Stakeholder management of new service development: An exploratory case study in Chinese financial sector

With the increasing penetration of modern financial service into people's life, more attention is paid to issues regarding stakeholder management during new service development in the financial sector. Based on existing studies on stages of new service development, classification of stakeholders and stakeholder management, we put forward a dynamic management mode with a holistic perspective. Through comparison of two exploratory cases of a bank and an insurance company, a preliminary model of stakeholder management during new service development is established. We conclude that firm-stakeholder relationships are complex; it is no easy task for a service provider, even just within the new service developing cycle, to pay continuous and intensive attention to all stakeholders. Therefore, the stakeholder management mode exhibits cyclical fluctuations. We extend the existing dynamic model of stakeholder management and offer future research clues under scenarios of incremental and cooperative innovation during new financial service development. © 2015 Inderscience Enterprises Ltd.