Clustering in financial markets: theoretical, methodological and organizational framework

The purpose of this article is to define the concept of a financial cluster new to our economy and to allocate the theoretical, methodological and organizational bases of its formation. In the article features of financial cluster organization are considered. The relevance of creation of clusters in the financial market caused by the general regularities of the development of economy at the present stage consists in partnership development between financial institutions, between the state and financial institutions, between financial institutions and subjects of business. Today the search of ways to increase the competitiveness of financial institutions becomes more topical. In the conditions of the increased level of concentration of the capital, requirements to its sufficiency, liquidity and solvency it become obvious that the problem of the financial service market development cannot be solved by separate financial institutions' independent policies in this direction. Therefore for receiving a notable effect, participants of the market must form a financial cluster. A financial cluster is an association of bank and non-bank financial institutions which make its basis and infrastructure, whose activity is directed on a positive effect. In the financial markets bank clusters play a special role, namely that of drivers of growth. Internal competitiveness of a credit organization increases on the whole, which is partly provided for by strong positions of separate clusters. Clusters have an increased economic and innovative potential. This, for example, is active participation in the projects directed on creation of uniform processes in bank. Clustering helps optimize customer service processes thus reducing the operating costs and increasing the operating income. When defining the methodological bases it is expedient to allocate the following principles inherent to a financial cluster: 1) lack of commodity and material flows in a cluster; 2) the basis and infrastructure of a financial cluster are made by the financial institutions entering it; 3) bank as an obligatory member of a financial cluster and basis of its kernel; 4) competition in a cluster when similar financial institutions interact in it; 5) the main motives of financial institutions association is the increase of the capital, expansion of the client base and activities. Variability of the nature of services and increase of competition in the financial markets promote permanent diversification of sources of income, development of new, non-conventional systems of service. Thus, provided that a financial cluster is an association of bank and non-bank financial institutions whose activity is directed on achievement of a positive effect it is possible to draw a conclusion that the cluster approach in the financial markets is a prerequisite of development of an advanced system of managing as well as a natural stage in the development of modern economy. Today creation of clusters can become one of the well-tried remedies for banks in preservation of their own competitive advantages in the market.

Keywords

Authors

References