Question

what is innovation?
types of innovation?
uses of innovation?
and other useful information related to innovation?
please mention the references too?

Answer 1

a) It a process / method / way of creation of new financial models / Products / services or process or simplification .

b) Types of innovation are : a) Institutional ( Can effect finacial sector as a whole ), b) Product ( such as new plan / Credit card / type of funding ) and c) Process ( New business model / process , simplication of complicated process , efficiencey building )

c) Uses : a) Channels the resources in right direction .

b) Increase efficency of the resources ( Reduce time taken )

c) Increase business growth / Market reach .

d) Reduces the need of huge capital .

e) Helps in investment decision making .

d) Examples of innovation : Paypal

Wechat

e-commerce site / App based taxi's .

Financial Innovation , if not planned correctly or not implemented correctly , can lead to big shock and can hamper the company / financial system . Hence, we need to discourage excessive risk taking in the future, innovation can continue to benefit our societies. Innovation should be simple and easy to follow , complex model might to yield effective results .

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The answer is derived from reading four to five articles on Invocation .

Some of the articles referred are on site like a) https://www.gdrc.org/

b) https://www.investopedia.com/terms/f/financial-innovation.asp