Chapter 7: Overcoming Challenges and Embracing Opportunities in the Integration of Modern Financial Tools Preserving: Cultural Heritage in Finance

The current study aims to discuss the issues and potential benefits that emerge in the context of modernization of financial systems existing on traditional cultures. The purpose is to suggest the way how financial institutions can implement innovations in an empathic manner and do not harm the original values present in her cultural and social life. The present study outlines a multidisciplinary perspective from the prism of financial science as well as culture studies and technology insights. The research is based on the review of existing literature and a number of case studies, and expert interviews on financial culture, cultural heritage, and technology. Special attention is paid on identification of what makes cultural adjustments on the way of innovations implementation. The results of the study reveal several challenges related to the sensitive integration of innovation in finance and cultural values. The findings include the lack of identity, the marginalization of some groups, and the contradiction between the traditional understandings of values in the new environment. At the same time, the results of the study show the possibilities that may exist – using modern financial tools for preserving cultural values such as crowd funding for cultural heritage, blockchain for tracking the origin, and technological solutions for cultural exchange. To the best of the authors' knowledge, this is the first study that considers the culture of finance. It also contributes to expanding the scientific knowledge about the interaction of finance and culture. More importantly, it shows a comprehensive view of the challenges and possibilities that may arise in case financial and technical modern innovation are combined.