This paper aims to analyze the role of innovation and the understanding of new product development process in international banks working in Brazil. Multiple case study methodology was the research approach on three major international Banks in the Brazilian Financial Industry. The results show that innovation is not completely understood by some of the Banks. Also, after the research was concluded, the authors could map and design a 5 stage process reflecting these threes case studies, concerning new product development process. To contribute with the understanding of New Product Development process in international banks in Brazil. Also increase the literature related to New Product Development and innovation in Banking Industry.