Formation of business ecosystems as a new management model in the fi nancial sector

The article examines the formation processes of business ecosystems in the financial sector as a new management model in the context of digital transformation. Сritical differences between cluster, network, and ecosystem organizational forms are identified, based on which a formation model for financial ecosystems. It is substantiated that sustainable ecosystem functioning is ensured by a dual governance model balancing centralized control and participant autonomy, which requires polydexterity from the orchestrator. Industry-specific formation characteristics determined by Bank of Russia regulatory constraints and value creation features through embedded finance are revealed. 

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