Basics of business model, emerging fintech & case insights on gojek business model

Abstract

AIM: The paper attempts to assess the fundamentals of Business Model and its classification. Also it explores the basics of Financial Innovation, emerging Banking Technologies and enhance rich insights from the Case of Innovative GOJEK Business Model. METHODOLOGY: Qualitative approach is utilized to understand the fundamentals of Business Model from Secondary sources focused on Literature review. Also to explore the various benchmark aspects of Business Model, Innovation, Technology adoption the paper draws secondary data from the various related journals, conference proceedings, news bulletins and similar forums. The various enabling Banking technologies of new age business models are also identified from secondary sources especially technology based journals, Banking Forums and related sources. MAJOR FINDINGS: A BM is comprised of two fundamental elements namely the Value Proposition (What is Offered and to Whom) and the Operation Model (How do we generate Profit by delivering the Offering). The Hype Cycle and related discussion on Business Processes explains in depth the various aspects of technology adoption in BMs. In the context of discussion on Business Modelling, Financial innovation can be categorized based on innovations in product process and risk-shifting. Hybrid Cloud, API Platforms, Robotic Process Automation (RPA), Blockchain, Instant Payments, Prescriptive Security, Artificial Intelligence (AI), Augmented and Virtual Reality, Smart Machines and Quantum Computing are some of the latest Fintech to mention in the context of Banking and Financial Services Industry. The GOJEK Business Model is explored to comprehend the delicate aspects of Business Model Innovation and understand the Grass roots strategic approach adopted by the model.