Purpose: This paper aims to explore the intersection between service and social innovation, using a service-dominant logic (SDL) ecosystem approach to analyze how service innovations cocreate transformative value for individuals and communities. Design/methodology/approach: A case study, with different data sources, is used to understand different innovations in a program that provides financial training to women in poverty in Colombia. Findings: In the program’s service ecosystem, actors worked in tandem to develop dialogical service innovations. These service innovations transformed into social innovations, cocreating transformative value at different levels of the service ecosystem, including beneficiaries, families and communities. Research limitations/implications: First, this study illustrates how, during service value cocreation experiences, a dialogical innovation path occurs with the simultaneous participation of different service entities. Second, it uses transformative value cocreation to integrate service and social innovations conceptually. Third, it reveals how service innovation cocreates transformative value at different levels of the service ecosystem. Fourth, it shows how technology in its material and immaterial forms, working as an operand and operant role, respectively, facilitates service innovations. Practical implications: This study illustrates how a wider service focus including all actors involved, in addition to a holistic view of beneficiaries, can prompt service and social innovations. Originality/value: Service and social innovations have been seen as parallel fields. This study uses SDL to integrate these types of innovation processes and outcomes by applying the concept of transformative value.