TECHNOLOGICAL CHANGE AND FINANCIAL INNOVATION IN BANKING
TECHNOLOGICAL CHANGE AND FINANCIAL INNOVATION IN BANKING

Summary/Abstract: The banking sector is changing due to technological revolution, globalization, innovation processes, and new ideas. Hence now a days banks’ concentration is on investments in advanced technology and innovation it is made to improve operational procedures in order to serve the customer in accordance with their needs and requirements. To understand how the banking industry has evolved over time, we need to understand the process of financial innovation, which has transferred the entire financial system. This paper first describes the role of innovation in the banking system and how those changes such as: technologies, globalization, innovation has affect banking system. The main objective of the present resource is review the empirical studies relating to several specific financial and banking innovation. Research has been carried out using secondary data drawn from a diverse pool of materials, including books, journals and other credible reports from international institutions. This research concludes that development and application of a variety of financial technology, has improve the way of doing business and enhance competitiveness of commercial banks by reducing bank operating costs, improving service efficiency, strengthening risk control capabilities, and creating enhanced customer-oriented business models for customers.

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