Innovation in Services: Corporate Culture and Investment Banking

Abstract:     
The article discusses service innovation in the investment banking industry. Service industry innovations differ from innovations in industries that produce physical products because they rarely have intellectual property and patent protections. However, investment banking services are typically a series of interrelated businesses such as consulting, wealth management and accounting, and innovations require a business wide coordinated approach. The authors argue that a strong corporate culture can support rather than hinder innovation. The creation of such a culture requires strong leadership and an emphasis on innovation in hiring and promotions.

Number of Pages in PDF File: 19

Keywords: innovation, service innovation, corporate culture, investment banking, service sector, financial services, organizational culture, management, business, hiring, promotions, leadership, creativity

JEL Classification: M14, D23

Accepted Paper Series