Valuation of ICT innovation: Estimating customer willingness to pay for legal digital archiving
A. Durand, and C. Fry
International Journal of Business Innovation and Research (IJBIR), vol. 8, no. 5, pp. 552-565, 2014.
Development of Luxembourgish regulation for legal digital archiving provides opportunities to banks to collaborate with professional of financial sector (PFS) to offer full documents dematerialisation service to their customers. This paper attempts to analyse the diffusion process of legal digital archiving service and utilises the contingent valuation method to determine an ideal base profile for the resident workforce in Luxembourg according to their estimated willingness to pay (WTP). The survey was conducted using a representative sample of 735 respondents and it shows that the average willingness to pay for the benefits of such a service varies in six price bands ranging from 3.3 to 7.7 euros per month per person, depending on the consumption profile that characterises the respondent. The average WTP for the entire population is 6.6 euros per month per person.