Financial innovations in the world

[Esmel]

I am a student of Mumbai university and studying accounting and finance in this year . I need to do project in college, so i have choose a topic financial innovation in the world. So I need your help , give me some data or statistics in current date .I want to know that why the financial innovation happen and how does the financial innovation occurs ?what is the use of financial innovation in current scenario? How it is effect on our day to day life ?and in future it is good or bad for us?

[G-MAT]

In my terms financial innovation means to improvements in some processes and functions to get maximum output or achieving maximum growth. And also fulfill the requirement of people at maximum level. You are selected right topic because it is the main requirement of the world in current scenario. From my side i think the main reason for starting financial innovation is need or demand of people for life style. After financial innovation our life style is changing. We are using ATM machines for taking cash rather than bank or we can say we are using plastic money for shopping means we are using debit and credit cards.Its just about reducing time and give flexibility for life style.

[Job-finder]

There are many ways to describe financial innovation but i would like to tell you there are some main part of financial innovations. The main part is institutional innovations. In institutional innovation can relate to changes in business functions , new types of financial strategies or improvement . example of this is retail financial service its changing formal financial system in to informal financial systems , it giving completely new way to the customer service .It reducing barriers occurring in to access by people.This innovation is mainly describe the financial innovation as whole .Such innovations cover the introduction of new business processes leading to increased efficiency, market expansion, etc. Examples include office automation and use of computers with accounting and client data management software.

[Engg.]

As per my knowledge the main reason behind the financial growth is the is the process innovation .This is type of innovation leads the entire process of transport or generating output in fast and flexible way to achieving maximum efficiency and then it take maximum place in market .We can take examples of technology which used in process like using computers in work it takes one place for all types of works and make easy to it, most of the companies using customer data management software for managing all data and they can calculate exact profit and loss and can take future steps from that data.

[Career-Minded]

The major impact is take place on our day to day product and style of living or using that product by financial innovations.This is the major root of the innovation and also we can say the main reason for financial innovation . technology is also used for financial innovation , now days we are buying lots of product on internet by paying cash by credit card .This innovation also includes the credit debit information , insurance, and financial products.

[Recruiter]

It definitely good thing for us that we are a part of new era of finance .It can give a more flexible and easy way of purchasing or buying products. Nowdays we can do online banking m-banking,PayPal, ATMs, debit and credit cards for all type of finance transfer. It obvious thing that if any thing is going out of its line then it can create problems to us means using this way of money transfer is not secure way , it can make problem by hacking your personal data and transferring your money. So its up to us how to use this new ways and avoiding this problems.