An innovative service process development based on a reference model

Abstract

This article examines the new service development (NSD) process, focusing specifically in a case of a financial service, guided by the following research questions: what are the processes and practices used in the development and design of new financial services? How the results of the financial NSD proposal reflects on the NSD are as a whole? Therefore, the study aims to show and describe a financial service development, conducted at Helpinveste. The paper focuses on the Conceptual Design service (activities: definition of specifications and development of alternative solutions for the service) and Service Process Design (Service Representation) phases. The methodological procedures are based on the process approach, using a reference model for developing new services. In order to operationalize the model, several techniques for the various stages of the project were used, e.g. QFD and Service Blueprint. Lastly, conclusions report contributions from the reference model application, both theoretical and practical contributions, as well the limitations and further research recommendations.