Systematic evaluation of banking product innovation processes and market adoption rates
Posted: Oct 25, 2013
Abstract
The banking industry stands at a critical juncture where technological disruption and changing consumer expectations necessitate continuous innovation in financial products and services. Traditional approaches to banking innovation have predominantly focused on technological implementation and financial metrics, overlooking the systematic evaluation of innovation processes themselves. This research addresses this gap by developing a comprehensive framework for assessing banking product innovation processes and their direct impact on market adoption rates. The financial services sector has witnessed unprecedented transformation driven by digitalization, regulatory changes, and evolving customer preferences, yet the fundamental processes through which banks conceptualize, develop, and launch innovative products remain inadequately understood. Our investigation builds upon the recognition that successful innovation in banking extends beyond mere product development to encompass the entire ecosystem of processes, stakeholders, and organizational capabilities. Previous research has examined innovation outcomes primarily through financial performance indicators, neglecting the procedural dimensions that enable or constrain innovation success. This study introduces a novel methodological approach that systematically evaluates innovation processes across multiple dimensions, establishing clear linkages between process characteristics and market adoption metrics.
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