Technological disruption and social transformation are shaping and explain the radical changes introduced in financial services. A new technological mix of mobile-apps, big data, blockchain, AI, cloud computing and digital platforms is taking place with unprecedented speed and is forcing traditional banks to consider this technology to form part of new collaborative value creation networks, such as digital business ecosystems (DBEs). Traditional payment habits based on cash and credit or debit cards are being replaced by new innovative formats of mobile instant payment among end users (P2P). Through a single case study - Bizum's DBE - the purpose of this research is to explore how successful was the defensive strategy developed by traditional banking entities with the objective to lead the new mobile instant payment ecosystem in Spain. The findings show that Bizum's DBE is helping traditional banking entities to create a superior digital value that is being adopted very quickly by a huge number of users in Spain. The main contribution of this study is the complete explanation of how a winning strategy of creation and development of a DBE can: i) ensure survival of incumbents in the face of threats from digital disruptive actors, and ii) transform consumer habits very quickly, due to the superior created value as a new solution for that need. We used the novel reformulation of the Modularity Theory (Baldwin, 2020c) which can be considered as a first step for a DBE-specific theorisation and supportive framework to understand the deep social impact of the different network effects generated.
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