Fintechs, as providers of digital service innovations and as highly relevant and novel channels through which to deliver entrepreneurial finance based on the creative use of state-of-the-art technology in the financial domain, have thus far mainly been addressed in research by examining the functional aspects of their value propositions (VPs). This article thus sets out to gain insights into the interplay and overall role of societal VPs as potential antecedents and change catalysts in the formation of the often promised disruptive potential of fintechs for the financial sector. In an inductive, theory-building approach, the authors first examine how societal VPs transcend individual functional and emotional ones for entrepreneurs, and conclude with a conceptual model of how the former can build up the disruptive potential of fintechs and deliver apt solutions for entrepreneurs seeking finance.
AlmquistECleghornJShererL (2018) The B2B elements of value. Harvard Business Review2018: 72–81.
2.
AlmquistESeniorJBlockN (2016) The elements of value. Harvard Business Review2016: 46–53.
3.
AndersonJCNarusJAVan RossumW (2006) Customer value propositions in business markets. Harvard Business Review2006 (Reprint R0603F): 1–10.
4.
ArnerDWBarberisJNBuckleyRP (2015) The evolution of fintech: A new post-crisis paradigm?University of Hong Kong Faculty of Law ResearchPaper No. 2015/047.
5.
AtiaseVYWangYMahmoodS (2019) FNGOs and financial inclusion: investigating the impact of microcredit on employment growth in Ghana. The International Journal of Entrepreneurship and Innovation20: 90–106.
6.
BaldwinCYWoodardCJ (2008) The architecture of platforms: A unified view. Harvard Business School Working Paper Series, pp. 9–34.
7.
BallantyneDFrowPVareyRJ, et al. (2011) Value propositions as communication practice: taking a wider view. Industrial Marketing Management40: 202–210.
8.
BaptistaGOliveiraT (2017) Why so serious? Gamification impact in the acceptance of mobile banking services. Internet Research27: 118–139.
9.
BeynonMJJonesPPickernellD (2018) SME development strategy and product/service innovation intention: a NCaRBS analysis of the role of uncertainty. The International Journal of Entrepreneurship and Innovation. DOI: https://doi.org/10.1177/1465750318807401.
10.
BlockJHColomboMGCummingDJ, et al. (2018) New players in entrepreneurial finance and why they are there. Small Business Economics50: 239–250.
11.
BohnsackRPinkseJ (2017) Value propositions for disruptive technologies: reconfiguration tactics in the case of electric vehicles. California Management Review59: 79–96.
12.
CataliniCGansJS (2017) Some simple economics of the blockchain (September 21, 2017). MIT Sloan ResearchPaper No. 5191-16.
13.
ChristensenCM (1997) The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail. Boston: Harvard Business School Press.
14.
ChristensenCMRaynorMMcDonaldR (2015) What is disruptive innovation?Harvard Business Review2015 (Reprint R1512B): 1–8.
15.
ColeRACummingDJTaylorJ (2019) Does FinTech compete with or complement bank finance?SSRN 3302975.
16.
ConawayRGarayMC (2014) Gamification and service marketing. Springer Plus3: 1–11.
17.
CornelissenJ (2017) Editor’s comments: Developing propositions, a process model, or a typology? Addressing the challenges of writing theory without a boilerplate. Academy of Management Review42: 1–9.
18.
CummingDDeloofMManigartS, et al. (2019) New directions in entrepreneurial finance. Journal of Banking & Finance100: 252–260.
19.
CummingDGrohAP (2018) Entrepreneurial finance: unifying themes and future directions. Journal of Corporate Finance50: 538–555.
20.
DanneelsE (2004) Disruptive technology reconsidered: a critique and research agenda. Journal of Product Innovation Management2004: 246–258.
21.
DenzinNLincolnY. (2003) Collecting and Interpreting Qualitative Materials. London: Sage.
22.
DeterdingSDixonDKhaledR, et al. (2011) From game design elements to gamefulness: Defining gamification. In: 15th international academic MindTrek conference (ed KärkkäinenHannu), Tampere, Finland, 29–30 September 2011, pp. 9–15. Tampere University.
23.
DevMS (2006) Financial inclusion: issues and challenges. Economic and Political Weekly41: 4310–4313.
24.
DruryJStottC (2011) Contextualising the crowd in contemporary social science. Journal of the Academy of Social Sciences6: 275–288.
25.
EatonBElaluf-CalderwoodSSorensenC, et al. (2011) Dynamic structures of control and generativity in digital ecosystem service innovation: The cases of the Apple and Google mobile app stores. Working Paper Series (183). London School of Economics Political Science, London, UK, pp. 1–25.
26.
EdwardsBP (2018) The rise of automated investment advice: can robo-advisors rescue the retail market?Chicago-Kent Law Review93: 97–111.
27.
EickhoffMMuntermannJWeinrichT (2017) What do FinTechs actually do: A taxonomy of FinTech business models. In: Proceedings of the 38th international conference on information systems (ICIS), Seoul, South Korea, 10–13 December 2017, pp. 1–19. ISBN: 978-0-9966831-5-9.
28.
FisherGKuratkoDFBloodgoodJM, et al. (2017) Legitimate to whom? The challenge of audience diversity and new venture legitimacy. Journal of Business Venturing32: 52–71.
29.
FrowPMcColl-KennedyJRHiltonT, et al. (2014) Value propositions: a service ecosystems perspective. Marketing Theory14: 327–351.
30.
GaiKQiuMSunX (2018) A survey on FinTech. Journal of Network and Computer Applications103: 262–273.
31.
GimpelHRauDRöglingerM (2017) Understanding FinTech start-ups – a taxonomy of consumer-oriented service offerings. Electronic Markets28(3): 245–264.
32.
GomberPKauffmanRJParkerC, et al. (2018) On the fintech revolution: interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems35: 220–265.
33.
GomberPKochJASieringM (2017) Digital finance and FinTech: current research and future research directions. Journal of Business Economics87: 537–580.
34.
GozmanDLiebenauJManganJ (2018) The innovation mechanisms of fintech start-ups: insights from SWIFT’s innotribe competition. Journal of Management Information Systems35: 145–179.
35.
GSMA (2017) State of the Industry Report on Mobile Money(Decade Edition: 2006–2016).
36.
GulamhuseinwalaIBullTLewisS (2015) FinTech is gaining traction and young, high-income users are the early adopters. The Journal of Financial Perspectives3(3): 16–23.
37.
HaddadCHornufL (2018) The emerge of the global fintech market: Economic and technological determinants. CESifo Working Paper Series No. 6131.
38.
HavrylchykOVerdierM (2018) The financial intermediation role of the P2P lending platforms. Comparative Economic Studies60: 115–130.
39.
HirschmanECHolbrookMB (1982) Hedonic consumption: emerging concepts, methods and propositions. Journal of Marketing46: 92–101.
40.
HuotariKHamariJ (2016) A definition for gamification: anchoring gamification in the service marketing literature. Electronic Markets27: 21–31.
41.
JudgetK (2015) Intermediary influence. The University of Chicago Law Review82: 573–642.
42.
JungDDornerVGlaserF, et al. (2018) Robo-advisory. Business & Information Systems Engineering60: 81–86.
43.
JungDDornerVWeinhardtC, et al. (2017) Designing a robo-advisor for risk-averse, low-budget consumers. Electronic Markets28: 367–380.
44.
KilkkiKMäntyläMKarhuK, et al. (2018) A disruption framework. Technological Forecasting and Social Change129: 275–284.
45.
KimYChoiJParkYJ, et al. (2016) The adoption of mobile payment services for “FinTech”. International Journal of Applied Engineering Research11: 1058–1061.
46.
KingAABaarartogtokhB (2015) How useful is the theory of disruptive innovation. MIT Sloan Management Review57: 77–90.
47.
KrausSKailerNDorferJ, et al. (2019) Open innovation in (young) SMEs. The International Journal of Entrepreneurship and Innovation. DOI: 10.1177/1465750319840778.
48.
LeeS (2017) Evaluation of mobile application in user’s perspective: case of P2P lending apps in FinTech industry. KSII Transactions on Internet and Information Systems11: 1105–1116.
49.
LeeDKCTeoGSZJ (2015) Emergence of fintech and the LASIC principles. Journal of Financial Perspectives3: 1–26.
50.
LehnerOM (2013) Crowdfunding social ventures: a model and research agenda. International Journal of Entrepreneurial Finance15: 289–311.
51.
LehnerOMGrabmannEEnnsgraberC (2015) Entrepreneurial implications of crowdfunding as alternative funding source for innovations. Venture Capital17: 171–189.
52.
LehnerOMHarrerT (2017) Crowdfunding platforms as super-catalysts in an entrepreneurial ecosystem. British Academy of Management Proceedings2017: 1–20.
53.
LeongCTanBXiaoX, et al. (2017) Nurturing a FinTech ecosystem: the case of a youth microloan startup in China. International Journal of Information Management37: 92–97.
54.
LindičJMarques da SilvaC (2011) Value proposition as a catalyst for a customer focused innovation. Management Decision49: 1694–1708.
55.
LuschRFNambisanS (2015) Service innovation: a service-dominant logic perspective. MIS Quarterly39: 155–175.
56.
McCaffreyMSchiffA (2017) Finclusion to fintech: Fintech product development for low-income markets. SSRN 3034175.
57.
MezeiJByanjankarAHeikkiläM (2018) Credit risk evaluation in peer-to-peer lending with linguistic data transformation and supervised learning. In: Proceedings of the 51st Hawaii international conference on system sciences (HICSS), Waikoloa Village, Hawaii, 2–6 January 2018, pp. 1366–1375. AIS Library.
MillsDWangKMaloneB, et al. (2016) Distributed ledger technology in payments, clearing, and settlement. Finance and Economics Discussion Series2016.
60.
MoserC (2012) User Experience Design. Berlin Heidelberg: Springer-Verlag.
61.
NicolettiB (2017) The Future of FinTech: Integrating Finance and Technology in Financial Services. Rome: Author.
62.
NieuwenhuisP (2018) Alternative business models and entrepreneurship: the case of electric vehicles. The International Journal of Entrepreneurship and Innovation19: 33–45.
ObalM (2017) What drives post-adoption usage? Investigating the negative and positive antecedents of disruptive technology continuous adoption intentions. Industrial Marketing Management63: 42–52.
65.
O’DairMOwenR (2019) Financing new creative enterprise through blockchain technology: opportunities and policy implications. Strategic Change28: 9–17.
66.
OwenRMac an BhairdCHussainJ, et al. (2019) Contemporary innovations in entrepreneurial finance: implications for future policy. Strategic Change28: 5–8.
67.
PhilipponT (2015) Has the US finance industry become less efficient? On the theory and measurement of financial intermediation. American Economic Review105: 1408–1438.
68.
PinnaARuttenbergW (2016) Distributed ledger technologies in securities post-trading revolution or evolution?ECB Occasional Paper No. 172.
PrahaladCKRamaswamyV (2000) Co-opting customer competence. Harvard Business Review78: 79–87.
72.
PuschmannT (2017) Fintech. Business & Information Systems Engineering59: 69–76.
73.
RizkABergvall-KarebornBElragalA (2017) Digital service innovation enabled by big data analytics – A review and the way forward. In: Proceedings of the 50th Hawaii international conference on system sciences (HICSS), Waikoloa Village, Hawaii, 4–7 January 2017, pp. 1247–1256. AIS Library.
74.
RodriguesLFOliveiraACostaCJ (2016) Playing seriously – how gamification and social cues influence bank customers to use gamified e-business applications. Computers in Human Behavior63: 392–407.
RoundyPTBayerMA (2018) Entrepreneurial ecosystem narratives and the micro-foundations of regional entrepreneurship. The International Journal of Entrepreneurship and Innovation. DOI: https://doi.org/10.1177/1465750318808426.
77.
SailerMHenseJUMayrSK, et al. (2017) How gamification motivates: an experimental study of the effects of specific game design elements on psychological need satisfaction. Computers in Human Behavior69: 371–380.
78.
SaldañaJ (2009) The Coding Manual for Qualitative Researchers. London: Sage.
79.
SaloMHaapioH (2017) Robo-advisors and investors: Enhancing human-robot interaction through information design. In: 20th international legal informatics symposium IRIS 2017 (eds SchweighoferEGeistAStoeger-FrankA), Vienna, Austria, 23–25 February 2017, pp. 441–448. Austrian Computer Society.
80.
SandströmSEdvardssonBKristenssonP, et al. (2008) Value in use through service experience. Managing Service Quality: An International Journal18: 112–126.
81.
SchlegelMZavolokinaLSchwabeG (2018) Blockchain technologies from the consumers’ perspective: What is there and why should who care? In: Proceedings of the 51st Hawaii international conference on system science (HICSS), Waikoloa Village, Hawaii, 2–6 January 2018, pp. 3477–3486. AIS Library.
82.
SchmidtJDrewsPSchirmerI (2018) Charting the emerging financial services ecosystem of fintechs and banks: Six types of data-driven business models in the fintech sector. In: Proceedings of the 51st Hawaii international conference on system science (HICSS), Waikoloa Village, Hawaii, 2–6 January 2018, pp. 5004–5013. AIS Library.
83.
SchueffelP (2016) Taming the beast a scientific definition of fintech. Journal of Innovation Management4: 32–54.
84.
Schuelke-LeechBA (2018) A model for understanding the orders of magnitude of disruptive technologies. Technological Forecasting and Social Change129: 261–274.
85.
SharfSShinLGaraA, et al. (2016) The FinTech50. Forbes Magazine196: 51–64.
86.
SkålénPGummerusJvon KoskullC, et al. (2014) Exploring value propositions and service innovation: a service-dominant logic study. Journal of the Academy of Marketing Science43: 137–158.
87.
SnyderHWitellLGustafssonA, et al. (2016) Identifying categories of service innovation: a review and synthesis of the literature. Journal of Business Research69: 2401–2408.
88.
TertiltMScholzP (2017) To advise, or not to advise – how robo-advisors evaluate the risk preferences of private investors. The Journal of Wealth Management21: 70–84.
89.
UyMAFooMDAguinisH (2010) Using experience sampling methodology to advance entrepreneurship theory and research. Organizational Research Methods13: 31–54.
90.
van den BroekTvan VeenstraAF (2018) Governance of big data collaborations: how to balance regulatory compliance and disruptive innovation. Technological Forecasting and Social Change129: 330–338.
91.
VargoSLLuschRF. (2004) Evolving to a new dominant logic for marketing. Journal of Marketing68: 1–17.
92.
VaznyteEAndriesP (2019) Entrepreneurial orientation and start-ups’ external financing. Journal of Business Venturing34(3): 439–458.
93.
VenkateshVMorrisMGDavisGB, et al. (2003) User acceptance of information technology: toward a unified view. MIS Quarterly27: 425–478.
94.
WolfTWeigerWHHammerschmidtM (2018) Gamified digital services: How gameful experiences drive continued service usage. In: Proceedings of the 51th Hawaii international conference on system sciences (HICSS), Waikoloa Village, Hawaii, 2–6 January 2018, pp. 1187–1196. AIS Library.
95.
ZetzscheDABuckleyRPArnerDW, et al. (2017) From FinTech to TechFin: the regulatory challenges of data-driven finance. European Banking Institute6: 1–34.
96.
ZhukovDKhvatovaTLeskoS, et al. (2018) Managing social networks: applying the percolation theory methodology to understand individuals’ attitudes and moods. Technological Forecasting and Social Change129: 297–307.
Supplementary Material
Please find the following supplemental material available below.
For Open Access articles published under a Creative Commons License, all supplemental material carries the same license as the article it is associated with.
For non-Open Access articles published, all supplemental material carries a non-exclusive license, and permission requests for re-use of supplemental material or any part of supplemental material shall be sent directly to the copyright owner as specified in the copyright notice associated with the article.
