THE INFLUENCE OF FINTECH ON THE TRANSFORMATION OF BANK`S BUSINESS PROCESSES AND THE FORMATION OF NEW CONSUMER VALUES
The rapid emergence of new financial and technological companies contributes to the transformation of the value chain by financial intermediaries. The presented study is aimed at identifying opportunities and prospects for the formation of new consumer value based on the interaction of credit institutions and high-tech companies. To this end, FinTech-companies were classified according to their functionality, their options for cooperation with banks were identified, the impact of digital technologies on the transformation of business processes and on the formation of new consumer value by financial intermediaries were analyzed. In conducting the study, the following methods were used: classification, description, comparative analysis, system analysis, synthesis. The result of the study was to identify areas of the transformation of business processes that ensure the creation of competitive advantages of the bank for the long and short term, their impact on customer value.
Keywords: digital technologies, financial intermediaries, business processes, innovations, FinTech, customer value, Open API, outsourcing.
Highlights:
the main points of the research are the following:
changes in management business processes of banks based on the use of digital technologies contribute to the formation of a competitive advantage for the long term due to the transformation of supporting and mainstream business processes, and also affects a whole range of consumer value components;
the transformation of individual core business processes of the bank is associated with the short-term effect of competitive advantages due to the rapid copying of the introduced transformations and the impact only on individual components of consumer value;
within the framework of the sharing economy, the formation of ecosystems that minimize risks and costs of innovation, allows FinTech companies to strengthen their market positions and to form customer services together with banks;
digital technologies have a direct impact on improving the convenience, speed, availability and transparency of financial services for customers, which over time leads to an increase in trust - the qualitative characteristics of relationships that shape customer value;
the proliferation of comparative services increases the rationality of customers, fills the lack of their financial knowledge, contributes to increased transparency and creates conditions for the development of non-price competition between financial intermediaries, where the timeliness of personalized offers and the quality of services provided are of great importance.
Olga N. Korableva, Doctor of Economics, Professor, St. Petersburg State University, Institute for Problems of Regional Economics of the Russian Academy of Sciences; Margarita I. Guseva, a doctoral candidate, St. Petersburg State University of Economics.