Vol. 3 (2024)
Diginomics

Original

Open innovation to accelerate the adoption of artificial intelligence in the financial services industry

Published 2024-11-02

  • Leandro Andrés Culetto
    • ,
  • Emmanuel Peña Álvarez

Leandro Andrés Culetto
Universidad Siglo 21. Buenos Aires, Argentina

Emmanuel Peña Álvarez
Universidad Siglo 21. Buenos Aires, Argentina

Abstract

This research explores the implementation of an open innovation program in a software solutions development company, with the aim of accelerating the adoption of artificial intelligence through effective collaboration with start-ups.
The analysis of the situation shows that technology companies are experiencing difficulties in sustaining the pace of innovation demanded by the exponential growth of technology in an increasingly competitive environment. In this vein, different strategies are proposed within action plans designed to promote the use of artificial intelligence in a way that allows for open innovation in product and process dimensions.
The conclusion identifies that the synergy between open innovation and artificial intelligence provides an opportunity to generate a sustainable competitive advantage for companies in the financial services industry that adopt it.

Keywords

open innovation, artificial intelligence, financial services, collaboration with startups, technological entrepreneurship

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