Charting the Emerging Financial Services Ecosystem of Fintechs and Banks: Six Types of Data-Driven Business Models in the Fintech Sector

Abstract

The competition and the collaboration of established banks and challenging fintechs are expected to dramatically change the financial services ecosystem. The different types and roles of fintechs as new niche players in the ecosystem are not well understood so far. However, a better understanding of these types and roles is required for incumbent as well as for new actors for defining and aligning their strategies. In this paper, we analyze the business models of 195 fintech companies with a special focus on the role of data. Based on this analysis, we present a structured overview of fintechs’ business areas as well as six data-related business model types. This paper contributes to the research on data-driven business models and business ecosystems by applying and modifying an existing approach for classifying new niche players based on the data dimension of their business models.