Research of globalization influence to paradigm change in financial services

¹ Turiba University, Faculty of Business Administration, Department of Commerce, Management science, Graudu street 68, Riga, Latvia
² Turiba University, Faculty of Business Administration, Department of Commerce, Graudu street 68, Riga, Latvia

^* Corresponding author: sherzod.ishankulov@hotmail.com

Abstract

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.