graduate student
The subject of this research is the process of deep transformation of financial services and intermediary institutions, initiated by the formation of a network society and the transition to the digital economy. The research focuses on a comprehensive analysis of the fundamental paradigm shift in the organization of the financial system: from a traditional closed, strictly hierarchical and institution-centered model to a fundamentally new, open, horizontally networked and decentralized architecture. The paper reveals in detail the socio-economic essence of the network society and analyzes its key attributes that are most relevant to the financial sector: the dominance of informationalism, which displaces material production; the network logic of structuring any interactions; the formation of a "flow space" (capital, data) as opposed to a "place space". The central task is to show how these system attributes directly determine the emergence and growth of decentralized forms of financial intermediation, such as crowdfunding, P2P lending, and radical decentralized finance (DeFi) protocols. In conclusion, it analyzes how these innovations transform or completely replace the traditional functions of financial intermediaries (capital accumulation, risk assessment, calculations), which leads to a redistribution of power and value in the financial ecosystem. The methodological basis was formed by a set of general scientific methods: historical-genetic, comparative and structural-functional analysis, as well as a systematic approach used for retrospective analysis and comparison of paradigms. The scientific novelty of the research lies in conducting a comprehensive analysis of the transformation of financial intermediation as a fundamental paradigm shift that goes far beyond simple technological modernization. This approach is implemented through the prism of M. Castells' sociological concept of a networked society, which makes it possible to identify deep-seated systemic changes, not just their technological manifestations. The main conclusions of the work are as follows: the evolution of financial services is a nonlinear and multilevel process, sequentially passing through the stages from the initial automation of existing processes through their digitalization to radical decentralization. At the same time, the traditional functions of intermediaries (capital aggrandizement, risk assessment, and trust assurance) are not disappearing, but are being radically redistributed among new, more specialized types of players, such as information analysts, smart contract developers, and reputation system providers. As a result, a complex hybrid financial system is being formed, where traditional institutions, centralized ecosystem platforms (FinTech) and fully decentralized protocols (DeFi) continue to coexist and compete. However, this transformation creates new serious challenges, including regulatory scissors, cyber risks, systemic threats to sustainability, and the deepening of the digital divide.
network society, financial intermediation, fintech, digital transformation, platform economy, financial services, digitalization
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