IT Enabling Factors in a new Industry Design: Open Banking and Digital Economy

TL;DR

This paper reviews literature to identify IT enabling factors that facilitate new industry design in finance, focusing on Open Banking and the Digital Economy, highlighting five key factors that drive industry transformation.

Contribution

It identifies five IT enabling factors crucial for designing new industry structures in finance, specifically in Open Banking and the Digital Economy, based on literature review.

Findings

Five potential IT enabling factors identified

Highlights role of IT in industry transformation

Provides a framework for future research

Abstract

The fourth industrial revolution promotes the integration of Information Technology (IT) and strategic resources. New IT demands and uses have been leading to changes in business processes and corporate governance. Lately, the financial industry has adopted a new integrated banking model known as Open Banking (OB) and the advent of cryptocurrencies has led to the Digital Economy (DE) materialization. Considering these facts, this paper expects to point out through literature review some IT enabling factors that allow the conception of a new industry design (or governance) specifically in the financial industry illustrated by the cases of the Open Banking and Digital Economy. This paper is structured mostly on literature review, accompanied by results, discussions, and finally, conclusions are presented. It was found five potential enabling factors. Keywords: Digital Economy, Information Technology (IT), Open Banking.