Overview

This module will look at the long-term perspective to the technological change in retail banking. It will start by introducing alternative theories to innovation (e.g. Schumpeter, Diffusion of Innovation, Disruptive Innovation) and their critique. This will be followed by a discussion on the economics of technological innovation (e.g. industrial networks, path dependence, two sided markets) and alternative approaches (e.g. ethnographic and sociological approaches to financial innovation; Critical studies and the labour problem). The module will also look at current trends in financial technologies such as financialization, Cashless Society, Mobile Payments, Blockchain & ledger technology, Computer trading, Omnichanel, Crowdsourcing.

Learning Outcomes

• Demonstrate an awareness of the contexts which have given rise to different views on managing technological change in financial services;

• Identify the main spaces where these theories, views and framework emerged;

• Identify the various dimensions of technical change and automation;

• Recognize the large number of cultural, political, economic and environmental factors that gave rise to different forms and practices across countries and cultures;

• Recognize the main elements and features of alternative conceptual elements to understand innovation in banking;