Managing Product Innovation in Financial Services Firms

Patrick Vermeulen

European Management Journal, 2004, vol. 22, issue 1, 43-50

Abstract: Developing new products is of the highest importance for organizations. The financial sector has also recognized the increasing importance of new products. However, research on the management of innovation has mainly been conducted in manufacturing industries. Based on an empirical study in the financial services sector this paper first describes how financial companies organize their innovative processes and what barriers to innovation can be identified in banks and insurance companies. Next, the two main reasons for the persistence of these barriers are outlined. The paper ends with some conclusions.

Keywords: Product; innovation; Financial; services; Barriers; Innovation; process (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (11)

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