The effect of macroeconomic factors on business models in FinTech industry
2018
Zvirgzdina, R., Turiba Univ., Riga (Latvia) | Skadina, H., Turiba Univ., Riga (Latvia)
The Internet and technological possibilities trigger significant changes in the business environment and force companies to reconsider their use of new technologies. The decision to use new technologies makes it possible to open new market segments as well as to expand the business beyond one country’s borders. This trend brings new business potential, but at the same time it involves new risks, which must be qualitatively and timely managed to ensure the sustainability of the business model. Business modelling is an excellent tool which entrepreneurs can use in order to adapt their activities to a new market challenges and predict the consequences as well as improve their management skills for risk assessment. The aim of this research is to find out what and how macroeconomic factors affect business modelling of the financial technology (FinTech) at both industry and company level. In this research the authors used a continuous comparative analysis method as well as content analysis method (Martinsone et al, 2016). In interviews, experts were asked to assess the significance of specific macroeconomic factors by using the Likert scale. As a result of the research, the difference of the influence as well as their dependencies and modifications on different levels of business modelling was determined. This result forms the basis for conclusions about the most important impact factors, the areas of their influence and possible consequences that affect business modelling at both industry and company level.
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