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What is Disruptive Innovation

Influence of FinTech on Management Transformation
Is an innovation that creates a new market and eventually disrupts an existing market. It is produced by outsiders rather than market-leading firms.
Published in Chapter:
Instilling FinTech Culture in a Digitalized World: Defining, Issuing, and Opening Up
Wassim J. Aloulou (Imam Mohammad Ibn Saud Islamic University, Saudi Arabia & University of Sfax, Tunisia)
Copyright: © 2021 |Pages: 28
DOI: 10.4018/978-1-7998-7110-1.ch004
Abstract
FinTech has revolutionized the financial industry by its disruptive innovations and emergent technology-enabled business models. After defining the concept of FinTech, the chapter sheds the light on its drivers, features, and challenges, and discusses the elements and attributes of the FinTech ecosystem and the diversity of FinTech models operating in the sector. Then, the chapter emphasizes the role of a FinTech culture as a vibrant digital, agile, customer-centric, creative technology-driven, and entrepreneurial culture in a digitalized and changing world. Such culture is needed for enterprising individuals and startups, incumbents, and established financial and technology firms and for the economy and the society as a whole to nurture a FinTech community and benefit from the ecosystem's resources and opportunities. The chapter suggests certain recommended future research directions for the emerging field of FinTech at individual, corporate, incumbent, and institutional levels to be investigated in countries developing the FinTech industry.
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Challenges Confronting Higher Education: Prospects for and Obstacles to Innovation
process in which smaller organizations with fewer resources challenge incumbents by making their offerings more accessible, affordable and available to a larger population.
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The Predictive and the Inferential: Contexts of Unknown Future Workforce Leadership
Refers to the innovation that transforms previously inaccessible products and ensures their availability to wider more generalised populations.
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Impact of the Mobile Phone on Classical Radio
Innovation that impacts the customer and/or revenue base of an established industry.
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Virtual Reality With Horizons Architecture for Educational Innovation
Associated with the introduction of completely new services or radical new ways of doing things, with new contributions to the world and generating fundamental changes in the activities, structure and functioning of the organization (Valencia & Valenzuela-González, 2017).
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Digital Devices and Digital Culture
A new technology that revolutionizes a specific field, such as the Internet impacting education.
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Digital Transformation Processes and Organizational Characteristics of Artificial Intelligence
Innovations that radically change existing products or services in the market and threaten existing business models. Disruptive innovations often initially enter the market with lower performance or price than the existing market, but evolve over time to capture the market. For example, digital photography's displacement of traditional film photography is a disruptive innovation.
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Innovation Characteristics Considered by Top World Universities' Librarians Adopting AI: Insights From Rogers' Diffusion of Innovations
An innovation so different from the previous product/service/process using advanced techniques over existing ones and offering so many other advantages: cheaper, simplified, smaller, more friendly, and accessible to more people than the previous items becomes obsolete. The smartphone Apple is such a disruptive innovation over the simple phone or camera, the word processing software over the typewriter, the DVD over the floppy disks, Powerpoint over the retro-projector in classrooms.
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Worker Response to the Rapid Changes Caused by Disruptive Innovation: Managing a Remote Workforce Without Any Training or Preparation
The innovation that transforms highly sophisticated or expensive products or services, previously accessible to the elite or more skilled segment of consumers, to those that are more affordable and accessible to the general population. This transformation disrupts the market by slowly eclipsing time-hallowed, established competitor(s).
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Disruptive Technology, Value Proposition, and Business Model Change Management in a Multi-Faceted SME: Towards an Analytical Framework
Generalisation of disruptive technology to any innovative idea that impacts the manner of doing business or economic exchange. Starting as niche market, disruption occurs to entities that supply the prior established market who do not adapt: consequently losing their market share or not engaging with a new market based on innovative practices. For example, network streamed video impact on video rental.
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Innovation Leading Organizations
An innovation that creates a new market and/or a value network and eventually displaces established market-leading firms, products, and alliances.
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The Cloud in Education: Policy, Leadership, and Management Issues
An innovation that creates a new market and value network and eventually disrupts existing situations, displacing leading organisations, products and alliances.
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Assessing Disruptive Innovation From the Perspectives of New Entrants and Incumbent Firms
An innovation type that produces a simpler, affordable, and convenient product that offers new performance dimensions to the market relative to the performance dimensions of the incumbent’s product.
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Fourth Industrial Revolution: A Way Forward to Technological Revolution, Disruptive Innovation, and Their Effects on Employees
Disruptive innovation is the innovation that creates a new process and market that disrupts the existing processes and markets.
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Adoption of the Sharing Economy in the Tourism and Hospitality Industry in Developing Countries
Product that displaces (disrupts) established order in certain eco-system. It doesn’t necessarily implies emerging of a new product, but it involves great increase in product adoption by wider public.
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Blue Ocean Strategy as a Framework for Business Innovation in China and Spain: A Summative Content Analysis of Innovation Initiatives and Value Propositions
Innovation bolstered by the application of a technology and/or invention that radically changes the way a market or industry operates. It can emerge from scientific discoveries and/or the development of new technologies.
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Facing Disruptive Innovation: Strategic and Managerial Challenges
Is an innovation taking place in the low tiers of the market and made by entrants. This kind of innovation can target either a previously non-existent segment, creating a whole new market or it can target costumers at the bottom of the segment, progressively stealing them from the incumbent’s market share.
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Fintech as a Mechanism for Entrepreneurship Ecosystem Development in Emerging Economies
Refers to situation involving the introduction of a product or service into an established industry and which consequently performs better or costs less than extant offerings, hence displacing the market leaders and even transforming the industry.
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Tales of the Unexpected: Post-Crisis Transformational Leadership
Refers to the innovation that transforms previously inaccessible products and ensures their availability to wider more generalised populations.
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Interdisciplinary Professional Doctoral Education: Translational Research for Allied Health Professionals
Refers to the innovation that transforms previously inaccessible products and ensures their availability to wider more generalised populations.
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Digitalisation in Accounting: Is It a Risk or an Opportunity?
Is the idea of simplifying and making more affordable products and services to undesirable or ignored markets.
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Technology Innovation Adoption Theories
It is an innovation that helps create a new market and value network, and eventually disrupts an existing market and value network. This term is used in business and technology literature to describe innovations that improve a product or service in ways that the market does not expect, typically first by designing for a different set of consumers in a new market and later by lowering prices in the existing market.
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Financial Infrastructure Development for Inclusive Growth
Refers to situation involving the introduction of a product or service into an established industry, which consequently outperforms or costs less than the existing offerings, hence dislocating the market leaders and even transforming the entire industry.
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Disruptive Innovation and a Multi-Sided Digital Marketplace
Is a particular innovation that can create a new market, grow, and subsequently disrupt an existing market.
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Expanding Peer-to-Peer Digital Intermediation Through a Mobile-Based Platform
It is a particular innovation that can create a new market and then grow, and subsequently disrupt an existing market.
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The Effect of Organizational Slack on Innovation Performance: An Empirical Study of High-Tech Industry in China
Disruptive innovation is a reference to innovation that initially targets low-end customers, (niche market segment), who neglected by mainstream organisations with ‘good enough’ quality but cheaper in price. Over the time, it attracts the attention of mainstream customers and, eventually, displace the established technology, products or services.
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Educational Innovations in Nigeria: Planning, Reasons for Failure, and Prospects
Disruptive innovation, as coined by Clayton Christensen, is described as a process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves up market, eventually displacing established competition. Disruptive educational innovation would then mean ‘a process by which a new educational idea displaces an existing, old-fashioned educational idea.
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Resolving Wicked Problems through Collaboration
a change of practice in a social system that requires new thinking, new beliefs, an alteration of the roles and their connections in the social network, and shifts of power among groups in the social system. Contrast with sustaining innovation, which means an improvement of performance in existing practices of a social system.
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Sharing Economy and Applications: Business and Marketing Perspective
It refers to the situation of destructing old market/structures while implementing new actions.
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Technology and Digital Content: Promoting Learner-Centered Pedagogy
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Mitigation of COVID Strategies Comparison Between United States and Europe
Process that creates new innovative products or services by applying a new technology.
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Digital Transformation: Opportunities and Challenges
Is the innovation that significantly changes the fabric, patterns, and the way companies operates and do business.
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Interdisciplinary Doctoral Education and Strategic Management in Crises: Harnessing Agency With Praxis
Refers to the innovation that transforms previously inaccessible products and ensures their availability to wider more generalised populations.
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The Impact of Social Media on Policy Decisions in International Higher Education
Is innovations which make complicated, costly items simpler and cheaper which attracts new sets of customers.
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Steering Transformative Workforce Leadership in Times of Crisis: The Case for Doctoral Education
Refers to the innovation that transforms previously inaccessible products and ensures their availability to wider more generalised populations.
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