Evaluation of New Financial Services

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Abstract
That it may be an over‐simplification to evaluate new financial products using direct financial measures only is demonstrated. A number of non‐direct benefits are also derived through the introduction of successful new financial services. These, in order of importance, are improved company reputation, increased likelihood that existing customers will purchase more existing products, better company new product development skills, purchase of existing products by the new users of the product, improved loyalty and helping redirect the company in a new direction. The aggregate value of these non‐direct benefits was found to be nearly equivalent to the value of direct benefits, with important implications for the new service development process.

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