The creation of digital ecosystems is essential to support competition for consumers in the financial sphere
How did ecosystems emerge? People did not want to deal with financial matters. Yet, doing very different things in our life we keep running into finances. And an ecosystem is an attempt for the end user to provide a convenient, good, simple, and safe user experience — Ekaterina Petelina, General Director of Visa Payment System LLC.
People are only interested in resolving their specific problems; everything else is absolutely irrelevant. What is an ecosystem? An ecosystem is something that gives the user more reliance in using some related services that they had not used before and simplifies the process of using them. It is companies that will resolve the problems of users, who will gain from this — Greg Abovsky, Operating Officer, Yandex.
To win in the future on the market, the most important thing is always how much you know about your consumer, what values you take to the consumer and what problems you can resolve for the consumer. This knowledge is the key to success — Li Wang, Head of Europe, Middle East and Africa at Ant Financial.
We began as some sort of digital bank but we are expanding our sphere of service. We have already penetrated into other areas: travel, investment products and content creation (all kinds of lifestyle tips, assistance that improves the lives of our clients). Accordingly, these are financial services and other services, also bearing in mind mobile communication, which are all represented on one and the same interface, with compatible user experience in one place. This is what an ecosystem is all about. It is the only way to compete in the future with Big Tech — Oliver Hughes, Chairman of the Management Board at Tinkoff Bank.