One can cite many  8  BIS central bankers’ speeches  examples – demat accounts, ATMs, credit and debit cards, explosion of options contracts, inflation indexed bonds, Fixed Rate Capital Securities, IRS, CDS and so on. It is true that financial innovation has also resulted in complex products which package and redstribute risks in a way that is scarcely understood.
As observed by Lord Turner of the UK Financial Services Authority, financial innovation has produced some products of very dubious social value.