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.
Highlights
According to Kuhn there should not be a single research in the absence of any paradigm
The cause of that could be in so called anomalies which are not foreseen within current system of believes. This idea can be applied to the events happened after Bretton Woods Agreement in 1944, when paper money supposed to be an equivalent of gold, but it was all changed after France requested gold for paper money from the US
Where qualitative data was transformed into quantitative by means of coding to increase efficiency of detecting a tendency of paradigm change. It was identified certain ideas which appeared frequently in recent studies about Fintech companies from globalization perspective. Those key ideas were transformed to numbers and applied to graphical representation of data to see pattern of paradigm change in the sphere of financial services due to globalization
Summary
According to Kuhn there should not be a single research in the absence of any paradigm. The cause of that could be in so called anomalies which are not foreseen within current system of believes. This idea can be applied to the events happened after Bretton Woods Agreement in 1944, when paper money supposed to be an equivalent of gold, but it was all changed after France requested gold for paper money from the US. That was a moment of introduction of non-gold supported money which is called fiat money [2]
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