Module Combination Based Financial Service Innovation Research

As a typical industry of knowledge intensive business service, financial service industry is playing a significant, forward-looking and trailblazing role in the sustained development of national economy, which is also the knowledge infrastructure of the society. Its innovative activities have thus attracted lots of people's attention. Large quantities of research and experience indicate that modularization is an important way to carry out service innovation, which is the main source for the financial service industry to enhance its competitive advantages. Through module combination the companies could intensify the flexibility of innovation process, reduce the innovation risk and cost, save the innovating time and thus increase customer satisfaction.However, most research in this domain has so far concentrated on manufacturing industries. Even in service industry, it is restricted on macro level, such as industrial organization and value chain; the micro level is being neglected; the modularization innovation process of financial service innovation and its mechanism are still undiscovered. In the view of current situation, the author classifies the modules in financial companies and discusses the modes of innovation, the process and the influencing factor of module combination based financial service innovation, trying to provide some theatrical instructions to promote the innovation of the financial companies.First, based on the literature review, the author reveals the common points and differences between the visible product module and financial service module, and gives the definition and the classification of the financial service module. Then, introduces three scenarios in financial innovation, thus summarizes three different innovation modes: share mode, bus mode and sectional mode, supported by three cases.Second, the author proposes the essential features and process of the module combination based financial service innovation, and analyzes the three cases above from six aspects including module, strategy, organization, employee, customer and technology, which is regarded as the mechanism of innovation process.Third, the influencing factors and their mechanism are demonstrated via questionnaire and data analysis. The author promotes 6 factors which have impact on the performance of module combination based financial service innovation, and analyzes how these factors influence the performance. The statistical results confirm most of the hypothesis, and the discoveries give some implications to promote the innovation in the service industry.Finally, some suggestions are proposed on the strategy level, employee level, customer level and technology level. At last a summary is given, as well as the research prospect for the future.