Why is Fintech, Regtech, Proptech and Accountech more than a new Product or Service?
Considering that such Innovations belonged to the Industry 4.0
As Dipak C. Jain stated: “When innovation is defined only as a new product or service, this view ignores a larger, integrated process that must function seamlessly for optimal value creation.” (Keeley et al., 2013).
Accountech, fintech, proptech, and regtech, for example, need each other to take innovations to the next level. Before an idea can take off, the market must be ripe for such a challenge. In some cases, crises trigger the consumers‘ nerve, in other ways regulations doesn’t match the markets‘ possibilities.
Therefore, future innovations depend not only on the technology development; it also seeks some freedom from regulation frameworks as well as the consumer experiences. This means that every innovation process needs to address technical change as well as the regulatory framework. It’s essential to understand the regulation/technology linkages (OECD, 1997, Motohashi and Nezu, 1997).