The paper challenges financial development of emerging market countries. The result of the current scientific discussion in this area is the recognition of the ambiguity of the financial development impact on economic growth. This implication forms the main context of the research. The theoretical basis of its methodology is based on research in the field of national financial systems and professional investment analysis. Materials from the IMF, the World Bank, international companies that publish stock indexes, etc. were used as an information base. Considering emerging markets as a single group, the author focused on an aggregated assessment of their level of development. It was found that, on average, this level can be considered optimal, which underlines the importance of financial transformations in the emerging economy. However, this conclusion does not apply to all the analyzed markets that show different characteristics, including from the perspective of banking services’ comparative importance.