LEADING THROUGH DISRUPTIVE INNOVATION IN THE UK FINANCIAL MARKET: A COMPARATIVE ANALYSIS OF THE MAJOR UK BANKS’ DISRUPTIVE STRATEGIES

Abstract

As the UK financial market becomes increasingly competitive and disruptive, the adoption of the strategies through which the bank becomes disruptive before it is disrupted is crucial for leveraging a bank’s competitiveness and sustainability. It is in that context that this study used a qualitative-exploratory research method to undertake a comparative analysis of the major UK banks’ disruptive strategies. Through such analysis, the study aimed to discern how the major UK banks are leading through disruptive innovations that reflect some of the best innovation practices that can be emulated by the other banks to bolster their overall competitiveness and sustainability. To achieve that, qualitative data which was used in such analysis was elicited using interviews from a sample of twenty-nine bank managers of the selected 29 major UK banks that are operating in London. Thematic and narrative analysis of the obtained interview data indicated the strategies that most of the major UK banks often adopt in their quests of leading through disruptive innovations to encompass customer-centric operation, data-driven operation and strategy/technology assimilation. To thrive in the increasingly disruptive, UK financial markets, the study proposes the Bank’s Business Model for Leading Through Disruptive Innovation that the other banks can emulate to leverage their competitiveness and sustainability in the increasingly more disruptive UK financial market.

 Keywords: Bank Performance, Bank Competitiveness, Disruptive Innovation, Fintech, UK Financial Market, Bank Technology, Self-Disruption.