Innovative Financial Services are innovations within the financial services industry that change the way customers are served to create more value for customers and higher revenue for the company.

Innovative financial services help financial institutions (FIs) increase their revenues due to existing customers buying more financial products, improved positive company image, referrals, etc.

 

 

Trendsetter Innompic Games  

Innompic Games is the World's #1 platform for inventing new trends in various fields, including financial service innovation.

 

 

 

The FinTech Factor

FinTech companies drive innovation within the financial services industry. They use leading technology and digital-first, customer-focused approach to disrupt the market, impact the customer battleground, and force incumbent financial institution to play catch-up.

According to Financier Worldwide, "FinTechs are encroaching on established markets and offering customer-friendly solutions developed from the ground up, unencumbered by legacy systems. They have managed to disrupt four major areas market share, margins, information security and privacy, and customer churn. They offer new business models to address dynamic market changes and reduce costs. They also operate on platforms, such as social media channels, that traditional FIs have been slow to adopt."

 

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Financial Innovation refers to the process of creating new financial or investment products, services, or processes. These changes can include updated technology, risk management, risk transfer, credit and equity generation, as well as many other innovations.

Three Basic Types of Financial Innovation

There are 3 categories of innovation:
institutional, product, and process.

 

 

 

Examples of financial innovations include Blockchain, cryptocurrency, banking as a service (BaaS), robotic process automation (RPA), new and better ways of crowdfunding, cardless ATM services, weather derivatives, central bank digital currency, QR code payment, hedge funds, exchange-traded funds, and better monitoring of financial markets.

 

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Digital Future

To stay competitive, retain the loyalty of customers, and  prosper in the coming age of hyper-connectivity and innovation, financial institutions must focus on greater technological innovation, digital transformation and integration that help keep costs low and build up their online offerings, including apps, digital wallets, conversational AI and other virtual resources.

 

 

 

Institutional Innovation

Institutional innovations relate to the creation of new types of financial firms such as specialist credit card firms like Capital One, electronic trading platforms such as Charles Schwab Corporation, corporate venture investing firms such as GE Equity, and direct banks.

 

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