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Recent changes in the financial services industry have placed unprecedented pressure on senior managers to develop and launch new services. Presents the results of a study into the development activities of new financial services through a comparison of successful and unsuccessful new services. It was discovered that the development activities are more rigorous and comprehensive for successful new services than for failures. Institutions which used a systematic process of well‐defined development stages tended to have higher chances of successful outcomes.

What factors lead to success in the development of new businesses services? By synthesising the literature on new goods development and services marketing, the results of a major empirical investigation of new service development in the business‐to‐business services sector are reported. A set of factors that describe new service projects is identified and which factors are responsible for accomplishing different forms of success are shown. Further, the findings speak to managers about how the features that distinguish services from physical goods impact on the successful development of new services. Developing new services that provide clients improved functional and experiential quality, that are innovative and truly superior to competitive offerings, and that benefit from a proficient new service development process, as well as from the unique strengths of the firm are key requirements for creating and marketing winning new services.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Only limited attention has been paid to the issue of new service development (NSD) in a cross‐national context. To address this critique of the literature a comparative cross‐national study of NSD strategy and process of financial service firms in Australia and the USA was conducted.

The study employs a cross‐sectional, survey‐based methodology. The US sampling frame included 274 large financial service firms situated in the Northeast region of the USA. The Australian sampling frame consisted of 262 firms situated in the Southeast region of Australia.

The data pattern suggests that the firms in both the countries use different new service strategies to compete in the industry and emphasize different sets of development stages in developing new services.

The analysis has been restricted to two countries: Australia and the USA. This suggests the need for further comparative studies of NSD in other cultures/countries.

The findings of this research support the notion that some of the key NSD practices may be common to all countries and cultures whereas others must be adjusted for national variations. The insights from this study can help service managers from both Australia and the US to better understand and manage their NSD programs in a cross‐national context.

The findings of the research are expected to advance one's understanding of the service innovation process by shedding light on the question of universality of factors and issues that relate to a firm's NSD programs.

The author argues that we must stop and take a look at what our insistence on human labour as the basis of our society is doing to us, and begin to search for possible alternatives. We need the vision and the courage to aim for the highest level of technology attainable for the widest possible use in both industry and services. We need financial arrangements that will encourage people to invent themselves out of work. Our goal, the article argues, must be the reduction of human labour to the greatest extent possible, to free people for more enjoyable, creative, human activities.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Few research studies have been done to investigate the issue of new service development (NSD) in an emerging market. To address this gap in the literature the aim of this paper is to document a study of the NSD process and the strategy of business‐to‐business financial service firms in India.

The author conducted surveys of 148 multinational service firms operating in India and 126 local and indigenous Indian service firms belonging to the financial services industry.

The findings suggest that significant differences exist between multinational service firms operating in India and local/indigenous Indian firms. That is, service firms belonging to these two varied groups use different strategies to compete in the industry and emphasize different sets of development stages in service innovation.

The analysis has been restricted to one emerging market, i.e. India. This suggests the need for further studies of NSD in other emerging markets of the world.

The findings of this research validate the initial contention that NSD practices vary from company to company, and thus there cannot be a “one size fits all” approach to service innovation. The insights from this study can help service managers to better understand and manage their NSD programs in an emerging market such as India.

To the best of the author's knowledge, this research represents the first attempt to investigate empirically the NSD practices of financial service firms in India.