Financial innovation and development of the cooperative financial sector

Abstract

Introduction: social innovation proposes the creation of processes that create value, through the implementation of policies and models that help society meet its needs. The cooperative financial sector finds an opportunity for growth, being able to expand its product portfolio, more efficiently leveraging technological advances, being able to serve its customers in a unique way than what was customary in other times, without implying higher costs, as greater accessibility is possible through smartphones and the internet. Objective: the objective of this paper is to analyze the processes of financial innovation and its impact on a greater development of the cooperative financial sector, by achieving collaborative finance and the possibility of including and bringing a greater number of people closer to financial services, by being able to create savings accounts in a more agile way from the comfort of their homes. Methodology: The methodology used in this research focuses on the review of literature through the deductive method, using strategies of search, selection and analysis of data; once the literature review is concluded, the correlational research scope is established, because it seeks to determine if there is a level of incidence of financial innovation against the development of the cooperative financial system.  Conclusions: the data obtained from several studies on the growth of the cooperative financial sector show that technological financial innovation achieved an exponential expansion by including a greater number of people in an agile way to the economic and financial field, through the opening of a greater number of savings accounts.