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Financial technologies as a driving force for business model transformation in the banking sector

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  • Yuliya Nichkasova
  • Halina Shmarlouskaya

Abstract

The article examines the latest trends in the development of the banking sector under the influence of financial technologies. Adopting systematic and historical methods of research, the dialectic of two typological structures of financial ties is considered. The interaction of distributed network structures with equal subjects of economic activity and hierarchical institutional structures with state participation is explored. It is revealed that with the development of innovations and financial technologies, the use of distributed network channels is increasing. The conclusion is made that there are potentially two strategic approaches for the development of banks: evolutionary and revolutionary, involving in the first case the transformation of their classical business model into a technology company, and in the second, full absorption by alternative distributed services, based on block technologies and consumer power.

Suggested Citation

  • Yuliya Nichkasova & Halina Shmarlouskaya, 2020. "Financial technologies as a driving force for business model transformation in the banking sector," International Journal of Business and Globalisation, Inderscience Enterprises Ltd, vol. 25(4), pages 419-447.
    • Handle: RePEc:ids:ijbglo:v:25:y:2020:i:4:p:419-447
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