Abstract:The purpose of the research is the definition of the dominant ideas of financial technologies in digital banking. The methods of theoretical generalization, qualitative, quantitative and correlation analysis, causality tests, description and explanation are used, which made it possible to establish the relationship between the volume of investments in financial technologies and the performance of the banking system, identify the areas of application of financial technologies in the activities of the bank, dete… Show more
“…SHS Web of Conferences 92, 0 (2021) Globalization and its Socio-Economic Consequences 2020 In table 4 there is full representation of value per each of 20 inspected article. However, in order to better understand the tendency which is actually in line with main research question of the article, it was decided to make visualization of the data for the articles of 2010 [29], 2012 [30], 2015 [27], 2016 [28] and 2017 [11][12][13], 2018 [14][15][16][17][18], 2019 [19][20][21][22], 2020 [23][24][25][26] separately by using graphical tools of the Excel program.…”
Section: Discussionmentioning
confidence: 99%
“…Paradigm change did project itself on the chart when financial innovation almost eclipsed the topic of traditional banking services [22][23][24]26] and globalization with gradual increase of interest in coronavirus agenda [23] in 2020. However, the link between SHS Web of Conferences 92, 0 (2021) Globalization and its Socio-Economic Consequences 2020 globalization and innovation in financial industry took negative correlation.…”
Section: Discussionmentioning
confidence: 99%
“…However, the link between SHS Web of Conferences 92, 0 (2021) Globalization and its Socio-Economic Consequences 2020 globalization and innovation in financial industry took negative correlation. 4 articles were analyzed which belonged to that period [23][24][25][26].…”
Section: Discussionmentioning
confidence: 99%
“…In 2020 publications [23][24][25][26] the issue of innovation in financial industry showed all time high interest than the rest of analyzed articles starting from 2010 till now. This trend displayed how research is moving toward accepting the change in terms of innovation in financial sector and how traditional banking services can be the topic of the past.…”
Section: Discussionmentioning
confidence: 99%
“…According to that formula (1) all the values from data set (see table 4), in this case values (total number of words per category) derived from each article, were added up and then divided to the number of articles within the one-year range. In this way data from articles within the range of 2017 (3 articles) [11][12][13] 2018 (5 articles) [14][15][16][17][18], 2019 (4 articles) [19][20][21][22] and 2020 (4 articles) [23][24][25][26] are analyzed separately from the rest publishing years. See table 3.…”
Research background: Study of paradigm about financial services and how it changes under influence of globalization and introduction of a new player as a financial technology company or shortly Fintech. Literature and other informative sources regarding issues of innovation in financial services, impact of globalization and formation of new perspective to financial services was reviewed during the study.
Purpose of the article: The main purpose of this work is to detect and highlight the change of the concept about financial services in favor of Fintech companies supported by tendencies which are characteristic for globalization process, and how it can be beneficial for consumers and overall financial services industry.
Methods: For this research was used content analysis approach, which has advantage over other methods since it allows to extract specific data from text and other forms of information without intervention by researchers. Obtained data was encoded and applied to a model created by authors to see certain change pattern during the study of the phenomenon of financial services paradigm change.
Finding & Value added: The findings of this research proved that globalization led to change of the paradigm about financial services. The value of this research is to provide theoretical fundamentals for application of paradigm change concept in the sphere of management science.
“…SHS Web of Conferences 92, 0 (2021) Globalization and its Socio-Economic Consequences 2020 In table 4 there is full representation of value per each of 20 inspected article. However, in order to better understand the tendency which is actually in line with main research question of the article, it was decided to make visualization of the data for the articles of 2010 [29], 2012 [30], 2015 [27], 2016 [28] and 2017 [11][12][13], 2018 [14][15][16][17][18], 2019 [19][20][21][22], 2020 [23][24][25][26] separately by using graphical tools of the Excel program.…”
Section: Discussionmentioning
confidence: 99%
“…Paradigm change did project itself on the chart when financial innovation almost eclipsed the topic of traditional banking services [22][23][24]26] and globalization with gradual increase of interest in coronavirus agenda [23] in 2020. However, the link between SHS Web of Conferences 92, 0 (2021) Globalization and its Socio-Economic Consequences 2020 globalization and innovation in financial industry took negative correlation.…”
Section: Discussionmentioning
confidence: 99%
“…However, the link between SHS Web of Conferences 92, 0 (2021) Globalization and its Socio-Economic Consequences 2020 globalization and innovation in financial industry took negative correlation. 4 articles were analyzed which belonged to that period [23][24][25][26].…”
Section: Discussionmentioning
confidence: 99%
“…In 2020 publications [23][24][25][26] the issue of innovation in financial industry showed all time high interest than the rest of analyzed articles starting from 2010 till now. This trend displayed how research is moving toward accepting the change in terms of innovation in financial sector and how traditional banking services can be the topic of the past.…”
Section: Discussionmentioning
confidence: 99%
“…According to that formula (1) all the values from data set (see table 4), in this case values (total number of words per category) derived from each article, were added up and then divided to the number of articles within the one-year range. In this way data from articles within the range of 2017 (3 articles) [11][12][13] 2018 (5 articles) [14][15][16][17][18], 2019 (4 articles) [19][20][21][22] and 2020 (4 articles) [23][24][25][26] are analyzed separately from the rest publishing years. See table 3.…”
Research background: Study of paradigm about financial services and how it changes under influence of globalization and introduction of a new player as a financial technology company or shortly Fintech. Literature and other informative sources regarding issues of innovation in financial services, impact of globalization and formation of new perspective to financial services was reviewed during the study.
Purpose of the article: The main purpose of this work is to detect and highlight the change of the concept about financial services in favor of Fintech companies supported by tendencies which are characteristic for globalization process, and how it can be beneficial for consumers and overall financial services industry.
Methods: For this research was used content analysis approach, which has advantage over other methods since it allows to extract specific data from text and other forms of information without intervention by researchers. Obtained data was encoded and applied to a model created by authors to see certain change pattern during the study of the phenomenon of financial services paradigm change.
Finding & Value added: The findings of this research proved that globalization led to change of the paradigm about financial services. The value of this research is to provide theoretical fundamentals for application of paradigm change concept in the sphere of management science.
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