Efficiencу of Russian FinTech Firms: Excessive R&D Investment?

Student: Kudryavtseva Yuliya

Educational Programme: Economics (Bachelor)

Year of Graduation: 2021

The research tests the FinTech sector of money transfers and payments in Russia for overinvesting in AI technology, being comprehensive research which captures the digital transformation trend in Russia. The sample of panel data includes 300 banks, which were active in the period from 2015 till 2019. The term productivity has been estimated for each of the banks to capture the heterogeneity, applying a production method approach to FinTech firms’ behaviour. Results confirmed the hypotheses that the IT investment returns have declined over time, and FinTech firms’ higher level of productivity is the consequence of initial internal and external advances.

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