Innovations in the Financial Institutions. Accounting, Finance Essay (Essay Sample)
the task discussed the innovations in the financial institutions at a global scale and the effect in the financial system. The sample fronted three main innovative forms namely, process innovation, product innovation, and risk-shifting innovation for discussion. the three different aspects of innovation were elaborated separately.
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INNOVATIONS IN THE FINANCIAL INSTITUTIONS
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Innovations in the Financial Institutions
Innovation in financial institutions and transactions is a process of change that assumes different forms in the financial system. The process involves the transformation of the financial products, financial intermediaries, and markets. The major purpose of the innovations includes reduction of running costs, minimization of risks and improvement of products and services. Innovative forms of financial institutions and transactions are characterized by risk-shifting innovation, product innovation, and process innovation.
The risk-shifting innovations establish a distinct separation or combination of diverse individual instruments to attain new instruments with different risk features.
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