FINTECH ECOSYSTEM IN THE FINANCIAL SERVICES MARKET: FEATURES, FORMS OF INTERACTION AND DEVELOPMENT
Abstract
The purpose of the article is to study the essence, peculiarities of the formation and development of the FinTech ecosystem on the financial market in the conditions of negative dynamics of the external environment. the paper substantiates that the main driving force of the transformation of the financial services market is a sharp change in the behavior of consumers of financial services and the associated change in requirements, which traditional participants of the financial market are no longer able to satisfy due to the impact of the development of digitalization. The study of the essence of the concept of "ecosystem" made it possible to determine that there is no single concept. The work determined that the FinTech ecosystem in the financial services market is a direct intermediary that does not issue any financial obligations of its own, does not assume financial risks and first searches for consumers of financial resources (borrowers), and then - suppliers (creditors). It is substantiated that FinTech ecosystems are the creation of a marketplace, which is defined by the main components created by the owner of the marketplace, and supplemented by applications by independent participants, additional services on the periphery, which go beyond the financial market and provide services and services for customers in various industries. The work determined that the FinTech ecosystem is capable of combining a large number of different types of services (products) on one financial marketplace, while using partner participants, startups (FinTech projects, innovative services in the financial sphere), regulators (the Central Bank of Ukraine, interested ministries) and infrastructure participants (banks, payment systems, accelerators, incubators, FinTech hubs, investors). The features of the FinTech ecosystem are identified, the meaning of the "win-win" principle and the prospects for its development are revealed. It was determined that the FinTech ecosystem in the financial services market is a network of interconnected participants-partners on mutually beneficial terms with the aim of providing financial services and integrating depending on the requirements of the client and the external environment with the aim of obtaining a synergistic effect.
References
Маркетплейс фінансових можливостей для бізнесу. URL: https://business.diia.gov.ua/finance (дата звернення: 05.09.2022).
Д’яконова І., Павленко Л., Криклій О. Сучасний стан та перспективи колаборації банків та FinTech. Проблеми і перспективи економіки та управління. 2019. № 1 (17). С. 190-199.
Семеног А. Ю., Цирулик С. В. Тенденції розвитку Fintech послуг на світовому та вітчизняному ринках фінансових послуг. Бізнес Інформ. 2018. № 10. С. 327-334.
Гаврилко Т., Антонова Р. FINTECH: зарубіжний досвід та особливості розвитку в Україні Науковий вісник Ужгородського національного університету. 2020. Вип. 29. С. 17 - 22.
Рубанов П. Структура ринку Fintech інновацій. Науковий вісник Полісся. 2021. № 2(18). С. 184–189.
Джурук Н. FINTECH та комерційні банки: конкуренція та можливості співробітництва. Економічний аналіз. 2020. Том 30. № 1. URL: https://www.econa.org.ua/index.php/econa/article/view/1749/6565656854 (дата звернення: 05.09.2022).
Крилова О. В. Розвиток мікрофінансових організацій в Україні в умовах FinTech трансформації фінансового ринку. БІЗНЕСІНФОРМ.2020. № 10. С. 316 - 325.
Ayres R. On the lifecycle metaphor: Where ecology and economics diverge. Ecological Economics. 2004. № 48. P. 425-438
Power T., Jerjian G. Ecosystem: Living the 12 principles of networked business. Pearson Education Ltd. 2001. 289 p.
Jacobides, M., Cennamo С., Gawer A. Towards a Theory of Ecosystems. Strategic Management Journal. 2018. Vol. 39. P. 2255-2276.
Adner R. Match your innovation strategy to your innovation ecosystem. Harvard Business Review. 2006. Vol. 84, № 4. P. 98-107.
Iansiti M., Levien R. The Keystone Advantage: What the New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability. Boston, MA : Harvard Business School Press, 2004. 255 р.
Moore J. The Death of Competition: Leadership and Strategy in the Age of Business Ecosystems. New York : Harper Business, 1996. URL: https://lib.ugent.be/catalog/rug01:000431120 (Last accessed: 05.09.2022).
Autio, E. Llewellyn D., Thomas W. Innovation ecosystems: implications for innovation management. The Oxford handbook of innovation management. - Oxford : Oxford Univ. Press. 2014, p. 204-228.
Jacobides, M., Cennamo С., A. Gawer Industries, Ecosystems, Platforms, and Architectures: Rethinking our Strategy Constructs at the Aggregate Level. Working paper. Academy of Management. 2017. URL: https://journals.aom.org/doi/abs/10.5465/ambpp.2015.11552symposium (accessed: 05.09.2022).
Принцип «win-win» або як вигравати від співпраці - думки Мариновича і Шептицького. Аналітичний центр Українського католицького університету. URL: https://ac.ucu.edu.ua/win-win-strategy_sheptytsky/ (дата звернення: 05.09.2022).
Marketplejs finansovykh mozhlyvostej dlja biznesu (2022) [Marketplace of financial opportunities for business]. Available at: https://business.diia.gov.ua/finance (accessed: 05.09.2022).
D'jakonova I., Pavlenko L., Kryklij O. (2019) Suchasnyj stan ta perspektyvy kolaboraciji bankiv ta FinTech [Current state and prospects of collaboration between banks and FinTech]. Problemy i perspektyvy ekonomiky ta upravlinnja, no 1 (17), pр. 190-199.
Semenogh A. Ju., Cyrulyk S. V. (2018) Tendenciji rozvytku Fintech poslugh na svitovomu ta vitchyznjanomu rynkakh finansovykh poslugh [Trends in the development of Fintech services on the world and domestic markets of financial services]. Biznes Inform, no 10, pр. 327-334.
Ghavrylko T., Antonova R. (2020) FINTECh: zarubizhnyj dosvid ta osoblyvosti rozvytku v Ukrajini [FINTECH: foreign experience and peculiarities of development in Ukraine]. Naukovyj visnyk Uzhghorodsjkogho nacionaljnogho universytetu, vol. 29, pр. 17 - 22.
Rubanov P. (2021) Struktura rynku Fintech innovacij [The structure of the Fintech innovation market]. Naukovyj visnyk Polissja, no 2(18), pр. 184–189.
Dzhuruk N. (2020) FINTECh ta komercijni banky: konkurencija ta mozhlyvosti spivrobitnyctva [FINTECH and commercial banks: competition and opportunities for cooperation]. Ekonomichnyj analiz, vol. 30, no 1. Available at: https://www.econa.org.ua/index.php/econa/article/view/1749/6565656854 (accessed: 05.09.2022).
Krylova O. V. (2020) Rozvytok mikrofinansovykh orghanizacij v Ukrajini v umovakh FinTech transformaciji finansovogho rynku [Development of microfinance organizations in Ukraine in the conditions of FinTech transformation of the financial market]. Biznes Inform, no. 10, pр. 316 - 325.
Ayres R. (2004) On the lifecycle metaphor: Where ecology and economics diverge. Ecological Economics, no. 48, pp. 425-438.
Power T., Jerjian G. (2011) Ecosystem: Living the 12 principles of networked business. Pearson Education Ltd. 289 p.
Jacobides, M., Cennamo С., Gawer A. (2018) Towards a Theory of Ecosystems. Strategic Management Journal, vol. 39, pp. 2255-2276.
Adner R. (2006) Match your innovation strategy to your innovation ecosystem. Harvard Business Review, vol. 84, no. 4, pp. 98-107.
Iansiti M., Levien R. (2004) The Keystone Advantage: What the New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability. Boston, MA: Harvard Business School Press.
р.
Moore J. (1996) The Death of Competition: Leadership and Strategy in the Age of Business Ecosystems. New York : Harper Business. Available at: https://lib.ugent.be/catalog/rug01:000431120 (accessed: 05.09.2022).
Autio, E. Llewellyn D., Thomas W. (2014) Innovation ecosystems: implications for innovation management. The Oxford handbook of innovation management. - Oxford : Oxford Univ. Press. p. 204-228.
Jacobides, M., Cennamo С., A. Gawer Industries (2017) Ecosystems, Platforms, and Architectures: Rethinking our Strategy Constructs at the Aggregate Level. Working paper. Academy of Management. Available at: https://journals.aom.org/doi/abs/10.5465/ambpp.2015.11552symposium (accessed: 05.09.2022).
Pryncyp «win-win» abo jak vyghravaty vid spivpraci - dumky Marynovycha i Sheptycjkogho (2022) [The "win-win" principle or how to benefit from cooperation - opinions of Marynovich and Sheptytskyi]. Analitychnyj centr Ukrajinsjkogho katolycjkogho universytetu. Available at: https://ac.ucu.edu.ua/win-win-strategy_sheptytsky/ (accessed: 05.09.2022).
