Research On Dynamic Mechanism Of Innovation In Financial Service Sector Under Internet Of Things

Financial service sector plays a significant role in national economy, forming afinancial service system of reasonable layers and functional complementarities can supportthe real economy better. Innovation in financial service sector is not only a key part inboosting industrial competitiveness, but also an important driving force of economicgrowth. The Internet of Things is an emerging industry with huge potential. At present, thedevelopments of our Internet of Things with the step of global initially have technical,industrial and research capabilities. Then the conditions for innovation in financial servicesector are provided by technique of Internet of Things as to boost its competitiveness. It’sof great importance to introduce the Internet of Things to financial service sector and lookfor dynamic mechanism to improve financial service sector innovation.In this paper, we establish dynamic mechanism of innovation in financial servicesector, based on technological progress of Internet of Things. This is innovation spot of thearticle as well. First of all, we not only base on the dynamic mechanism of innovation inservice sector and financial service sector at home and aboard, but also combine it with thecondition--visual tracking by Internet of Things. Then dynamic mechanism of innovation infinancial service sector is established with the synergy of technological progress, institutionand demand. Secondly, according to it we do an empirical analysis on four leadingcountries in Internet of Things——The United States, Germany, Korea and China. Then wedraw a conclusion: demand pull is the dominant factor of dynamic mechanism ofinnovation in financial service sector in The United States and Germany; the leading factoris technique push in Korea; while the guiding factor is institution driving in China. Thirdly,comparing the different competitive conditions and the development stages of financialsector in these countries, we draw a conclusion on conditions and routes for different kindsof dominant factors of dynamic mechanism. Finally, policy recommendations are offeredwith regard to innovation in financial service sector, which can raise the efficiency infinancial system, allocate the resource reasonably and improve the internationalcompetitiveness.