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The role of product development practices on new product performance: Evidence from Nigeria's financial services providers

Authors
  • Iheanachor, Nkemdilim1
  • Umukoro, Immanuel Ovemeso2
  • David-West, Olayinka3
  • 1 Strategy and International Business Group of Lagos Business School, Pan-Atlantic University, Lagos, Nigeria
  • 2 Information Systems & Digital Business Transformation, Lagos Business School, Pan-Atlantic University, Lagos, Nigeria
  • 3 Professor of Information Systems, Lagos Business School, Pan-Atlantic University, Lagos, Nigeria
Type
Published Article
Journal
Technological Forecasting and Social Change
Publisher
Elsevier
Publication Date
Mar 01, 2021
Volume
164
Identifiers
DOI: 10.1016/j.techfore.2020.120470
PMID: 33664533
PMCID: PMC7893682
Source
PubMed Central
Keywords
License
Unknown

Abstract

This study investigates the impact of product development practices on the performance of new financial products and services through the analysis of ten in-depth case studies. We argue that weak product development practices negatively affect product performance. This study finds that in Nigeria, new financial product performance is suboptimal because of poor product development practices. This study further shows that when poor execution follows inadequate product development practices, the likelihood of product failure increases, as evidenced by poor product performance and low adoption. The processes adopted in the development of financial services affect the adoption, use, and overall penetration of the product in the target market. Therefore, this study suggests that the management team of various financial service providers invest in developing sound product development practices in the actualization of their goals of increasing the adoption and use of their products.

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