Beyond Fintech : Bionic Banking

https://link.springer.com/book/10.1007/978-3-030-96217-3 Enterprise management theories about the so-called bionic organization currently face a significant funding gap. Bionic theories have been mainly applied to enterprise lifecycle because of the presence of similarities between economic organizations and organisms. The digital transformation has offered advancements in the bionics research field which enable us to discuss bionic organizations for the first time as business realities in which humans and machines, especially robotic process automation systems and artificial intelligence tools, cooperate in executing operations. This book determines how a bionic organization can be defined and what are its fundamental elements in the case of banking. Specifically, it investigates the two pillars of bionic enterprise which are technology and humans, as well as the core objectives and outcomes. In order to provide an exhaustive overview, the book proposes a new conceptualization of the business model of a bionic organization on the basis of the Business Model Canvas framework. Ultimately, the study of bionic organizations is aimed to discover also how they evolved in the post pandemic phase as a result of the disruptive events generated by the spread of the pandemic. The research on the book has been conducted through a qualitative and descriptive methodology with the intent to build further knowledge about the topic starting from the information available in literature. To provide actual evidence of the reality of bionic financial services, the book includes case studies. The organizations observed in the study have been selected since they present some of the key traits identified by the bionic enterprise theory. The book demonstrates that bionic enterprise theory can be further enriched with the conceptualization of a bionic business model in which the paradigm of collaboration between humans and machines is a recurring element. Foreword 6 Contents 9 Acronyms 13 List of Figures 16 List of Tables 18 1 Bionic Banking Introduction 19 Research Background 19 Book Objectives 20 Research Method 20 Book’s Structure 21 Conclusions 22 References 24 2 Bionic Banking 25 Introduction 25 Origin of Bionics 26 Bionics Fundamentals 27 Analogies Between Organisms and Organizations 27 Enterprise Bionic Theories 29 Bionic Financial Services 31 Fintech Development 33 Fintech Categories 37 New Normal and Organizations 39 Pandemic Impact 39 New Normal 41 Robot and Automation Human Collaboration 42 Remoteness 43 Resilience 45 Resistance 46 Responsibility 46 Resilience and New Normal 48 Agility 49 Design of a Resilient Bionic Banking 50 Emergency Management 51 Characteristics of Resilience 53 Conclusions 57 References 57 3 Bionic Banking Transformation 62 Introduction 62 Bionic Transformation 62 Birth of Bionic Transformation 62 Defining Bionic Transformation 64 Drivers and Impacts of Bionic Transformation 66 Decision-Making Process 73 Advancements of Bionic Transformation 76 Conclusions 78 References 79 4 Bionic Banking Business Model 82 Introduction 82 Business Model Canvas (BMC) 82 An Extended Hai Framework 85 Bionic Banking BMC 86 Philosophy 87 Vision 88 Mission 88 Enablers 89 Outcomes 89 Customer Value Proposition 91 Customers Proximity 92 Place and Distribution Accesses 95 Partition of the Market 98 Processes 100 Platforms 101 Augmented Intelligence 103 Machine Learning 105 Cloud Computing 107 Data Science 108 Robotic Process Automation (RPA) 108 RPA and Banking 112 Benefits of RPA 113 Persons 114 Partners 120 Pricing and Revenues 123 Payments and Investments 124 Protection 126 Cyber-Security 126 Fraud 128 Compliance 129 Conclusions 130 References 133 5 Bionic Banking Life Cycle 139 Introduction 139 Bionic Banking Across the Customer Life Cycle 139 Customer Acquisition 142 Credit Decisioning 143 Monitoring and Collection 144 Deepening Relationships: Wealth Management 147 Intelligent Servicing 152 Bionic Insurer 157 Conclusions 159 References 160 6 Bionic Banking Project 164 Introduction 164 Human-Automation Collaboration (HAC) Project 165 Human-Automation Collaboration Models 165 Proactive Human-Automation Collaboration 168 Inter-Collaboration Cognition 169 Temporal Collaboration 170 Self-Organizing Teamwork 171 Critical Success Factors of Bionic Banking 172 Critical Success Factors for Bionic Banking 172 Collaboration 173 Complementarity 175 Confidence 176 Competence 176 Customization 176 Cognition 177 Contribution 177 Clarity 179 Creatural (Humanness) 179 Significant Challenges 179 Innovation Methods 180 Innovation Processes 181 Design Thinking 182 Design Thinking Method 183 Lean and Bionic Transformation 184 Research Method 185 Lean and Bionic Transformation 186 Define 186 Discover 190 Design 191 Develop 194 Deconstruct 196 Deploy 197 Diffuse and Operations 198 Agile 200 Innovation Acceptance Model 201 IAM Model 203 Conclusions 205 References 207 7 Bionic Banking Conclusions 217 Main Findings 217 Future Research 220 References 221 Glossary 222 References 222 Index 276