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114 Int. J. Entrepreneurship and Innovation Management, Vol. 16, Nos. 1/2, 2012
Copyright © 2012 Inderscience Enterprises Ltd.
Co-creation and co-profiting in financial services
Andrey Martovoy* Centre de Recherche Public – Henri Tudor, Innovation Economics and Service Valuation Unit, 29 Avenue John F. Kennedy, L-1855, Luxembourg Fax: +352-4259912777 E-mail: [email protected] *Corresponding author
Jennifer Dos Santos Public Research Centre – Henri Tudor, 29 Avenue John F. Kennedy, L-1855, Luxembourg E-mail: [email protected]
Abstract: Co-creation can be useful to develop financial services relevant to customer needs. However, role of customers in financial innovation seems to be controversial. In this qualitative study we focus on: the characteristics of users who can qualify for co-creation, the process of co-creation, and profit-seeking customers. Our findings suggest that financial institutions tend to select customers who are more demanding and who have a possibility to cooperate (in retail markets), and those customers with whom they have longstanding and intertwined relationships (in corporate markets). Financial innovators differ in a way they cooperate with users. We proposed the typology of innovation and introduced the notion of co-profiting proved in the case of co-creation commercialised jointly; however, we did not find evidence of user-centred innovation commercialised by producer as well as user’s innovation commercialised jointly.
Keywords: open innovation; co-creation; co-profiting; financial services; lead user; user-centred innovation; typology of innovation.
Reference to this paper should be made as follows: Martovoy, A. and Dos Santos, J. (2012) ‘Co-creation and co-profiting in financial services’, Int. J. Entrepreneurship and Innovation Management, Vol. 16, Nos. 1/2, pp.114–135.
Biographical notes: Andrey Martovoy holds a position of R&D Engineer at the Public Research Centre – Henri Tudor, Luxembourg. He has research, teaching, and consulting experience as well as a mix of competences and skills in services and innovation. He successfully contributed to a range of EU and national-funded educational and research projects and visited several universities in EU and the USA as research scholar and Lecturer. His research interests concern with open innovation in financial services, advantages and disadvantages of open innovation, user-centred innovations in services, co-creation in financial services, and typology of service innovation.
