Gasser, UrsUrsGasserGassmann, OliverOliverGassmannHens, ThorstenThorstenHensLeifer, LarryLarryLeiferPuschmann, ThomasThomasPuschmannZhao, LeonLeonZhao2023-04-132023-04-132017-04https://www.alexandria.unisg.ch/handle/20.500.14171/102497As time-to-market for digital banking products becomes shorter and shorter, thousands of Financial Technology (FinTech) startups and other non-banks are rising to the occasion by developing new products, services, and business models for all areas of banking in payments,investments, and financing along the entire value chain, touching all areas from front to back office, as client adoption of these new services accelerates. The lighting Company Osram, for example, recently had to reduce its worldwide staff from 34,000 to 26,000 due to the unexpected speed of clients’ adoption of new LED technology. By contrast, a financial services company such as Wealthfront is still small, having reached almost USD 4.5 billion in managed assets. Such companies develop very quickly and establish new ecosystems with other non-banks and incumbents in the financial services industry.enworking paper