Types of Service Innovation - MIT ID Innovation

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What are The Types of Service Innovation MITID
Innovation
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In the digital world, several service businesses
are finding their growth prospects and bottom
lines under threat. One of the primary reasons is
the popping up of digital upstarts that take
advantage of technology updates and data about
consumer behavior. Using the data, they create
customer-friendly and innovative services as
compared to the existing ones. Services
innovations have become pretty common across all
industries.
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Simply put, it modifies the way a company serves
a customer. Various types of service innovation
have been taking place for quite some time. A few
of the most path-breaking service innovations
are 
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Voice Recognition Banking
ICICI Bank has launched an application that makes
use of voice recognition technology. The above
service innovation was introduced to ease the
banking process for its customers. Thus, the
customers can complete their transactions using
their voice. The application has been tested for
security as well. To take advantage of the
hands-free banking service, all the customers
need to do is register their voice in the ICICI
database.
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AI Powered Chatbots
Several organizations have implemented AI-powered
chatbots to improve the customer experience. It
could work as a pop-up that appears on their
website or dedicated chat service. The chatbots
have been modified to suggest recommendations to
the customers and solve some of their basic
queries. As per research, more than 70 percent of
individuals have had a satisfactory experience
with chatbots.
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Uber
Through an interplay between several different
actors, Uber has managed to impact the value
chain like no other service innovation. The
ability to choose a cab from a set of options
without having to step out of your house has been
popular among its users.
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Airbnb
It has been a breakthrough in terms of service
innovation. Similar to Uber, Airbnb has managed
to venture into a business that couldn't have
been thought of a couple of years back. With its
service innovation, not only has Airbnb managed
to build a significant market share, but it has
also offered a unique experience to its
customers.
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AmazonSmile
It is one of the most creative types of service
innovation that you will get to see. The
AmazonSmile program was a refresher and donated
0.5 of all the sales on smile.amazon.com. The
users would get to choose an organization where
they would want the donation to be made. It is
one of the most simple innovations as all other
products and prices remain the same as the Amazon
website.
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The definition of service innovation might vary
from person to person. However, the goal remains
constant - to generate value for the customers
and improve their customer experience. Be it
organizations like Apple who have revolutionized
how we consume music, or Heineken, all of them
have managed to build their brand equity using
various types of service innovation.
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Applications like Bounce and Drivezy have allowed
customers to have the flexibility of using a
motorcycle or a car without having to own one
themselves. We can see how service innovation
can help organizations in customer retention and
customer acquisition. However, it might not be as
easy it seems. A professional course in service
innovation will help you develop the creative
mindset to come up with innovative solutions.
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MIT ID Innovation is a market leader in India
when it comes to innovation courses. The
comprehensive course structure ensures that you
are well-prepared to tackle the nuances you might
encounter while working in the corporate
structure. You can browse through our website to
know more about our courses.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses in Pune.
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