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Development of ecosystems in the financial sector of Russia

Author

Listed:
  • Georgy B. Kleiner

    (Central Economic Mathematical Institute of the RAS, Moscow, Russia)

  • Maksim A. Rybachuk

    (Financial University under the Government of the Russian Federation, Moscow, Russia)

  • Venera A. Karpinskaya

    (State University of Management, Moscow, Russia)

Abstract

The paper examines the problems and factors in the development of ecosystems in the financial sector and related sectors of economy. It demonstrates the prospects for expanding the population of ecosystems in both the global financial market and the Russian banking system. Special focus is on two main prerequisites for the ecosystem development: digitalization of the entire economy and the emergence of innovative information-communication technologies in the financial sector (fintech). The study aims to juxtapose theoretical concepts and definitions of ecosystem with the real practice in Russia and the prospects for the development of ecosystems in the financial sector in order to produce recommendations on activating and regulating the transition from a traditional to an ecosystem economic model. Methodologically, the research rests on system economic theory, which implies that economy is a field for creating, interacting and developing socio-economic systems of various kinds – object-, process-, project- and environment-based systems. Within the framework of this approach, an ecosystem includes: an organizational component represented by a cluster as an object-based subsystem; infrastructure – an information-technological platform as an environment-based subsystem; communication and logistics component – a network as a process-based subsystem; innovative component – a business incubator as a project-based subsystem. Ecosystems in the financial sector are analyzed for compliance with this requirements. We scrutinize the case of FinTech Association as the most technologically advanced community of banking institutions. The research methods are content analysis, ranking score and logical grouping of research objects. The findings show that it is expedient to create a regulating institution that combines the functions similar to those of the FAS of the RF and the Central Bank of the RF in relation to the ecosystems’ activities.

Suggested Citation

  • Georgy B. Kleiner & Maksim A. Rybachuk & Venera A. Karpinskaya, 2020. "Development of ecosystems in the financial sector of Russia," Upravlenets, Ural State University of Economics, vol. 11(4), pages 2-15, September.
    • Handle: RePEc:url:upravl:v:11:y:2020:i:4:p:2-15
    DOI: 10.29141/2218-5003-2020-11-4-1
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    References listed on IDEAS

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    1. Maksim S. MARAMYGIN & Galina V. CHERNOVA & Lyudmila G. RESHETNIKOVA, 2019. "Digital transformation of the financial services market in Russia: Trends and specificity," Upravlenets, Ural State University of Economics, vol. 10(3), pages 70-82, July.
    2. V. G. Khalin & G. V. Chernova, 2018. "Digitalization and Its Impact on the Russian Economy and Society: Advantages, Challenges, Threats and Risks," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 10.
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    8. Alexander A. Kobylko, 2020. "Telecommunication ecosystems: Special features of management and interaction," Upravlenets, Ural State University of Economics, vol. 11(1), pages 15-23, March.
    9. Rahul Kapoor, 2018. "Ecosystems: broadening the locus of value creation," Journal of Organization Design, Springer;Organizational Design Community, vol. 7(1), pages 1-16, December.
    10. Scaringella, Laurent & Radziwon, Agnieszka, 2018. "Innovation, entrepreneurial, knowledge, and business ecosystems: Old wine in new bottles?," Technological Forecasting and Social Change, Elsevier, vol. 136(C), pages 59-87.
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    Cited by:

    1. Lilia A. Valitova & Elena R. Sharko & Marina Yu. Sheresheva, 2021. "Identifying industrial clusters based on the analysis of business ties: A case of the textile industry," Upravlenets, Ural State University of Economics, vol. 12(4), pages 59-74, September.
    2. Lyudmila A. Ramenskaya, 2021. "Interaction between digital platforms and key stakeholders: A content analysis," Upravlenets, Ural State University of Economics, vol. 12(5), pages 96-106, November.
    3. G. B. Kleiner & M. A. Rybachuk & V. A. Karpinskaya, 2022. "Strategic Planning and Systemic Optimization of the National Economy," Studies on Russian Economic Development, Springer, vol. 33(3), pages 243-248, June.
    4. Ekaterina Koroleva, 2022. "FinTech Entrepreneurial Ecosystems: Exploring the Interplay between Input and Output," IJFS, MDPI, vol. 10(4), pages 1-19, October.

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    More about this item

    Keywords

    ecosystem; system economic theory; digitalization; fintech; fintech company; bank; financial sector;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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