The analysis of competition in the fintech services market in Russia

Competition in the financial sector is critical for several reasons. As in other industries, it can affect the efficiency of financial services production, the quality of financial products, and the degree of innovation in the industry. The results obtained using the structural method for assessing competition demonstrate a high market concentration, which is characteristic of a monopoly. The key barriers to entry the FinTech market are imperfect legal and regulatory frameworks, financing problems and low purchasing power of the population. As a recommendation to remove the first barrier, it was proposed to prescribe special rules for companies providing FinTech services. These provisions can be developed during the implementation of the Digital Economy program until 2024. To overcome the remaining barriers, it is necessary to stabilize the Russian economy and develop a marketing strategy by organizations aimed at increasing the loyalty of potential customers. If the recommendations for eliminating entry barriers proposed in the study are implemented, the level of competition in the financial market will increase, otherwise FinTech companies, as separately functioning organizations, may disappear and become a part of large traditional participants in the financial market.