AGP International Humanities and Social Sciences Conference, Berlin, Berlin, Almanya, 19 - 22 Mayıs 2016, ss.9-18
The need of financial resources for developed countries to prosper and grow and the lack of financial resources needed by developing countries for investment during development process have both crossed national borders thus revealing the need for free circulation. Particularly in 1970’s and 1980’s, when improvements in information and communication technologies gained momentum, liberalization of financial markets resulted in an increasingly competitive environment. Raising the funds necessary to finance development in such a competitive environment created the need to generate new financial products and services. Innovations in financial products and services rapidly gained place and became prevalent both in its own body and banking sector that is in competition with nonbank financial institutions.
The purpose of this study is to present the development of financial innovations in Turkish banking sector. Under this framework, this study will include the concept of financial innovation, development of financial innovation in Turkey and the change caused by financial innovations on banking products and processes
Keywords: Financial Innovation, Credit Cards, Banking, Internet Banking, Financial Instruments