外文翻譯—非銀行機構(gòu)的銀行業(yè)務(wù)（節(jié)選）

1、<p>　　字數(shù)：英文2307單詞，12289字符；中文4209漢字</p><p>　　出處：Steve Worthington,Peter Welch.Banking without the banks[J]International Journal of Bank Marketing.2011,29(2):190-201</p><p><b>　　外文文獻：　&

2、lt;/b></p><p>　　Banking without the banks</p><p><b>　　Abstract </b></p><p>　　Purpose–The financial crisis and the subsequent distrust of the existing banks have creat

3、ed an opportunity for new competitors to enter the market for financial services. Organisations from outside banking could use their trusted brands, their stronger grasp of information technology and their stronger custo

4、mer service ethos to potentially shake-up the provision of financial services and hence to take business away from the "traditional" players. This paper aims to examine the potential for thes</p><p&g

5、t;　　Design/methodology/approach–The paper is based on a report entitled "Tesco Bank and Virgin money: prospects for banking without the banks" released in 2010, which offers an analysis of the UK market and of

6、the main potential entrants. It presents a much abridged version of the report and has also been revised to provide a more international relevance.</p><p>　　Findings–The paper discusses the strengths and wea

7、knesses of the two main potential entrants, Tesco Bank and Virgin Money, and draws conclusions based on some of the challenges that they will face in seeking to enter this market.</p><p>　　Originality/value–

8、The paper is very relevant, given the publicly espoused aspirations of both Tesco Bank and Virgin Money to enter the market for financial services in the UK. It may also have lessons for other new entrants in other count

9、ries.</p><p>　　Keywords Financial services, Banks, Consumer behaviour</p><p>　　Introduction</p><p>　　How significant are the effects of the financial crisis on the future structure

10、of the banking sector?</p><p>　　Clearly, the crisis is leading to major changes in the capital, liquidity and accounting regimes for banks. But might the crisis also open up the sector to new competitors on

11、a scale not seen before? Is the distrust of mainstream banks now so deep that ambitious companies in other sectors have an unparalleled opportunity to become major providers of banking services?</p><p>　　Opp

12、ortunities for "non-banks" to enter the market have been discussed many times before. A 1994 study for the American Bankers' Roundtable concluded that "banking is essential to a modern economy; banks a

13、re not." Commentators have also forecasted that companies from outside banking would use their stronger grasp of information technology and customer service to shake-up financial services, taking lucrative business

14、away from cautious and insular banks.</p><p>　　In many markets, retailers were seen as the biggest threat. Their strong brands, marketing know-how, existing store networks and store and loyalty cards offered

15、 a potential entry platform. Indeed, in the UK, leading retailers took up the challenge and have now been offering financial services for many years. Marks & Spencer (M&S), the leading clothing, food and househol

16、d goods retailer, entered the market for financial services as far back as the late 1980s. Tesco and Sainsbury's, then the two l</p><p>　　Disruptive value brands such as Virgin and easygroup, that operat

17、e across structurally diverse consumer sectors (air travel, music retailing, mobile telephony, hotels) have also seen opportunities in financial services. Virgin Money launched in 1995 with an index tracking unit trust (

18、mutual fund) and has since expanded its range of services. Easymoney, the financial services arm of the easygroup, now offers comparison sites for mortgages, bank accounts, credit cards and personal loans.</p><

19、;p>　　However, until the crisis, the "non-banks" concentrated on a select range of financial services and often operated through partnerships with existing banks. For example, the UK retailers concentrated pr

20、incipally on credit cards and other forms of consumer credit, simple savings accounts and insurance policies that could be sold directly. Tesco and Sainsbury's operated through joint ventures with RBS and HBOS respec

21、tively while M&S sold its financial services business to HSBC. Similarly, Virgin M</p><p>　　Nevertheless, the crisis may have extended the opportunities for "non-banks'. Tesco and Virgin Money i

22、n particular appear to be planning a move from niche players in financial services to full-service providers of retail banking. Each has signalled their intention to expand with current accounts and mortgages both being

23、talked about. Tesco bought out RBS's stake in their financial services joint venture and re-named Tesco Personal Finance as Tesco Bank. Virgin Money has announced the purchase of</p><p>　　Furthermore, bo

24、th are ambitious in their visions for retail banking (see Table I). Virgin Money talks of an ambition "to offer a new kind of bank in the UK – one where everyone benefits", while Tesco says it will focus on &qu

25、ot;being simple, straightforward and rewarding loyalty".</p><p>　　In the wake of the financial crisis and given the stated ambitions of Virgin and Tesco in particular, this paper examines the potential

26、for these "non-banks" to expand into UK retail banking. It begins by reviewing their development as players in the financial services sector, along with their expansion plans. Next it analyses their prospects b

27、y using a SWOT analysis, before finally offering some conclusions and sobering thoughts for these "new players".</p><p>　　Table I.Virgin Money and Tesco Bank: banking visions</p><p>　　

28、Virgin Money</p><p>　　Development to date</p><p>　　Virgin moved into financial services into the mid-1990s. Since then, it has essentially operated as a niche player in personal financial servic

29、es, with many of the services actually supplied by third parties even if carrying the famous Virgin brand. Virgin Money was founded as Virgin Direct as far back as 1995, as a joint venture between a member of the Virgin

30、group of companies and insurance group Norwich Union to offer equity savings products directly to the UK retail consumer market. It was o</p><p>　　In 1997, Virgin Direct Personal Financial Service Limited la

31、unched The Virgin One Account, a joint venture with RBS. The One Account was the UK's first current account mortgage direct to the retail market. However, in 2001, RBS bought out Virgin Direct Personal Financial Serv

32、ice Limited's stake in the joint venture and the management team transferred to RBS. Virgin Direct subsequently changed its name to Virgin Money and increased its product offering, adding a credit card offered in par

33、tnership</p><p>　　Expansion plans</p><p>　　In terms of product strategy, Virgin Money says it "aims to bring simplicity to the UK banking market which has traditionally been a complex secto

34、r." The focus will be on a strong retail deposit base, with Virgin Money saying its approach to banking is "founded on developing a sustainable, savings-based business."</p><p>　　Tesco Bank<

35、;/p><p>　　Development to date</p><p>　　Despite the current level of interest in supermarket banking, it is important to note that Tesco like Virgin has been providing financial services for more th

36、an a decade. The supermarket group began offering financial services as far back as the mid-1990s. Tesco Personal Finance (TPF, now Tesco Bank) has focused principally on consumer credit (credit cards and unsecured loans

37、), savings accounts and insurance. Overall, the bank now has six million customer accounts.</p><p>　　For most of its life, TPF was a 50/50 joint-venture with RBS. However, following Tesco's acquisition o

38、f RBS's stake in TPF in December 2008, TPF is now a wholly-owned subsidiary of the retailer. Tesco announced the renaming of Tesco Personal Finance as Tesco Bank at the time of its 2009/2010 interim results in Octobe

39、r 2009. Tesco Personal Finance (now Tesco Bank, Tesco Bank is the trading name of Tesco Personal Finance plc) is now fully-owned by Tesco plc. It falls within Tesco's Retailing Servi</p><p>　　On a fully

40、consolidated basis, TPF accounted for 50 per cent of retailing services' profit in 2008/2009. On becoming a subsidiary, TPF's results were consolidated into Tesco's UK business for the final ten weeks of the

41、2008/2009 financial year.</p><p>　　Expansion plans</p><p>　　Clearly, the ambition is to be the personal customer's core provider of banking services. On current accounts, Tesco commented in

42、one of the presentations: "We want to service our customers' main banking relationship", and "We want customers to say ‘I bank with Tesco’."</p><p><b>　　Analysis</b></p

43、><p>　　Bringing together the profiles of Virgin Money and Tesco Bank, how are we to assess their prospects? An obvious way of structuring the analysis of the non-banks' prospects is through a conventional S

44、WOT framework. However, in terms of applying a SWOT framework to the non-banks' prospects, opportunities and threats lend themselves better to the characteristics of the retail banking market, and strengths and weakn

45、esses to the non-banks themselves. The analysis therefore looks first at the opportun</p><p>　　Table II. Tesco Bank and Virgin Money: SWOT analysis</p><p>　　Conclusions</p><p>　　Bef

46、ore the financial crisis, both Virgin and Tesco had provided financial services for more than a decade. However, both were happy to operate as niche providers. They concentrated on a select range of products, operating t

47、hrough partnerships with existing banks and insurance companies. Neither showed an appetite for directly competing as full-service providers in retail banking and perhaps they were wise to do so.</p><p>　　In

48、 the wake of the financial crisis, both now harbour ambitions to become full-service retail banks. But are the changes flowing from the financial crisis sufficient to justify such an expansion? Existing banks may be more

49、 unpopular, making non-banks more attractive. Nevertheless there is a debit as well as credit side to the post-crisis investment case. Banking is set to be less profitable, making the market less attractive. The biggest

50、challenge for Tesco Bank and Virgin Money as full-service </p><p>　　The pricing of retail banking products in the UK has in some ways been analagous to the famous description of the art of taxation of Jean B

51、aptiste Colbert, French economist and Minister of Finance under King Louis XIV of France: The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possi

52、ble amount of hissing.</p><p>　　Existing pricing structures are reinforced by the attachment of UK consumers to "free" current account banking, "free" credit cards and "free" AT

53、M withdrawals. In practice, these attachments to notionally "free" banking services acts as a significant barrier to innovation and competition in pricing, and has resulted in significant cross-subsidies betwee

54、n different groups of banking customers.</p><p>　　Virgin and Tesco therefore face the challenge of offering current accounts profitably without themselves relying on the same revenue models as existing provi

55、ders. They also face the challenge of acquiring deposits without either offering unprofitable rates or tempting introductory rates and then reducing them over time. Also in light of their stated "visions" for b

56、anking, high standards will be expected. Their services will be closely scrutinised by consumer and personal finance journalists, and</p><p>　　From the perspective of competition and consumer choice, the ban

57、king ambitions of Virgin and Tesco are clearly welcome. Indeed for all those who follow developments in banking, it will be fascinating to watch. This is an attempt to do banking without the banks on a scale not seen bef

58、ore. Virgin has already signalled that it is prepared to challenge the "free-in-credit" model that dominates personal banking in the UK. But even brands as strong as Tesco and Virgin will find it tough to shake

59、-up a </p><p><b>　　中文譯文：</b></p><p>　　非銀行機構(gòu)的銀行業(yè)務(wù)</p><p><b>　　摘要</b></p><p>　　目的—金融危機以及隨后而來的對現(xiàn)存銀行機構(gòu)的不信任，為新的競爭者進入金融服務(wù)市場提供了機會。銀行業(yè)以外的機構(gòu)通過它們受信賴的品牌，更強

60、的信息獲取技術(shù)，以及更強大的客戶服務(wù)理念，無形中動搖了金融服務(wù)的潛規(guī)則，也因此將生意帶離了傳統(tǒng)的業(yè)務(wù)領(lǐng)域。本文旨在研究這些“非銀行機構(gòu)”進入英國金融服務(wù)行業(yè)的潛力，并分析其前景，最后指出它們進入這個市場將面臨的巨大挑戰(zhàn)。</p><p>　　設(shè)計/方法/方法—本文是基于2010年發(fā)表的題為“樂購銀行和維珍理財：非銀行機構(gòu)的銀行業(yè)務(wù)的前景”的報告，此報告分析了英國市場和主要潛在參與者。該報告還提供了一份非常簡短的版

61、本，并進行了修訂，更具國際意義。</p><p>　　結(jié)論—本文討論了兩家主要的潛在進入者，即樂購銀行和維珍理財?shù)膬?yōu)勢和劣勢，并根據(jù)它們在進入該市場時將面臨的一些挑戰(zhàn)得出結(jié)論。</p><p>　　原創(chuàng)性/價值—本文十分中肯地給出了公眾對樂購銀行和維珍理財進入英國金融服務(wù)行業(yè)的意見。它還為其他國家該行業(yè)新競爭者提供了教訓(xùn)。</p><p>　　關(guān)鍵詞：金融服務(wù)，銀行

62、，消費行為</p><p><b>　　引言</b></p><p>　　金融危機對銀行業(yè)未來結(jié)構(gòu)的影響有多重要？</p><p>　　很顯然，危機正在導(dǎo)致銀行資本、流動性和會計制度發(fā)生重大變化。但是，這場危機還前所未有地使此領(lǐng)域向新的競爭者打開大門嗎？現(xiàn)在民眾對主流銀行的不信任度如此之深，會為野心勃勃的其他領(lǐng)域的公司成為金融服務(wù)主要運營商提供

63、巨大的契機嗎？</p><p>　　“非銀行機構(gòu)”進軍金融服務(wù)市場的機會已經(jīng)被多次討論過。1994年美國銀行家圓桌會議的研究得出結(jié)論，“銀行業(yè)對于現(xiàn)代經(jīng)濟而言至關(guān)重要，但銀行不是”。評論人士還預(yù)測，銀行業(yè)以外的機構(gòu)將用他們更強的信息獲取技術(shù)和客戶服務(wù)來動搖金融服務(wù)行業(yè)，謹慎地拿下利潤豐厚的生意并孤立銀行。</p><p>　　在眾多市場中，零售商被視為最大的威脅。他們有強大的品牌、良好的行

64、銷技巧、現(xiàn)有的銷售網(wǎng)絡(luò)和商店、發(fā)放的會員卡，這都為他們提供了一個潛在的進入平臺。事實上，在英國，主要的零售商正面臨這個挑戰(zhàn)，并已經(jīng)為公眾提供金融服務(wù)很多年了?，斏儇洠∕&S），服裝、食物和家具用品的主要零售商，早在上世紀80年代就已經(jīng)進入金融服務(wù)市場。樂購超市和塞恩斯伯里超市這兩個主要的超市連鎖在20世紀90年代中期也踏足銀行服務(wù)業(yè)。</p><p>　　像維珍和億仕集團，經(jīng)營跨越不同的消費領(lǐng)域（航空，

65、唱片銷售，通訊，酒店），也是進入金融服務(wù)的主要競爭者。維珍理財在1995年開始指數(shù)追蹤投資公司（合股投資），隨后開始擴展他服務(wù)的內(nèi)容。億仕理財作為億仕集團金融服務(wù)的部分，現(xiàn)在提供包括抵押貸款、銀行賬戶、信用卡和個人貸款業(yè)務(wù)。</p><p>　　然而，直到金融危機爆發(fā)之前，“非銀行機構(gòu)”集中于一系列經(jīng)過的金融服務(wù)項目，往往通過與現(xiàn)有銀行進行合作來運行。例如，英國零售商主要集中在信用卡和其他形式的消費信貸、簡單的儲

66、蓄賬戶和可直接出售的保險單。樂購超市和塞恩斯伯里超市分別通過與蘇格蘭皇家銀行和蘇格蘭哈里法克斯銀行合資經(jīng)營，而瑪莎百貨將其金融服務(wù)業(yè)務(wù)出售給匯豐銀行。同樣，維珍理財在貸款、儲蓄和保險方面提供一系列金融服務(wù)。但是它把創(chuàng)新的“One Account”業(yè)務(wù)售予了蘇格蘭皇家銀行，僅剩初級的介紹業(yè)務(wù)。</p><p>　　但是，金融危機可能會擴大“非銀行機構(gòu)”的機會，特別是樂購和維珍理財準備從金融服務(wù)的利基市場轉(zhuǎn)向全服務(wù)型

67、零售銀行服務(wù)提供商。他們都表示將擴大他們現(xiàn)在的賬戶以及抵押貸款服務(wù)。樂購買下了所有和蘇格蘭皇家銀行合資的金融服務(wù)，并重新命名樂購個人金融為樂購銀行。維珍理財也發(fā)表聲明購買了一個小型的英國地區(qū)銀行以此來加快銀行執(zhí)照的獲得，并為創(chuàng)設(shè)零售銀行業(yè)務(wù)提供一個平臺。</p><p>　　此外，他們都對零售銀行的前景表示出極大的野心（見表I）。維珍理財雄心勃勃地說到“在英國一種新型的銀行——人人受益”，而樂購則表示他們將專注于

68、“簡單，直接和忠誠”。</p><p>　　在爆發(fā)金融危機以及維珍和樂購彰顯出野心之后，本文探討了這些“非銀行機構(gòu)”擴展到英國零售銀行業(yè)的潛力。首先，論文將回顧他們金融服務(wù)的發(fā)展史，以及發(fā)展計劃。其次，本文還將通過SWOT分析他們的發(fā)展前景，最后為這些“新玩家”提供了一些結(jié)論和清醒的思考。</p><p>　　表I.維珍理財和樂購銀行：銀行愿景</p><p>&l

69、t;b>　　維珍理財</b></p><p><b>　　發(fā)展歷史</b></p><p>　　維珍在90年代中期開始金融服務(wù)業(yè)務(wù)。從那時起，它基本上是作為一個利基企業(yè)發(fā)展個人金融服務(wù)，即使是冠以赫赫有名的維珍品牌，但實際上很多業(yè)務(wù)都由第三方提供。維珍理財早在1995年就成立了維珍直銷公司，作為維珍集團旗下的一個公司，并與諾威治聯(lián)合共同合作，從而對英

70、國消費市場直接進行股權(quán)儲蓄服務(wù)。維珍理財作為跟蹤指數(shù)基金的開拓者之一，與經(jīng)理人操作的基金相比，其收取的費用較低。</p><p>　　在1997年，維珍個人理財服務(wù)有限公司開辦了一個叫維珍“One Account”的和蘇格蘭皇家銀行合資的企業(yè)。“One Account”是英國第一種直接面向零售市場的按揭活期賬戶。然而在2001年蘇格蘭皇家銀行買下了維珍個人理財服務(wù)有限公司在合資企業(yè)中的全部產(chǎn)權(quán)，管理團隊被調(diào)到了蘇

71、格蘭皇家銀行。維珍公司隨后把它的名字改為維珍理財，并增加提供產(chǎn)品，增加了和美信銀行合作提供的信用卡，以及額外的儲蓄和保險產(chǎn)品。在2004年4月, 維珍集團投資有限公司獲得了威震理財?shù)耐耆袡?quán)，而且截止到2010年1月，維珍理財有超過250萬的客戶并管理超過20億英鎊的資金，并發(fā)行了超過230萬張的維珍理財卡。2010年1月，維珍理財宣布了對Church House Trust ——一家提供儲蓄和貸款的小型地區(qū)性銀行的推薦報價。<

72、/p><p><b>　　擴張計劃</b></p><p>　　在產(chǎn)品策略方面，維珍理財表示，“旨在簡化英國銀行業(yè)市場，英國銀行業(yè)市場傳統(tǒng)上是一個復(fù)雜的行業(yè)”。重點將在強大的小額存款基礎(chǔ)上，維珍理財指出，其銀行業(yè)務(wù)方式是“建立在發(fā)展可持續(xù)發(fā)展的，以儲蓄為基礎(chǔ)的業(yè)務(wù)上”。</p><p><b>　　樂購銀行</b></p

73、><p><b>　　發(fā)展歷史</b></p><p>　　盡管目前對超市銀行業(yè)務(wù)感興趣，但重要的是要注意，樂購像維珍一樣已經(jīng)提供金融服務(wù)超過十年了。這個超市集團開始提供金融服務(wù)最早可以追溯到20世紀90年代中期。樂購個人金融（TPF，現(xiàn)在改名為樂購銀行）主要關(guān)注消費信貸（信用卡和無抵押貸款），儲蓄賬戶和保險?？偟膩碚f，該銀行目前擁有600萬客戶賬戶。</p>

74、<p>　　在大部分時間里，樂購銀行與蘇格蘭皇家銀行是以50/50合資的。然而，隨著樂購在2008年12月獲得蘇格蘭皇家銀行在樂購個人金融的股權(quán)，樂購個人金融現(xiàn)在是這個零售企業(yè)的全資下屬公司。樂購在2009年10月宣布其中期業(yè)績時，把樂購個人金融改名為樂購銀行。樂購個人金融（現(xiàn)在是樂購銀行，樂購銀行是樂購個人金融公共有限公司的商標名）現(xiàn)在被樂購公共有限公司全資擁有。它屬于樂購的零售服務(wù)部。</p><p

75、>　　在完全合并的基礎(chǔ)上，樂購銀行在2008/2009年占零售服務(wù)利潤的50％。在成為子公司后，樂購銀行的業(yè)績在2008/2009財政年度的最后十周的利潤被納入了樂購的英國業(yè)務(wù)。</p><p><b>　　擴張計劃</b></p><p>　　顯然，樂購的目標是成為個人客戶的銀行服務(wù)核心提供商。在現(xiàn)有賬戶中，樂購在其中一個演講中評論道：“我們希望為廣大客戶的主

76、要銀行關(guān)系服務(wù)”，“我們希望客戶說‘我用樂購銀行’”。</p><p><b>　　分析</b></p><p>　　匯集維珍理財和樂購銀行的資料，我們?nèi)绾卧u估其前景？對非銀行機構(gòu)前景的分析的一個顯而易見的方法是通過構(gòu)造SWOT框架。然而，在將SWOT框架應(yīng)用于非銀行機構(gòu)前景方面，機會和威脅會更好地適應(yīng)零售銀行市場的特點，優(yōu)勢和劣勢對非銀行機構(gòu)本身而言的。因此，分析首

77、先要考慮市場向非銀行機構(gòu)提供的機會和威脅，然后考慮非銀行機構(gòu)的優(yōu)勢和劣勢（見表II）。</p><p>　　表II.樂購銀行和維珍理財：SWOT分析</p><p><b>　　結(jié)論</b></p><p>　　在金融危機爆發(fā)之前，維珍和樂購都提供了十多年的金融服務(wù)。不過，這兩家都樂意作為利基提供商經(jīng)營業(yè)務(wù)。他們集中在一系列選定范圍內(nèi)的產(chǎn)品上，

78、通過與現(xiàn)有銀行和保險公司的合作來運行，也沒有顯示出對直接以零售銀行全服務(wù)提供商的身份進行競爭的欲望，也許他們這么做很明智。</p><p>　　在金融危機爆發(fā)之后，兩家公司現(xiàn)在有意成為提供全面服務(wù)的零售銀行。但是，金融危機的變化足以證明這種擴張的有效性嗎？現(xiàn)有銀行可能不太受歡迎，使得非銀行機構(gòu)更具吸引力。不過，有一個借方和貸方危機后的投資案。銀行業(yè)的盈利能力較低，市場吸引力下降。樂購銀行和維珍理財作為全服務(wù)型零售

79、銀行所面臨的最大挑戰(zhàn)，可能是快速增長，以及以與主流顯著不同的方式進行銀行業(yè)務(wù)。樂購承認，其面臨的挑戰(zhàn)之一是行業(yè)的“標準經(jīng)濟模式”。在現(xiàn)行賬戶和抵押貸款方面要克服的障礙很大。</p><p>　　英國零售銀行產(chǎn)品的定價，在某種程度上與法國經(jīng)濟學(xué)家兼法國路易十四時代卓越的財政大臣讓·巴蒂斯特·科爾伯特的著名稅收藝術(shù)描述相類似：稅收的藝術(shù)就像給鵝拔毛,既要讓鵝發(fā)出最小的嘶嘶聲,又要得到更多的鵝毛。&

80、lt;/p><p>　　現(xiàn)有的定價結(jié)構(gòu)得到了英國消費者對“免費”活期銀行業(yè)務(wù)、“免費”信用卡和“免費”ATM提款的追捧。實際上，這些附加的“免費”銀行服務(wù)是創(chuàng)新和價格競爭的一個重要的障礙，并導(dǎo)致了不同銀行客戶群體之間有明顯的交叉補貼。</p><p>　　因此，維珍和樂購面臨的挑戰(zhàn)是，不依賴和現(xiàn)有運營商相同的收入模式，而提供提供活期賬戶盈利。他們也面臨著在提供沒利潤的利息或暫時的高額利息但隨時

81、間的推移而降低的情況下獲取存款的挑戰(zhàn)，此外，鑒于他們對銀行業(yè)的“愿景”，公眾對他們的期望將達到高標準。他們的服務(wù)將會由客戶和個人財經(jīng)記者仔細審議，并在互聯(lián)網(wǎng)的多家網(wǎng)站上進行評比。在聲譽方面，維珍和樂購很可能面臨著比現(xiàn)有銀行更嚴格的標準。</p><p>　　從競爭和客戶選擇的角度來看，維珍和樂購對銀行業(yè)的野心顯然受到歡迎。事實上，對于那些關(guān)注銀行業(yè)發(fā)展的人來說，這是非常有趣的。這是企圖在沒有銀行機構(gòu)的情況下進行銀