A case study from the Greek banking sector: Functional involvement during NSD

As was made clear from all the above, a cross-functional team that is assigned the task of carrying out the whole process (let alone the initial stages) does not exist in the bank under study. Since each business unit is responsible for the development of new services, a service committee is created mainly from people from this business unit. For instance, the consumer credit department will be almost exclusively responsible for the development of a new loan. Thus, it could be characterised as a single-functional team contrary to the need for a more cross- functional effort as has been suggested by previous authors, which usually consists of three to five people.

In addition to this, the role of the other functional departments is very limited. In particular, regarding the marketing department, the director of the bank’s shipping unit stated that ‘in reality, the only stages that the marketing department participates [in] are the market problems and needs exploration stage and the idea generation stage. However, even in this case its duties are restricted to some general discussions with the business unit’s product committee, without having the authority to take any decisions.’

However, this finding contradicts previous studies that have found that the marketing managers in financial institutions play a decisive role in the development of new services. This proved to be the case with the other functional departments as well (IT, financial, law and operations).