Financial innovations, Tellis notes, are most likely known in the publics mind as having caused the recent financial crisis. However, they are one of the most important service innovations because they have offered substantial benefits to consumers, and fostered the growth of national economies. For example, financial innovations are responsible for home mortgages and auto loans, which empower lower and middle class consumers; credit to entrepreneurs who have built successful enterprises; and credit to emerging markets, which has helped raise millions of people out of dire poverty. Not surprisingly, such innovations account for a substantial portion of world economies and the huge market capitalization of banks. ow.ly/AOyPI
Posted on: Thu, 28 Aug 2014 13:00:27 +0000
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