Business model innovation: analyzing forms and patterns of change within investment banking

Abstract

This research explores Business Model Innovation (BMI) in the investment banking industry, with a focus on analyzing how business models have evolved and identifying forms of BMI. Through an exploratory approach, including expert insights, the study reveals that business model components vary in their susceptibility to change, while BMI is more frequently observed when innovations are unique to the firm rather than the industry. New dimensions, besides scope and level of novelty, such as sustainability and ease of replication, are proposed to further enhance clarity on the conceptualization of BMI.