This article reviews the knowledge and innovation of organizational transformation processes in the banking system in Colombia and their impact on work practices and new forms of sector grouping. It starts from a conceptual review of knowledge and innovation, and discusses a wide range of issues from philosophical to economic and administration issues. Then it deals with the main aspects that have had an impact on the financial sector in Colombia, considering theoretical concepts and discussing the characteristics of creativity and innovation, national innovation systems, and lastly, organizational transformation processes in the financial sector in Colombia. Conclusions are discussed in the light of organizational transformations, including a series of recommendations.