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IJMBS Vol. 2, Issue 2, April - June 2012                                                                ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)



                      Service Innovation in Banks for Sustainability
                                                                 Y. Ramakrishna
                                      Vignana Jyothi Institute of Management, Hyderabad, AP, India

Abstract                                                                 IV. Innovation in Banks in Terms of Services
During the past one decade, one of the sectors which underwent           Innovation has always been a sought after area for organizations
visible sea-change through innovative strategies is undoubtedly the      in any country. Innovation is identified as the main driver for
banking sector. The sector has been growing at a fast pace in India      companies to prosper, grow and sustain a high profitability (e.g.
and is challenged with several aspects like new regulations from         Drucker, 1988; Christensen, 1997). Research (e.g. Ford, 1996;
time to time, changing customer needs and perceptions, changing          Kanter, 1988; Van de Ven, 1986; Wolfe, 1994) suggests that the
technology and changing operations. Technology has been playing          term ‘innovation’ can be defined in terms of a new or innovative
a crucial role in the tremendous improvement of banking services         idea applied to initiating or improving a product, process, or
and operations. Indian banking industry has moved way ahead both         service. Innovation has been a buzz word in banking right from
in terms of offering value added services and delivering quality         beginning. Many researchers have contributed their best towards
service. It was thought that the world financial crisis would impact     developing frameworks for innovation. Several authors have
the Indian banking sector in a serious manner. But, because of the       developed various frameworks, drivers, and steps on how to be
strong foundations of Indian banking system with the support from        innovative from an organization perspective.
well structured financial systems, the anticipated impact of the         The attempt towards innovation has been more so in India due
world crisis was almost insignificant. Instead, it helped the banks      to the country’s emergence and growth, more or less, in all the
to get strengthened further and become closer to the customer with       sectors. The banking industry has been on an unprecedented
innovative approaches. Banks appear to be on the path of achieving       growth trend during the past decade in the country1. The sector
sustainability and a long-term survival because of innovation. This      today is fast paced and is constantly in the throes of change,
study aims at identifying the initiatives of some public and private     with new regulations, new processes and new policies in place.
sector banks in India towards sustainability through a planned and       Technology has played a critical role in the past in shaping the way
systematic Service Innovation. Study also focuses on some of the         things are today, and will continue to do more than ever before.
recent innovative trends in banks in India. Innovation models of         From being just a support function, technology is now regarded
Bessant and Tidd (2007) and Six Dimensional Model of Service             largely as a strategic function aiding banking organizations. Most
Innovation developed by Pim den Hertog, Wietze van der Aa and            of the success achieved by this industry can be attributed to the ever
Mark W. de Jong were used for this purpose.                              changing innovative trends in technology. Service operations like
                                                                         Service Delivery Systems and Service Quality have dramatically
II. Objectives of the Study                                              become customer-centric during the past decade. The importance
•	 To identify and analyze service innovation initiatives in select      of service delivery and its impact on improving satisfaction and
     Private and Public Sector banks                                     retention of customers, improving sales and market share, and
•	 To make a comparative study of these initiatives with                 improving corporate image cannot be overstated. (Lewis et al.,
     reference to the two innovative models of Bessant and Pim           1994). Banks in India and other countries have largely implemented
     den Hertog                                                          service delivery technology as a way of augmenting the services
                                                                         traditionally provided by bank personnel. Implementation results
III. Methodology                                                         both from the need to reduce the cost of delivering service
The study is a conceptual one with detailed review of literature.        primarily through personnel, and the corresponding need to meet
For the purpose of the study, the official web sites of the four banks   the challenge posed by technologically innovative competitors
were considered along with additional literature. The period of          (Byers and Lederer, 2001). Some of the reasons for the awareness
the study is for three months from January to March, 2011. Two           by the banks regarding these challenges are impact of deregulation,
models of innovation from the available literature are considered        rapid global competition and networking, the rise in personal
for the study. They are,                                                 wealth and increasing customer expectations. Many external
•	 4Ps of Innovation model by Bessant and Tidd (2007)                    forces like political, economic, social and technological and
•	 Six Dimensional Service Innovation Model by Pim den                   internal forces like customers, employees, organization structure,
     Hertog (2010)                                                       product development, service delivery have great impact on the
The above two models are applied on the current strategies of            innovation in banking (Chanaka Jayawardhena and Paul Foley,
service innovation adopted by two public sector banks and two            2000). Innovations are discontinuous because innovation is
private sector banks of India. These are,                                difficult and “only accessible to people with certain qualities”
•	 State Bank of India                                                   (Schumpeter, 1934, p. 228). Schumpeter recognized and felt that
•	 Andhra Bank                                                           entrepreneurs seek profit thought innovation, transforms the static
•	 YES Bank                                                              equilibrium into a dynamic process of economic development
•	 ICICI Bank                                                            which in turn revolutionizes the patterns of production by exploiting
An analysis has been carried out by applying the above models            an innovation or new pattern of production. Scott M. Davis and
for identifying and comparing various strategies adopted by the          Kristin Moe (1997) have framed eight steps that effectively take
above banks in line with the selected models.                            a company from customer-driven needs and wants assessment to
                                                                         final commercialization. These eight are, Planning and Direction
                                                                         setting, Market problems and need exploration, Problem solving
                                                                         and idea generation, Concept development and business analysis,

80      International Journal of Management & Business Studies                                                                        w w w. i j m b s. c o m
ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)                                                              IJMBS Vol. 2, Issue 2, April - June 2012

Prototype development, Plant scale up, Commercialization, Post-        interaction, new value system/business partners, new revenue
launch check up. Joseph P. Eshun Jr., 2009 has discussed the role      model, new organizational or technological service delivery
of innovation in entrepreneurship in his article titled ‘Business      system. The first dimension is Service Concept or Service Offering.
Incubation as Strategy’ and concluded that the three inter-related     The second dimension is the New Customer Interaction and the
pillars of entrepreneurship, creativity and innovation are important   role customers play in the creation of value. The third dimension
for business incubation.                                               is the New Value System or set of new business partners who
                                                                       co-produce a service innovation. The fourth dimension is related
V. Service Innovation Models                                           to new revenue model. The fifth dimension is the new delivery
Several innovation models have been proposed by various authors        system; personnel, organization, culture. The sixth dimension is
under various titles. Innovation has been categorized into business    technological, which is a new service delivery system.
model innovation, operations innovations, product innovation etc.
Business model innovation refers to activities that considerably       VIII. Application of Innovation Models
change the structure and/or financial model of a business. Every       The two models of innovation were applied on innovative strategies
company has a business model, whether they articulate it or not.       of four banks in India. The new innovative ideas of these banks in
At its heart, a business model performs two important functions:       terms of services offered are mentioned below. For the purpose of
value creation and value capture.                                      study, recent and innovative services are only considered.
Operations innovation defines improvements in the effectiveness
and efficiency of fundamental business processes and practices,        A. State Bank of India
while product/services/markets innovation refers to the creation of    State bank of India, the largest public sector bank in India, offers
new or fundamentally differentiated products, services or activities   the following innovative services.
in markets.
For the purpose of this study, two models of innovation are            1. SMS Unhappy
considered. The first one is Bessant and Tidd’s model of 4P’s of       This innovative idea was initiated by Mr. Siva Kumar, Dy.
Innovation and second one is, Pim den Hertog’s Six-Dimensional         Managing Director of SBI. Any customer who wants to lodge a
Service Innovation Model (2010).                                       complaint sends the message “Unhappy” to a specified number
                                                                       (8008202020). The Happy Room then calls the customer and
VI. 4Ps of Innovation                                                  records the details of the complaint. The complaint is then
Bessant and Tidd (2007) identified 4Ps of innovation: (1). Product     forwarded. SBI has received thousands of such messages since
Innovation, (2). Process Innovation, (3). Position Innovation and      its commencement and this service is a great success. Other banks
(4). Paradigm Innovation.                                              have also started imitating this service.
Product Innovation is new designs of products or features seen in
tangible products such as house appliances, etc. Process innovation    2. Crorepati Only Branch
consists of fundamental changes in fabrication procedures or           SBI has launched first of its kind branch for High Networth
modifications in manufacturing methods, sequence, or equipment         Individuals (HNI) where it takes minimum Rs 1 crore to open
used to create products, as exemplified by Ford’s pioneering           an account, and that too on invitation only. This branch offers
invention of the assembly line and mass production techniques.         specialized banking facilities like relationship managers, 24/7
Position innovation refers to contextual shifts with regard to the     lockers, extended banking hours, doorstep pick-up and drop
way products/services are introduced. Illustrating this, Bessant       facilities, in addition to pampering customers five-star amenities
and Tidd (2007) cite the ‘‘makeover’’ of Lucozade in UK (an            at the branch. “We have opened as many as 50 accounts so far.
established glucose-based drink that was traditionally used to         We are confident of opening another 150 by the end of the current
help children and invalids in convalescence) where it has been         fiscal,” as per Mr. Shiva Kumar, Chief General Manager, SBI4.
repositioned as a health beverage aimed at the growing health          According to SBI, an attractive feature of the branch is 24 hour
and fitness market.                                                    open lockers. The bank also is providing special dressing rooms
Finally, paradigm innovation refers to changes in mental models        for customers to cater to the needs of late night function goers
which frame the actions or behaviors of a social entity and            segment.
motivates their interest in performing new routines or engaging
in practices that may have previously been devalued. For example,      3. One Rupee Bank
consumer skepticism about on line shopping during the early years      In its urban financial inclusion initiative, SBI has started a new
has declined partly due to advances in computer graphics and           innovation through ‘One rupee bank’. A customer can open an
flexible merchandise return policies. As a result, the legitimacy      account with just one rupee through the bank’s kiosks5. This is
has increased as more and more consumers have embraced and             a part of SBI’s service through kiosks, an initiative to provide
endorsed the practice. Thus, a paradigm innovation may lead to         banking services to under-banked sections of society.
shifts in perceptions, values, and belief systems that generate        Other innovative strategies of SBI also include, Online Education,
new actions and behaviors as well as motivate new practices or         Online Home, Online SME, Online Demat, Online Car Loans,
routines.                                                              USA Patriot Act Certification, SBI Loan for Pensioners, e-Invest
                                                                       (IPO investments. SBI Yuva Card (18-30 years), CAG (Corporate
VII. Six Dimensional Service Innovation Model                          Accounts Group), Cyber Plus and Swarojgar Credit Card etc.
A conceptual framework for service innovation was developed
by Pim den Hertog (2010) through a Six-Dimensional Service             B. Andhra Bank
Innovation Model. They define Service Innovation as a new service      The innovative services offered by Andhra Bank are, SMS
experience or service solution that consists of one or several of      Upset, Internet Banking, Mobile Banking, MPay, SMS Banking,
the following dimensions: new service concept, new customer            AB Online Shoppe, AB Bill Pay, AB Lock Box Facility (NRI

w w w. i j m b s. c o m                                                                International Journal of Management & Business Studies        81
IJMBS Vol. 2, Issue 2, April - June 2012                                                                   ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)

cheques), AB Speedway, Credit Flow to Minorities, AB Kiddy                  problems.
Bank, IndiaFirst Life Insurance etc.
                                                                            9. Money Monitor
C. YES Bank-Innovation at YES Bank7                                         Savings account customers get an online personal finance and
The following are some of the innovative initiatives of YES bank,           wealth management software.
which is one of the leading banks in the country.
                                                                            10. YES Assist
1. Outsourcing                                                              An innovative service operation to provide Concierge Services,
Technology is outsourced, ATMs are outsourced, even branch                  Medical Assistance, Home Assistance, Automobile Assistance
buildings may be outsourced.                                                and Travel Assistance
                                                                            YES Bank’s Direct Banking strategy focuses on leveraging of
2. Knowledge Banking                                                        technology to bring about a paradigm shift in the way Banking
Apart of providing common banking solutions, the bank executives            services are provided to the customers in India. YES Bank has
also act as consultants delivering business solutions.                      adopted a complementary “Bricks & Clicks” model and developed
                                                                            a UNIQUE DIRECT BANKING proposition to reach out to its
3. Microfinance Direct                                                      customers with superior Product Delivery and internationally
Among the earliest to start offering micro-loans directly to poor           benchmarked Service proposition.
customers.
                                                                            D. ICICI Bank
4. Futuristic Branch                                                        Undoubtedly, the pioneer of Private Sector banking in the country,
A chip embedded in the debit cards of top customers alerts staff            ICICI Bank has lot of innovative feathers in its cap. Some of its
when one walks in. An executive meets him and greets him by                 recently launched innovative services are,
name. This technology is on trial in the South Extension branch             •	 Online Account Opening
in Delhi.                                                                   •	 Money Manager
                                                                            •	 Gold Online
5. Double Security                                                          •	 Mutual Funds Online
Besides their regular password, a second code is also generated             •	 Forex Online
just in time, and delivered to the customer’s mobile.                       •	 Life Insurance Online
                                                                            •	 Shop on iMobile
6. Honey Farming                                                            •	 Mobile Money Transfer (IMPS)
The bank has extended small loans of about Rs 25,000 each to                •	 Investments at ATM
over 2,000 bee farmers. The farmers provide their stocks of honey           •	 Payments and Transfers at ATM
as collateral.                                                              •	 Compliments and Complaints
                                                                            •	 TV Banking
7. YES
Professional Entrepreneurship Programme (YPEP): The bank                    IX. Analysis of Service Innovation in Banks
tapped the B-school alumni network to hire top-notch graduates              The service innovation of the above four banks have been analyzed
unhappy with the jobs they had chosen. That’s now become a                  and various services offered by these banks were tried to fit into the
campus strategy. Currently, there are 270                                   4P’s Innovation Model and Six Dimensional Service Innovation
                                                                            model.
8. Responsible Banking                                                      The results of the analysis are presented in the following two
A key differentiator for the bank, the programme’s aim is to                tables.
develop innovative business solutions for social and environmental


Table 1: 4P’s of Innovation Model
                                     State of Bank of
                                                         Andhra Bank              ICICI Bank                 YES Bank
                                     India
                                                                                  Online Account
 Product Innovation                  One Rupee Bank AB Kiddy Bank                                            Honey Farming
                                                                                  Opening

                                                                                                             Responsible
 Process Innovation                  SMS Unhappy         SMS Upset                Investments in ATM
                                                                                                             Banking
                                                                                                             Professional
                                     Expansion
 Position Innovation                                     Technology Updation      IMPS                       Entrepreneurship
                                     abroad
                                                                                                             Program
                                                                                                             Bricks and Clicks
 Paradigm Innovation Mobile Banking                      Internet Banking         Customer Friendly
                                                                                                             Model




82      International Journal of Management & Business Studies                                                                           w w w. i j m b s. c o m
ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)                                                                    IJMBS Vol. 2, Issue 2, April - June 2012

Table 2: Six Dimensional Service Innovation Model
                                    State of Bank of
                                                       Andhra Bank                  ICICI Bank                 YES Bank
                                    India
 Service Concept or                                                                 Mobile Money
                                    SMS Unhappy        SMS Upset                                               Knowledge banking
 Service Offering                                                                   Transfer

 New Customer                                                                       Financial Inclusion
                                    Crorepati Branch Credit flow to minorities                                 YES First for Women
 Interaction                                                                        Initiatives

                                    Link with Kirana
 New Value System                                      AB Lock Box Facility         Online Banking             Money Monitor
                                    Shops
                                    One Rupee
 New Revenue Model                                     IndiaFirst Life Insurance Money Manager                 Microfinance Direct
                                    Banking
                                                                                    Online Account
 New Delivery System One Rupee Bank Mobile Banking                                                             Double Security
                                                                                    Opening
                                    Banking                                                                    Technology Edge
 New Technology                                        Internet Banking             TV Banking
                                    Anywhere                                                                   and Outsourcing


X. Conclusion                                                                 [5]	 Drucker, P.F.,“The coming of the new organization”, Harvard
It is observed that banks in India are moving towards sustainability                Business Review, Vol. 66, No. 1, pp. 45-53, 1988.
through innovation and innovative service operations and offerings.           [6]	 Ford, C.M.,“A theory of individual creative action in multiple
The sample considered here for analysis has proved this point                       social domains”, Academy of Management Review, Vol. 21,
very clearly. The trend is evident in both public sector as well                    1996, pp. 1112-42.
as private sector banks. It is found that both types of banks have            [7]	 Henry Chesbrough,“Business Model Innovation – it’s not
embraced service innovation as a part of their future banking                       just about technology anymore”, Strategy and Leadership,
strategy and are moving continuously towards customer-centric                       Vol. 35, No. 6, 2007, pp. 12-17.
and service-centric banks. It is also found that the innovation is not        [8]	 Joseph P. Eshun Jr.,“Business Incubation as a Strategy”,
limited only to product or process innovations but also to business                 Business Strategy Series, Vol. 10, No. 3, 2009, pp. 156-
model innovation, operations innovation, markets innovation,                        166.
and more importantly, paradigmatic innovations. These banks                   [9]	 Pim den Hertog, Wietze van der Aa, Mark W. de Jong, 2010,
must create and sustain an environment that promotes creativity,                    “Capabilities for managing service innovation: towards a
leverages diversity, and facilitates multidimensional collaboration                 conceptual framework”, Journal of Service Management,
of resources and technologies in pursuit of desirable social and                    Vol. 21, No. 4, 2010, pp. 490-514
economic outcomes in future.                                                  [10]	Pooja Malhotra, Balwinder Singh,“An analysis of Internet
The rate at which innovations are adopted by firms constitutes an                   banking offerings and its determinants in India”, Internet
important part of the process of technological change.9                             Research, Vol. 20, No. 1, 2010, pp. 87-106
Out of the four banks, ICICI is found to be more aggressive                   [11]	 Scott M. Davis, Kristin Moe,“Bringing Innovation to Life”,
in innovation and it is positioned ahead in terms of services                       Journal of Consumer Marketing, Vol. 14, No. 5, 1997, pp.
offered.                                                                            340 – 341.
                                                                              [12]	[Online] Available: http://www.statebankofindia.com
XI. Scope for further study                                                   [14]	[Online] Available: http://www.andhrabank.in
There is lot of scope for further research in this area of service            [15]	[Online] Available: http://www.icicibank.com
operations in banks. The models discussed in this article can                 [16]	[Online] Available: http://www.yesbank.in
further be applied by conducting an empirical survey to analyze
the perception of customers on these banks.

References
[1]	 Bessant, J., Tidd, J.,"Innovation and Entrepreneurship", John
     Wiley & Sons, 2007.
[2]	 Byers, R., Lederer, P.,“Retail bank service strategy; a model
     of traditional, electronic, and mixed distribution choices”,
     Journal of Management Information Systems, Vol. 18, No.
     2, pp. 133-156, 2001.
[3]	 Chanaka Jayawardhena, Paul Foley,“Changes in the banking
     sector – the Case of Internet banking in the UK”, Internet
     Research: Electronic Networking Applications and Policy,
     Vol. 10, No. 1, 2000, pp. 19-30
[4]	 CII 5th Banking Tech Summit 2010, CII’s 5th International
     Conference, 24th Feb 2010, Mumbai

w w w. i j m b s. c o m                                                                      International Journal of Management & Business Studies        83

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pamz

  • 1. IJMBS Vol. 2, Issue 2, April - June 2012 ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print) Service Innovation in Banks for Sustainability Y. Ramakrishna Vignana Jyothi Institute of Management, Hyderabad, AP, India Abstract IV. Innovation in Banks in Terms of Services During the past one decade, one of the sectors which underwent Innovation has always been a sought after area for organizations visible sea-change through innovative strategies is undoubtedly the in any country. Innovation is identified as the main driver for banking sector. The sector has been growing at a fast pace in India companies to prosper, grow and sustain a high profitability (e.g. and is challenged with several aspects like new regulations from Drucker, 1988; Christensen, 1997). Research (e.g. Ford, 1996; time to time, changing customer needs and perceptions, changing Kanter, 1988; Van de Ven, 1986; Wolfe, 1994) suggests that the technology and changing operations. Technology has been playing term ‘innovation’ can be defined in terms of a new or innovative a crucial role in the tremendous improvement of banking services idea applied to initiating or improving a product, process, or and operations. Indian banking industry has moved way ahead both service. Innovation has been a buzz word in banking right from in terms of offering value added services and delivering quality beginning. Many researchers have contributed their best towards service. It was thought that the world financial crisis would impact developing frameworks for innovation. Several authors have the Indian banking sector in a serious manner. But, because of the developed various frameworks, drivers, and steps on how to be strong foundations of Indian banking system with the support from innovative from an organization perspective. well structured financial systems, the anticipated impact of the The attempt towards innovation has been more so in India due world crisis was almost insignificant. Instead, it helped the banks to the country’s emergence and growth, more or less, in all the to get strengthened further and become closer to the customer with sectors. The banking industry has been on an unprecedented innovative approaches. Banks appear to be on the path of achieving growth trend during the past decade in the country1. The sector sustainability and a long-term survival because of innovation. This today is fast paced and is constantly in the throes of change, study aims at identifying the initiatives of some public and private with new regulations, new processes and new policies in place. sector banks in India towards sustainability through a planned and Technology has played a critical role in the past in shaping the way systematic Service Innovation. Study also focuses on some of the things are today, and will continue to do more than ever before. recent innovative trends in banks in India. Innovation models of From being just a support function, technology is now regarded Bessant and Tidd (2007) and Six Dimensional Model of Service largely as a strategic function aiding banking organizations. Most Innovation developed by Pim den Hertog, Wietze van der Aa and of the success achieved by this industry can be attributed to the ever Mark W. de Jong were used for this purpose. changing innovative trends in technology. Service operations like Service Delivery Systems and Service Quality have dramatically II. Objectives of the Study become customer-centric during the past decade. The importance • To identify and analyze service innovation initiatives in select of service delivery and its impact on improving satisfaction and Private and Public Sector banks retention of customers, improving sales and market share, and • To make a comparative study of these initiatives with improving corporate image cannot be overstated. (Lewis et al., reference to the two innovative models of Bessant and Pim 1994). Banks in India and other countries have largely implemented den Hertog service delivery technology as a way of augmenting the services traditionally provided by bank personnel. Implementation results III. Methodology both from the need to reduce the cost of delivering service The study is a conceptual one with detailed review of literature. primarily through personnel, and the corresponding need to meet For the purpose of the study, the official web sites of the four banks the challenge posed by technologically innovative competitors were considered along with additional literature. The period of (Byers and Lederer, 2001). Some of the reasons for the awareness the study is for three months from January to March, 2011. Two by the banks regarding these challenges are impact of deregulation, models of innovation from the available literature are considered rapid global competition and networking, the rise in personal for the study. They are, wealth and increasing customer expectations. Many external • 4Ps of Innovation model by Bessant and Tidd (2007) forces like political, economic, social and technological and • Six Dimensional Service Innovation Model by Pim den internal forces like customers, employees, organization structure, Hertog (2010) product development, service delivery have great impact on the The above two models are applied on the current strategies of innovation in banking (Chanaka Jayawardhena and Paul Foley, service innovation adopted by two public sector banks and two 2000). Innovations are discontinuous because innovation is private sector banks of India. These are, difficult and “only accessible to people with certain qualities” • State Bank of India (Schumpeter, 1934, p. 228). Schumpeter recognized and felt that • Andhra Bank entrepreneurs seek profit thought innovation, transforms the static • YES Bank equilibrium into a dynamic process of economic development • ICICI Bank which in turn revolutionizes the patterns of production by exploiting An analysis has been carried out by applying the above models an innovation or new pattern of production. Scott M. Davis and for identifying and comparing various strategies adopted by the Kristin Moe (1997) have framed eight steps that effectively take above banks in line with the selected models. a company from customer-driven needs and wants assessment to final commercialization. These eight are, Planning and Direction setting, Market problems and need exploration, Problem solving and idea generation, Concept development and business analysis, 80 International Journal of Management & Business Studies w w w. i j m b s. c o m
  • 2. ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print) IJMBS Vol. 2, Issue 2, April - June 2012 Prototype development, Plant scale up, Commercialization, Post- interaction, new value system/business partners, new revenue launch check up. Joseph P. Eshun Jr., 2009 has discussed the role model, new organizational or technological service delivery of innovation in entrepreneurship in his article titled ‘Business system. The first dimension is Service Concept or Service Offering. Incubation as Strategy’ and concluded that the three inter-related The second dimension is the New Customer Interaction and the pillars of entrepreneurship, creativity and innovation are important role customers play in the creation of value. The third dimension for business incubation. is the New Value System or set of new business partners who co-produce a service innovation. The fourth dimension is related V. Service Innovation Models to new revenue model. The fifth dimension is the new delivery Several innovation models have been proposed by various authors system; personnel, organization, culture. The sixth dimension is under various titles. Innovation has been categorized into business technological, which is a new service delivery system. model innovation, operations innovations, product innovation etc. Business model innovation refers to activities that considerably VIII. Application of Innovation Models change the structure and/or financial model of a business. Every The two models of innovation were applied on innovative strategies company has a business model, whether they articulate it or not. of four banks in India. The new innovative ideas of these banks in At its heart, a business model performs two important functions: terms of services offered are mentioned below. For the purpose of value creation and value capture. study, recent and innovative services are only considered. Operations innovation defines improvements in the effectiveness and efficiency of fundamental business processes and practices, A. State Bank of India while product/services/markets innovation refers to the creation of State bank of India, the largest public sector bank in India, offers new or fundamentally differentiated products, services or activities the following innovative services. in markets. For the purpose of this study, two models of innovation are 1. SMS Unhappy considered. The first one is Bessant and Tidd’s model of 4P’s of This innovative idea was initiated by Mr. Siva Kumar, Dy. Innovation and second one is, Pim den Hertog’s Six-Dimensional Managing Director of SBI. Any customer who wants to lodge a Service Innovation Model (2010). complaint sends the message “Unhappy” to a specified number (8008202020). The Happy Room then calls the customer and VI. 4Ps of Innovation records the details of the complaint. The complaint is then Bessant and Tidd (2007) identified 4Ps of innovation: (1). Product forwarded. SBI has received thousands of such messages since Innovation, (2). Process Innovation, (3). Position Innovation and its commencement and this service is a great success. Other banks (4). Paradigm Innovation. have also started imitating this service. Product Innovation is new designs of products or features seen in tangible products such as house appliances, etc. Process innovation 2. Crorepati Only Branch consists of fundamental changes in fabrication procedures or SBI has launched first of its kind branch for High Networth modifications in manufacturing methods, sequence, or equipment Individuals (HNI) where it takes minimum Rs 1 crore to open used to create products, as exemplified by Ford’s pioneering an account, and that too on invitation only. This branch offers invention of the assembly line and mass production techniques. specialized banking facilities like relationship managers, 24/7 Position innovation refers to contextual shifts with regard to the lockers, extended banking hours, doorstep pick-up and drop way products/services are introduced. Illustrating this, Bessant facilities, in addition to pampering customers five-star amenities and Tidd (2007) cite the ‘‘makeover’’ of Lucozade in UK (an at the branch. “We have opened as many as 50 accounts so far. established glucose-based drink that was traditionally used to We are confident of opening another 150 by the end of the current help children and invalids in convalescence) where it has been fiscal,” as per Mr. Shiva Kumar, Chief General Manager, SBI4. repositioned as a health beverage aimed at the growing health According to SBI, an attractive feature of the branch is 24 hour and fitness market. open lockers. The bank also is providing special dressing rooms Finally, paradigm innovation refers to changes in mental models for customers to cater to the needs of late night function goers which frame the actions or behaviors of a social entity and segment. motivates their interest in performing new routines or engaging in practices that may have previously been devalued. For example, 3. One Rupee Bank consumer skepticism about on line shopping during the early years In its urban financial inclusion initiative, SBI has started a new has declined partly due to advances in computer graphics and innovation through ‘One rupee bank’. A customer can open an flexible merchandise return policies. As a result, the legitimacy account with just one rupee through the bank’s kiosks5. This is has increased as more and more consumers have embraced and a part of SBI’s service through kiosks, an initiative to provide endorsed the practice. Thus, a paradigm innovation may lead to banking services to under-banked sections of society. shifts in perceptions, values, and belief systems that generate Other innovative strategies of SBI also include, Online Education, new actions and behaviors as well as motivate new practices or Online Home, Online SME, Online Demat, Online Car Loans, routines. USA Patriot Act Certification, SBI Loan for Pensioners, e-Invest (IPO investments. SBI Yuva Card (18-30 years), CAG (Corporate VII. Six Dimensional Service Innovation Model Accounts Group), Cyber Plus and Swarojgar Credit Card etc. A conceptual framework for service innovation was developed by Pim den Hertog (2010) through a Six-Dimensional Service B. Andhra Bank Innovation Model. They define Service Innovation as a new service The innovative services offered by Andhra Bank are, SMS experience or service solution that consists of one or several of Upset, Internet Banking, Mobile Banking, MPay, SMS Banking, the following dimensions: new service concept, new customer AB Online Shoppe, AB Bill Pay, AB Lock Box Facility (NRI w w w. i j m b s. c o m International Journal of Management & Business Studies   81
  • 3. IJMBS Vol. 2, Issue 2, April - June 2012 ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print) cheques), AB Speedway, Credit Flow to Minorities, AB Kiddy problems. Bank, IndiaFirst Life Insurance etc. 9. Money Monitor C. YES Bank-Innovation at YES Bank7 Savings account customers get an online personal finance and The following are some of the innovative initiatives of YES bank, wealth management software. which is one of the leading banks in the country. 10. YES Assist 1. Outsourcing An innovative service operation to provide Concierge Services, Technology is outsourced, ATMs are outsourced, even branch Medical Assistance, Home Assistance, Automobile Assistance buildings may be outsourced. and Travel Assistance YES Bank’s Direct Banking strategy focuses on leveraging of 2. Knowledge Banking technology to bring about a paradigm shift in the way Banking Apart of providing common banking solutions, the bank executives services are provided to the customers in India. YES Bank has also act as consultants delivering business solutions. adopted a complementary “Bricks & Clicks” model and developed a UNIQUE DIRECT BANKING proposition to reach out to its 3. Microfinance Direct customers with superior Product Delivery and internationally Among the earliest to start offering micro-loans directly to poor benchmarked Service proposition. customers. D. ICICI Bank 4. Futuristic Branch Undoubtedly, the pioneer of Private Sector banking in the country, A chip embedded in the debit cards of top customers alerts staff ICICI Bank has lot of innovative feathers in its cap. Some of its when one walks in. An executive meets him and greets him by recently launched innovative services are, name. This technology is on trial in the South Extension branch • Online Account Opening in Delhi. • Money Manager • Gold Online 5. Double Security • Mutual Funds Online Besides their regular password, a second code is also generated • Forex Online just in time, and delivered to the customer’s mobile. • Life Insurance Online • Shop on iMobile 6. Honey Farming • Mobile Money Transfer (IMPS) The bank has extended small loans of about Rs 25,000 each to • Investments at ATM over 2,000 bee farmers. The farmers provide their stocks of honey • Payments and Transfers at ATM as collateral. • Compliments and Complaints • TV Banking 7. YES Professional Entrepreneurship Programme (YPEP): The bank IX. Analysis of Service Innovation in Banks tapped the B-school alumni network to hire top-notch graduates The service innovation of the above four banks have been analyzed unhappy with the jobs they had chosen. That’s now become a and various services offered by these banks were tried to fit into the campus strategy. Currently, there are 270 4P’s Innovation Model and Six Dimensional Service Innovation model. 8. Responsible Banking The results of the analysis are presented in the following two A key differentiator for the bank, the programme’s aim is to tables. develop innovative business solutions for social and environmental Table 1: 4P’s of Innovation Model State of Bank of Andhra Bank ICICI Bank YES Bank India Online Account Product Innovation One Rupee Bank AB Kiddy Bank Honey Farming Opening Responsible Process Innovation SMS Unhappy SMS Upset Investments in ATM Banking Professional Expansion Position Innovation Technology Updation IMPS Entrepreneurship abroad Program Bricks and Clicks Paradigm Innovation Mobile Banking Internet Banking Customer Friendly Model 82 International Journal of Management & Business Studies w w w. i j m b s. c o m
  • 4. ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print) IJMBS Vol. 2, Issue 2, April - June 2012 Table 2: Six Dimensional Service Innovation Model State of Bank of Andhra Bank ICICI Bank YES Bank India Service Concept or Mobile Money SMS Unhappy SMS Upset Knowledge banking Service Offering Transfer New Customer Financial Inclusion Crorepati Branch Credit flow to minorities YES First for Women Interaction Initiatives Link with Kirana New Value System AB Lock Box Facility Online Banking Money Monitor Shops One Rupee New Revenue Model IndiaFirst Life Insurance Money Manager Microfinance Direct Banking Online Account New Delivery System One Rupee Bank Mobile Banking Double Security Opening Banking Technology Edge New Technology Internet Banking TV Banking Anywhere and Outsourcing X. Conclusion [5] Drucker, P.F.,“The coming of the new organization”, Harvard It is observed that banks in India are moving towards sustainability Business Review, Vol. 66, No. 1, pp. 45-53, 1988. through innovation and innovative service operations and offerings. [6] Ford, C.M.,“A theory of individual creative action in multiple The sample considered here for analysis has proved this point social domains”, Academy of Management Review, Vol. 21, very clearly. The trend is evident in both public sector as well 1996, pp. 1112-42. as private sector banks. It is found that both types of banks have [7] Henry Chesbrough,“Business Model Innovation – it’s not embraced service innovation as a part of their future banking just about technology anymore”, Strategy and Leadership, strategy and are moving continuously towards customer-centric Vol. 35, No. 6, 2007, pp. 12-17. and service-centric banks. It is also found that the innovation is not [8] Joseph P. Eshun Jr.,“Business Incubation as a Strategy”, limited only to product or process innovations but also to business Business Strategy Series, Vol. 10, No. 3, 2009, pp. 156- model innovation, operations innovation, markets innovation, 166. and more importantly, paradigmatic innovations. These banks [9] Pim den Hertog, Wietze van der Aa, Mark W. de Jong, 2010, must create and sustain an environment that promotes creativity, “Capabilities for managing service innovation: towards a leverages diversity, and facilitates multidimensional collaboration conceptual framework”, Journal of Service Management, of resources and technologies in pursuit of desirable social and Vol. 21, No. 4, 2010, pp. 490-514 economic outcomes in future. [10] Pooja Malhotra, Balwinder Singh,“An analysis of Internet The rate at which innovations are adopted by firms constitutes an banking offerings and its determinants in India”, Internet important part of the process of technological change.9 Research, Vol. 20, No. 1, 2010, pp. 87-106 Out of the four banks, ICICI is found to be more aggressive [11] Scott M. Davis, Kristin Moe,“Bringing Innovation to Life”, in innovation and it is positioned ahead in terms of services Journal of Consumer Marketing, Vol. 14, No. 5, 1997, pp. offered. 340 – 341. [12] [Online] Available: http://www.statebankofindia.com XI. Scope for further study [14] [Online] Available: http://www.andhrabank.in There is lot of scope for further research in this area of service [15] [Online] Available: http://www.icicibank.com operations in banks. The models discussed in this article can [16] [Online] Available: http://www.yesbank.in further be applied by conducting an empirical survey to analyze the perception of customers on these banks. References [1] Bessant, J., Tidd, J.,"Innovation and Entrepreneurship", John Wiley & Sons, 2007. [2] Byers, R., Lederer, P.,“Retail bank service strategy; a model of traditional, electronic, and mixed distribution choices”, Journal of Management Information Systems, Vol. 18, No. 2, pp. 133-156, 2001. [3] Chanaka Jayawardhena, Paul Foley,“Changes in the banking sector – the Case of Internet banking in the UK”, Internet Research: Electronic Networking Applications and Policy, Vol. 10, No. 1, 2000, pp. 19-30 [4] CII 5th Banking Tech Summit 2010, CII’s 5th International Conference, 24th Feb 2010, Mumbai w w w. i j m b s. c o m International Journal of Management & Business Studies   83