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Ecosystems and Marketplaces: Overview of the Financial Services Market

Author

Listed:
  • Pavel A. Samiev

    (BusinessDrom Analytical Center, Moscow 127422, Russian Federation; “Opora Russia”, Moscow 127473, Russian Federation)

  • Veronika R. Zakirova

    (BusinessDrom Analytical Center, Moscow 127422, Russian Federation)

  • Darya V. Shvandar

    (Financial University Under the Government of the Russian Federation, Moscow 125993, Russian Federation)

Abstract

The relevance of the research subject is due to global trends in financial market digitalization and new challenges of our time. The spread of globalization processes to the activities of financial organizations determines the trends in digital development of interaction with customers — in particular, growth of consumer demand for remote services in the context of a pandemic stimulates the formation of new financial and digital platforms. The article provides an analytical overview of trends in, obstacles to and prospects for the integration of financial ecosystems and marketplaces in the Russian market. The main conclusions of the work boil down to the need to apply an integrated approach when developing the rules for the functioning of financial and digital ecosystems and marketplaces, taking into account the intersectoral nature of interaction. Regulation will provide a legal framework and help to maintain competition in the market.

Suggested Citation

  • Pavel A. Samiev & Veronika R. Zakirova & Darya V. Shvandar, 2020. "Ecosystems and Marketplaces: Overview of the Financial Services Market," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 86-98, October.
    • Handle: RePEc:fru:finjrn:200506:p:86-98
    DOI: 10.31107/2075-1990-2020-5-86-98
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    References listed on IDEAS

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    1. Maria G. Girich & Antonina D. Levashenko & Alexandra A. Koval, 2020. "From Monetary Towards Non-Monetary Transactions: Consumer Personal Data Protection in E-commerce," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 117-130, February.
    2. Denis V. Bryzgalov & Julia V. Gryzenkova & Alexander A. Tsyganov, 2020. "Prospects for Digitalization of the Insurance Business in Russia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 76-90, June.
    3. Lyubov A. Petrova & Tatyana E. Kuznetsova, 2020. "Digitalization in the Banking Industry: Digital Transformation of Environment and Business Processes," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 91-101, June.
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    Cited by:

    1. Sergey A. Vasiliev & Irina A. Nikonova & Olga S. Miroshnichenko, 2022. "Banks, Financial Platforms and Big Data: Development Trends and Regulation Directions," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 105-119, October.
    2. Vladimir V. Vagin & Ekaterina S. Shugrina, 2021. "The Role of Participatory Budgeting in Forming an Ecosystem of Civic Participation in State and Municipal Governance," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 9-24, April.

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    More about this item

    Keywords

    financial and digital platforms; marketplace; financial ecosystem; structural transformation; end-to-end digital system;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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