Banking innovation as a trend of increasing competitiveness of credit institutions at the present stage of functioning

Relevance of this study is due to the fact that in recent years the development of the banking sector is undergoing a qualitative change and it determines the level of competition in the market for banking products and services. banking innovations are an important and challenging areas for further functioning of the Russian banking institutions. The article describes the historical aspect of innovation, especially the use of innovative products by credit institutions, as well as the main factors contributing to the development of banking innovation at the present stage of development of the commercial banks.