Importance The research investigates the development of financial and credit innovation at the current phase of society's economic development, i.e. economics of knowledge. We determine that market forces generating new knowledge and economic processes have a positive effect on banking institutions in terms of devising and implementing new financial innovation (banking products and services, financial technologies and engineering instruments). Objectives The research pursues devising mechanisms for developing financial and credit innovations at the current phase of socio-economic development, i.e. economics of knowledge. Methods The methodology relies upon analysis and synthesis of scientific knowledge accumulated on the matter. We apply a monographic method of research, systems analysis, marketing research, research into systemic relationship, induction and deduction. Results Upon completion of the research, we find out that the banking institution creates, promotes and sells financial innovation through a marketing approach. We theoretically substantiate the concepts of the banking market of credit services, innovation marketing, innovative marketing, credit innovation, credit engineering, thus explaining how the mechanism for driving transformation processes function in order to form consumer values of corporate clients. Considering the development of credit engineering, we propose our own approach to implementing the strategy for launching financial innovation in the banking market of credit services for corporate clients. It is based on the organizational and managerial mechanism of bank's innovative marketing. It helps activate tolerance for market volatility and competitive advantages of the bank in the credit services market, as well as a social component of innovative banking. Conclusions and Relevance We conclude that, if performed, the proposed methodological approaches and mechanisms for implementing the strategy for launching financial innovation are the basis for building a comprehensive system of banks' innovative activities. They contribute to effectuating modernization processes that drive the development of the real sector.
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