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|Title:||The managerial implications of real-time new product development in financial services|
|Keywords:||Innovation of online financial services;Development of online financial services;Online services reduce barriers to entry;Niche online financial services;Global delivery of online financial services;Growth of online financial services;Rapid development of online information systems;Managerial implications of online financial services;Non linear development of online financial services|
|Citation:||Creativity and Innovation Management. 7(2): 54-61|
|Abstract:||A review of the various models of New Product Development (NPD) process shows that although different approaches have been proposed, they are in fact all variants on a linear theme: some may include feedback loops, but they all essentially advocate that certain steps precede, or are preceded by, others. An inevitable consequence on the Internet/World Wide Web (WWW or Web) is that such models are no longer applicable. Based on the lessons learned from the development of a new financial service offered via the Internet, we show how such assumptions of linearity need no longer be a constraint. In addition, innovativeness is not related to firm size. But the fact that the Web allows for the real-time development of new financial services based on on-going feedback from potential and current customers raises a new set of managerial issues that have to be tackled. The objective of this paper is to use the context of the recent launch of an innovative financial service product via the Web to explore the managerial changes that are starting to affect the banking industry.|
|Appears in Collections:||Computer Science|
Dept of Computer Science Research Papers
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