The aim of this thesis has been to address the research question “How is Open Banking institutionalizing organizational changes in incumbent banks in the Nordic financial services field?”. Building upon a constructivist ontological and epistemological metatheoretical position, a new institutionalist analytical perspective was adopted to answer the research question. This framework entailed looking for complex social processes in their contextual settings through analyzing a diverse combination of documents from, or about, the six largest incumbent banks in the Nordics. By applying an iterative and reflexive logic building upon Srivastava and Hopwood’s (2009) framework, the data was qualitatively coded; first
74 inductively then deductively. The inductive analysis uncovered how the six largest banks in the Nordics are homogeneously adopting three organizational changes: platform-based models, FinTech symbiosis and Agile Co-creation methodologies; conceptualized in the thesis as the Open Bank model.
Building upon the striking homogeneity found in the organizational changes, a second round of qualitative coding was undertaken to investigate the preliminary findings further. This was done deductively using DiMaggio and Powell’s (1983) theory on institutional isomorphism and Suchman’s (1995) theory on legitimacy, and the findings lent support to the main thrust of both these theories.
Specifically, it was shown how the organizational field of financial services in the Nordics is undergoing four institutional changes driven by Open Banking: 1) new regulatory frameworks; 2) changing public expectations; 3) an increasing influx of FinTech and High-Tech firms into the field, and; 4) a changing professionalization of the field. These institutional changes were shown to enact isomorphic pressures onto the incumbent banks driving them towards homogenous organizational change.
Coercive isomorphism was demonstrated through changing regulations and public expectations creating powerful isomorphic pressures on the incumbent banks to pursue organizational changes. Mimetic isomorphism was also shown as a significant driver of homogeneous change, as the banks are modelling elements of their organizations such as Agile Co-creation after newly entered FinTech and High-Tech firms within the field. Normative isomorphism was also a key driver of organizational change, as the changing professionalization of the financial services field is transforming the legitimized normative ideas of the field and diffusing these through interorganizational and intraorganizational networks. The thesis also uncovered the central role of legitimacy, as banks rationalized their transformations through pragmatic and cognitive legitimacy. Pragmatic legitimacy took the form of exchange legitimacy, as banks emphasize the value creation for customers as a strong motivation for change. Pragmatic legitimacy was also shown through influence legitimacy, as the shift towards Agile Co-creation and FinTech symbiosis entails endowing authority to both FinTech firms and consumers. Cognitive legitimacy was shown through incumbent banks adopting normative ideas emerging as taken-for-granted within the field, as well as conveying that they mimic successful technology firms to increase their comprehensibility in a rapidly evolving field characterized by a large degree of uncertainty. The final part of the analysis juxtaposed the inductive and deductive sections and presented a holistic model of the institutionalization
75 of the Open Bank. Building upon the constructivist perspective of the thesis, the interrelatedness of the various sub-processes and elements in the model was emphasized.
Ultimately, the thesis has shown that Open Banking is driving the institutionalization of a new organizational model for incumbent banks in the Nordics. As the newest chapter in an ongoing process of digitalization, Open Banking captures the institutional regime change from closed and opaque, to open and transparent. As such, Open Banking is driving the four institutional changes highlighted in the thesis, which in broad terms can be seen as a mesh of two previously distinct organizational fields: financial services and technology. As the institutions of the financial services field change, it creates pressure on incumbent banks through institutional isomorphism to adopt the Open Bank model as the banks strive to be seen as legitimate organizations within their field. As banks increasingly adopt these organizational changes, the Open Bank model in turn becomes institutionalized and self-reinforces the process. The case of Open Banking in the Nordics has thus shown how new institutionalism holds explanatory power over processes of organizational change. As the core institutions that make up an organizational field transform, new normative ideas and meaning systems diffuse through organizations as a result of institutional isomorphism – promoting homogenous organizational change. These findings suggest how digitalization is a social process as much as a technological process, and that structuralist theories such as new institutionalism can be applied to uncover the role of social contexts in shaping how technological developments affect organizations.
Digitalization continues to affect more and more aspects of society, and because of this it is becoming increasingly important to understand how this process affects organizations - particularly ones as systemically important as incumbent banks. With more than 2.9 million workers in the banking sector alone in Europe, the effects of digitalization in general, and Open Banking in particular, on the field is an issue of great significance (EBF, 2018). This importance is amplified as financialization further ingrains financial services into the everyday lives of the general public. The author therefore recommends that researchers continue to explore the topic of Open Banking in disperse contextual settings and from a variety of perspectives, so that a greater understanding of its impact can be achieved.
76
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