Types of Service Innovation - MIT ID Innovation
                     What are The Types 
of Service Innovation
MITID Innovation
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. 
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: 
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. 
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.
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.
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.
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. 
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. 
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. 
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.
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.
We’d love to 
hear
from you.
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