Developing a Commercialization Model of Financial Services (Case Study: Iranian Banking and Insurance Industry)

Reviews have revealed that commercialization of science and technology in humanities has not had proper growth despite close relationship between economic development and development of financial sector. Therefore; lack of literature on commercialization in services point this study toward identifying commercialization processes of financial services. Research methodology in this study was qualitative and by using Triangulation. To identify basic concepts and commercialization phases, library research and semi-structured interviews with academic experts and industry specialists were used. Moreover, semi-structured questionnaires with an open-ended item were employed to sort the phases and extract the commercialization model. To analyze data at the first and the second phases; a combination of structural analysis and interpretation as well as the Interpretive Structural Modeling (ISM) were applied, respectively. Findings at the first phase included twelve steps: business strategies formulation, service ideas generation, screening, business analysis, project authorization, multi-tasking team formation, design of services and processes, design of service delivery system, sales and customer network training and empowering, pilot launch, full-scale launch, and service performance evaluation and improvement. The second phase also contained the prescription of the commercialization process model of innovative financial services in financial markets.