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Identifying Different Forms of Innovation in Retail Banking

Author

Listed:
  • Véronique Favre-Bonte

    (Laboratory Institut de REcherche en Economie et en GEstion (IREGE), University of Savoie, Annecy-le-Vieux, France)

  • Gardet Elodie

    (Laboratory Institut de REcherche en Economie et en GEstion (IREGE), University of Savoie, Annecy-le-Vieux, France)

  • Catherine Thevenard-Puthod

    (Laboratory Institut de REcherche en Economie et en GEstion (IREGE), University of Savoie, Annecy-le-Vieux, France)

Abstract

To be competitive and capture new customers, banks must develop continuous innovations that can reduce costs, enhance existing service quality, expand current service offerings, and increase market share. This article proposes a typology of different types of innovation in the retail banking sector on the basis of a case study of the leading French credit institution, Crédit Agricole. This bank does not innovate just incrementally, and radical innovations resulted from the launch of a new distribution channel, though several innovations are unrelated to new technology. This study adds to literature on innovation services by enhancing understanding of the different types of innovation. The empirical investigation further shows that the banking sector can develop process innovations, which give the bank a longer term competitive advantage. To innovate radically, the bank should anticipate the impact of its new offerings on different areas of the system.

Suggested Citation

  • Véronique Favre-Bonte & Gardet Elodie & Catherine Thevenard-Puthod, 2013. "Identifying Different Forms of Innovation in Retail Banking," International Journal of Service Science, Management, Engineering, and Technology (IJSSMET), IGI Global, vol. 4(4), pages 43-57, October.
    • Handle: RePEc:igg:jssmet:v:4:y:2013:i:4:p:43-57
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