Trends and Contradictions in the Development of Financial Ecosystem: Russia and the World

Abstract

One of the phenomena of modern civilization is the digital economy, which is based on infocommunication technologies. This industry has received the greatest development in the accounting and financial sphere, which is generalized today as financial technologies—FinTech. The development of FinTech, the activation of integration processes, and the use of artificial intelligence have led to the emergence of economic systems (ecosystems). This article attempts to clarify the composition and definition of the ecosystem, identifying the differences between traditional banks and financial ecosystems; determination of foreign and Russian trends in the formation of ecosystems, their comparative characteristics are given; the main vectors for regulating the development of ecosystems are formed. For comparison, the experience of a number of foreign financial ecosystems, which are also based on commercial banks (Citi Global Consumer Bank—Citi, Standard Chartered, Ant Financial Services Group, Wells Fargo, etc.), is shown. A comparative analysis of foreign and Russian experience in creating ecosystems shows that Russian banks are on the path to expanding the level of influence in the entire economy, by entering new markets through cooperation with their major players. This can lead to serious threats, in particular, to a huge monopoly. Today, it can be stated that the country lacks a holistic concept of state regulation of ecosystem development, which should include changing the licensing systems for financial investors, restrictions on the possibility of ecosystem partnerships with major players in non-financial markets, changing tax systems for financial ecosystems with significant participation of non-financial companies, and ensuring the availability of financial and innovative technologies.