Process mapping — Re-engineering the opening student account process: The case of Lloyds TSB Bank

A research agenda for investigation of product innovation in the financial services sector

“…The importance of the organisational structure within the financial services sector has been researched by Ennew and Wright (1990), Thwaites (1992) and Vermeulen (2004). A number of authors reported on improving business processes: NPD process through innovative tools such as business process re-engineering (BPR) (Drew, 1994;Maull and Childe, 1994;Akamavi et al, 2001), total quality management (TQM) (Fisscher and de Weerd-Nederhof, 2000), benchmarking (Whymark, 1998), knowledge and networks (Kandampully, 2002;Storey and Kelly, 2002;Syson and Perks, 2004) and service quality process mapping (Akamavi, 2005). The above innovative tools enable and ensure continuous improvement of the NSD process and defined NSD activities, which need to be reviewed on regular basis.…”

“…There is a recognition in the literature of the importance of customers' roles in developing new products for the service industries (Czepiel et al, 1985;de Brentani, 1989;Zeithaml et al, 1990). The customers are often present during and must participate in, the production process (Bitner et al, 1990, Akamavi et al, 2001. Bowers (1989) suggests more involvement by customers and frontline staff as a means of improving the NPD process.…”

Drivers, processes and consequences of financial innovation: a research agenda

“…Another relatively recent strand of studies has explored the applicability of total quality management methods such as Lean, Six Sigma, combined Lean-Six Sigma, theory of constraints in financial services (Azis and Osada, 2011;Kumar et al, 2008;Lin, 2008). Others have investigated business process reengineering methods and their effects on the introduction of novelties and on performance improvement (e.g., Akamavi et al, 2001;Maull and Childe, 1994;Shin and Jemella, 2002), or focused on improvement to financial services and operational efficiency using process mapping techniques and flowchart (Akamavi, 2005). Studies have concluded that these approaches support process innovation and facilitate incremental innovation (De Koning et al, 2008), enable to quickly identify the weaknesses in service and transactional processes and focus on areas where improvement yields higher returns in terms of true savings and revenue growth (Uprety, 2009).…”

“…Openness, as a typical feature of innovation in services Consoli (2008), Lerner (2006) 2006), Boot and Thakor (1997), Gopalakrishnan and Damanpour (2000), Saunders and Walter (1994), and Vives (2001) Innovation determinants Competition Wood (1999, 2003), Batiz-Lazo and Woldesenbet (2006), Ashton (2006), Milne (2006), and Molyneux and Shamroukh (1996) Table 1 Selected studies on financial innovation (continued) Communication Lievens et al (1999) and Moenaert (2000, 2001) Role of marketing function de Brentani and Cooper (1992), Costanzo and Ashton (2006), Johne and Davies (2000), Menor and Roth (2008), Papastathopoulou et al (2006), and Scheuing and Johnson (1989) Importance of NPD/NSD process de Brentani ( 2001 2007), Athanassopoulou and Johne (2004), Johne and Harborne (1985), Oliveira andVon Hippel (2011), andYang et al (2009) Process improvement and business reengineering approaches Akamavi (2005), Akamavi et al (2001), Azis and Osada (2011), Kumar et al (2008), andDe Koning et al (2008) Multidisciplinarity, cross functional teams Vermeulen and Dankbaar (2002) Innovation process Barriers to innovation Drew (1995), Vermeulen (2004), and Vermeulen et al (2007) Financial effects and productivity impact…”