Platform Ecosystem Structures: Leveraging Platform-based Technology and the Finance Ecosystem for the New Normal

Abstract

The fierce competition in the finance sector in general, which was reinforced by uncertainty that the COVID-19 pandemic brought along, turned into a race for capturing new opportunities and engaging in transformative activities. In particular, structures of financial platforms and their ecosystems thus far provided competitive advantages compared with non-platform businesses. This paper reveals six archetypes of how finance firms achieve platform ecosystem structures by using platform-based technology and the ecosystem. We follow a case survey approach and analyze a qualitative data set of 152 actions of 61 financial platforms. We further demonstrate that platform ecosystem structures reinforce themselves, enable a sense of cohesiveness, and contribute to a “new normal” instead of a “preserving-the-past” reality. Our overview of the solution space might support practitioners in identifying, selecting, and planning relevant coping actions of digital platforms to prepare for future challenges, stay competitive, and provide innovation.