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Place of Financial Innovations in the System of Coordinates of Innovation Activity
Tiutiunyk I. V., Konovalenko V. I.

Tiutiunyk, Inna V., and Konovalenko, Viktor I. (2024) “Place of Financial Innovations in the System of Coordinates of Innovation Activity.” Business Inform 9:192–202.
https://doi.org/10.32983/2222-4459-2024-9-192-202

Section: Innovative Processes

UDC 336.7

Abstract:
The article examines the place of financial innovations in the coordinate system of innovation activity. Based on the analysis of the etymology of the concept of «innovation» in the scientific works of both domestic and foreign scholars, the concept of innovation is defined as a process and/or the final result of human intellectual activity in the form of a new or improved product, a new organizational and technical solution of a production or commercial nature. This approach makes it possible to take into account the characteristic features inherent in innovations, which, in turn, are simultaneously interpreted as their classification features (approaches), by which the main types of innovations could be distinguished. The article considers and analyzes the approaches of domestic and foreign scholars to the classification of innovations, provides the modern structure of their division, which affects most of the characteristic features of innovations and, accordingly, the classification features by which they can be analyzed. The authors have allocated and analyzed the existing approaches to the classification of innovations «by kinds of object (content)» and «by scope of application». These categories of division were supplemented with the allocation of the element of institutional innovations (in relation to the first feature) and a list of spheres of activity not only of the enterprise, but also of the State as a whole (in relation to the second classification feature). It is determined that the category of «financial innovations» is in the coordinates of the classification division of the spheres of activity of innovations, combining the characteristic features of the object (content) of the concept of «innovations» (in this case, the types/kinds (elements) that are part of financial innovations, and the forms in which they are manifested) and the spheres of their application (spheres of financial relations). The article emphasizes the importance of taking into account the technological aspect of the development of financial innovations. This made it possible to form the authors’ own interpretation of financial innovations, where special attention is paid to financial technologies, under the influence of which financial innovations acquire the concept of a new category – fintech innovations, or innovations in the financial sector based on innovative technological solutions. The analysis of the relationship between financial innovations and financial technologies demonstrated the interdependence of the concepts of «financial innovations» and «fintech innovations» and allowed us to conclude that it is expedient to generalize them under the concept of «financial engineering».

Keywords: innovation, classification of innovations, financial innovation, technological aspect, financial technologies, fintech innovations.

Fig.: 1. Tabl.: 1. Bibl.: 42.

Tiutiunyk Inna V. – Doctor of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Technologies and Entrepreneurship, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: [email protected]
Konovalenko Viktor I. – Postgraduate Student, Department of Financial Technologies and Entrepreneurship, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: [email protected]

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