Копенгагенская школа бизнеса

Digital Competition in Financial Services

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Course 1 of 4 in the Specialization Digital Transformation in Financial Services

Welcome to Digital Transformation Strategy! As you probably know, this is the first course in a three part specialization focused on the digital transformation of finance. We'll aim to bring you insights about how digitalization intersects with finance, culled from one of the world's top regions for digital innovation. I'm excited to have you in the class and look forward to helping you learn more about this important topic. To begin, I recommend taking a few minutes to explore the course site. A good place to start is the navigation bar on the left. Click Course Content to see what material we’ll cover each week, as well preview the assignments you’ll need to complete to pass the course. Click Discussions to see forums where you can discuss the course material with fellow students taking the class. Be sure to introduce yourself to everyone in the Meet and Greet forum! This course should take about four weeks to complete. You can check out the recommended course schedule below to see a quick overview of the lessons and assignments you’ll complete each week. By the time you finish this course, you’ll have mastered the transformational forces of digitalization and the new competitive dynamics it gives rise to, learned from leading financial companies and seen inspirational examples from the digital masters. You'll be introduced to the Capstone Project for the specialization and have a chance to form some preliminary solutions for a financial company seeking a new strategy for the digital age of finance. Good luck as you get started. I look forward to seeing you in class!

From the lesson

Digital Competition in Financial Services

Welcome to Digital Competition in Financial Services! We’re excited to have you in the class and look forward to helping you learn more about this important topic. To begin, I recommend taking a few minutes to explore the course site. A good place to start is the navigation bar on the left. Click Course Content to see what material we will cover each week, as well preview the assignments you will need to complete. Click Discussions to see forums where you can discuss the course material with fellow students taking the class. Be sure to introduce yourself to everyone in the Meet and Greet forum! This course should take four weeks to complete. You can check out the recommended course schedule below to see a quick overview of the lessons and assignments you will complete each week. By the time you finish this course, you will have mastered important concepts needed to understand the transformation, learned from best practice in digital industries, and seen how firms in financial services are embracing the new rules of competition. You will be introduced to the Capstone Project for the specialization and have a chance to form some preliminary solutions for a financial service company that is re-inventing itself to compete in finance as a digital industry. Good luck as you get started. We look forward to seeing you in class!

Welcome to the course4:06

Meet the Instructors

Jonas Hedman
Associate Professor
Department of Digitalization
Stefan Henningsson
Associate Professor
Department of Digitalization

Hi, my name is Jonas Hedman.

I'm an associate professor at Copenhagen Business School in Copenhagen, Denmark.

With me here I have my colleague, Stefan Henningson,

also an associate professor here at Copenhagen Business School.

It is our pleasure to welcome you to this course called digital computation and

financial services.

As you may well know, this course is the first course in a three course

specialization in digital transformation of financial services.

The second course we'll focus on fin tech, and the third on digital

innovation strategy for the financial service industries.

>> This is a specialization,

the focus on the new digital normal of financial industries.

This industry that used to be one of the most stable and conservative,

is now seeing dramatic change.

Thousands of fin tech start ups are challenging stability and

the Internet giants like Apple, Google, Amazon, and

Alibaba, are rushing to claim their shares.

Because as we speak,

the force of digital is rewriting the rules of competition and finance.

Our main premise is that companies compete differently in

digital industries than in non digital.

Instead of competing on scale of four to five business positions,

competition is turning to speed and novelty of digital innovations.

Instead of competing only as individual firms,

companies compete in ecosystems and through digital platforms.

So in this specialization, we cover how digital revised the rules of competition,

the novel think tank that that carries this transformation, and how companies in

the financial services must develop the means to compete on digital innovation.

>> The digital transformation of finance is a natural focus for

Copenhagen Business School.

Copenhagen and northern Europe, in general, are known around the world for

their very progressive management approaches, for the extremely

creative business, and for the competitive excellence based on innovation.

This part of the world is the home of some of the most digital innovative companies

in the world.

Some names that we have recognize like Skype, Spotify,

iZettle are based in this part of the world.

This course is called digital competition in financial services.

In it, we're going to take a big picture look at the digital transformation in

this industry.

Some of the questions you would be able to answer at the end of this course include,

what is the digital transformation and why should we care about it?

That is the topic of Module 1.

Module 2 is about how digitization gives rise to a new sort of competition

based on digital platforms.

Here, we explore how digital platforms allows for more efficient competition or

innovation than other configurations of value creation.

Module 3, we call digital ecosystems.

In it, we're going to look at how digitization forces firm to work

closely with both partners and rivals in business ecosystems,

to co-create digital innovation.

And finally, Module 4, the capstone project.

In the capstone project, we will ask you to use some of the ideas that you

have obtained in the course to solve a problem for

a company that needs to reinvent itself to compete in the digital age.

>> This is business strategy for the digital era of finance.

We go well beyond approaches of Michael Porter and

many of the other strategic thinkers you might have read.

Digital rewrites the rules of competition.

And if you want to come out on top in this new world,

you have to understand the new rules of the game and what it takes to win.

So what are you working for one of the large traditional players that needs to

reinvest themselves for the digital age?

If you have your own start of looking to ram your way into the industry,

you're going to find something new in this course,

something that is relevant for you.

So let's get started.