Search results for: Global Software Engineering

Authors: Noppakit Nawalikit, Pattarasinee Bhattarakosol

Abstract:

Since Software testing becomes an important part of Software development in order to improve the quality of software, many automation tools are created to help testing functionality of software. There are a few issues about usability of these tools, one is that the result log which is generated from tools contains useless information that the tester cannot use result log to communicate efficiently, or the result log needs to use a specific application to open. This paper introduces a new method, SBTAR that improves usability of automated test tools in a part of a result log. The practice will use the capability of tools named as IBM Rational Robot to create a customized function, the function would generate new format of a result log which contains useful information faster and easier to understand than using the original result log which was generated from the tools. This result log also increases flexibility by Microsoft Word or WordPad to make them readable.

Keywords: Software Automation Testing, Automated test tool, IBM Rational Robot.

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Authors: G. T. Balakayeva, K. K. Nurlybayeva, M. B. Zhanuzakov

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In the proposed work, we have developed software and designed a software architecture for the implementation of enterprise business processes. The proposed software has a multi-level architecture using a domain-specific tool. The developed architecture is a guarantor of the availability, reliability and security of the system and the implementation of business processes, which are the basis for effective enterprise management. Automating business processes, automating the algorithmic stages of an enterprise, developing optimal algorithms for managing activities, controlling and monitoring, reducing risks and improving results help organizations achieve strategic goals quickly and efficiently. The software described in this article can connect to the corporate information system via two methods: a desktop client and a web client. With an appeal to the application server, the desktop client program connects to the information system on the company's work PCs over a local network. Outside the organization, the user can interact with the information system via a web browser, which acts as a web client and connects to a web server. The developed software consists of several integrated modules that share resources and interact with each other through an API. The following technology stack was used during development: Node js, React js, MongoDB, Ngnix, Cloud Technologies, Python.

Keywords: Algorithms, document processing, automation, integrated modules, software architecture, software design, information system.

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Authors: Atakan Kurt, Arzu Naiboğlu

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We present an implementation of an Online Exhibition System (OES) web service(s) that reflects our experiences with using web service development packages and software process models. The system provides major functionality that exists in similar packages. While developing such a complex web service, we gained insightful experience (i) in the traditional software development processes: waterfall model and evolutionary development and their fitness to web services development, (ii) in the fitness and effectiveness of a major web services development kit.

Keywords: Web Services, Online Exhibition System, Software Engineering, Waterfall Model, e-business.

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Authors: Chunguang Wang, Krishna Shankar, Evgeny V. Morozov

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The use of composite materials in offshore engineering for deep sea oil production riser systems has drawn considerable interest due to the potential weight savings and improvement in durability. The design of composite risers consists of two stages: (1) local design based on critical local load cases, and (2) global analysis of the full length composite riser under global loads and assessment of critical locations. In the first stage, eight different material combinations were selected and their laminate configurations optimised under local load considerations. Stage two includes a final local stress analysis of the critical sections of the riser under the combined loads determined in the global analysis. This paper describes two design methodologies of the composite riser to provide minimum structural weight and shows that the use of off angle fibre orientations in addition to axial and hoop reinforcements offer substantial weight savings and ensure the structural capacity.

Keywords: Composite Riser, Composite Tubular, Finite Element Modelling, Global Design, Local Design, Offshore Engineering.

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Authors: Eakong Atiptamvaree, Twittie Senivongse

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A new paradigm for software design and development models software by its business process, translates the model into a process execution language, and has it run by a supporting execution engine. This process-oriented paradigm promotes modeling of software by less technical users or business analysts as well as rapid development. Since business process models may be shared by different organizations and sometimes even by different business domains, it is interesting to apply a technique used in traditional software component technology to design reusable business processes. This paper discusses an approach to apply a technique for software component fabrication to the design of process-oriented software units, called process components. These process components result from decomposing a business process of a particular application domain into subprocesses with an aim that the process components can be reusable in different process-based software models. The approach is quantitative because the quality of process component design is measured from technical features of the process components. The approach is also strategic because the measured quality is determined against business-oriented component management goals. A software tool has been developed to measure how good a process component design is, according to the required managerial goals and comparing to other designs. We also discuss how we benefit from reusable process components.

Keywords: Business process model, process component, component management goals, measurement

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Authors: Trisha Malhotra

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Sentiment analysis is a recent field of study that computationally assesses the emotional nature of a body of text. To assess its test-validity, sentiment analysis was carried out on the emotional corpus of text from a personal 15-day mood diary. Self-reported mood scores varied more or less accurately with daily mood evaluation score given by the software. On further assessment, it was found that while sentiment analysis was good at assessing ‘global’ mood, it was not able to ‘locally’ identify and differentially score synonyms of various emotional words. It is further critiqued for treating the intensity of an emotion as universal across cultures. Finally, the software is shown not to account for emotional complexity in sentences by treating emotions as strictly positive or negative. Hence, it is posited that a better output could be two (positive and negative) affect scores for the same body of text.

Keywords: Analysis, data, diary, emotions, mood, sentiment.

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Authors: Atefeh Saljooghi Khoshkar, Jafar Hassanpour

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One of the main problems of design stage relating to many tunneling projects is the lack of an appropriate standard for the provision of engineering geological data in a predefined format. In particular, this is more reflected in highway and railroad tunnels projects in which there is a number of tunnels and different professional teams involved. In this regard, a comprehensive software needs to be designed using the accepted methods in order to help engineering geologists to prepare standard reports, which contain sufficient input data for the design stage. Regarding this necessity, an applied software has been designed using macro capabilities and Visual Basic programming language (VBA) through Microsoft Excel. In this software, all of the engineering geological input data, which are required for designing different parts of tunnels such as discontinuities properties, rock mass strength parameters, rock mass classification systems, boreability classification, the penetration rate and so forth can be calculated and reported in a standard format.

Keywords: Engineering geology, rock mass classification, rock mechanic, tunnel.

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Authors: I. D. Arroyo

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This article seeks to integrate different concepts from contemporary software engineering with an agile development approach. We seek to clarify some definitions and uses, we make a difference between the Systems Development Life Cycle (SDLC) and the methodologies, we differentiate the types of frameworks such as methodological, philosophical and behavioral, standards and documentation. We define relationships based on the documentation of the development process through formal and ad hoc models, and we define the usefulness of using DevOps and Agile Modeling as integrative methodologies of principles and best practices.

Keywords: Methodologies, SDLC, modeling languages, agile modeling, DevOps, UML, agile software development.

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Authors: Ebtehal Aljedaani, Maha Aljohani

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Privacy and security patterns are both important for developing software that protects users' data and privacy. Privacy patterns are designed to address common privacy problems, such as unauthorized data collection and disclosure. Security patterns are designed to protect software from attack and ensure reliability and trustworthiness. Using privacy and security patterns, software engineers can implement security and privacy by design principles, which means that security and privacy are considered throughout the software development process. These patterns are available to translate "security and privacy-by-design" into practical advice for software engineering. Previous research on privacy and security patterns has typically focused on one category of patterns at a time. This paper aims to bridge this gap by merging the two categories and identifying their similarities and differences. To do this, we conducted a systematic literature review of 40 research papers on privacy and security patterns. The papers were analyzed based on the category of the pattern, the classification of the pattern, and the security requirements that the pattern addresses. This paper presents the results of a comprehensive review of privacy and security design patterns. The review is intended to help future IT designers understand the relationship between the two types of patterns and how to use them to design secure and privacy-preserving software. The paper provides a clear classification of privacy and security design patterns, along with examples of each type. We found that there is only one widely accepted classification of privacy design patterns, while there are several competing classifications of security design patterns. Three types of security design patterns were found to be the most used.

Keywords: Design patterns, security, privacy, classification of patterns, security patterns, privacy patterns.

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Authors: Anju Shri, Parvinder S. Sandhu, Vikas Gupta, Sanyam Anand

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In literature, there are metrics for identifying the quality of reusable components but the framework that makes use of these metrics to precisely predict reusability of software components is still need to be worked out. These reusability metrics if identified in the design phase or even in the coding phase can help us to reduce the rework by improving quality of reuse of the software component and hence improve the productivity due to probabilistic increase in the reuse level. As CK metric suit is most widely used metrics for extraction of structural features of an object oriented (OO) software; So, in this study, tuned CK metric suit i.e. WMC, DIT, NOC, CBO and LCOM, is used to obtain the structural analysis of OO-based software components. An algorithm has been proposed in which the inputs can be given to K-Means Clustering system in form of tuned values of the OO software component and decision tree is formed for the 10-fold cross validation of data to evaluate the in terms of linguistic reusability value of the component. The developed reusability model has produced high precision results as desired.

Keywords: CK-Metric, Desicion Tree, Kmeans, Reusability.

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Authors: Viet-Hung Truong, Seung-Eock Kim

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This paper presents a robust software package for practical advanced analysis of space steel framed structures. The pre- and post-processors of the presented software package are coded in the C++ programming language while the solver is written by using the FORTRAN programming language. A user-friendly graphical interface of the presented software is developed to facilitate the modeling process and result interpretation of the problem. The solver employs the stability functions for capturing the second-order effects to minimize modeling and computational time. Both the plastic-hinge and fiber-hinge beam-column elements are available in the presented software. The generalized displacement control method is adopted to solve the nonlinear equilibrium equations.

Keywords: Advanced analysis, beam-column, fiber-hinge, plastic hinge, steel frame.

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Authors: George Eleftherakis, Petros Kefalas, Anna Sotiriadou, Evangelos Kehris

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Recent advances in both the testing and verification of software based on formal specifications of the system to be built have reached a point where the ideas can be applied in a powerful way in the design of agent-based systems. The software engineering research has highlighted a number of important issues: the importance of the type of modeling technique used; the careful design of the model to enable powerful testing techniques to be used; the automated verification of the behavioural properties of the system; the need to provide a mechanism for translating the formal models into executable software in a simple and transparent way. This paper introduces the use of the X-machine formalism as a tool for modeling biology inspired agents proposing the use of the techniques built around X-machine models for the construction of effective, and reliable agent-based software systems.

Keywords: Biology inspired agent, formal methods, x-machines.

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Authors: Parvinder S. Sandhu, Hardeep Singh

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The requirement to improve software productivity has promoted the research on software metric technology. There are metrics for identifying the quality of reusable components but the function that makes use of these metrics to find reusability of software components is still not clear. These metrics if identified in the design phase or even in the coding phase can help us to reduce the rework by improving quality of reuse of the component and hence improve the productivity due to probabilistic increase in the reuse level. CK metric suit is most widely used metrics for the objectoriented (OO) software; we critically analyzed the CK metrics, tried to remove the inconsistencies and devised the framework of metrics to obtain the structural analysis of OO-based software components. Neural network can learn new relationships with new input data and can be used to refine fuzzy rules to create fuzzy adaptive system. Hence, Neuro-fuzzy inference engine can be used to evaluate the reusability of OO-based component using its structural attributes as inputs. In this paper, an algorithm has been proposed in which the inputs can be given to Neuro-fuzzy system in form of tuned WMC, DIT, NOC, CBO , LCOM values of the OO software component and output can be obtained in terms of reusability. The developed reusability model has produced high precision results as expected by the human experts.

Keywords: CK-Metric, ID3, Neuro-fuzzy, Reusability.

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Authors: Han-hua Lu, Shun-yi Zhang, Yong Zheng, Ya-shi Wang, Li-juan Min

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From the perspective of system of systems (SoS) and emergent behaviors, this paper describes large scale application software systems, and proposes framework methods to further depict systems- functional and non-functional characteristics. Besides, this paper also specifically discusses some functional frameworks. In the end, the framework-s applications in system disintegrations, system architecture and stable intermediate forms are additionally dealt with in this in building, deployment and maintenance of large scale software applications.

Keywords: application software system, framework methods, system of systems, emergent behaviors

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Authors: Ahmet Denker

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The trend in the world of Information Technology (IT) is getting increasingly large and difficult projects rather than smaller and easier. However, the data on large-scale IT project success rates provide cause for concern. This paper seeks to answer why large-scale IT projects are different from and more difficult than other typical engineering projects. Drawing on the industrial experience, a compilation of the conditions that influence failure is presented. With a view to improve success rates solutions are suggested.

Keywords: Software engineering, software economics, project management, large-scale projects.

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Authors: Ali M. Alakeel

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Assertion-Based software testing has been shown to be a promising tool for generating test cases that reveal program faults. Because the number of assertions may be very large for industry-size programs, one of the main concerns to the applicability of assertion-based testing is the amount of search time required to explore a large number of assertions. This paper presents a new approach for assertions exploration during the process of Assertion- Based software testing. Our initial exterminations with the proposed approach show that the performance of Assertion-Based testing may be improved, therefore, making this approach more efficient when applied on programs with large number of assertions.

Keywords: Software testing, assertion-based testing, program assertions.

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Authors: C. Ardil

Abstract:

This paper presents a software product quality evaluation model based on the ISO/IEC 25010 quality model. The evaluation characteristics and sub characteristics were identified from the ISO/IEC 25010 quality model. The multidimensional structure of the quality model is based on characteristics such as functional suitability, performance efficiency, compatibility, usability, reliability, security, maintainability, and portability, and associated sub characteristics. Random numbers are generated to establish the decision maker’s importance weights for each sub characteristics. Also, random numbers are generated to establish the decision matrix of the decision maker’s final scores for each software product against each sub characteristics. Thus, objective criteria importance weights and index scores for datasets were obtained from the random numbers. In the proposed model, five different software product quality evaluation datasets under three different weight vectors were applied to multiple criteria decision analysis method, preference analysis for reference ideal solution (PARIS) for comparison, and sensitivity analysis procedure. This study contributes to provide a better understanding of the application of MCDMA methods and ISO/IEC 25010 quality model guidelines in software product quality evaluation process.

Keywords: ISO/IEC 25010 quality model, multiple criteria decisions making, multiple criteria decision making analysis, MCDMA, PARIS, Software Product Quality Evaluation Model, Software Product Quality Evaluation, Software Evaluation, Software Selection, Software

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Authors: Le Chi Cuong

Abstract:

X-ray diffraction is an effective mean for analyzing material properties. This paper developed a new computational software for determining the properties of crystalline materials such as elastic constants, residual stresses, surface hardness, phase components, and etc. The results computed from the X-ray diffraction method were compared to those from the traditional methods and they are in the 95% confidential limits, showing that the newly developed software has high reproducibility, opening a possibility of its commercialization.

Keywords: X-ray diffraction, Nondestructive evaluation, Hardness, Residual stress, Phase determination.

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Authors: Petr Teply, Ondrej Vejdovec

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There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.

Keywords: global crisis, economic capital, risk management, risk allocation, bank

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Authors: Pham Ba Quang, Nguyen Tien Dat, Huynh Quyet Thang

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In this paper, we generalize several techniques in developing Fault Tolerant Software. We introduce property “Correctness" in evaluating N-version Systems and compare it to some commonly used properties such as reliability or availability. We also find out the relation between this property and the number of versions of system. Our experiments to verify the correctness and the applicability of the relation are also presented.

Keywords: Correctness, Fault Tolerant Software, N-versionSystems

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Authors: Pradip Peter Dey, Ronald F. Gonzales, Gordon W. Romney, Mohammad Amin, Bhaskar Raj Sinha

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Natural language processing systems pose a unique challenge for software architectural design as system complexity has increased continually and systems cannot be easily constructed from loosely coupled modules. Lexical, syntactic, semantic, and pragmatic aspects of linguistic information are tightly coupled in a manner that requires separation of concerns in a special way in design, implementation and maintenance. An aspect oriented software architecture is proposed in this paper after critically reviewing relevant architectural issues. For the purpose of this paper, the syntactic aspect is characterized by an augmented context-free grammar. The semantic aspect is composed of multiple perspectives including denotational, operational, axiomatic and case frame approaches. Case frame semantics matured in India from deep thematic analysis. It is argued that lexical, syntactic, semantic and pragmatic aspects work together in a mutually dependent way and their synergy is best represented in the aspect oriented approach. The software architecture is presented with an augmented Unified Modeling Language.

Keywords: Language engineering, parsing, software design, user experience.

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Authors: Fang Ye, Han Yu, Yibing Li

Abstract:

Radio interference is one of the major concerns in using the global positioning system (GPS) for civilian and military applications. Interference signals are produced not only through all electronic systems but also illegal jammers. Among different types of interferences, continuous wave (CW) interference has strong adverse impacts on the quality of the received signal. In this paper, we make more detailed analysis for CW interference effects on GPS signal quality. Based on the C/A code spectrum lines, the influence of CW interference on the acquisition performance of GPS receivers is further analysed. This influence is supported by simulation results using GPS software receiver. As the most important user parameter of GPS receivers, the mathematical expression of bit error probability is also derived in the presence of CW interference, and the expression is consistent with the Monte Carlo simulation results. The research on CW interference provides some theoretical gist and new thoughts on monitoring the radio noise environment and improving the anti-jamming ability of GPS receivers.

Keywords: GPS, CW interference, acquisition performance, bit error probability, Monte Carlo.

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Authors: Maurício Covolan Rosito, Ricardo Melo Bastos

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Software projects are very dynamic and require recurring adjustments of their project plans. These settings can be understood as reconfigurations in the schedule, in the resources allocation and other design elements. Yet, during the planning and execution of a software project, the integration of specific activities in the projects with the activities that take part in the organization-s common activity flow should be considered. This article presents the results from a systematic review of aspects related to software projects- dynamic reconfiguration emphasizing the integration of project management with the organizational flows. A series of studies was analyzed from the year 2000 to the present. The results of this work show that there is a diversity of techniques and strategies for dynamic reconfiguration of software projects-. However, few approaches consider the integration of software project activities with the activities that take part in the organization-s common workflow.

Keywords: Dynamic Reconfiguration, Organizational workflows, Project Management, Systematic Review

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Authors: Yuan L. Lai, Jian H. Chen, Jui P. Hung

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This study created new graphical icons and operating functions in a CAD/CAM software system by analyzing icons in some of the popular systems, such as AutoCAD, AlphaCAM, Mastercam and the 1st edition of LiteCAM. These software systems all focused on geometric design and editing, thus how to transmit messages intuitively from icon itself to users is an important function of graphical icons. The primary purpose of this study is to design innovative icons and commands for new software. This study employed the TRIZ method, an innovative design method, to generate new concepts systematically. Through literature review, it then investigated and analyzed the relationship between TRIZ and idea development. Contradiction Matrix and 40 Principles were used to develop an assisting tool suitable for icon design in software development. We first gathered icon samples from the selected CAD/CAM systems. Then grouped these icons by meaningful functions, and compared useful and harmful properties. Finally, we developed new icons for new software systems in order to avoid intellectual property problem.

Keywords: Icon, TRIZ, CAD/CAM.

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Authors: Meng Fanchao, Zhan Dechen, Xu Xiaofei

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Software reuse can be considered as the most realistic and promising way to improve software engineering productivity and quality. Automated assistance for software reuse involves the representation, classification, retrieval and adaptation of components. The representation and retrieval of components are important to software reuse in Component-Based on Software Development (CBSD). However, current industrial component models mainly focus on the implement techniques and ignore the semantic information about component, so it is difficult to retrieve the components that satisfy user-s requirements. This paper presents a method of business component retrieval based on specification matching to solve the software reuse of enterprise information system. First, a business component model oriented reuse is proposed. In our model, the business data type is represented as sign data type based on XML, which can express the variable business data type that can describe the variety of business operations. Based on this model, we propose specification match relationships in two levels: business operation level and business component level. In business operation level, we use input business data types, output business data types and the taxonomy of business operations evaluate the similarity between business operations. In the business component level, we propose five specification matches between business components. To retrieval reusable business components, we propose the measure of similarity degrees to calculate the similarities between business components. Finally, a business component retrieval command like SQL is proposed to help user to retrieve approximate business components from component repository.

Keywords: Business component, business operation, business data type, specification matching.

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Authors: S. Sharafi, G. Bassak Harouni, S. Torfi, H. Makenalizadeh, A. Sayahi

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The primary purpose of this article is an attempt to find the implication of globalization on education. Globalization has an important role as a process in the economical, political, cultural and technological dimensions in the life of the contemporary human being and has been affected by it. Education has its effects in this procedure and while influencing it through educating global citizens having universal human features and characteristics, has been influenced by this phenomenon too. Nowadays, the role of education is not just to develop in the students the knowledge and skills necessary for the new kinds of jobs. If education wants to help students be prepared of the new global society, it has to make them engaged productive and critical citizens for the global era, so that they can reflect about their roles as key actors in a dynamic often uneven, matrix of economic and cultural exchanges. If education wants to reinforce and raise the national identity, the value system and the children and teenagers, it should make them ready for living in the global era of this century. The used method in this research is documentary and analyzing the documents. Studies in this field show globalization has influences on the processes of the production, distribution and consuming of knowledge. The happening of this event in the information era has not only provide the necessary opportunities for the exchanges of education worldwide but also has privileges for the developing countries which enables them to strengthen educational bases of their society and have an important step toward their future.

Keywords: Globalization, Education, global erea

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Authors: E. Praynlin, P. Latha

Abstract:

Software Effort Estimation is the process of estimating the effort required to develop software. By estimating the effort, the cost and schedule required to estimate the software can be determined. Accurate Estimate helps the developer to allocate the resource accordingly in order to avoid cost overrun and schedule overrun. Several methods are available in order to estimate the effort among which soft computing based method plays a prominent role. Software cost estimation deals with lot of uncertainty among all soft computing methods neural network is good in handling uncertainty. In this paper Radial Basis Function Network is compared with the back propagation network and the results are validated using six data sets and it is found that RBFN is best suitable to estimate the effort. The Results are validated using two tests the error test and the statistical test.

Keywords: Software cost estimation, Radial Basis Function Network (RBFN), Back propagation function network, Mean Magnitude of Relative Error (MMRE).

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Authors: Parvinder S. Sandhu, Hardeep Singh

Abstract:

Automatic reusability appraisal could be helpful in evaluating the quality of developed or developing reusable software components and in identification of reusable components from existing legacy systems; that can save cost of developing the software from scratch. But the issue of how to identify reusable components from existing systems has remained relatively unexplored. In this paper, we have mentioned two-tier approach by studying the structural attributes as well as usability or relevancy of the component to a particular domain. Latent semantic analysis is used for the feature vector representation of various software domains. It exploits the fact that FeatureVector codes can be seen as documents containing terms -the idenifiers present in the components- and so text modeling methods that capture co-occurrence information in low-dimensional spaces can be used. Further, we devised Neuro- Fuzzy hybrid Inference System, which takes structural metric values as input and calculates the reusability of the software component. Decision tree algorithm is used to decide initial set of fuzzy rules for the Neuro-fuzzy system. The results obtained are convincing enough to propose the system for economical identification and retrieval of reusable software components.

Keywords: Clustering, ID3, LSA, Neuro-fuzzy System, SVD

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Authors: Jehad Al Dallal

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Software engineers apply different measures to quantify the quality of software design. These measures consider artifacts developed at low or high level software design phases. The results are used to point to design weaknesses and to indicate design points that have to be restructured. Understanding the relationship among the quality measures and among the design quality aspects considered by these measures is important to interpreting the impact of a measure for a quality aspect on other potentially related aspects. In addition, exploring the relationship between quality measures helps to explain the impact of different quality measures on external quality aspects, such as reliability and maintainability. In this paper, we report a replication study that empirically explores the correlation between six well known and commonly applied design quality measures. These measures consider several quality aspects, including complexity, cohesion, coupling, and inheritance. The results indicate that inheritance measures are weakly correlated to other measures, whereas complexity, coupling, and cohesion measures are mostly strongly correlated.  

Keywords: Quality attribute, quality measure, software design quality, spearman correlation.

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Authors: Abdel Aziz, Hadia H.

Abstract:

Since the 1980s, banks and financial service institutions have been running in an endless race of innovation to cope with the advancing technology, the fierce competition, and the more sophisticated and demanding customers. In order to guide their innovation efforts, several researches were conducted to identify the success and failure factors of new financial services. These mainly included organizational factors, marketplace factors and new service development process factors. They almost all emphasized the importance of customer and market orientation as a response to the highly perceptual and intangible characteristics of financial services. However, they deemphasized the critical characteristics of high involvement of risk and close correlation with the economic conditions, a factor that heavily contributed to the Global financial Crisis of 2008. This paper reviews the success and failure factors of new financial services. It then adds new perspectives emerging from the analysis of the role of innovation in the global financial crisis.

Keywords: Financial innovation, global financial crisis, lessons learned from global financial crisis, success factors in financial innovation.

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