Innovations in Finance - Perspective, Problems and Possibilities

Money is one of the most powerful objects on the earth. Money as a substance has carried a tremendous attraction for the mind. The best of minds, the most controlled minds get blown over by money. Hence the subject that deals with management of money will always be an eye-catching subject. Time and again the subject experts have tried to project advances through terms like financial engineering, financial reengineering, financial innovation etc. This paper is an attempt to understand what kind of innovations have really taken in the world of finance so far. The first objective of the paper is to have a right perspective of the subject matter of innovations in finance. Next, the article highlights the problems associated with innovations in finance. Finally an attempt has been made to project possibilities with financial engineering with particular emphasis on role of technology. An out-of-the-box concept of financial inner engineering has also been briefly discussed.