Despite the risks, ecosystems are a general trend in the development of financial institutions, and behind them is the future of the banking sector, noted in conversation with ABF "Economics today» economist, PhD in Economics Mikhail Belyaev.
The Central Bank of Russia recognized banks' investments in non-core assets and non-financial services, ecosystem-forming, unproductive. In this regard, the regulator wants to impose restrictions on such transactions with mandatory detailed reports on them..
What exactly worried the Central Bank of the Russian Federation
Sberbank currently has the most impressive ecosystem, notes the Central Bank. VTB is developing according to the same scenario, “Tinkoff Bank”, “MTS Bank” and others. As for Sberbank, then by the end 2020 the organization has invested in non-financial business for about 150 billion rubles, and the proceeds from such assets amounted to 71,4 billion rubles, cites RBC data.
Sberbank singles out the following as the main directions: e-commerce and logistics services, cloud technologies, entertainment, food delivery services, taxi and car sharing, digital services in healthcare and non-financial services for legal entities. This spring, Sberbank announced the acquisition 25% publishing house "Education".
The Central Bank of the Russian Federation in its report recognizes, that now the non-financial services of Sberbank occupy only 5% in operating income and about 3% from capital.
However, the regulator is worried about the bank's long-term strategy, according to which the share of non-financial ecosystem services in operating income to 2030 year should increase to 20-30%. Besides, Sberbank plans to enter the top three leaders of the Russian e-commerce market.
Unlike Sberbank, VTB and Tinkoff's strategies are more focused on the partnership model. However, VTB is doing joint projects with Magnit, in which it owns a minority stake. known, that the bank plans to connect other partners to its ecosystem in the future. Tinkoff invests relatively little in non-financial companies to build an ecosystem.
Uncontrolled development of ecosystems based on banks can lead to risks for lenders and depositors, as well as financial instability. Furthermore, the growing popularity of ecosystems, given their limited number, can pose an important challenge for antitrust regulation, the regulator is worried.
Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking in September 2020 of the year, recognized, what is the future behind ecosystems. However, then, how the trend is being implemented in Russia, causes concern, as it can lead to market monopolization and the realization of risks, associated with the concentration of a huge array of personal data in one hand.
"The Central Bank is trying to stay within the traditional banking system. However, the development of the financial sector is moving towards the digital combination of services from various related areas.. Human needs are studied, individual products and services are developed for a specific person or group of people. As a result, the client's financial needs are met in the most complete way. ", – explains Mikhail Belyaev.
The nearest strategy of the Central Bank on ecosystems
The regulator intends to act gradually. First of all, it is planned to adjust the regulation of banks' investments in immobilized assets, non-refundable.
The Central Bank also plans to provide an adequate assessment of ecosystem risks within the framework of, internal procedures for assessing capital adequacy carried out by banks. Besides, capital requirements for banks will be increased, developing large ecosystems.
The proposed approach, noted in the report of the Central Bank of the Russian Federation, will enable banks to develop ecosystems, which will drive technological progress and improve customer experience.
“In the world of ecosystems, certainly, there are risks. But, likely, ecosystems are a general development trend, behind the future of the banking sector.
restrictions – this is the least productive method. Workarounds will be found, perhaps, associated with even greater risks ", – argues Mikhail Belyaev.
The expert noted, that the Central Bank should carefully assess the prospects of the developing banking system and minimize risks.
The main risk, seen in the banking ecosystem for the consumer, concerns the, that the bank will know too much about the client and will be able to program his further actions, consumption and financial behavior.
At the same time, clients of financial institutions should be responsible for consumption and improve financial literacy., so as not to be led by a financial institution. The role of the regulator is seen rather in this plane., concluded the expert.