Ecosystem Development as the Main Trend of Banking Business Transformation

Abstract

In recent years, technology companies have been appearing on the financial market, providing a wide range of financial services in a new digital format, creating serious competition for banks. In the context of declining revenues from traditional services and rising transaction costs, banks began to develop and implement partner services — ecosystems. This requires banks to change the way they provide services, their product range and a qualitative restructuring of operational processes. These services provide banks with an influx of revenue and customer loyalty. This article considers the necessity and reasons for the emergence and development of banking ecosystems. The most popular directions of their development are summarized. The main models of their functioning are characterized. The examples of banking ecosystems currently operating in Russia are given. The conclusion is made about the need for digital transformation (digitalization) of the banking business, which covers all aspects of the activities of not only the Bank, but also its clients. The main distinguishing feature of this transformation is its complexity. All this will help to maintain the banking segment in the market, as well as increase the efficiency of banking services due to their complexity and reduce operating costs.