Factors influencing new product development in microfinance institutions: a perspective from north Indian microfinance institutions

EPILOGUE: CONCLUSIONS AND LEARNING

The analysis of product development processes in the MFIs studied clearly 

indicates that the factors internal to the MFIs, such as vision and mission, 

philosophy  of  promoters,  and  organizational  governance,  play  important 

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Factors influencing new product development…

n° 11 – Journal of Innovation Economics – 2013/1 

99

Organizational Culture

Table 5

 –

 

Indicators

CFTS

SONATA

MIMO

Drishtee

Organization 

culture of 

innovation

Open to line experimentation in 

which the base delivery model 

remains the same, while the 

product features are changed 

a bit to suit the needs of the 

segment. In the past the 

company has bitter experience 

with change in base model.  

d

edicated a small portion of 

company’s budget for product 

innovation

Company is open to 

experimentation and since 

inception it has tried and tested 

many new products as per the 

demands in the market.  

Company is open to 

experimentation and believes 

in quality service delivery. It 

ensures all types of services 

through its kiosks including 

health, education and other 

retail products. 

Process

Process was designed with the 

help of a consulting organization

Process mapping was done by 

MicroSave

 including three internal 

staff and one staff specially 

appointed for it. 

Process mapping for HL and 

EL was done by appointing a 

consultant-

MicroSave

. Internal 

staff was also included.  

Processes were designed by 

d

rishtee in the past. However, 

with the new loan products, 

MicroSave

 has been appointed 

as a consultant to design the 

processes.