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

Research output: Contribution to journalArticlepeer-review

5 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 languageEnglish
Article number90
JournalJournal of Open Innovation: Technology, Market, and Complexity
Volume7
Issue number1
DOIs
StatePublished - Mar 2021

Keywords

  • Competitive dynamics
  • Deutsche Bank
  • Digitalization
  • Red Queen Effect

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