TYPOLOGY AND ESSENTIAL CHARACTERISTICS OF ECOSYSTEMS IN THE FINANCIAL SERVICES MARKET

Litvin V. V.

The formation and wide distribution of ecosystems, in particular, in the market of financial services, is an objective and natural process, which determines the expediency of a detailed and in-depth study of this new phenomenon. The article examines approaches to the interpretation of ecosystems essence, based on the identification of their main essential characteristics (signs), presents the author’s position on this issue. The capitalization dynamics of the largest Russian ecosystems is analyzed, and a conclusion is made about its significant growth over the past five years. The functioning experience of leading domestic and foreign ecosystems is investigated. The features and main manifestations of the ecosystem phenomenon in the Russian financial services market are revealed. So, the key feature of Russian banks actively developing and implementing the ecosystem model is their active participation in the acquisition of shares in IT companies and in the development of internal IT solutions for the provision of a variety of non-financial services. With regard to ecosystems created on the basis of non-financial core activities and diversity, there are threats of providing low-quality financial products and services and large losses for customers, which requires tighter state regulation of the financial activities of such companies. Based on the general practice of ecosystems’ functioning in the financial market, their typology is presented by author according to such criteria as: functional, institutional, functional level, dominant development strategy, the formation and functioning hierarchy.

Keywords:ecosystem, ecosystem model, essential characteristics, financial services market, regulation, ecosystem typology