The development of information and communication technologies (ICT) has a significant impact on the business model of companies operating in the financial sector. Digital transformation leads to changing existing business model rapidly, as well as necessity of developing new processes specifically related to the use of ICT in business processes, development of new products and updating existing ones. At present, changes in the demand for ICT related processes in financial sector are observed both through the development of different technologies and their applications core or ancillary processes (e.g. innovations in payment systems including crypto currencies, blockchain-assisted smart contract, credit markets and insurance including peer-to-peer lending). Based on the opportunities offered by ICT, new business models need to be developed in the financial sector to transform these capabilities into new products and services that respond to changing customer demand. The aim of research to investigate the changes taking place in financial sector in the light of developments in ICT for acquisition of necessary competencies. Research methodology includes systematic review of scientific literature, analysis of selected financial sector statistics, semi-structured industry expert interviews and statistics analysis. The empirical study is limited to the financial sector of Latvia. Although due to the global nature of the financial sector the research findings could be applied internationally.

Company capital is essential in running business and creating value added for the stakeholders, including economy. How the view on company’s capital structure has evolved from theoretical perspective in the 20th century is needed to be assessed, in order to determine what concepts and theories, if any are relevant in the 21st century. Many theories have competed their way and transformed during the 20th century, while some, i.e. trade-off, signalling and stakeholder theories are still relevant in the 21st century. There are also new trends in the 21st century, new terms and quests shifting from determining and analysing optimal company’s capital structure to sustainable finance, taxonomy and also sustainability in capital structure. Therefore, the aim of this research: to establish existing main theories impacting and analysing company’s capital structure and to examine the theoretical shift of the theories based on the needs in the 21st century. Authors defined company’s capital structure and determined that during the years 1989–2020, number of research publications has grown significantly, thus validating the need to reassess theoretical background of capital structure theories in the 20th century, as well as to help to determine the trends still relative and emerging from the theoretical and practical aspects to company’s capital structure in the 21st century.