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Original Article
Involving High Net Worth
Individuals (HNWI) for financial
services innovation
Revised (in revised form): 4 June 2015
Dieter De Smet
is Research & Technology Associate at LIST (Luxembourg Instituteof Science and Technology). Heholds a PhD in Technology Management, a
Master’s degree as Commercial Engineer and an additional Master’s degree in European Public Affairs Management. His current research
interestsare oriented towards innovationprocesses, factors influencing these process and governance issues. He has publishedin journals such
as the International Journal of Entrepreneurship and Innovation Management,Managerial Auditing Journal and Journal of Management
Research.
Anne-Laure Mention
holds an expertise position in the field of innovation economics and management at LIST (Luxembourg Institute of Science and Technology).
She was leading a research unit focusing on innovation economics and management within the Public Research Centre Henri Tudor,
Luxembourg. She is actively involved in research projects, mainly focusing on innovation and performance measurement and management in
the financial and B2B services industries. She is also currently appointed as Expert to the High Committee for the Financial Industry in
Luxembourg, in the context of the FinTech initiative. Her research interests mainly concentrate on openand collaborative innovation,intellectual
capital measurement, innovation and technology management. She has been a Visiting Researcher at McGill University, Canada, and Ferrara
University, Italyand is a visiting scholar at Singapore Management University and Adjunct Professor at Tampere University of Technology. She
also has a Visiting Professorship positionin University of Lie
`ge, Belgium and is the Deputy Director of the Centre d’Evaluation de la Performance
des Entreprises. She received twice an IBM Faculty Award for her research works onOpen Innovation. She is also a founding member of WICI,
LUXIC, and the Deputy Head of the ISPIM Advisory Board. She is a member of several editorialboards and a member of the New Club of Paris.
Marko Torkkeli
is Professor of Technology and Business Innovations at the Lappeenranta University of Technology in Kouvola, Finland. His research interests
focuson technologyand innovation management,strategic entrepreneurship andgrowth venturing. He is a memberof several editorial boards.He
is a Visiting Researcher at INESC Porto (Portugal), a Docent of Technology-based Business at University of Jyva
¨skyla
¨(Finland) and a Docent of
Technologyand Innovation Management at HelsinkiUniversity of Technology (Finland).He serves as the Directorof Research of theInternational
Society for Professional InnovationManagement (ISPIM) and founding editor of the Journal of Innovation Management.
ABSTRACT The involvement of customers for new service developments is an area that
receives considerable research attention, yet its exact outcomes and process are found to
be ambiguous. Therefore, different contexts should be studied to capture the multifaceted
nature of service innovations. This research focuses on the results of a survey in an
international financial services setting. This survey was distributed among the members
of the leading professional association for financial services. The obtained dataset was
studied by using qualitative comparative analysis and descriptive statistics in order to
explore customer involvement and facilitate the emergence of research propositions and
recommendations in this setting. The company’s actual pool of customers influences the
composition of its service offer (i.e. its core services, supplementary services and service
delivery). The presence of a specific customer type was found necessary and sufficient as
Correspondence: Dieter De Smet, Public Research Centre
Henri Tudor, 29 Avenue John F. Kennedy,
1855 Luxembourg, Luxembourg
E-mail: dieter.desmet@list.lu
ª2016 Macmillan Publishers Ltd. 1363-0539 Journal of Financial Services Marketing Vol. 21, 3, 226–239
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