Financial Innovations In Turkish Banking Sector And Literature Review

Authors : Çağatay Başarır, Ahmed Yusuf SARIHAN

Pages : 221-230

Doi:10.29106/fesa.349038

View : 24 | Download : 17

Publication Date : 2017-12-28

Article Type : Research Paper

Abstract :Recent innovations in the banking sector, which constitute the basis of the financial markets of the country’s economy in the present day, have been theoretically examined in the study. Innovation mainly refers to innovations made in the related sector. Financial innovations play an essential role in ensuring financial stability and continuity of economic growth. New instruments are continuously being developed in the financial sector especially for consumers and their recycling is being followed. Innovation is a double-edged sword: the right kind of innovation and favorable conditions that may spur banks to invest in new technologies would help the financial system fulfil its functions and, as a consequence, deliver growth; but too much innovation or innovation that is not properly used, can have serious consequences for the overall economy. This study aims to present a perspective on financial innovations by examining related literature and statistical financial innovation data of Turkish Banks to illuminate the way of academicians who are willing to do next studies on this topic. 
Keywords : Innovation, Banking and Finance