FINANCIAL SERVICES IN THE DEVELOPMENT OF THE BIGTECH ECOSYSTEM

Abstract

The Covid-19 pandemic has transformed the needs of consumers of goods and services. As a result, there was an increase in the volume of BigTech activity. At the same time, BigTech took into account the expectations of consumers in obtaining complementary services. This led to the growth of BigTech's offerings of financial services to its clients. The purpose of the article is to clarify the place of financial services in the BigTech ecosystem and to identify the priority areas of activation of the provision of financial services by BigTech firms. The article describes the BigTech ecosystem from an institutional point of view. The study presents the composition of participants of the BigTech ecosystem, which are connected by a digital platform and the use of information technologies that contribute to the sale of goods and the provision of services, including financial ones. The technical, economic, legal, and marketing prerequisites for providing BigTech financial services have been identified. This made it possible to substantiate the influence of consumer needs on the formation of the policy of providing BigTech financial services. It has been confirmed that BigTech implements a policy of providing financial services that meet customer expectations. The weaknesses and strengths of BigTech financial services are identified. The threats and opportunities of providing BigTech financial services are substantiated. The conducted research made it possible to formulate geographical, product, and client directions for the development of the provision of BigTech financial services.