Innovation Ecosystems in the EU: Banking sector case study

Abstract

Traditionally, it has been considered that the banking sector is quite conservative, from the innovative point of view, despite being part of the infrastructure of economic activity. However, especially due to the recent economy/banking sector crisis, digitalization and social and climate changes, there are several attempts in the search of innovation. Following the previously established framework for structural maturity study of the innovation ecosystems, the banking sector is studied from the perspectives of the EU architecture, economic agents, i.e. banks, scholars’ views and society, natural environment impacts. The emerging, overall picture is quite fragmented, there are several issues like the complexity of the banking sector functioning and the structural change subject little attractiveness to the general public. A conscious and orchestrated effort on all the dimensions is required in order to overcome the sub-optimal lock-ins.