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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North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration
2020
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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) |
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strategy digital transformation platform payment system tencent private banking china Political institutions and public administration (General) JF20-2112 |
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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 |
_version_ |
1718430699471503360 |