麦肯锡2004年1月报告银行业发展能否超越兼并＆收

US banks will need to look beyond mergers for growth. Better earnings will have to be won from improved value propositions and productivity. Kevin P. Coyne, Lenny T. Mendonca, and Gregory Wilson The McKinsey Quarterly, 2004 Number 1 The primary rationale behind the wave of mergers in the 1990s梩o achieve substantial economies of scale by exploiting technology and deregulation梚s naturally weakening. For most large banks, further expansion won抰 necessarily yield dramatic scale-based savings in systems and product-development costs. So although mergers will continue to take place, opportunities to create substantial value have diminished and relatively fewer deals will pack the punch of the 1990s. Executives of large banks must look for new ways to increase earnings. Until recently, the solution was falling interest rates, which fueled unprecedented profits from mortgages and credit cards.1 But with rates beginning to rise, banks will have to look elsewhere. More compelling value propositions are required if banks are to compete with the nonbanks and specialists that have flourished in many markets. Like the best retailers, banks must differentiate themselves by understanding the needs of their customers and giving those customers a distinctive experience. Banks should also boost their performance the old-fashioned way, by improving productivity梥omething that will become vital as their payments businesses, representing a substantial share of industry profits and operating expenses, shrink with the falling use of checks. To succeed in these tasks, banks must innovate in their formats, their customer targeting, their approach to lending and asset management, their operations, and their use of electronic payments. This agenda is challenging, and it calls for skills beyond those梥uch as identifying and valuing acquisition targets and driving integration梩hat served executives so well in the recent past. Significant changes lie ahead for managers working toward a new set of p