Financial innovation is
A) the development of new financial products and services.
B) the process of turning assets into a more liquid form.
C) responsible for credit cards being included as part of money.
D) causing a decrease in bank profits.

Question

Quizplus · Accepted Answer

Financial innovation refers to the creation and development of new financial products and services, such as online banking, mobile payments, cryptocurrency, and peer-to-peer lending. It is meant to improve efficiency, create greater accessibility to financial services, reduce risk, and increase profits. Financial innovation can disrupt traditional financial models, but it can also open up new opportunities for financial institutions and consumers.

Financial Innovation Is