An Empirical Study of an Open Ecosystem Model for Inclusive Financial Services

Abstract

The 2008 financial crisis gave birth to fintech and blockchain. While blockchain applications are still at their infancy, fintech has fundamentally changed the landscape of the financial industry. In the data economy era, the Big Techs are threatening financial industry since they own users’ behavior data. In this paper, alternative models focusing on the decentralization and value sharing nature of the open ecosystem were studied and put into practical applications. The effectiveness of the models to attract stakeholders to pool their resources and contribute data, analytics and services for value co-creation and sharing is still being tested. The preliminary results show promises.