2012-05-30-奥纬咨询-Americas_Retail_Banking_Digest_Volume_II_37页_574kb

报告摘要

Key Deficiencies: The 2008-2011 crisis exposed fundamental flaws in the U.S. mortgage system, including reliance on Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac.
Redesign Objectives: Proposes a new framework for mortgage finance, aiming for stability, explicit support for low-to-moderate-income borrowers, privatization of risk, and enhanced consumer protection.
Options for Restructuring:
1. Private Securitizers with Government Reinsurance: Requires strong regulation to mitigate fragmentation and bias toward large institutions.
2. Industry Consortium: Banks and insurers pool assets to provide credit guarantees, promoting consistency but risking reduced crisis response capacity.
3. Covered Bonds: Combines mortgage financing with debt instruments backed by collateral, offering lower costs for issuers.
Recommended Approach: Leverage private capital with government reinsurance to maintain an efficient market while reducing taxpayer risk.

Create a centralized registry for mortgage liens, streamline foreclosure alternatives, align servicer incentives with investor goals, and clarify representations and warranties.

Developing Markets: Mobile payments are driven by low-income users, prepaid plans, and MNO-led P2P services (e.g., M-Pesa). Banks face challenges in competing due to leapfrogging by telecom operators.
Developed Markets: Mobile wallets (e.g., Google Wallet) enhance traditional payments via NFC but face adoption hurdles like limited smartphone ubiquity and merchant resistance. Banks are costly villains, while MNOs and tech firms gain control.
Insights: Banks should focus on partnerships (e.g., Starbucks mobile app) to leverage loyalty data and avoid direct competition. Mobile payments threaten traditional revenue streams but are unlikely to replace core functions like deposits.

Importance: Post-crisis, banking is increasingly commoditized, yet delivering a simple, seamless, and empathetic client experience is critical for retention, referrals, and profitability.
Improvement Framework:
1. Define Target Experience: Align with branding and voice-of-the-customer insights.
2. Map Touchpoints: Document customer interactions and associate experience objectives with each.
3. Prioritize Actions: Balance customer benefit/revenue potential with cost/implementation time.
4. Develop Initiatives: Map actions to departments, set timelines, and budget resources.
5. Monitor Continuously: Track client experience metrics and use feedback to refine strategies.
Key Actions: Redesign processes for account opening, onboarding, and problem resolution. Link rewards to behaviors (e.g., higher balances).

Variance: Scores can fluctuate significantly over time, even for similar borrowers, due to factors like late payments and credit utilization.
Predictability: Fresh scores are the best predictors of future default. Historical score migration paths do not significantly improve predictability.
Portfolio Management: Monitor long-term score trends to adjust underwriting and pricing. Use tools like credit score migration analysis to assess risk in economic downturns.

Shift from Discounts: Instead of traditional price discounts, use value-based pricing to incentivize behaviors (e.g., high balances, cross-product adoption).
Implementation:
1. Identify anchor products and penetration opportunities.
2. Assess price elasticity for key offerings (e.g., loans, credit cards).
3. Devise pricing constructs (e.g., tiered rewards, bundled incentives) that drive incremental value without harming margins.
Example: Offer reduced mortgage rates in exchange for auto-debit enrollment.

Cost Pressures: Branch networks are costly, contributing 40-60% of total expenses. Mobile and internet banking limit physical visits.
Flexing Strategies:
1. Tiered Service Levels: Offer differentiated experiences for high-value vs. low-value customers.
2. Capacity Adjustments: Reduce staff hours or roles (e.g., limited teller capacity) while preserving service for best clients.
3. Technology Enablement: Use self-service kiosks, online tools, and remote support to lower costs.
Implementation Steps: Pilot flexing in selected branches, optimize branch formats, and progressively roll out adjustments. Avoid branch closures to preserve customer loyalty.

Banks must balance cost efficiency (e.g., branch flexing) and customer experience (e.g., client-centric design) amid regulatory pressures and revenue declines.
Mobile payments and credit scoring innovations disrupt traditional models, requiring agility.
Relationship pricing and service enhancement are key for profitability in a commoditized retail banking landscape.

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