Examining Financial Innovation and Performance in Financial Sector: A Comprehensive Review of Emerging Markets

Abstract

Today, the competitiveness of organizations depends on the adaptation to the changes and moving in line with changing needs and demands of customers. Innovation is a critical determinant of increasing the organizational outcomes in emerging markets as they integrate various types of innovations like product, service, process, organizational, marketing, and financial innovation. Financial innovation has become a major type of innovation in various industries. In this respect, it is critical to apply innovation policy as a part of core business. The purpose of this study is to examine the concept of innovation and to review the given literature of financial innovation and financial performance relationship in financial sector, particularly in emerging markets. The study is intended to contribute to literature by providing a comprehensive review of conceptual relationship between financial innovation and performance.