In the article, modern tendencies in initiating and applying financial innovations in interrelations between banking and the real sectors of the economy have been analyzed, as well as the state’s role in this process. Particularly the emphasis is laid on the role of such financial innovations as: banking, regulating and global ones. Their application often results in ambivalent impact on the development of interrelations between banking and real sectors. It can either stimulate or slow down the economic growth. It has been established that the key role in boosting the innovation activity of the entities operating in the banking and real sectors under modern conditions of frequent cyclical fluctuations on the world market belongs to the state. The latter can neutralize the negative influence of global financial innovations on the quality of inter-sector relationships through the development and implementation of the so-called regulative innovations. Finally, it has been concluded that optimization of inter-sector relationships is possible if initiation and introduction of financial and real innovations are combined at the stage of economic growth through regulative innovations intensification. At the same time, the state’s role is considered most productive in the alignment of interests of the sectors and concentration of their innovation efforts within particular stages of the economic cycle.