美国富国银行介绍

1、Wells Fargo and Company富国银行2012年5月Introduction富国银行的介绍History富国银行的历史The Regulatory Environment 法律环境In recent years, some of the long-standing government regulations in the banking environment began to fall. In 1994, the Riegle?Neal Interstate Banking and Branching Efficiency Act was passed. This act

2、allowed banks to transact in interstate branching. The Riegle-Neal act led to an era of widespread branch banking, changing the landscape and structure of the banking industry throughout the United States. Immediately upon the passage of this act, banks began to consolidate in order to take advantag

3、e of the almost limitless opportunities. Widespread branching networks, as well as regional networks supported by affiliated bank relationships, evolved across the country. 近年来，一些长期存在的针对银行业环境的政府规则开始降低。Riegle?Neal州际银行和支行有效性法案被通过。该法案允许银行开设跨州的支行。该法案引发了广泛的分支银行时期，改变了美国的银行业的状况和布局。在该法案通过之后，立刻的，银行开始进行整顿，为了能

4、够利用几乎是无限制的机会。广泛的分支网络，和由会员银行关系支持的区域性的网络，发展到了整个国内。 The Regulatory Environment 法律环境In addition to the passage of the Riegle?Neal Interstate Banking and Branching Efficiency Act, another breakthrough legislation change was the loosening of Section 20 of the Glass-Steagall Act. Section 20, originally cre

5、ated after the stock market crash of 1929, prohibited the affiliation of Federal Reserve member banks and investment firms engaged in dealing or underwriting securities. Beginning in 1987, the Federal Reserve slowly began to remove the regulation. As of 1997, banks were allowed to derive 25% of thei

6、r revenues from securities underwriting. 除了Riegle?Neal州际银行和支行有效性法案的通过，另外一个突破性的法律上的改变是Glass-Steagall法案第20部分的放松。该部分原来是在1929年证券市场崩溃之后设定的，禁止了联邦储备系统的从属成员银行和投资公司处理或进行证券的承销。开始于1987年，联邦储备系统开始逐渐的改变该法令。到1997年，银行已经被允许其25%的收入是从证券承销中得到。Impact of Technology科技的影响Traditionally, banks had been early adopters of tech

7、nology due to the large number of routine transactions that they processed. In addition to their own internal banking systems, most banks also maintained links to credit card processing systems, ATM systems, interbank check clearance systems and a number of links to their customers. During the late

8、1980s and the early 1990s information technology and telecommunications technology began to converge. This convergence enabled banks to centralize services and take advantage of new delivery channels such as telephone banking and the Internet. Wells Fargos experience in Texas provided good example o

9、f the opportunities that technology produced. 传统的，银行早期采用科技是因为他们需要处理的大量的常规交易。在他们本身的内部银行系统之外，大多数的银行还保持着和信用卡处理系统，ATM系统，内部银行确认系统得链接，以及一部分和客户的链接，在20世纪80年代后期和90年代早期，信息技术和远程通信技术开始联合。这使得银行可以集中服务并且利用新的递交渠道，例如电话银行和因特网。富国银行在得克萨斯的经历就为科技产生的机会进行了很好的诠释。 Impact of Technology科技的影响In 1997, the Texas Legislature allow

10、ed banks to offer home equity loans for the first time. Previously, this product had been allowed in other states but not in Texas, one of the nations most populous states. Wells Fargo wanted to take advantage of the change in legislation. They decided the most efficient way to capture the home equi

11、ty lending market was to sell this product over the phone. This enabled Wells Fargo to avoid the problem of performing training for all applicable branch personnel on the new product. Wells Fargo set up a phone center in Pueblo, Colorado to take these calls. Phone center personnel were bilingual. Wh

12、en a call came into the call center, the agent receiving the call recorded all the customers information in a computer system whose processing center was in Bozeman, Montana. Since the sales prices of homes in Texas were not made available to the public, Wells Fargos system used the Texas Tax Assess

13、or Database to determine the value of the house. Other credit checks were performed and the system ensured that the new loan plus existing loans on the house did not total more than 80% of the value of the house (another Texas regulation). With these checks performed, the system produced a prelimina

14、ry approval. This whole process took place in 20 seconds and the customer was informed during his or her phone call. Contracts for the loan were issued from Wells Fargos existing fulfillment center in Cincinnati and the loans were disbursed in Texas. Martin VanDerSchouw, Assistant Vice President of

15、Strategic Analysis, proudly stated that building the infrastructure for this opportunity took only 57 days. Initial data available at the time that the case was written indicated that Wells Fargo had captured more than 50% of the total market. 1997年，得克萨斯的法律开始第一次允许银行提供房屋贷款。先前这种产品在其他州是被允许的，而得克萨斯，国内人口最

16、多的省之一却不行。富国银行想利用这种法规上的改变，他们决定最有效的掌握房屋贷款市场的方法是通过电话销售这种产品。这使得富国银行避免了对所有分支银行的人员进行新产品培训的问题。富国银行在Pueblo, Colorado建立了一个电话中心来打电话。电话中心的职员都是双语的。当电话打进来的时候，收到电话的人员会接受到一个电话记录，包括了能够从计算机系统理掉出所有的客户的信息。这个系统的处理中心是在Bozeman, Montana，因为得克萨斯的房屋销售价没有进行对公众的公布，富国银行的系统使用了得克萨斯的税务估价数据库来决定房屋价格。其他的贷款核实也可以实施，系统保证了新的贷款加上已经存在的房屋贷款

17、不超过房屋总价的80%（另一个得克萨斯的法规）。通过这些确认，系统产生了一个初步的核准。整个过程可以在20秒内完成，客户就可以在打电话的时候得知。而贷款合同是由富国银行的完成中心提供的，该中心设立在Cincinnati，而贷款则在得克萨斯提供。Martin VanDerSchouw，战略分析的主力副总裁，骄傲的宣布为该机会进行的整个基础建设是在短短的57天内完成的。此次富国银行得到的初始信息使其占据了总市场的50%。Financial Services Trends金融服务趋势The Financial Services Industry under went a number of fund

18、amental changes during the 1990s. Major changes included:在20世纪90年代，金融服务行业经历了一系列的基本变化。主要的变化包括：Consolidation 合并Disintermediation 脱媒Commoditization 商品化Globalization 全球化Consolidation合并The deregulation that swept the financial services industry significantly changed the environment in which banks operate

19、. The relaxation of interstate banking regulations opened the door for mergers and acquisitions not previously possible. Many banks dreamed of serving customers from coast to coast. The cost of building new branches, recruiting new personnel and winning new customers made mergers a much more attract

20、ive method of expanding their retail and commercial banking operations than classical expansion. Since 1994 a number of major mergers and acquisitions occurred. In the Midwest, Chicagos largest bank, First Chicago Corporation merged with the National Bank of Detroit to form First Chicago NBD. In a y

21、ears time, NationsBank, the result of a number of previous mergers, acquired Boatmens Bank, a large northeastern bank and Barnett Bank, a large Florida Bank. Indicative of the frenzy in the industry, Core States Bank in Cleveland made an offer to buy Mellon Bank of Pittsburgh. A few days after Mello

22、n Bank turned down the Core States offer, First Union of Charlotte stepped in and bought Core States in the largest banking transaction in U.S. history. Wells Fargo was also part of this trend; they acquired First Interstate bank in 1994, a move which helped expand their presence in the Southwestern

23、 United States.对金融服务行业的管制取消大大的改变了银行业操作的环境。州际银行法规的放缓给兼并收购开放了门户，这在以前是不可能的。许多银行都梦想能够对客户进行岸对岸的服务。建立新的分支机构，招聘新的人员，获得新的客户的成本使并购变成了一种更有吸引力的用来扩展新的零售银行和商务的方式，比起传统的扩张来说。自从1994年一部分主要的并购和兼并发生了。在中西部，芝加哥最大的银行，第一芝加哥公司和底特律国家银行进行合并组成了芝加哥NBD。在一年的时间内，国家银行，也是一系列并购的结果，兼并了Boatmen银行，一个大的东北银行和Barnett银行，一个大的佛罗里达银行。作为行业风暴的预示

24、器，在cleveland的Core States银行出价购买皮斯堡的Mellon银行。在Mellon银行拒绝这个出价后不久，First Union of Charlotte介入并且购买了Core States银行，是美国历史上最大的银行也交易。富国银行也是这个趋势中的一员，在1994年它并购了第一州际银行，这个活动使得富国银行可以在美国的西南部扩展自己的业务。Consolidation合并The trend towards consolidation was not limited to retail and commercial banking. Relaxation of Glass-St

25、eagalls Section 20 enabled banks to enter the investment banking sector. Large highly capitalized banks began to acquire investment banks in a rush to provide one-stop banking services to their large corporate clients. A number of Wells Fargos closest competitors were involved in this activity. Cros

26、s-street rival Bank of America acquired Robertsen Stephens. NationsBank acquired San Francisco based Montgomery Securities and First Union bought Wheat Securities. At the end of 1997, Wells Fargo had not made any investment banking acquisitions and remained a retail and commercial bank.这个并购的趋势并不限于零售

27、银行和商务银行。Glass-Steagall法令20部分的放松使银行能够进入投资银行业。大量的高资本化的银行开始匆忙的并购投资银行，为自己的大型公司客户提供“一站式”服务。富国银行的一些最紧密的竞争者也参与了这个活动。Cross-street rival银行并购了Robertsen Stephens。国家银行并购了San Francisco based Montgomery Securities，第一联合购买了Wheat证券。在1997年年末，富国银行还没有能够对投资银行进行并购，维持了自己零售和商务银行的身份。Disintermediation 脱媒 Increasing customer

28、sophistication and new electronic banking channels enabled customers to perform more transactions without interacting with banking personnel. In retail markets this was consistent with the banks strategy. A 1996 Dove Associates survey found that the average branch transaction cost over $1.10. The sa

29、me transaction done by phone cost approximately $0.40 and the cost dropped to $0.03 if the transaction was done over the Internet. In order to encourage retail customers to use these less expensive channels, banks followed a number of different strategies. First Chicago NBD was the first to start ch

30、arging customers to use tellers instead of ATMs. Bank of America experimented with using greeters to guide banking customers to ATMs for simple transactions. Citibank launched people-less branches that contained only ATMs and banking kiosks. Kiosks were modified automated tellers with phones that co

31、uld be used to connect the customer directly with a bank representative. In 1995, the first all-Internet bank, Security First National Bank, opened for business. 不断增加的客户复杂性和新的电子银行业渠道使客户能够不亲自去银行就可以进行更多的交易。在零售市场这个是和银行的战略一致的。1996年，Dove Associate的一个调查发现，平均的分支交易成本要超过1.10元。同样的交易由电话进行的成本是0.40元，如果通过因特网交易的话，

32、成本会降低到0.03元。为了鼓励零售用户使用这些成本较低的方式，银行进行了一系列的战略。首先芝加哥NBD是第一个开始对那些直接进行柜台交易而不用ATM的用户收一定的费用。美国银行在对引导银行用户使用ATM机进行简单的操作方面进行了实验。花旗银行启动了人员更少的分支行，银行只包括ATM机和小亭子。小亭子配备了自动的柜台电话，可以将用户直接连线一个银行代表。到1995年，第一个全部建设在网上的银行，安全第一国家银行，开始进行营业。 Disintermediation 脱媒This trend was also extended to the securities business. Charles

33、 Schwab, the countrys largest discount broker, allowed customers to perform a variety of equity and mutual fund trades through the telephone or the Internet. New all-Internet discount brokers also emerged to vie for customers business, including E-Trade and Sure Trade.这个趋势同时也扩展到了证券行业。Charles Schwab，

34、国家最大的贴现经纪人，允许客户通过电话或者互联网进行一些净资产和共同基金的交易。新的全部架设在网上的贴现经纪人也不断涌现，为客户进行竞争，包括E-trade和Sure Trade。 Commoditization商品化 From the banks perspective, the products that most retail customers used were commodity products. Simple deposit and loan products such as checking accounts, savings accounts, certificates o

35、f deposit, personal loans and most mortgage loans were all standardized. Regardless of whether the customer used an electronic channel or a teller, all transactions for deposit accounts were processed electronically. Loan accounts required a credit scoring process to assess the risk of the applicant

36、, but by 1997 even most of this process was performed using information systems. The marginal cost of a transaction within the bank was extremely low. Banks relied on customer information systems to consolidate the various products that a customer owned into a single statement. The challenge for ban

37、ks was to make the customer feel that the products he or she was using were customized to their needs, while processing these products as commodities. Wealthy individuals and corporations usually received more customized service from banks through their private banking or small business divisions.从银

38、行的角度来说，大多数零售客户使用的产品是商业产品。简单的存款和贷款产品例如支票帐户，存款帐户，大额信用证，个人贷款和很多抵押贷款都是标准化的。不管客户使用电子渠道还是选择柜台交易，所有的存款帐户的交易处理都是电子化的。贷款帐户需要一个贷款评分过程以评估申请者的风险等级。但是直到1997年，这些进程中的大多数都是通过信息系统来进行的。银行交易的边际收益非常低。银行依靠客户信息系统来将某个客户拥有的不同的产品统一到一个表里。银行的挑战就是如何使客户觉得他正在使用的产品是为他的需求所定制的。在处理这些产品，例如商品的时候，有钱的个人和公司通常能够通过他们的私人银行或者小型的商务公司，从银行收到更个性

39、化的服务。 Globalization全球化The rapid growth in ATMs, telephone banking and online banking enabled customers to use banking services anytime and anywhere. This recognition was first exploited by Wells Fargo, who began aggressively marketing 7/24 Banking (7 days a week, 24 hours a day) in the late 1980s (B

40、ranch Banking is Not a Dinosaur, McKinsey Quarterly, 1996, Number 1). The availability of banking services and products to customers around the globe meant that banks had access to a larger customer base than ever before. It also meant they faced more competitors than ever before. Citibank, with ove

41、r 3,400 offices in 97 countries was the most global of the U.S. banks. Citibank served both commercial and retail customers around the world. Bank of America also had a growing international presence, with operations in 38 countries. The IMF bail-out of several Asian countries in 1997 and the Europe

42、an Monetary Union schedule for 1999 were both expected to further encourage the liberalization of financial services.ATM，电话银行和在线银行的快速增长使用户能够在任何时候，任何地点使用银行服务。富国银行是最先开始认识到这一点的，它开始积极的推行“7/24银行”（一周7天，一天24小时）在20世纪80年代后期。（“分支银行不是恐龙” McKinsey Quarterly, 1996年）银行服务和产品对于全球客户的可获得性意味着银行比以往的任何时候能够接触的用户基础更大，同时也意

43、味着面临的竞争者更多。花旗银行，在97个国家拥有超过3,400个办公点，是美国银行中最为全球化的，它为全世界的商业客户和零售客户提供服务。美国银行也拥有不断增长的国际发展，在38个国家都设立有机构。IMF1997年在几个亚洲国家的跳伞行为和1999年欧洲货币联盟的日程都鼓励了金融服务的范围放宽。 Wells Fargos Strategy 富国银行的战略Wells Fargo CEO, Paul Hazen, called delivery of anytime, anywhere service a must-do priority for Wells Fargo. Hazens strat

44、egy for Wells Fargo included a focus on customer service and cost control. To accomplish these two seemingly conflicting goals, Hazen relied on Wells Fargos ability to create innovative delivery channels that were more convenient for the customer and less expensive for the bank. 富国银行的CEO，Paul Hazen，

45、把随时随地提供服务成为富国银行的“必须做的”优先的事项。Hazen的战略包括了对客户服务的关注和成本的控制。为了实现这两个看似冲突的目标，Hazen依靠富国银行的能力来建立创新性的递送渠道，这对于客户来说会更加方便，而且对银行来说费用会降低。Wells Fargos Strategy 富国银行的战略The trick is to show customers the broad range of choice and pricing they have for interacting with the bank. In some cases, theyll choose the persona

46、lized services we offer, in our Investment Group, for example. In others they may benefit from alternative, lower-cost channels such as telephone, ATM or Online Banking.“窍门就是给客户展示宽幅的选择和价格，在他们和银行相互接触的时候。在一些案例中，他们会选择我们提供的个性化的服务，例如在我们的投资团里 ，其他的，他们可能会从其他的选项，低成本的渠道中受益，例如电话，ATM或者在线银行” Wells Fargos Strateg

47、y 富国银行的战略The announcement of the separate Online Financial Services Business Group as part of Wells Fargos reorganization for the 21st century demonstrated the key role that innovative delivery channels to played in accomplishing Wells Fargos strategy. Executive Vice President of the Online Financia

48、l Services Group Dudley Nigg said, The bank will do everything we can over the next 4 or 5 years to make all transactions electronic. By moving transactions into the lower cost electronic channels, the bank expected dramatic cost savings. In 1993 before the merger, Wells Fargo and First Interstate h

49、ad a total of 1200 brick and mortar branches. By 1996 the combined bank had reduced this number closer to 400. Industry critics speculated that electronic delivery channels would further distance the branch from the customer. The cost savings also impacted stakeholder relations and caused bad public

50、ity. John Mcquinn, a San Francisco-based lawyer who represented a number of ex-Wells Fargo Branch Managers affected by branch closings, said Bank of America and Wells are very good at selling services, and not so good at delivering them.作为富国银行面向21世纪进行的重组，单独的在线财务服务商务组的宣布证明了创新的递送渠道的关键角色。在线财务服务组的执行副总裁N

51、igg说：“在接下来的4或5年内，银行会尽力奖所有的交易变得电子化”。通过把交易转移到低成本的交易渠道中进行，银行希望能够获得大的成本节省。在兼并之前，1993年，富国银行和第一州际总共有100个分支。到1996年，联合的银行将这个数量减少到了400。行业的批评认为电子递交渠道会进一步使用户和分支银行之间发生间隔。成本的节省同时也压缩了股东的关系并引发了不好的公众效应。John Mcquinn，一个 San Francisco的律师，他代表了一些前富国银行的管理者，就收到了分支银行关门的影响。他说：“美国银行和富国银行在销售服务上很在行，但是在提供服务上并不怎么样”Wells Fargos S

52、trategy 富国银行的战略The strategy had other detractors as well. In his book The Bankers, famed industry observer Martin Mayer noted that the interesting thing about the Wells Fargo strategy was its rejection of growth as a strategy. Mayer contended that Wells Fargos profit increases were expected to come

53、from cutting the costs of existing business. Mayer quoted Wells Fargo President William Zuendt, who said As our assets shrink, our labor base shrinks and our costs shrink, we will simply be running at higher octane. Mayer compared Wells Fargo to a smaller bank, saying that the smaller bank was using

54、 technology to make standard transactions cheaper for the customer while working to sell them more customized services. In contrast, Mayer said that Wells Fargo was using technology to standardize its service offering in the hope of selling these products to customers for more than they cost. 战略还有一些

55、人不同意。有名的行业观察员Martin Mayer，在他的书The Bankers里提到，关于富国银行战略的有趣的事情是作为一个战略它拒绝了增长。Mayer主张富国银行利益的增长是从现存商务的成本削减上来的。Mayer引用了富国银行的总裁William Zuendt的一段话，他说“我们的资产缩减了，我们的人工缩减了，我们的成本也缩减了，我们只是简单的运行的更好。”Mayer将富国银行和一个更小的银行进行了比较。说小银行在销售给客户更传统化的服务时，采用了一些技术使标准的交易对于客户更便宜。相对比的，Mayer说富国银行正在标准化自己的服务提供，希望销售这些产品远远超过成本。Employees

56、& Organization雇员和组织The bank liked to initiate employees into the Wells Fargo Way. The Way had five main components:银行喜欢把雇员变成“富国银行的方式”，这个方式有5个主要的组成部分Run it Like You Own it ? the bank believed that this philosophy made employees act as if they were the owners of the business, understanding the returns

57、 and controlling the costs 像你拥有它一样来运作？银行相信这个原则使雇员的行为能够像他们就是商业的持有者一样，能够理解回报，控制成本。Know the Numbers ? this principle advocated a disciplined approach to managing the business 了解成员？这个原则提倡了一种管理商务的遵守纪律的方法Know Your Customer ? a principle designed to improve customer services 了解你的客户？这个原则被设计用来提升客户服务Develop G

58、ood People ? the banks belief in entrepreneurship and decentralized decision making was embedded into this philosophy centered on training and retaining people 开发好的人员？银行相信企业家和分散的决策制定都符合这个原则，集中在培训和保持人员上。Control Expenses 控制成本Employees & Organization雇员和组织Wells Fargo management felt that these principle

59、s were central to growing the bank in the future. Martin VanDerSchouw expressed that Wells Fargos ability to innovate was a result of their corporate culture. He emphasized that each business unit was run as if it were a separate organization, which spurred entrepreneurship and innovation. VanDerSch

60、ouw said, Most innovation comes out of the business unit and initially the hurdles to develop these ideas are fairly low; however, when a group does roll-out an idea, there is some fairly strong review that focuses on shareholder value. .VanDerSchouw did note that Wells Fargos location in San Franci