Includes bibliographical references and index.

Part I: Foundations of platform theory -- Platform essentials on outcome economies -- The trust advantage -- Open innovation and data -- Platform governance founded on transparency -- Part II: Reinventing financial services -- The existential shift of bank business models -- Lessons learned from fintech innovation -- Competitive factors for the future of banks -- Part III: Leading platform strategies -- Contextual banking -- Foundations of financial market transparency -- Conscious banking.

"The world most successful companies (Apple, Amazon, Alibaba) are data-driven platforms. They innovated their business models leveraging digital technology to start a journey from output to outcome economies: businesses don't necessarily trade in the products that deliver certain results (e.g. "selling 100,000 cars in 2022", in which the focus is about discrete sales figures or quantities), but in the results themselves which take the form of user experiences (e.g., "allowing 500,000 people to commute by car", in which the focus is on perceived benefits). Clearly, not all industrial products and services can be easily reinvented inside outcome economies, no matter how powerful they can be. This is particularly true for financial services given the more abstract and regulated nature of their products, as well the psychological characteristics of consumers when accessing them. The Platformisation of Financial Services corresponds to a shift in mindset intended to help banks strengthen and extend the reach of their Open Banking operations. Platform theory, born outside of financial services, will be transposed inside banking and insurance to make digital banking more effective. In this way, the financial services industry will master the necessary shift of focus from output (distribution channels of products) to outcomes (enabling clients to enjoy transparent and value-adding experiences, achieve their goals or fulfil their needs, directly or inside non-banking relationships). This book will guide the financial services industry globally towards new forms of digital transformation that benefit shareholders and stakeholders alike, allowing greater flexibility and convenience at lower digital prices"-- Provided by publisher.

Description based on online resource; title from digital title page (viewed on December 13, 2021).

WorldCat record variable field(s) change: 050