Glossary: Innovation

 

 

 

   

Service Innovation

 

 

 

 

A service innovation is a new service product or a clearly differentiated customer-experience booster that is based on customer empathy, a customer-driven invention, new value creation, new technology, innovative design, and/or a systemic creative-synergy output.

 

 

 

The Importance of Human Touch

In services, an empathetic human touch is highly important. A technological novelty is thus not enough to make a firm a legendary service innovator. The most impactful part of service innovation lies in the non-technological areas. It is primarily about satisfying psychological needs and wants of clients,

 

 

 

The Importance of Service Innovation

A service innovation changes the way customers are served to create value for customers and revenue for the company. Through a new service innovation, a company may increase its revenue due to existing customers spending more, improved positive company image, referrals, etc.

Continuous service innovation is especially important in the financial service sector. Consumers would switch to a competitor if their digital experience does not live up to expectations.

 

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