Success factors for new consumer financial services

A study of the characteristics of successful new consumer financial products is described. The first stage of the investigation involved the identification of financial product attributes possibly associated with success. A total of 43 were found. Information was then collected on these attributes for 77 new financial products and was simplified by grouping into nine distinct factors. The article describes all nine factors in detail with illustrations. Four of the factors are particularly associated with success. They are: “overall quality” (the product, the delivery system, after-sales service, the organisation's reputation for quality); having a differentiated product (being first, being innovative); product fit and internal marketing (the new product complementing existing products and receiving the support of staff); and use of technology.