Financial innovation drives the development of new products from "summary" of Financial Markets and Institutions, Global Edition by Frederic S. Mishkin,Stanley G. Eakins
Financial innovation is a key driver in the development of new financial products. Innovations in financial markets have led to the creation of new products that cater to the changing needs of investors and borrowers. These innovations have allowed financial institutions to provide a wider range of services, making it easier for individuals and businesses to access capital and manage risk.
One way in which financial innovation drives product development is through the introduction of new technologies. For example, the rise of online banking and mobile payment systems has revolutionized the way individuals conduct financial transactions. These technological advancements have enabled financial institutions to offer new products and services that were previously not possible.
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