Bank and Fintech competitive dynamics and the perceived value of partnerships in an open banking market environment

Abstract. This thesis discusses the relationship of banks and Fintech companies in the changing European financial markets. In order to answer this thesis’ research questions regarding bank and Fintech competitive advantages and the perceived value of collaboration, a closer look at the underlying market conditions is required. A literature review of previous research reveals that new regulation in the form of Payment Service Directive 2 (PSD2) is being implemented to correct the poor competitive pressures and consequent lack of innovation in the European financial markets. The regulation aims to create more options for consumers and drive consumer benefit by opening the financial markets to new service providers. As a result, an increasing amount of Fintech companies enter the market space and create competitive pressures towards banks by providing superior customer experiences in specific niche service areas. This thesis provides a perspective on bank and Fintech relationship that goes beyond competition and discusses also the possible value of collaboration. This thesis is conducted as a qualitative case study and the data is collected via theme-based semi-structured interviews with three executive-level bank representatives and six Fintech executives. The interviewees from the bank have extensive experience working with PSD2 and open banking related initiatives and Fintech partnerships. The six Fintech case companies originate from Sweden, UK, USA, Canada and Singapore, and all of them have previous experience collaborating with banks. The key findings of this research conclude that bank and Fintech competitive advantages are complementary in nature. Banks are trusted actors in the market that benefit from an existing customer-base and established distribution channels, whereas Fintechs are fast, technologically capable, and have niche expertise in specific service areas. The complementarity of bank and Fintech competitive advantages creates opportunities for mutually beneficial collaboration models and incentives for the creation of platform solutions, where greater customer value can be achieved. While open banking and platformization are deemed to have significant effects on incumbents, the results indicate that PSD2 alone is likely to have a smaller effect on banks than suggested by previous research, as the effects are restricted to payments. PSD2 is, however, seen as a catalyst for the larger change towards open banking and platformization. The findings of this thesis can be utilized by financial market stakeholders, primarily bank and Fintech executives, to position themselves strategically to the development of open banking and platformization. The results can also help bank and Fintech executives understand the core competences that are emphasized in an open banking market and furthermore, understand how to benefit from complementary competences via partnership. This thesis provides a clear managerial implication that bank and Fintech partnerships can unlock significant value for both parties

Kohtuullinen kulutus ja perusturvan riittävyys : Näkökulmia kohtuullisen kulutuksen määritelyyn ja mittaamiseen

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Simple training tricks for mastering and taming bypass procedures in neurosurgery

Background: Neurosurgeons devoted to bypass neurosurgery or revascularization neurosurgery are becoming scarcer. From a practical point of view, 'bypass neurosurgeons' are anastomosis makers, vessels technicians, and time-racing repairers of vessel walls. This requires understanding the key features and hidden tricks of bypass surgery. The goal of this paper is to provide simple and inexpensive tricks for taming the art of bypass neurosurgery. Most of these tricks and materials described can be borrowed, donated, or purchased inexpensively. Methods: We performed a review of relevant training materials and recorded videos for training bypass procedures for 3 years between June 2014 and July 2017. In total, 1,300 training bypass procedures were performed, of which 200 procedures were chosen for this paper. Results : A training laboratory bypass procedures is required to enable a neurosurgeon to develop the necessary skills. The important skills for training bypass procedures gained through meticulous practice to be as reflexes are coordination, speed, agility, flexibility, and reaction time. Bypassing requires synchronization between the surgeon's gross movements, fine motoric skills, and mental strength. The suturing rhythm must be timed in a brain-body-hand fashion. Conclusion: Bypass-Training is a critical part of neurosurgical training and not for a selected few. Diligent and meticulous training can enable every neurosurgeon to tame the art of bypass neurosurgery. This requires understanding the key features and hidden tricks of bypass surgery, as well as uncountable hours of training. In bypass neurosurgery, quality and time goes hand in hand. © 2017 Surgical Neurology International | Published by Wolters Kluwer - Medknow.Peer reviewe

Julkisen sektorin reformin pitkä kaari Valtava-uudistuksesta Paras-hankkeeseen

Tutkimuksessa tarkastellaan suomalaisen julkisen sektorin reformin kehitystä. Tutkimus kattaa ajanjakson 1970-luvun lopulta vuoteen 2007. Kiinnostuksen kohteena ovat ne argumentit, joilla lainsäädännöllisiä muutoksia on perusteltu – mitkä ovat olleet uudistusten tavoitteet ja missä määrin tavoitteissa ja perusteluissa on tapahtunut muutoksia. Tulosten mukaan suunnittelu-, ohjaus- ja rahoitusjärjestelmien perustelut nojautuivat pitkälti uuteen julkisjohtamistyyppiseen ajattelutapaan aina 1980-luvulta vuoden 1995 kuntalakiin asti. Itsehallinnon ja kansanvaltaisuuden nimissä pyrittiin lisäämään kuntien tehtäviä ja päätösvaltaa. Järjestelmistä pyrittiin tekemään entistä joustavampia ja yksinkertaisempia ja kuntia koskevaa sääntelyä pyrittiin kauttaaltaan purkamaan. 1990-luvun alkupuolella korostui erityisesti taloudellisuus- ja säästöretoriikka. Samalla alettiin peräänkuuluttaa tarkempia määräyksiä ja yhtenäisempää sääntelyä. 1990-luvun lopulta lähtien kuntia ja niiden tehtäviä koskeva keskustelu alkoi liittyä selkeämmin kuntarakenteen muutoksiin. Kuntarakennekeskustelu poikkeaa aiemmasta erityisesti siinä, että 1980-luvulla ja vielä 1990-luvun alussa keskeiset kansanvaltaisuuteen ja kuntien itsehallinnon korostamiseen liittyvät argumentit ovat miltei täysin hävinneet. Uudistusten tavoitteena on ollut kannustaa kuntaliitoksiin ja pyrkimyksenä on ollut yksiselitteisesti suurempi kuntakoko, jonka avulla pystytään turvaamaan kattava, tuottava ja tehokas palvelurakenne. Kansainväliset esimerkit, erityisesti uudistukset muissa Pohjoismaissa, ovat vaikuttaneet julkisen sektorin reformiin. Euroopan unionin vaikutus näkyy erityisesti julkisia hankintoja koskevassa lainsäädännössä. Myös kunta- ja palvelurakenneuudistusta perustellaan kansainvälisin esimerkein.8,00 euro

Successful endovascular coil embolisation of a ruptured V1-segment vertebral artery dissecting aneurysm making a fistula with the adjacent vein

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A randomised, double-blinded, placebocontrolled clinical study on intra-articular hyaluronan treatment in equine lameness originating from the metacarpophalangeal joint

Background: Intra-articular inflammation resulting in lameness is a common health problem in horses. Exogenous intra-articular hyaluronic acid has been shown to provide an analgesic effect and reduce pain in equine and human osteoarthritis. High molecular weight non-animal stabilized hyaluronic acid (NASHA) has gained popularity in the treatment of human arthritic conditions due to its long-acting pain-relieving effects. The aim of this study was to compare the response to treatment of lameness localized in the equine metacarpophalangeal joint injected with non-animal stabilized hyaluronic acid (NASHA) and placebo (saline). Twenty-seven clinically lame horses with a positive response to diagnostic intra-articular anaesthesia of the metacarpophalangeal joint and with no, or at most mild, radiographic changes in this joint were included in the study. Horses in the treatment group (n = 14) received 3 mL of a NASHA product intra-articularly, and those in the placebo group (n = 13) received an equivalent volume of sterile 0.9 % saline solution. Results: The change in the lameness score did not significantly differ between NASHA and placebo groups (P = 0.94). Scores in the flexion test improved more in the NASHA group compared with placebo (P = 0.01). The changes in effusion and pain in flexion were similar (P = 0.94 and P = 0.27, respectively) when NASHA and placebo groups were compared. A telephone interview follow-up of the owners three months post-treatment revealed that 14 of the 21 horses (67 %) were able to perform at their previous level of exercise. Conclusions: In the present study, a single IA NASHA injection was not better than a single saline injection for reducing lameness in horses with synovitis or mild osteoarthritis. However, the results of this study indicate that IA NASHA may have some beneficial effects in modifying mild clinical signs but more research is needed to evaluate whether the positive effect documented ie. reduced response in the flexion test is a true treatment effect.Peer reviewe