Co-creation of Value Using Social Media in the Service Industry: An Empirical Case Study of Service Innovation in a Banking and Finance Company

Abstract

Companies have adopted and used social media channels for collaboration and engagement with potential customers, customer dialog management, and, creation of user communities for the customer support and co-creation. This study aims to expand understanding of social business processes for co-creation in the service industry. Findings from a case study showed that the banking and finance company in Norway manage to co-create value together with their users. Several new online products and services have been launched since the co-creation lab was launched. The banking and finance companies’ co-creation lab has a small, but stabile group of users. There are, however, findings that indicate that there could been achieved even more value in co-creation process through more and better interaction from the company’s side, as well as introducing an incentive arrangement for the users of the co-creation lab.