Question

Can you think of Any financial innovation in the past 10 years that has affected you personally? Has it made you better off or worse off? Why?

Answer 1

FINANCIAL INNOVATION

What is financial innovation?

Firstly we want to answer this question. Actually financial innovation can be referred as an art of creating new financial products,technology,service,products etc.Recently there are many financial innovations are emerged in the financial world.Hedge funding,wheather derivatives,private equities,mobile banking technology,crowdfunding etc are some example of financial innovations.We can see that in recent 10 years our financial system developed a lot. A lot of new innovations are happend and it makes the system more flexible and makes huge opportunities in the financial market.

For me also the new innovations affects. Because as a common man we should use the financial instruments once in a while atleast. Because everywhere we can see we have a need to use those financial transaction. Finance is the keyfactor in the current world and it is deciding how a person should live. So for me also the new financial innovation affected.I am considering mobile banking technology as the major thing which affect me in a good manner in these days. I am a frequent user of mobile banking. It makes transactions so easier. Before 10 to 15 years back we know the difficulty to make a banking transaction. We need to go to bank and wait for many time and it will also time taking and difficult to do thing. But now things have changed.Everything is within our hand.We can perform all the transaction from our home without going anywhere. This thing provide us a great freedom to do financial kind of things and now everybody is more familiar with these kind of things.so we can say these technologies make a better change and for me also these innovation makes my transactions easier. So I can say mobile banking helps me a lot and it makes my daily financial needs in a better way.