IDEAS home Printed from https://ideas.repec.org/a/pal/jofsma/v21y2016i3d10.1057_s41264-016-0001-6.html
   My bibliography  Save this article

Involving High Net Worth Individuals (HNWI) for financial services innovation

Author

Listed:
  • Dieter De Smet

    (Public Research Centre Henri Tudor)

  • Anne-Laure Mention

    (Public Research Centre Henri Tudor)

  • Marko Torkkeli

    (Lappeenranta University of Technology)

Abstract

The involvement of customers for new service developments is an area that receives considerable research attention, yet its exact outcomes and process are found to be ambiguous. Therefore, different contexts should be studied to capture the multifaceted nature of service innovations. This research focuses on the results of a survey in an international financial services setting. This survey was distributed among the members of the leading professional association for financial services. The obtained dataset was studied by using qualitative comparative analysis and descriptive statistics in order to explore customer involvement and facilitate the emergence of research propositions and recommendations in this setting. The company’s actual pool of customers influences the composition of its service offer (i.e. its core services, supplementary services and service delivery). The presence of a specific customer type was found necessary and sufficient as a condition for achieving core service innovations within the context of international financial services.

Suggested Citation

  • Dieter De Smet & Anne-Laure Mention & Marko Torkkeli, 2016. "Involving High Net Worth Individuals (HNWI) for financial services innovation," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 21(3), pages 226-239, September.
    • Handle: RePEc:pal:jofsma:v:21:y:2016:i:3:d:10.1057_s41264-016-0001-6
    DOI: 10.1057/s41264-016-0001-6
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41264-016-0001-6
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1057/s41264-016-0001-6?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Eric von Hippel, 1986. "Lead Users: A Source of Novel Product Concepts," Management Science, INFORMS, vol. 32(7), pages 791-805, July.
    2. Von Hippel, Eric, 1978. "A customer-active paradigm for industrial product idea generation," Research Policy, Elsevier, vol. 7(3), pages 240-266, July.
    3. Maria Fraga & O. Martins & Paulo Anciaes, 2008. "Patterns of innovation diffusion and technological competition in Portuguese manufacturing and service industries," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(3), pages 353-372.
    4. Oliveira, Pedro & von Hippel, Eric, 2011. "Users as service innovators: The case of banking services," Research Policy, Elsevier, vol. 40(6), pages 806-818, July.
    5. Geoffrey G. Bell, 2005. "Clusters, networks, and firm innovativeness," Strategic Management Journal, Wiley Blackwell, vol. 26(3), pages 287-295, March.
    6. Xavier Vence & Alexandre Trigo, 2008. "Diversity of innovation patterns in services," The Service Industries Journal, Taylor & Francis Journals, vol. 29(12), pages 1635-1657, September.
    7. Stevens, Eric & Dimitriadis, Sergios, 2004. "New service development through the lens of organisational learning: evidence from longitudinal case studies," Journal of Business Research, Elsevier, vol. 57(10), pages 1074-1084, October.
    8. Vermeulen, Patrick, 2004. "Managing Product Innovation in Financial Services Firms," European Management Journal, Elsevier, vol. 22(1), pages 43-50, February.
    9. Andrey Martovoy & Jennifer Dos Santos, 2012. "Co-creation and co-profiting in financial services," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 16(1/2), pages 114-135.
    10. Hollenstein, Heinz, 2003. "Innovation modes in the Swiss service sector: a cluster analysis based on firm-level data," Research Policy, Elsevier, vol. 32(5), pages 845-863, May.
    11. Anne-Laure Mention & Marko Torkkeli, 2012. "Drivers, processes and consequences of financial innovation: a research agenda," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 16(1/2), pages 5-29.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Alexandre Trigo, 2016. "Innovation in the Era of Experience: The Changing Role of Users in Healthcare Innovation," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 12(2), pages 29-51.
    2. Schemmann, Brita & Herrmann, Andrea M. & Chappin, Maryse M.H. & Heimeriks, Gaston J., 2016. "Crowdsourcing ideas: Involving ordinary users in the ideation phase of new product development," Research Policy, Elsevier, vol. 45(6), pages 1145-1154.
    3. Marcos Abilio Bosquetti & Gabriela Gonçalves Silveira Fiates & Jess Ponting, 2017. "Strategic Management at Mormaii - the Brazilian Surf Industry Leader," Brazilian Business Review, Fucape Business School, vol. 14(Special I), pages 110-129, January.
    4. Ilona Kuzmickaja & Xiaofeng Wang & Daniel Graziotin & Gabriella Dodero & Pekka Abrahamsson, 2015. "In Need of Creative Mobile Service Ideas? Forget Adults and Ask Young Children," SAGE Open, , vol. 5(3), pages 21582440156, August.
    5. Johnsen, Thomas & Phillips, Wendy & Caldwell, Nigel & Lewis, Michael, 2006. "Centrality of customer and supplier interaction in innovation," Journal of Business Research, Elsevier, vol. 59(6), pages 671-678, June.
    6. Riikkinen, Mikko & Pihlajamaa, Matti, 2022. "Achieving a strategic fit in fintech collaboration – A case study of Nordea Bank," Journal of Business Research, Elsevier, vol. 152(C), pages 461-472.
    7. Xavier Vence & Alexandre Trigo, 2010. "Global and National Cooperation in Service Innovation," Chapters, in: Faïz Gallouj & Faridah Djellal (ed.), The Handbook of Innovation and Services, chapter 23, Edward Elgar Publishing.
    8. Lim, Chaisung & Hemmert, Martin & Kim, Seunghoi, 2017. "MNE subsidiary evolution from sales to innovation: Looking inside the black box," International Business Review, Elsevier, vol. 26(1), pages 145-155.
    9. Harirchi, Gouya & Chaminade, Cristina, 2014. "Exploring the Relation Between the Degree of Novelty of Innovations and User–Producer Interaction Across Different Income Regions," World Development, Elsevier, vol. 57(C), pages 19-31.
    10. Lars BENGTSSON & Natalia RYZHKOVA, 2013. "Managing Online Users in Open Innovation: The Case of a Nordic Telecom Company," Communications & Strategies, IDATE, Com&Strat dept., vol. 1(89), pages 37-53, 1st quart.
    11. Flikkema, Meindert, 2005. "Exploring service development for understanding Schumpeterian innovation in service firms: the deduction of special case criteria," Serie Research Memoranda 0001, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    12. Feldmann Anna & Teuteberg Frank, 2019. "Understanding and Assessing the Implications of Co-Creation in the Banking Industry: A Case Study," Zeitschrift für das gesamte Genossenschaftswesen, De Gruyter, vol. 69(3), pages 179-203, December.
    13. Maria Roszkowska-Menkes, 2017. "User Innovation: State of the Art and Perspectives for Future Research," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 13(2), pages 127-154.
    14. Resch, Christian & Kock, Alexander, 2021. "The influence of information depth and information breadth on brokers’ idea newness in online maker communities," Research Policy, Elsevier, vol. 50(8).
    15. Göldner, Moritz & Herstatt, Cornelius & Canhão, Helena & Oliveira, Pedro, 2019. "User entrepreneurs for social innovation: The case of patients and caregivers as developers of tangible medical devices," Working Papers 108, Hamburg University of Technology (TUHH), Institute for Technology and Innovation Management.
    16. de Jong, Jeroen P.J. & Ben-Menahem, Shiko M. & Franke, Nikolaus & Füller, Johann & von Krogh, Georg, 2021. "Treading new ground in household sector innovation research: Scope, emergence, business implications, and diffusion," Research Policy, Elsevier, vol. 50(8).
    17. Maxim Kotsemir & Alexander Abroskin & Dirk Meissner, 2013. "Innovation concepts and typology – an evolutionary discussion," HSE Working papers WP BRP 05/STI/2013, National Research University Higher School of Economics.
    18. Barbara Masiello & Alessandra Marasco & Francesco Izzo, 2013. "CO-creation in creative services: the role of client in advertising agencies? innovation," MERCATI & COMPETITIVIT?, FrancoAngeli Editore, vol. 2013(2), pages 131-155.
    19. Bengtsson, Lars & Ryzhkova, Natalia, 2013. "Managing a strategic source of innovation: Online users," International Journal of Information Management, Elsevier, vol. 33(4), pages 655-662.
    20. Laura J. Kornish & Jeremy Hutchison‐Krupat, 2017. "Research on Idea Generation and Selection: Implications for Management of Technology," Production and Operations Management, Production and Operations Management Society, vol. 26(4), pages 633-651, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:jofsma:v:21:y:2016:i:3:d:10.1057_s41264-016-0001-6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.