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Title: Real-time new product development in financial services: Some managerial implications
Authors: Naude, P
Blackman, ID
Dengler, S
Keywords: Product development of financial services.;Online development of financial services;Iterative development of financial services;Financial service innovation.;Customer feedback to develop financial services;Reduced entry costs for small financial service companies;Targetted marketing of online financial services;Risk to market leading financial service companies.;Organisational implications of online financial services.
Issue Date: 1998
Publisher: IEEE
Citation: Proceedings of the Thirty-First Hawaii International Conference on System Sciences, Kohala Coast, September 1998. pp. 272-281
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 An inevitable consequence on the Internet/World Wide Web (WWW or Web) is that such models are no longer applicable.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 issue that have to be tackled. The objective of this paper is to use the context of the recent launch of an innovative financial services product via the Web to explore the managerial changes that are starting to affect the banking industry
Appears in Collections:Publications
Computer Science
Dept of Computer Science Research Papers

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