\u003c\/p\u003e \u003cp\u003e4.6.2 Transparency about platform orchestration 79\u003c\/p\u003e \u003cp\u003e4.7 Transparency for banks and fintech 80\u003c\/p\u003e \u003cp\u003e4.8 Conclusions 82\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Reinventing Financial Services\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The Existential Shift of Bank Business Models 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Introduction 89\u003c\/p\u003e \u003cp\u003e5.2 The new normal of central banks 91\u003c\/p\u003e \u003cp\u003e5.2.1 Lehman Brothers’ default 91\u003c\/p\u003e \u003cp\u003e5.2.2 The annihilation of central banks’ systemic put 92\u003c\/p\u003e \u003cp\u003e5.2.3 Banks’ Catch-22 95\u003c\/p\u003e \u003cp\u003e5.2.4 From product-centricity to human-centricity 98\u003c\/p\u003e \u003cp\u003e5.3 About the tension between information and communication 99\u003c\/p\u003e \u003cp\u003e5.4 The banking reinvention quadrant 101\u003c\/p\u003e \u003cp\u003e5.4.1 The map and the compass 101\u003c\/p\u003e \u003cp\u003e5.4.2 The information and communication quotients 103\u003c\/p\u003e \u003cp\u003e5.5 Four BRQ business value spaces 104\u003c\/p\u003e \u003cp\u003e5.5.1 Traditional Banking 105\u003c\/p\u003e \u003cp\u003e5.5.2 Digital Banking 105\u003c\/p\u003e \u003cp\u003e5.5.3 Contextual Banking 105\u003c\/p\u003e \u003cp\u003e5.5.4 Conscious Banking 106\u003c\/p\u003e \u003cp\u003e5.6 Conclusions 107\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Lessons Learned from Fintech Innovation 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Introduction 110\u003c\/p\u003e \u003cp\u003e6.2 The true meaning of disruption 111\u003c\/p\u003e \u003cp\u003e6.2.1 My Robo-advisor was an iPod 113\u003c\/p\u003e \u003cp\u003e6.2.2 Sustaining innovation with Contextual and Conscious Banking 117\u003c\/p\u003e \u003cp\u003e6.3 Resolving the “pull-push” motivational gap 119\u003c\/p\u003e \u003cp\u003e6.3.1 Digital is a pull technology 120\u003c\/p\u003e \u003cp\u003e6.3.2 What is happening on Amazon? 121\u003c\/p\u003e \u003cp\u003e6.3.3 The offer-driven business of banking 122\u003c\/p\u003e \u003cp\u003e6.4 Rebundling on platform economies 123\u003c\/p\u003e \u003cp\u003e6.4.1 From client-centricity to human-centricity 124\u003c\/p\u003e \u003cp\u003e6.4.2 Banking-as-a-Service and Banking-as-a-Platform 126\u003c\/p\u003e \u003cp\u003e6.5 Conclusions 128\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Competitive Factors for the Future of Banks 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Introduction 131\u003c\/p\u003e \u003cp\u003e7.2 The financial services engine 132\u003c\/p\u003e \u003cp\u003e7.3 External factors affecting digital transformations 135\u003c\/p\u003e \u003cp\u003e7.3.1 Digital infrastructure 135\u003c\/p\u003e \u003cp\u003e7.3.2 Digital society 135\u003c\/p\u003e \u003cp\u003e7.3.3 Digital ecosystems 136\u003c\/p\u003e \u003cp\u003e7.3.4 Capital at risk 137\u003c\/p\u003e \u003cp\u003e7.3.5 Regulation 137\u003c\/p\u003e \u003cp\u003e7.4 Internal factors enabling digital transformation 138\u003c\/p\u003e \u003cp\u003e7.4.1 Digital leadership, strategy, and culture 138\u003c\/p\u003e \u003cp\u003e7.4.2 New business architectures and operating models 139\u003c\/p\u003e \u003cp\u003e7.5 Conclusions 140\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Leading Platform Strategies\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Contextual Banking 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Introduction 147\u003c\/p\u003e \u003cp\u003e8.2 Compete with open business architectures 150\u003c\/p\u003e \u003cp\u003e8.3 From open banking to open finance 152\u003c\/p\u003e \u003cp\u003e8.4 Contextual Banking 156\u003c\/p\u003e \u003cp\u003e8.4.1 Removing ex-ante frictions without increasing them ex-post 158\u003c\/p\u003e \u003cp\u003e8.5 Bigtech gravity 159\u003c\/p\u003e \u003cp\u003e8.5.1 Facebook experience vs. WeChat engagement 160\u003c\/p\u003e \u003cp\u003e8.5.2 Amazon’s platform philosophy 161\u003c\/p\u003e \u003cp\u003e8.6 Financial services fight back 164\u003c\/p\u003e \u003cp\u003e8.6.1 Cloud-native payment providers are also chipping away bank revenues 164\u003c\/p\u003e \u003cp\u003e8.6.2 Ping An’s investment philosophy 166\u003c\/p\u003e \u003cp\u003e8.6.3 Banking orchestration of non-banking ecosystems 168\u003c\/p\u003e \u003cp\u003e8.6.4 The platform of platforms 170\u003c\/p\u003e \u003cp\u003e8.7 Conclusions 173\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Foundations of Financial Market Transparency 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Introduction 175\u003c\/p\u003e \u003cp\u003e9.2 Contextual Banking and architectural resilience 177\u003c\/p\u003e \u003cp\u003e9.3 Conscious Banking and financial antifragility 179\u003c\/p\u003e \u003cp\u003e9.3.1 Breaking out from mainstream reference theory 179\u003c\/p\u003e \u003cp\u003e9.3.2 Opening the reference system to fundamental uncertainty 181\u003c\/p\u003e \u003cp\u003e9.4 Empirical evidence to open platforms and reference systems 183\u003c\/p\u003e \u003cp\u003e9.5 Conclusions 186\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 187\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Conscious Banking 189\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Introduction 190\u003c\/p\u003e \u003cp\u003e10.2 Micro and macro antifragility across ecosystems 193\u003c\/p\u003e \u003cp\u003e10.2.1 Value generation at the micro-level investors’ ecosystem 193\u003c\/p\u003e \u003cp\u003e10.2.2 Value generation at the macro-level financial ecosystem 196\u003c\/p\u003e \u003cp\u003e10.3 Unlocking hidden value in the ecosystem 197\u003c\/p\u003e \u003cp\u003e10.4 Exponential technologies on transparent markets 199\u003c\/p\u003e \u003cp\u003e10.4.1 Generating value with transparent AI 199\u003c\/p\u003e \u003cp\u003e10.4.2 Opening up the reference system with technology 201\u003c\/p\u003e \u003cp\u003e10.4.3 Integrating clients’ emotion with a transparent heuristic 203\u003c\/p\u003e \u003cp\u003e10.4.4 Opening the AI envelope to stay radically rational 204\u003c\/p\u003e \u003cp\u003e10.5 The scientific shift from reductionism to holism 205\u003c\/p\u003e \u003cp\u003e10.5.1 Conscious Banking platforms on the edge of chaos 206\u003c\/p\u003e \u003cp\u003e10.5.2 Augmenting the human mind with technology 207\u003c\/p\u003e \u003cp\u003e10.6 The core engine of Conscious Banking platforms 208\u003c\/p\u003e \u003cp\u003e10.6.1 Value-generating interactions based on cost-benefit analysis 208\u003c\/p\u003e \u003cp\u003e10.6.2 Open up the risk management engine to the conscious image of endogenous uncertainty 210\u003c\/p\u003e \u003cp\u003e10.7 Conclusions 212\u003c\/p\u003e \u003cp\u003eTakeaways for banks and fintech 213\u003c\/p\u003e \u003cp\u003eConcluding Remarks 215\u003c\/p\u003e \u003cp\u003eBibliography 219\u003c\/p\u003e \u003cp\u003eIndex 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePAOLO SIRONI\u003c\/b\u003e is the global research leader in banking and financial markets at IBM, Institute for Business Value. He is one of the most respected fintech voices worldwide, providing business expertise and strategic thinking to a network of executives among financial institutions, start-ups and regulators. He is a former quantitative risk manager and start-up entrepreneur. Paolo’s literature explores the biological underpinnings of financial markets, and how technology and business innovation can bolster the global economy’s immune system in today’s volatile times. Visit Paolo's website thePSironi.com for more information.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eDiscover the future of the financial services industry with this insightful new resource on Contextual and Conscious Banking\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePaolo Sironi delivers a detailed examination of how platform theory, born outside of financial services, will make its way inside banking and financial markets to radically transform the way firms do business. \u003c\/p\u003e\u003cp\u003eYou’ll learn why banks and fintech must master the necessary shift of focus from selling business outputs to selling client outcomes. You’ll also discover how financial services are steering new forms of digital transformation underpinned by \u003cb\u003eContextual Banking\u003c\/b\u003e and \u003cb\u003eConscious Banking\u003c\/b\u003e platform strategies that will benefit stakeholders of all kinds. \u003c\/p\u003e\u003cp\u003eThis important book: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eDescribes the shift in mindset necessary to help banks strengthen and extend the reach of their \u003cb\u003eBanking-as-a-Service\u003c\/b\u003e and \u003cb\u003eBanking-as-a-Platform\u003c\/b\u003e operations.\u003c\/li\u003e \u003cli\u003eShows how a renewed interpretation of the biological micro-foundations of financial markets and intermediation inspires \u003cb\u003enew business models\u003c\/b\u003e centered on clients’ and ecosystems’ antifragility.\u003c\/li\u003e \u003cli\u003ePropels the financial services industry to break out from a narrow space of value-generation to \u003cb\u003ereclaim top spot\u003c\/b\u003e against bigtech contenders, enjoying greater flexibility and adaptability at lower digital costs.\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003ePerfect for CEOs, regulators, fintech entrepreneurs, wealth managers, researchers, and professionals working at technology companies, \u003ci\u003eBanks and Fintech on Platform Economies\u003c\/i\u003e has already earned a place in the libraries of bankers seeking a firm grasp of the rapidly evolving outcome economy, and a view about the future of the industry.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePRAISE FOR BANKS AND FINTECH ON PLATFORM ECONOMIES\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“Friction remains the biggest hinderance to bank revenue and viability over the next decade. Paolo’s book unveils why a shift from traditional products to technology-led experiences may be so difficult for financial institutions, and why the platform economy is already changing market shares and competitiveness.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Brett King, bestselling author of \u003ci\u003eThe Rise of Technosocialism, \u003c\/i\u003efounder of Moven and Breaking Banks Podcast\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“The platformisation of banking is the most important business model trend to impact the financial services industry in the past 50 years, and this book from Paolo Sironi is the bankers’ playbook for navigating this new trend.”  \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Ron Shevlin, Director of Research of Cornerstone Advisors, Senior Contributor for Forbes\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“This time Paolo Sironi has written the TAO for Banking (Transparency, Advice, Openness), a text that will surely become a classic. The Banking Reinvention Quadrant (BRQ) captures how financial uncertainty and human relationships are foundational in creating sustainable high-value business propositions.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Dr. Efi Pylarinou, founder of Efi Pylarinou Advisory \u0026amp; Global Fintech Influencer\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“Paolo Sironi tackles the biggest challenge facing the West’s banks and fintech, their transition from being mere conduits for the flow of money to becoming full-service, lifestyle platforms. Paolo takes you step-by-step through the hard choices your financial institution will need to make to transition to a platform that makes banking an afterthought.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Richard Turrin, bestselling author of \u003ci\u003eCashless: China’s Digital Currency Revolution\u003c\/i\u003e\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003ePaolo’s latest masterpiece is our North Star to the future of financial services—one of hope, aspiration, and purpose.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Theodora Lau, founder of Unconventional Ventures and co-author of \u003ci\u003eBeyond Good\u003c\/i\u003e\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“I highly recommend Paolo Sironi’s book \u003ci\u003eBanks and Fintech on Platform Economies\u003c\/i\u003e. His insights into the disruptions and changes to come to the financial industry will better prepare you for what is likely to come. For better or worse.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Spiros Margaris, VC, ranked Global No. 1 Finance Influencer by Refinitiv (Thomson Reuters), ranked Global No. 1 Fintech, AI, Blockchain \u0026amp; No. 2 InsurTech Influencer by Onalytica\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“Paolo Sironi is a rare and intuitive voice in the industry. He manages to capture all of the complexities of the Banking-as-a-Service market shift into a concise, digestible idea of Conscious vs Contextual Banking.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Simon Paris, CEO at Finastra, NED at Everbridge, NED at Thomson Reuters\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“Essential reading for anyone who wants to understand where the open banking revolution is taking us.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Marie Walker, co-founder of Open Future World\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“We’re seeing big transformations happening in finance and it is happening fast. Technology is enabling new platform business models and most people have to learn about it. You can’t be in Finance and not understand this. The book \u003ci\u003eBanks and Fintech on Platform Economies\u003c\/i\u003e will be a book for anyone seeking a firm grasp of the rapidly evolving outcome economy and a view about the future of the industry—I would urge everyone to get the book.”  \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Tram Anh Nguyen, co-founder of CFTE | Centre for Finance, Technology and Entrepreneurship\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988788101349,"sku":"NP9781119756972","price":40.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119756972.jpg?v=1761781592","url":"https:\/\/k12savings.com\/es\/products\/banks-and-fintech-on-platform-economies-isbn-9781119756972","provider":"K12savings","version":"1.0","type":"link"}