As a result of the economic and financial crises caused by the increase in the number of environmental and economic problems experienced in recent years, the interest in the concept of financial innovation and the number of researches in this field have increased. The aim of this study is to present a theoretical framework for understanding the concept of financial innovation, and to include a situation assessment of financial innovation in the banking sector on the axis of financial sustainability in the Turkish sample in terms of developing countries. In this context, the findings of the analysis made using the CBRT, BRSA and TBB data are included in the study. As a result of the analysis made on secondary data, an increase of more than 7 times in the online banking transaction volume and amount in the banking sector was observed in the 2010-2020 period. Similarly, a more striking situation was encountered in the examination of mobile banking. Considering the same period, the banking sector has rapidly kept up with the developments in the last 5 years and increased the use of mobile banking by more than 10 times. This indicates that innovation is being implemented in the finance sector at a speed and diversity that is comparable to innovations in other sectors.