New product development in the financial service industry: A case study

New product development is an important aspect of service marketing. Information, however, is sparse on the actual development processes that are used by service firms to develop these new products. Utilizing a case study approach this article traces the development of a new service for a major UK based financial institution. Through an in‐depth examination of the processes it was found that a complex development system was used. The authors were able to identify a number of factors that were essential to the successful development of this new product.