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

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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.

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Acknowledgments

We are very thankful for the support of the ABBL (The Luxembourg Bankers’ Association) for disseminating the questionnaire to its members, and we thank all the companies and professionals who participated.

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Authors and Affiliations

  1. Public Research Centre Henri Tudor, 29 Avenue John F. Kennedy, 1855, Luxembourg, Luxembourg

    Dieter De Smet & Anne-Laure Mention

  2. Lappeenranta University of Technology, 9 Prikaatintie, 45100, Kouvola, Finland

    Marko Torkkeli

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  1. Dieter De Smet
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  2. Anne-Laure Mention
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  3. Marko Torkkeli
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Correspondence to Dieter De Smet.

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De Smet, D., Mention, AL. & Torkkeli, M. Involving High Net Worth Individuals (HNWI) for financial services innovation. J Financ Serv Mark 21, 226–239 (2016). https://doi.org/10.1057/s41264-016-0001-6

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