Innovations are much more than the idea itself; they are developed and built up to the final product. They are related to knowledge and created by a combination of different cognitions and ideas. Moreover, innovation is a highly uncertain process because different knowledge needs to be assembled into a successful innovation. The opportunities for innovation often come from a different perspective of one’s environment. However, many questions arise: how can companies observe signals from the environment about the upcoming change? How to find out the needs of the market that don't exist yet? The answer lies in innovation management which not only ensures the creation of innovations in a stable environment but also spots changes in the environment on time and potentially prepares for new solutions. This means there should be a constant investment in people and the organization in order for them to remain agile, flexible, and able to learn quickly. Resources possessed by the specific organization are the only available that can reduce uncertainty and apprehension. Mdern banking has recently acquired completely new features and is largely different from banking as it once existed. It is important to note that regardless of technology, market, and social conditions the most important element of creating a competitive advantage is actually continuous (constant) innovation. In this thesis, the subject of research is the innovation of banking products and services with reference to OTP Bank. The purpose of this thesis is to show innovations in products and services banks provide today, how the innovations are accepted by users, and whether people have easier access to information as well as the performance of banking transactions. The goals of this thesis are to draw a conclusion based on the studied literature, what innovations have brought to the bank's clients, but also to the bank itself, and to prove the importance of innovation management.