“The Outlook for Internet Banking” “網上銀行的前景”

Presentation on theme: "“The Outlook for Internet Banking” “網上銀行的前景”"— Presentation transcript:

1 “The Outlook for Internet Banking” “網上銀行的前景”
David Carse Deputy Chief Executive Hong Kong Monetary Authority 香港金融管理局副總裁 簡達恆

2 The outlook for internet banking 網上銀行的前景
The overall situation 整體發展情況 The situation in Hong Kong 香港的發展情況 The HKMA’s regulatory approach 金管局採取的監管方法 Conclusions 結論

3 Is it really the “Age of the Internet”? (1) 我們是否真的已進入“互聯網年代”? (1)
A year ago many people (including me) believed that the internet would revolutionize banking 一年前，許多人(包括我在內)都認為互聯網會令銀行業出現革命性轉變 The mood is now much more realistic and indeed pessimistic 當前的市場氣氛已變得比較實事求是，甚至是悲觀

4 Is it really the “Age of the Internet”? (2) 我們是否真的已進入“互聯網年代”? (2)
Some of this pessimism is probably overdone and reflects the more general collapse of the dot.com boom and the problems of many e-retailers 部分人士可能過分悲觀，這主要是受到網股暴跌及許多網上零售商面對的問題影響 How to handle the challenges of the internet and new technology in general is still one of the biggest strategic issues in banking 銀行業面對其中一個最主要的策略性問題，仍然是如何處理互聯網及新科技所帶來的挑戰

5 Why has the mood changed? (1) 市場氣氛為甚麼會出現轉變? (1)
Customers have been slow to switch to the internet in some countries 在一些國家，客戶轉用互聯網的趨勢比較緩慢 concerns about security, quality of service and range of products 憂慮保安、服務質素及產品系列等問題

6 Why has the mood changed? (2) 市場氣氛為甚麼會出現轉變? (2)
Cost savings have proved to be difficult to realize 事實證明難以達到節省成本的目標 initial investment costs outweigh cost savings 初期投資成本超過所能節省的成本 need for customer support (to answer queries) may actually increase 對客戶支援的需求 (以應付客戶查詢) 可能會實際上增加

7 Why has the mood changed? (3) 市場氣氛為甚麼會出現轉變? (3)
Revenue growth has been difficult to achieve 難以達到增加收入的目標 ability of banks to cross-sell products is unproven 銀行在網上交叉銷售產品的能力仍未經證實 margins may come under increased pressure from greater price transparency 價格透明度提高可能會令邊際利潤承受更大壓力

8 The decline of the pure virtual banks (1) 只在網上經營的虛擬銀行發展未如理想 (1)
The performance of the pure “internet only” virtual banks has been particularly disappointing 只在網上經營的虛擬銀行的表現實在令人失望 Customers seem to require the reassurance of a physical presence (e.g. in the form of branches) as well as internet access (i.e. “bricks and clicks”) 除了可以在網上接駁銀行服務外，客戶似乎還需要有實體辦事處 (如分行) 才覺得安心（即 「磚頭與滑鼠」兼備）。

9 The decline of the pure virtual banks (2) 只在網上經營的虛擬銀行發展未如理想(2)
Aggressive pricing strategies (like Egg Bank in the UK) have not paid off 進取性的定價策略 (如英國的Egg Bank)未能發揮應有的作用 can always be matched by the opposition 競爭對手往往都能提供相近的價格 doesn’t help to build customer loyalty 在建立客戶對銀行的忠誠上沒有幫助

10 The decline of the pure virtual banks (3) 只在網上經營的虛擬銀行發展未如理想(3)
New entrants have to spend heavily on marketing and to promote brand image 新設銀行需要花費龐大資金進行市場推廣及建立品牌形象

11 The implications for internet strategy(1) 互聯網策略所受的影響 (1)
As a result of the above developments, many banks seem to be lukewarm about the internet 鑑於以上提到的情況，許多銀行並不熱衷發展互聯網業務

12 The implications for internet strategy (2) 互聯網策略所受的影響 (2)
The strategy of such banks is largely defensive 這些銀行的策略主要屬於抵禦競爭的性質 retain credibility by being able to offer internet access 提供網上服務以維持其信譽 defend existing customer base against potential competitors 捍衛現有客戶基礎，以免流失予潛在競爭對手 “if we don’t do it someone else will” 「我們不做，別人會做」

13 The implications for internet strategy (3) 互聯網策略所受的影響 (3)
The internet is seen as something that the banks cannot ignore, but from which it will be difficult to actually make money 銀行界視互聯網為不可忽略的一環，但卻難以從中取得利潤

14 The implications for internet strategy(4) 互聯網策略所受的影響 (4)
However, it is too soon to be disillusioned by the internet 然而，不要過早對互聯網大失所望 the internet is particularly well suited to the distribution of financial products (including wealth management) 互聯網非常適合用作銷售金融產品(包括財富管理) internet users do seem to be relatively attractive in terms of account balances and use of financial products 互聯網用戶似乎都擁有比較吸引銀行的帳戶結餘，也會運用金融產品

15 The implications for internet strategy(5) 互聯網策略所受的影響 (5)
there are tangible opportunities to shift manual transactions out of branches and thereby reduce costs 大有機會把分行以人手方式接收的交易轉移至網上接收，以節省成本 the technology will continue to improve 科技會繼續改進

16 The internet success stories (1) 網上業務的成功例子(1)
Some banks have embraced the internet more wholeheartedly and have demonstrated that, with the right strategy, it is possible to achieve success, e.g. 部分銀行比較全心全意發展網上銀行業務，事實證明憑藉適當策略，是有可能取得成功的。例如： the Scandinavian banks (geography may be a factor in promoting internet usage) 北歐的銀行 (地理形勢可能是推廣互聯網的因素之一) Wells Fargo in the US 美國的Wells Fargo Bankinter in Spain 西班牙的Bankinter

17 The internet success stories (2) 網上業務的成功例子(2)
The lesson from such examples is that the internet should not be seen as an end in itself - it depends how you use it 這些例子給我們的啟示是，互聯網本身不應被視為一項要達到的目標，而只是工具，一切得視乎我們如何運用互聯網

18 Key elements of a successful internet strategy(1) 成功的互聯網策略具備的要素 (1)
Offer a mixture of delivery channels 提供多種服務渠道 branches, kiosks, telephone access as well as the internet 分行、自助服務機或中心、電話及互聯網 Be focussed about target market and what internet customers expect in terms of products and quality of service 集中發展目標市場，以及針對互聯網客戶對產品與服務質素的期望

19 Key elements of a successful internet strategy(2) 成功的互聯網策略具備的要素 (2)
Offer incentives to customers to migrate to the low-cost channel and to retain them once they do 提供優惠，吸引客戶轉用低成本渠道，並致力使他們養成使用這種渠道的習慣 Do not compete wholly on price but on quality of service 不要只在價格方面競爭，更要在服務質素上競爭 Pursue corporate as well as retail banking initiatives 推行企業及零售銀行業務的計劃 Integrate front and back-end systems 整合前線與後勤系統

20 The potential in Hong Kong (1) 香港的發展潛力 (1)
Hong Kong should offer fertile ground for internet banking because of the infrastructure 香港市場基建完善，網上銀行有很大發展空間

21 The potential in Hong Kong (2) 香港的發展潛力(2)
Penetration rates for electronic delivery channels are among the highest in the world: 電子服務渠道的普及程度是全球最高之一： about 50% of households have PCs 約有一半住戶擁有電腦 about 36% of households have internet access 約有36%住戶上網 80% of households have access to broadband 八成住戶可以接駁寬頻通訊網絡 74% of the population use mobile phones 全港 74%人口使用流動電話

22 The potential in Hong Kong (3) 香港的發展潛力(3)
Electronic Transactions Ordinance provides legal basis for electronic commerce 《電子交易條例》為電子商貿提供法律基礎 recognition of digital signatures and certification authorities 接受數碼簽署，並提供核證機關的認可安排

23 The current situation in Hong Kong (1) 香港的現況 (1)
Despite this, Hong Kong is seen as being a rather late starter on internet banking 雖是如此，香港仍被視為網上銀行發展的遲來者 limited competitive pressure so far to introduce 至今為止，競爭壓力仍然有限 large banks were in no rush 大型銀行不急於引入網上銀行 added convenience for customers not such an incentive in a small geographical area 地理環境狹小，網上銀行所帶來的額外方便並不太吸引 internet used largely as a means of communication 互聯網主要作為交換訊息用途

24 The current situation in Hong Kong (2) 香港的現況 (2)
So far about 20 banks have introduced transactional internet banking services for retail customers 至今約有 20 家銀行為零售客戶推出網上銀行交易服務 A number have also introduced corporate banking services through the internet or will shortly do so 另有數家銀行已經開始或計劃短期內為機構客戶提供網上銀行服務

25 Levels of internet usage (1) 互聯網的應用程度 (1)
With a few exceptions (early movers, some foreign banks), the percentage of retail customers who use the internet is still very low 除少數情況 (最早推出服務的銀行及一些外資銀行) 外，利用互聯網的零售客戶仍很少 generally less than 5% of customers 一般少於 5% 客戶

26 Levels of internet usage (2) 互聯網的應用程度 (2)
The percentage of transactions done over the internet is generally also in low single digits 網上交易所佔比例一般仍只是比較低的單位數字 majority of transactions are simple inquiry 大部分交易是簡單查詢 stock-trading is an important application in a few cases 在若干例子中，網上股票買賣頗為盛行

27 Levels of internet usage (3) 互聯網的應用程度 (3)
Internet penetration will undoubtedly grow in Hong Kong, but customers still prefer face-to-face contact 互聯網在香港的普及程度肯定會增加，但客戶仍然會寧願選擇與銀行直接接觸的交易方式

28 The possibility of new entrants (1) 新加入對手的潛在機會 (1)
Increased internet usage could be promoted by competitive pressure from new entrants 新加入的銀行帶來競爭壓力，可能會推廣互聯網的應用 Several foreign/local banks are interested in setting up new banking operations which would be internet-based but not “internet-only” 幾家外資或本地銀行有意設立以網上為主的新銀行業務，但這些業務將不會以互聯網作為唯一的服務渠道

29 The possibility of new entrants (2) 新加入對手的潛在機會 (2)
These are likely to target particular market segments - e.g. “mass affluent” rather than mass market 這些新設業務可能針對某些具體的市場對象，如條件較富裕的人士，而不是普羅大眾 Will try to differentiate themselves from existing players through image, culture, products, service, integrated and personalized approach to customers 這些銀行為使自己別樹一幟，將會致力建立獨特的形象與文化，並以綜合的個人化方式為客戶提供產品和服務

30 The role of the HKMA (1) 金管局的角色 (1)
Use of the internet as a delivery channel may shift bank risk profiles to some degree and create new risk control challenges 銀行利用互聯網提供服務，可能會使其承受的風險狀況出現一定程度的變化，因此對風險監控工作帶來新的挑戰 The role of the HKMA as regulator is to help to minimize the risks of internet banking while not standing in the way of progress 身為監管機構，金管局的角色是：既要協助銀行盡量減少網上銀行的風險，同時又不會妨礙網上銀行服務的發展

31 The role of the HKMA (2) 金管局的角色 (2)
As already discussed, the internet raises particular issues of strategic risk 正如前述，互聯網帶出特別的策略性風險 But apart from this, operational, reputational, legal, liquidity and credit risks also need to be specially addressed 除此以外，操作、商譽、法律、流動資金和信貸風險亦要小心處理

32 Operational risk (1) 操作風險 (1)
Rapidly changing business models and operating processes increase the need for appropriate control procedures and audit processes 經營模式和操作程序迅速變化，銀行更需制定適當的監控和審核程序 The security and integrity of data are a major concern 維持資料的保安和完整是非常重要的環節

33 Operational risk (2) 操作風險 (2)
A key structural change affecting operational risk is banks’ increased reliance on outsourcing 影響銀行操作風險的一項主要結構性轉變，就是：銀行對外發工序或服務的倚賴逐漸增加 A further major challenge is integrating systems for internet banking services with existing legacy systems 另一項重大的挑戰是：將網上銀行系統與現有的服務系統整合銜接

34 Reputational and legal risk (1) 商譽和法律風險 (1)
Successful hacking of a system or system breakdown may cause bad publicity and undermine customers’ confidence in internet banking even if they suffer no loss 銀行系統被黑客成功入侵，或系統操作失靈，都會使銀行聲譽受損，即使客戶並無因此遭到損失，但仍會影響客戶對網上銀行的信心

35 Reputational and legal risk (2) 商譽和法律風險 (2)
If customers do suffer loss it is necessary to determine how this should be apportioned between them and the bank 若客戶確實遭到損失，銀行必須制定如何與客戶分攤這些損失的方案

36 Reputational and legal risk (3) 商譽和法律風險 (3)
terms and conditions should be clear and fair 分攤方案條款應清楚列明，並符合公平原則 customers should be warned of their responsibilities on security 銀行應事先提醒客戶其在保安事項方面的責任 customers should not be responsible for direct losses due to security breaches etc unless they have acted negligently or fraudulently 除非是客戶疏忽或欺詐行為所致，否則客戶應無需承擔保安事故所造成的直接損失

37 Liquidity and credit risk (1) 流動資金和信貸風險 (1)
The internet may heighten the risks inherent in conventional banking, e.g. 互聯網可能會增加傳統銀行原有的風險，如： liquidity risk may increase if depositor loyalty is reduced and/or it becomes easier for depositors to transfer deposits at the touch of a button (the “virtual” run) 若存戶減低對銀行的忠誠程度，和／或存戶只要輕按鍵盤便可調走存款 (所謂「網上擠提」)，流動資金的風險便會增加

38 Liquidity and credit risk (2) 流動資金和信貸風險 (2)
credit risk may increase if the relationship with the customer becomes more distant and transitory, or if competitive pressures lower credit standards 若銀行與客戶的關係變得較疏遠和短暫，或若市場競爭促使銀行調低信貸標準，信貸風險便可能增加

39 Liquidity and credit risk (3) 流動資金和信貸風險 (3)
However, the enhanced ability to gather and interpret customer data can reduce these risks 然而，收集和分析客戶資料的能力若能提高，將可減少上述風險 reinforces the need for banks to enhance their management of customer data 銀行更需要增強客戶資料的管理工作

40 The HKMA’s regulatory framework (1) 金管局的監管架構 (1)
The HKMA’s regulatory approach tries to strike a balance between dealing with the risks already mentioned (the stability objective) while promoting competition and innovation 金管局的監管模式，是致力在妥善處理上述風險 (維持銀行體系穩定的目標)，以及鼓勵競爭和創新兩者之間取得適當的平衡

41 The HKMA’s regulatory framework (2) 金管局的監管架構 (2)
A number of guidelines have been issued on internet banking since 1997 onwards, including last year guidelines on authorization of virtual banks and on internet security 1997年起先後發出多份網上銀行指引，其中包括 2000 年發出有關認可虛擬銀行和互聯網保安的指引

42 The HKMA’s regulatory framework (3) 金管局的監管架構 (3)
Existing banks seeking to offer an internet banking service should consult with the HKMA in advance 有意開拓網上銀行服務的現有銀行應事先與金管局商討

43 The HKMA’s regulatory framework (4) 金管局的監管架構 (4)
Bank management should commission periodic independent assessments of the security risks associated with their internet banking services - at least annually 銀行管理層應委託獨立專家定期 (最少每年一次) 評估本身網上銀行服務的保安風險

44 The HKMA’s regulatory framework (5) 金管局的監管架構 (5)
The HKMA is also trying with the help of an external consultant to build up its own capacity to inspect banks’ internet operations 金管局亦聘用顧問公司，協助我們建立本身的技術和能力，以審查銀行的網上業務

45 Authorization of virtual banks (1) 虛擬銀行的認可 (1)
HKMA’s guideline applies to “pure” virtual banks as well as to those which use the internet as the principal, but not only, delivery channel (“near-virtual” banks) 金管局的指引適用於僅在互聯網經營的虛擬銀行，以及主要但並非完全在網上經營的銀行 (「近似虛擬」銀行)

46 Authorization of virtual banks (2) 虛擬銀行的認可 (2)
The guideline was released last year at the time when the dot.com frenzy was at its peak - but the cautionary notes uttered have largely stood the test of time 指引是在去年網股熱盛極一時的時候發出，但其中提及的審慎措施大體上都經得起時間考驗

47 Authorization of virtual banks (3) 虛擬銀行的認可 (3)
The guideline stresses that virtual banks: 指引強調虛擬銀行： must have substance rather than being just a concept 不能只是一個概念，必須具備實質業務 are subject to the same risks as conventional banks and should be subject to the same prudential criteria 承受與傳統銀行一樣的風險，因此應符合相同的審慎監管準則

48 Authorization of virtual banks (4) 虛擬銀行的認可 (4)
Essentially, we were warning of the need not to be blinded by the technology 基本上，我們是在提醒銀行不要被科技蒙蔽 We also warned against over-aggressive pricing and of the need to strike an appropriate balance between acquisition of market share and earning a reasonable return 我們也提醒它們價格政策不要過於急進，要在爭取市場佔有率與賺取合理回報之間取得平衡

49 Authorization of virtual banks (5) 虛擬銀行的認可 (5)
Under our current rules, it is not possible to establish from scratch a new locally incorporated virtual, or indeed conventional, bank in Hong Kong. 根據現行政策，香港的本地註冊虛擬銀行或甚至傳統銀行都不可以是新成立的機構

50 Authorization of virtual banks (6) 虛擬銀行的認可 (6)
However, this need not be a barrier to setting up virtual banks, either by converting existing local franchises or, in the case of an overseas bank, by setting up a branch in Hong Kong. 然而，這項政策不一定會對成立虛擬銀行造成障礙，市場人士可以透過把現有本地銀行轉型，或如屬海外銀行，則透過在香港設立分行這兩種形式來成立虛擬銀行

51 Authorization of virtual banks (7) 虛擬銀行的認可 (7)
As proof of this, as already indicated, several virtual or near-virtual banks could be in operation this year if they meet our authorization requirements 正如較早前提過，如能符合我們的認可要求，今年將有數家虛擬或近似虛擬銀行開始營業，這一點足以證明我們的政策並沒有妨礙虛擬銀行的發展

52 Offshore internet banks (1) 離岸網上銀行 (1)
One of the features of the internet is that it removes physical boundaries 互聯網的其中一個特色，就是不受地域所限 Will make it easier for overseas banks to use the internet to attract offshore deposits from Hong Kong residents 海外銀行利用互聯網會較容易吸引到香港市民把資金存入這些銀行，作為離岸存款

53 Offshore internet banks (2) 離岸網上銀行 (2)
In doing so, they should comply with our advertising rules but, 這些銀行需要遵守我們的存款廣告規則，但 how to enforce? 如何執行？ what is the legal position of ISPs who transmit advertisements? 負責傳送廣告的網絡供應商的法律責任又如何？

54 Offshore internet banks (3) 離岸網上銀行 (3)
We are currently revising our legislation to cover internet advertisements 我們現正修訂法例，以便把網上廣告納入監管範圍 But we may need the help of overseas regulators to enforce 但我們可能需要海外監管機構協助執行有關法例

55 Conclusions (1) 結論 (1) It is not surprising that some of the euphoria surrounding the prospects for internet banking has disappeared 由於以上所提到的原因，網上銀行的熱潮逐漸減退，一點也不令人感到意外

56 Conclusions (2) 結論 (2) Participants are still searching for the business model that will best exploit the opportunities of the internet and that will enable them to turn those opportunities into profit 市場人士仍在研究適合的商業模型，以能盡量掌握互聯網帶來的機會，以及讓它們能從中獲得利潤

57 Conclusions (3) 結論 (3) The revolution in banking caused by the internet will still happen - though it may take a bit longer than we originally thought 互聯網引起的銀行業革命仍會發生，只是所需的時間比我們原本預期的長一點