Promoting the innovation process on the banking market is imperative due to the crucial role of the banking system in the economy, and the impact of innovation on socio-economic development. Innovation is essential and mandatory for the increase of banks’ competitiveness and development of improved banking products and services. The goal of the study was to create a “guide” for overseeing innovation in order to keep it from impending. The research methods used were analysis synthesis and observation. As a result, the study gives an insight into the process of innovation and defines the stages a bank should follow in the innovative process.