Implementation of Platforms’ Strategy by Financial Companies in China and Russia

The global trends underline importance of e-commerce, development payments system as well as alternative banking services. China is considered as one the leader in digital transformation. In that regard development of Tencent in the previous decades and the strategy of the company give understanding...

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Autores principales:	K. L. Astapov, Yifan Liu
Formato:	article
Lenguaje:	EN RU
Publicado:	North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration 2020
Materias:	strategy digital transformation platform payment system tencent private banking china Political institutions and public administration (General) JF20-2112
Acceso en línea:	https://doaj.org/article/aedd6d59dc6d46b8828c7f9b130c7865
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spelling	oai:doaj.org-article:aedd6d59dc6d46b8828c7f9b130c78652021-11-12T10:46:12ZImplementation of Platforms’ Strategy by Financial Companies in China and Russia1726-11391816-859010.22394/1726-1139-2020-8-112-122https://doaj.org/article/aedd6d59dc6d46b8828c7f9b130c78652020-09-01T00:00:00Zhttps://www.acjournal.ru/jour/article/view/1488https://doaj.org/toc/1726-1139https://doaj.org/toc/1816-8590The global trends underline importance of e-commerce, development payments system as well as alternative banking services. China is considered as one the leader in digital transformation. In that regard development of Tencent in the previous decades and the strategy of the company give understanding, how new financial services evolve from traditional approach to platform model. We believe that payment systems as well as other financial platforms would play more important role, competing with traditional banking system and determining landscape of financial system in future. At the same time strategies, based on digital platform, are also actively implemented by Russian financial sector. But competition of new financial organizations with traditional banks are more difficult in our country, because some banks (including Sberbank, Tinkoff) are started building their own platforms. Platform’s strategies are usually effective in mass market, because they are based on cost efficiency model. Nevertheless, some platform could be implemented in premium sector too and in the article, we developed private banking platform strategy for a large Russian bank, which might present strong competitive advantages in the nearest future. Current epidemic enforces digitalization processes, including premium sectors.K. L. AstapovYifan LiuNorth-West institute of management of the Russian Presidential Academy of National Economy and Public Administration articlestrategydigital transformationplatformpayment systemtencentprivate bankingchinaPolitical institutions and public administration (General)JF20-2112ENRUУправленческое консультирование, Vol 0, Iss 8, Pp 112-122 (2020)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	strategy digital transformation platform payment system tencent private banking china Political institutions and public administration (General) JF20-2112
spellingShingle	strategy digital transformation platform payment system tencent private banking china Political institutions and public administration (General) JF20-2112 K. L. Astapov Yifan Liu Implementation of Platforms’ Strategy by Financial Companies in China and Russia
description	The global trends underline importance of e-commerce, development payments system as well as alternative banking services. China is considered as one the leader in digital transformation. In that regard development of Tencent in the previous decades and the strategy of the company give understanding, how new financial services evolve from traditional approach to platform model. We believe that payment systems as well as other financial platforms would play more important role, competing with traditional banking system and determining landscape of financial system in future. At the same time strategies, based on digital platform, are also actively implemented by Russian financial sector. But competition of new financial organizations with traditional banks are more difficult in our country, because some banks (including Sberbank, Tinkoff) are started building their own platforms. Platform’s strategies are usually effective in mass market, because they are based on cost efficiency model. Nevertheless, some platform could be implemented in premium sector too and in the article, we developed private banking platform strategy for a large Russian bank, which might present strong competitive advantages in the nearest future. Current epidemic enforces digitalization processes, including premium sectors.
format	article
author	K. L. Astapov Yifan Liu
author_facet	K. L. Astapov Yifan Liu
author_sort	K. L. Astapov
title	Implementation of Platforms’ Strategy by Financial Companies in China and Russia
title_short	Implementation of Platforms’ Strategy by Financial Companies in China and Russia
title_full	Implementation of Platforms’ Strategy by Financial Companies in China and Russia
title_fullStr	Implementation of Platforms’ Strategy by Financial Companies in China and Russia
title_full_unstemmed	Implementation of Platforms’ Strategy by Financial Companies in China and Russia
title_sort	implementation of platforms’ strategy by financial companies in china and russia
publisher	North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration
publishDate	2020
url	https://doaj.org/article/aedd6d59dc6d46b8828c7f9b130c7865
work_keys_str_mv	AT klastapov implementationofplatformsstrategybyfinancialcompaniesinchinaandrussia AT yifanliu implementationofplatformsstrategybyfinancialcompaniesinchinaandrussia
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Implementation of Platforms’ Strategy by Financial Companies in China and Russia

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