Red queen effect in german bank industry: Implication of banking digitalization for open innovation dynamics

Seungju Lee; Yona Kwon; Nam Nguyen Quoc; Cynthia Danon; Maren Mehler; Karoline Elm; Raphael Bauret; Seungho Choi

doi:10.3390/JOITMC7010090

Red queen effect in german bank industry: Implication of banking digitalization for open innovation dynamics

Seungju Lee, Yona Kwon, Nam Nguyen Quoc, Cynthia Danon, Maren Mehler, Karoline Elm, Raphael Bauret, Seungho Choi

Division of Business Administration

Research output: Contribution to journal › Article › peer-review

10 Scopus citations

Abstract

This study analyzed the firm’s actual case in an environment where the financial industry’s paradigm changes due to technological development. It focused on Deutsche Bank’s competitive action at the heart of the digitalizing European banking industry. This study presents the competitive dynamics among firms and the effects of such dynamics on firm performance. Based on the competitive dynamics between Deutsche Bank and other banks competing in the European banking industry, the Red Queen theory was applied. This study has shown that Deutsche Bank’s innovative actions in the digitalizing European banking industry are necessary and are a factor that can lead to successful firm performance in a hyper-competitive environment. Firms need to develop a capability to quickly capture the opportunities to innovate and take advantage of them to stay ahead of their competitors.

Original language	English
Article number	90
Journal	Journal of Open Innovation: Technology, Market, and Complexity
Volume	7
Issue number	1
DOIs	https://doi.org/10.3390/JOITMC7010090
State	Published - Mar 2021

Bibliographical note

Funding Information:
Funding: This work was funded by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2020S1A5A2A01046005).

Publisher Copyright:
© 2021 by the authors. Licensee MDPI, Basel, Switzerland.

Keywords

Competitive dynamics
Deutsche Bank
Digitalization
Red Queen Effect

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10.3390/JOITMC7010090

Cite this

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title = "Red queen effect in german bank industry: Implication of banking digitalization for open innovation dynamics",

abstract = "This study analyzed the firm{\textquoteright}s actual case in an environment where the financial industry{\textquoteright}s paradigm changes due to technological development. It focused on Deutsche Bank{\textquoteright}s competitive action at the heart of the digitalizing European banking industry. This study presents the competitive dynamics among firms and the effects of such dynamics on firm performance. Based on the competitive dynamics between Deutsche Bank and other banks competing in the European banking industry, the Red Queen theory was applied. This study has shown that Deutsche Bank{\textquoteright}s innovative actions in the digitalizing European banking industry are necessary and are a factor that can lead to successful firm performance in a hyper-competitive environment. Firms need to develop a capability to quickly capture the opportunities to innovate and take advantage of them to stay ahead of their competitors.",

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note = "Funding Information: Funding: This work was funded by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2020S1A5A2A01046005). Publisher Copyright: {\textcopyright} 2021 by the authors. Licensee MDPI, Basel, Switzerland.",

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AU - Kwon, Yona

AU - Quoc, Nam Nguyen

AU - Danon, Cynthia

AU - Mehler, Maren

AU - Elm, Karoline

AU - Bauret, Raphael

AU - Choi, Seungho

N1 - Funding Information: Funding: This work was funded by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2020S1A5A2A01046005). Publisher Copyright: © 2021 by the authors. Licensee MDPI, Basel, Switzerland.

PY - 2021/3

Y1 - 2021/3

N2 - This study analyzed the firm’s actual case in an environment where the financial industry’s paradigm changes due to technological development. It focused on Deutsche Bank’s competitive action at the heart of the digitalizing European banking industry. This study presents the competitive dynamics among firms and the effects of such dynamics on firm performance. Based on the competitive dynamics between Deutsche Bank and other banks competing in the European banking industry, the Red Queen theory was applied. This study has shown that Deutsche Bank’s innovative actions in the digitalizing European banking industry are necessary and are a factor that can lead to successful firm performance in a hyper-competitive environment. Firms need to develop a capability to quickly capture the opportunities to innovate and take advantage of them to stay ahead of their competitors.

AB - This study analyzed the firm’s actual case in an environment where the financial industry’s paradigm changes due to technological development. It focused on Deutsche Bank’s competitive action at the heart of the digitalizing European banking industry. This study presents the competitive dynamics among firms and the effects of such dynamics on firm performance. Based on the competitive dynamics between Deutsche Bank and other banks competing in the European banking industry, the Red Queen theory was applied. This study has shown that Deutsche Bank’s innovative actions in the digitalizing European banking industry are necessary and are a factor that can lead to successful firm performance in a hyper-competitive environment. Firms need to develop a capability to quickly capture the opportunities to innovate and take advantage of them to stay ahead of their competitors.

KW - Competitive dynamics

KW - Deutsche Bank

KW - Digitalization

KW - Red Queen Effect

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ER -

Red queen effect in german bank industry: Implication of banking digitalization for open innovation dynamics

Abstract

Bibliographical note

Keywords

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