Journal of
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Archive » December 2021 » FinTech and innovation of meaning: why the bank needs a higher purpose

FinTech and innovation of meaning: why the bank needs a higher purpose

Daniele Previtali
December 2021 - n. 12
Keywords: FinTech, banche, higher purpose, innovazione tecnologica
Jel codes: O30, G21, G28

This paper analyses the concept of higher purpose, suggesting how it can represent a strategic driver to distinguish the bank's offer from that of other FinTech market players. Discussing the literature on the topic, the paper describes the higher purpose by presenting the first empirical evidence and analysing the more strategic aspects in the banking context. The paper also proposes the methodology of design thinking, with particular regard to that of innovation of meaning, as a tool to innovate the corporate purpose and to propose a new interpretation of the function of the bank, in the light of the changes brought about by technological innovation and those related to the changing meanings of customers' consumption choices.

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