Innovating in the Business Model: The Creation of Civic Banking

Abstract

Civic Banking constitutes a business model innovation in the Spanish financial system that has allowed Caja Navarra to improve its performance and positioning. At present, Caja Navarra is working on the international diffusion of the model. The article concludes with a discussion on the importance of articulating both value creation and value appropriation mechanisms while establishing new business models, to allow innovating companies to capture value when replicating those models in other contexts.