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Enhancing online visibility through strategic alliances: the case of bank-FinTech relationships
Get PDFPurpose
This work aims to explore the effects of (equity and non-equity) strategic alliances between banks and FinTechs on FinTechs' online visibility.
Design/methodology/approach
For a sample of 124 Italian FinTechs, the authors measured online visibility through their website ranking (Google PageRank) and website traffic (Google Trends). Consistent to the historical depth of these measures, the authors separately investigated the effect of equity and non-equity (contractual) agreements on online visibility by means of ordinal logistic regressions and diff-in-diff analysis.
Findings
Strategic alliances with banks enhance FinTechs' online visibility. Although both equity and contractual agreements positively influence the popularity of FinTechs' website achieved through the activity of internal and external online content creators (websites ranking), only equity agreements are effective in attracting Internet users (website traffic).
Practical implications
When deciding to interact with banks, FinTechs' managers should consider that equity agreements may be a powerful strategic choice for enlarging the customer base and boosting visibility of FinTechs.
Social implications
Fostering strategic alliances between banks and FinTechs contributes to FinTechs' growth, generating virtuous mechanisms of innovation, financial inclusion and better allocative efficiency of the financial system.
Originality/value
This work expands marketing knowledge and literature regarding online visibility determinants, by investigating the benefits of strategic alliances and cooperation in the market, while providing an empirical strategy replicable by future marketing studies
Il rapporto banca-FinTech: Open Banking, performance e profili di sostenibilità per PMI e individui
No full textLa tesi prende avvio dalla crescente concorrenza e dinamicità che le istituzioni finanziarie tradizionali stanno affrontando a seguito dell'ingresso delle imprese FinTech nel settore finanziario, che hanno messo in discussione il tradizionale modo di fare banca. Le nuove strategie di innovazione e di crescita percorribili dalle banche possono contemplare la partecipazione a ecosistemi di Open Banking e la cooperazione con le imprese FinTech. Entrambe le vie sono poco esplorate in letteratura, soprattutto da un punto di vista empirico.
La PSD2 obbliga le banche a dare accesso ai dati di pagamento della clientela a terze parti autorizzate (TPP), favorendo lo sviluppo dell’Open Banking, un modello collaborativo in cui dati, servizi e applicazioni sono condivisi attraverso API con i TPP, tra cui le FinTech, con l'obiettivo di sviluppare prodotti e servizi finanziari orientati al cliente. Assumendo che un approccio attivo alla PSD2 permetta di andare oltre i requisiti minimi, favorendo la nascita di ecosistemi e piattaforme di Open Banking, la tesi esamina, nel contesto italiano, l'attuale propensione alla partnership delle banche, esplorandone le determinanti strutturali ed economiche e gli effetti sulla performance. I risultati rivelano una scarsa propensione alla partnership, che può ostacolare lo sviluppo dell’Open Banking. La propensione alla partnership tende ad essere più elevata per banche piccole e meno capitalizzate, che possono partecipare alle piattaforme di Open Banking al fine di superare vincoli dimensionali e di risorse. Nel complesso, l'effetto positivo di tale propensione sulla performance delle banche può giustificare la partecipazione di queste a piattaforme di Open Banking.
La seconda parte della tesi si concentra sul rapporto banca-FinTech, attraverso il quale le banche ottengono l’accesso a tecnologie avanzate utili a migliorare i propri servizi digitali e le FinTech possono assicurarsi un percorso di sviluppo più rapido e meno rischioso, attraverso l’accesso a nuove risorse finanziarie e ad una più ampia base di clientela e rete distributiva. L’obiettivo è quello di esplorare se i benefici teorizzati del rapporto banca-FinTech si verificano nella sostanza e, assumendo la prospettiva delle FinTech, si indaga se le alleanze strategiche con le banche influenzano la loro performance, crescita e visibilità. I risultati mostrano che il rapporto banca-FinTech non genera performance positive; al contrario, c'è un effetto positivo sulla crescita dei ricavi e sulla visibilità, potenzialmente consentendo alle FinTech di raggiungere rapidamente un break-even point subito dopo la prima fase del loro ciclo di vita.
Infine, la tesi esamina il contributo delle FinTech al perseguimento dell'Agenda 2030, un piano d'azione per le persone, il pianeta e la prosperità che integra fattori economici, ambientali e sociali. Facendo leva sulle nuove tecnologie, le imprese FinTech possono contribuire agli SDG grazie alla loro capacità di veicolare le risorse finanziarie verso usi sostenibili e di mitigare l'esclusione finanziaria. Tuttavia, questo contributo può essere ostacolato dalla fase di start-up in cui tipicamente si trovano e in cui il rischio di fallimento è elevato. La cooperazione con le banche può aiutarle nel loro percorso di crescita, sostenendone il potenziale contributo all'Agenda 2030. Si studia, quindi, se l'orientamento alla sostenibilità delle FinTech influisce sulla probabilità di avere uno o più rapporti con le banche e se tale effetto differisce tra diversi tipi di accordi. I risultati mostrano una relazione positiva, rivelando che il rapporto banca-FinTech può essere uno strumento utile nel perseguimento dell'Agenda 2030 e, in quanto tale, considerato dai regolatori nella formulazione di linee guida e normative.The following thesis originates from the increasing competition and dynamism that traditional financial institutions are facing following the entry of new players within the financial industry, i.e. FinTech firms, and which call for revisions to traditional banking. New innovation and growth strategies of banks may also contemplate the participation to Open Banking ecosystems and cooperation with FinTech firms. Both themes are little explored in the extant literature, especially from an empirical point of view, and are the focus of this dissertation.
According to PSD2, banks are required to open up access to customers’ account data to authorized Third Party Providers (TPPs), fostering Open Banking, a collaborative model in which data, services and applications are shared through APIs with TPPs, including FinTechs, with the aim to develop customer-oriented financial products and services. Nevertheless, banks may decide to comply only to minimum requirements or to adopt an active approach, moving from forced to voluntary collaboration models. The thesis examines the current attitude to partnership as an antecedent of Open Banking, exploring its structural and economic determinants and its effects on banks’ performance in the Italian context. Results reveal a low attitude to partnership, which may hinder the formation of Open Banking platforms. The attitude to partnership tends to be higher for small and less capitalized banks, which can participate to Open Banking platforms in order to overcome size and resources constraints. Overall, the positive effect of attitude to partnership on banks’ performance may justify the participation to Open Banking platforms.
The second part of the thesis focuses on bank-FinTech relationship, through which incumbents’ can access to advanced technologies useful to improve their digital services and FinTechs can ensure a faster and less risky development path, by accessing to new financial resources and to banks’ wider customer base and distribution channels. Here, the purpose is to find empirical evidence of the theorized benefits of bank-FinTech relationships by assuming FinTech firms’ perspective, thus investigating if the presence and diffusion of strategic alliances with banks affect the performance, growth and visibility of FinTech firms. Our results show that bank-FinTech relationships do not generate any positive performance; on the contrary, there is a positive effect on revenue growth and visibility, potentially allowing FinTechs to quickly reach a break-even point after the first phase of their life cycle.
The last part of the thesis focuses on the role of the financial system, and in particular of FinTech firms, in the pursuit of the Agenda 2030, a plan of action for people, planet and prosperity that integrates economic, environmental and social issues. Leveraging on new technologies, FinTech firms may contribute to SDGs thanks to their ability to redirect financial resources towards sustainable uses and to mitigate financial exclusion. However, this contribution may be hampered by their typical start-up phase, in which failure often occur. For this reason, cooperation with banks can help newcomers in their growth path, thus strengthening their potential contribution to the Agenda 2030. The last part of the thesis explores if SDG-orientation of FinTech firms affect the likelihood to establish one or more bank-FinTech relationships and if this effect differs between different types of agreement. Results show a positive correlation between FinTech firms’ SDG-orientation and bank-FinTech relationship, concluding that the latter may be considered as an additional avenue in the pursuit of Agenda 2030, and, as such, should be contemplated by regulators in guidelines and regulatory requirements
FinTech and Sustainability
No full textCurrent concerns over sustainability issues have heightened attention on the role of the financial system in supporting the transition to a sustainable economic model, which includes digital finance and FinTech. Leveraging on new technologies, FinTech firms may contribute to Sustainable Development Goals (SDGs) thanks to their ability to redirect financial resources toward more sustainable uses and to mitigate financial exclusion. We investigate if FinTech firms’ SDG-orientation has a strategic potential in establishing strategic alliances with banks, which could be crucial for FinTechs’ development and growth path. More specifically, we investigate if FinTech firms’ SDG-orientation facilitates bank-FinTech relationships and if there are differences among various types of agreement (equity or non-equity agreements). Using a sample of 124 Italian FinTech firms, our evidence shows that FinTech firms’ SDG-orientation positively affects the probability to observe relationships between FinTechs and banks. This holds for social and environmental dimensions introduced by Agenda 2030. FinTech firms that contribute the most to sustainability, and particularly the economic pillar, are more likely to strongly cooperate with banks through equity agreements, which usually imply a firm commitment of banks in sustaining FinTech firms’ activity. Based on these results, we conclude this study highlights important managerial (both for FinTechs and banks) and regulatory implications
Banche, modelli di business e Open Banking
No full textAccording to Psd2, banks are required to open up access to customers’ account data to authorized third parties. In
order to comply with the new legislation, banks may decide to align only to minimum requirements or to adopt an
active approach, moving from a model of forced collaboration to a model of voluntary collaboration. Assuming that
the active approach to Psd2 requires a greater willingness to open up to external parties, contributing to the emergence
of Open Banking ecosystems and platforms, the article studies the current attitude to partnership of Italian banks
and its structural, economic and capitalization determinants. Results reveal a low attitude to partnership, especially
for larger and highly capitalized banks and for those that are mainly oriented to traditional credit activity
The Rise of Financial Services Ecosystems: Towards Open Banking Platforms
No full textThe recent developments in regulation, ICT technologies and purchase and consumption habits of customers are profoundly changing the competitive scenario of the financial services market. In particular in the European context, PSD2, although limited to the payment services segment, is promoting a greater level of competition and efficiency within the market, reducing barriers to entry for new payment service providers (called TPPs, which also include FinTech firms). To this purpose, PSD2 explicitly empowers account holders with the authority to share payment data, removing the financial institution’s role as gatekeeper and starting the Open Banking phenomenon. When banks actively comply with PSD2, new credit and financial ecosystems and Open Banking platforms can arise, in which participants share information through Application Programming Interfaces (APIs) and develop, produce and distribute innovative and value-added financial products and services for the customer. This chapter aims to theoretically examine to what extent information sharing, although limited by regulation, reduces banks' ability to generate value through the management of information asymmetry issues and their ability to build long-term relationships. We argue that banks’ ability to generate value can be negatively affected to the extent that banks decide to preserve their status quo, thus the way in which banks decide to comply with PSD2 is the crucial factor to consider
Does biodiversity matter for firm value?
Get PDFThis paper investigates the relationship between firms’ impact on biodiversity and its firm value and the economic and financial mechanisms underlying this link, filling a gap concerning the financial materiality of biodiversity loss. By analysing a global panel of 1,848 publicly listed companies across 49 countries from 2018 to 2022, this study highlights how the Corporate Biodiversity Footprint (CBF) influences not only firms’ market valuations (Tobin’s Q, Market-to-Book) but also their operating profitability as measured by Return on Assets (ROA). At the same time, the CBF affects firms’ cash generation capacity both decreasing the level and increasing the volatility of operating cash flows. Further heterogeneity analyses reveal that the effect of CBF on firm value is particularly strong for large firms, firms producing tangible goods, firms headquartered in megadiverse countries, and countries with a high level of biodiversity conservation. The erosion of ROA is especially evident in countries already severely affected by biodiversity loss. The results have important implications for investors, banks, corporate managers, and policymakers to improve risk pricing, forward-looking corporate governance, and realign corporate strategies and capital allocation with global biodiversity targets
Assessing the influence of ESG washing on bank reputational exposure: A cross‐country analysis
Get PDFThe study investigates the effects of ESG washing on banks' reputational exposure. We define ESG washing as a disparity between a bank's environmental and social disclosure level and the practical implementation of the relative measures. The analysis involves an international sample of 120 banks operating across 35 countries from 2014 to 2020. The results evidence a different effect based on the pillar considered: the higher the inconsistency on environmental issues, the higher a bank's reputational exposure. Conversely, higher levels of disclosure compared to performance on social issues appear to reduce reputational exposure. In addition, citizen movements and the country's legal system play a significant role in amplifying or mitigating a bank's reputational exposure. Our findings offer insight into the phenomenon of ESG washing in the banking industry, supporting the need for more verified information across countries and all economic sectors
Greenwashing, greenhushing, and the path to green banking
Get PDFThis study investigates how governance characteristics, specifically gender diversity, and bank business models influence the transition from greenwashing and greenhushing to becoming green banks. A balanced panel of 150 listed banks worldwide from 2015 to 2021 is used. Latent Markov models are applied as a methodology capable of explaining the evolution of a group of banks and the characteristics that may affect their transition over time. Key findings reveal a positive correlation between having a female CEO with at least 30 % female board representation and the likelihood of a bank shifting from greenwashing to a green stance. Conversely, a higher proportion of women on the board appears to reduce the likelihood of transitioning from greenhushing to a vocal green position, suggesting a more risk-averse and conservative approach. Additionally, investment-oriented banks are more likely to evolve toward vocal green banking than retail and universal banks. The research advances the literature on greenwashing and greenhushing by highlighting the importance of governance characteristics in supporting environmentally responsible practices
Pinkwashing in the banking industry: The relevance of board characteristics
No full textCorporate Social Responsibility (CSR)-washing has been commonly applied to environmental practices under greenwashing, while limited research deals with social-washing applied to gender issues. This work aims to verify how banks engage in pinkwashing. We identify pinkwasher as a bank that discloses the adoption of policies that directly or indirectly aim to improve gender equality but performs poorly in such aspects. The analysis is developed on an international panel of 170 banks active in 46 countries over four years, from 2017 to 2020. Results, robust to endogeneity, reveal that banks with a high percentage of women on the board, many independent directors, and a female CEO are less prone to adopt pinkwashing behavior. Also, country factors are critical drivers of pinkwashing, highlighting the relevant role of institutional initiatives in favoring gender representation and parity.Corporate Social Responsibility (CSR)-washing has been commonly applied to environmental practices under greenwashing, while limited research deals with social-washing applied to gender issues. This work aims to verify how banks engage in pinkwashing. We identify pinkwasher as a bank that discloses the adoption of policies that directly or indirectly aim to improve gender equality but performs poorly in such aspects. The analysis is developed on an international panel of 170 banks active in 46 countries over four years, from 2017 to 2020. Results, robust to endogeneity, reveal that banks with a high percentage of women on the board, many independent directors, and a female CEO are less prone to adopt pinkwashing behavior. Also, country factors are critical drivers of pinkwashing, highlighting the relevant role of institutional initiatives in favoring gender representation and parity
Overcoming the “valleys of death” in Advanced Therapies: the role of Finance
Get PDFAdvanced therapies are the frontier of medical research and have a relevant therapeutic potential and a profound social value. Despite this, their funding is hindered by many heterogeneous factors that obstruct their translation and survival on the market, even when approved and effective.
Using an extensive bibliometric and systematic review of 174 articles published between 2001 and 2023, this study aims to identify the factors hindering the financing of advanced therapies and suggest future research lines to overcome the biomedical and economic “valleys of death”.
This study is the first review focused on advanced therapies from a financial perspective, and it contributes to advancing scientific knowledge in several ways. First, it highlights that finance academics paid little attention to the topic and most of their contributions are now outdated; therefore, there is the need to explore the new opportunities and solutions offered by financial innovation and the application of new technologies to financial activity. Second, it asks for an interdisciplinary approach to exploring advanced therapies' barriers from a holistic and process perspective and exploiting the social value generated by the development of innovative therapies. Finally, it analyzes the obstacles and value destroyed by the absence of an organic and coordinated process of public intervention, underscoring the imperative for further research to explore new public-private financial models and risk-sharing schemes and extend evaluation models by integrating financial and social value logic
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