Provision of financial services by marketplaces: prospects and risks

Abstract

The article deals with the problem of increasing competition in the financial services market associated with the increasingly active participation of marketplaces in their provision. The relevance of the study is due to the growing market power of marketplaces, when the two largest marketplaces Wildberries and Ozon currently account for over 80% of online orders. More than twofold increase in the share of online orders from 2019 accounting for only two universal marketplaces is combined with the general trend in retail trade according to Rosstat, which is also associated with constant increase in the share of online sales in total retail turnover. Currently the issues of risk management of the participants of economic relations in the financial market undergoing digital transformation are insufficiently studied. Therefore, it is relevant to identify financial services provided by the largest domestic universal marketplaces, assess the structure of provided services, their impact on competitive environment and potential risks associated with increased participation of non-financial companies. The assessments were made on the analysis of available information in reports and reviews, as well as using synthesis of existing research on the participation of marketplaces in provision of financial services and the risks associated with these processes in the financial sector. The results of the analysis can be used to develop mechanisms of interaction with new participants in the financial services market and regulation of their presence in this market. In particular, due to the development of special standards by the Bank of Russia for financial organizations and banks, the share of services provided to customers and/or suppliers of the marketplace exceeds a certain threshold value.