Development of the Fintech Segment of the Financial Services Market in Russia: Pandemic Challenges and Growth Prospects

   The relevance of the study is due to the need to study the ongoing changes in the fintech segment of the financial services market in Russia during the pandemic and to develop tools for effective regulation.    The purpose of the study is to identify the features of the functioning of the fintech segment of the financial services market and its abilities to overcome the negative impact of the pandemic, as well as to determine the directions of its long-term development and appropriate security measures.
   Objectives of the study: assessment of the current state of the fintech segment of the Russian financial services market; analysis of the impact of the pandemic on the financial services market; identification of directions for the prospective development of the fintech segment of the financial services market.
   Methodology. Research methods: method of comparative analysis, method of economic and statistical analysis, graphical method, method of systematization, systematic approach.
   Results. The scientific novelty of the research consists in forming an integrated approach to the study of the structural features of the fintech segment of the financial services market in Russia, revealing the specifics of the development of its individual elements during the pandemic, as well as determining the prospects for further growth. The authors assessed the current state of the fintech segment of the Russian financial services market. The article analyzes the impact of the pandemic on the financial services market, identifies negative and positive trends. The authors identified the directions of the prospective development of the fintech segment of the financial services market in Russia, and also formed recommendations on the choice of security tools.
   Conclusions. The components of the fintech segment of the financial services market have been structured.
The impact of the pandemic on each structural element of the fintech segment was assessed. The conclusion is
made about the rapid development of the component of payments and transfers in the context of a pandemic. The growth of the share of online financial services in the short and long-term market segments in the active phase of the pandemic, as well as restrained market dynamics in terms of capital management, was revealed. The directions of state regulation of the ratio of fintech companies and traditional players of the financial services market are determined.

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