Innovation-related knowledge from customers for new financial services: A conceptual framework

Abstract

Customers are reported to be providers of innovation-related knowledge for the development of new services. In order to benefit from this source of innovation-related knowledge, a company requires the organizational capability to identify and use it, denoted as its absorptive capacity. This research provides a conceptual framework for the co-creation of new financial services, which is driven by the underlying organizational learning mechanisms of a company’s absorptive capacity. The context of financial services, which are characterized as being knowledge-intensive, should provide an interesting area of research for testing this conceptual framework.

Keywords

• absorptive capacity
• co-creation
• customer involvement
• new financial service development