Within the article, theoretical approaches to the definition of "innovation", "financial innovation" and "credit innovation" are studied, their similarity and difference are revealed. Peculiarities of the interpretation of the term "innovation" proposed by different researchers are revealed, and their interpretations are submitted. Theoretical aspects of the essence of financial inno-vations used in the financial sector are researched, and their characteristics is given. Financial innovation is defined as a cer-tain innovation or qualitative change in the activities of financial markets and financial institutions. The essence of "credit inno-vations" is analyzed, and the main strategies for their implementation in credit institutions are presented.