Digital transformation is one of the most significant "game to play" for FS companies, mainly driven by the rising cost of doing business, the evolving customer needs, new technologies and new market challenges.
The set-up of a Digital Ecosystem is one of the three complementary approaches, together with "invest in Digital & Data" and "launch a full digital spin-off", that allow companies to boost their transformation path and collaborate with different players.
When companies decide to use ecosystems as a "key market differentiator", they need to choose the role they want to play in the ecosystem (i.e., orchestrator, participator, or service provider), and whether they want to invest in other companies, through Corporate Venture Capital investments, or not (dedicated focus within the full report).
To correctly build a new digital ecosystem, companies should follow a pragmatic approach, in fact, without a clear management understanding of the role of the ecosystem in the market, or a profound organizational transformation, companies will usually fail to cooperate with other participants in the ecosystems, exchange data, co-generate products and make referrals.
This paper represents a guide for managers of financial services companies, who want to approach digital ecosystems seeking further business opportunities.