Problems and prospects of the transformation of traditional banking into financial and banking ecosystems

Aim. The presented study aims to examine major problems in the transformation of the banking system into an ecosystem; to determine the prospects for the development of a new form of activity of banking organizations; to assess the probability of negative consequences following this transformation for businesses and consumers of new products and services.
Tasks. The authors investigate the stages of banking ecosystem development and the sequence of transformation of traditional banking into a financial and banking system; analyze strategic concepts for building an ecosystem of major banks in the Russian Federation; explore the historical roots of the concepts of “business ecosystem”, “banking ecosystem” and the development of the stages of their operation; assess the advantages and determine the prospects for the development of banks in the ecosystem format.
Methods. This study uses general and specific scientific methods and a formal-logical approach to analyze the existing banking system and to identify major directions for the transformation of banks into a financial and banking ecosystem.
Results. Financial services are a traditional element of banking services, but banks are striving to provide non-financial services (such as goods and food delivery, taxi, transport, catering, medicine, media) and other services of a wide format. The attitude to such transformations is diverse: the conservative public fears that this model will gradually begin to dominate, eventually leading to market monopolization. Progressive consumers of banking services believe that the transformation of traditional banking into a new banking ecosystem is a call of the times, a direction that makes it possible to improve the quality of customer service, while also increasing the investment attractiveness of banks.
Conclusions. The policy of transitioning from the traditional banking system to a financial and banking ecosystem developed and cultivated by major Russian banks is not regulated by laws and regulations, and there is no regulator to control the operation of the banking system in the new conditions. The banking system transformation is meant to facilitate the development of  digitalization, introduction of innovations, strengthening of information security methods, and reduction of expenses of individuals and legal entities when receiving financial and nonfinancial services.

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