Financial New Service Development (NSD) from Marketing Management Perspective

One of the main areas of innovation in financial institutions is the New Service Development (NSD), which is in the field of theoretical and practical knowledge of marketing management. From the point of view of marketing management, the design and delivery of new services in organizations should be according to the systematic process of NSD in order to have a successful performance in the market and lead to the development of the financial sector of the economy. The purpose of this research is to provide a model for the successful development of new services in investment banks and brokerages that operate in the Tehran Stock Exchange. This research is a qualitative research and has been done with the theme analysis method in the framework of the interpretive paradigm. The statistical population of the research is the managers of investment banks and brokerages. The sample members were selected by snowball sampling and have the experience of participating in the development of new financial tools and services in the mentioned companies. The research data were collected through in-depth semi-structured interviews and then analyzed to identify the patterns in them. The final output of data analysis was drawn in the form of a thematic network, which includes 22 basic themes, 4 organizing themes (requirements, strategies, steps and results) around a global theme (financial NSD process). The findings show that the successful development of a new financial service has “requirements” such as knowledge of the jurisprudence and legal environment, competitive intelligence. Market research, and managers should adopt “strategies” such as localization of services and innovation in financial technologies to go through “stages” such as idea generation, marketing testing and internal marketing in order to obtain “results” such as increasing revenues, promoting the company’s brand, expanding the customer network and developing the financial sector of the economy.