Abstract
The implementation of an open innovation model is considered by many researchers, to be a great opportunity to help profit-making organizations become more competitive and successful. But some sectors, such as the banking sector, are not able to apply this model. In the Albanian banking sector, the concept of an open innovation model is almost unknown to executive directors. The question is: Why does this happen? The implementation of an open innovation model is strongly affected by cost, short term focus, legislative problems, lack of information, and frequently by a lack of interest in cooperation. As a possible solution for this problem, especially during the financial crisis which has impacted Albanian as well as the rest of the world, raising a strong awareness of the importance of this model could be one route to improve the level of competitiveness in the banking sector.
Highlights
The differences between closed and open innovation models have been the subject of many analyses and scientific studies
While the impact of the global crisis has affected the majority of economies worldwide, the implementation of an open innovation model can help the banking system to become more competitive
Open innovation models are not very widespread in the banking system even in the most developed countries of the world, and this happens for many different reasons
Summary
The differences between closed and open innovation models have been the subject of many analyses and scientific studies. Despite many differences amongst these open innovation models, all of them reject the idea that innovation in itself is a closed process. Innovation theory and especially an open innovation model is a crucial factor for banking system service improvement.
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