A comparative analysis of the US and EU retail banking markets - Wsbi

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MoU Memorandum of Understanding OTC Over The Counter MSB Mutual Savings Bank OTS Office of Thrift Supervision MTFs Multilateral Trading Facilities POS Point Of Sale NACHA National Automated Clearing House Association QTL Qualified Thrift Lender NAIC National Association of Insurance Commissioners RIA Regulatory Impact Assessment NASCUS National Association of State Credit Union Supervisors RMBS ROE Residential Mortgage-Backed Securities Return On Equity NASD National Association of Securities Dealers RTGS Real Time Gross Settlement NASDAQ National Association of Securities Dealers Automated Quotations S&Ls SAIF Savings and Loans Savings Association Insurance Fund NASS&LS National Association of State Savings & Loan Supervisors SBA SCE Small Business Administration Societas Cooperativa Europeae NBBO National Best Bid and Offer SE Societas Europeae NCB National Central Bank SEC Securities and Exchange Commission NCUA National Credit Union Administration SEPA Single Euro Payments Area NCUSIF National Credit Union Share Insurance Fund SIA Securities Industry Association NFA National Futures Association SLC State Liaison Committee NMS National Market System SME Small and Medium Size Enterprise NYSE New York Stock Exchange SSBF Survey of Small Business Finances OCC Office of the Comptroller of the Currency SRO Self Regulatory Organisation OECD Organisation for Economic Co-operation and Development UCITS Undertakings for Collective Investment in Transferable Securities OFI Other Financial Institution UK United Kingdom OHSA Occupational Health and Safety Administration US United States of America OJ Official Journal USD US Dollar OMB Office of Management of the Budget WSBI World Savings Banks Institute 150
ANNEXES Annex 1: Gauging customer satisfaction via the use of an index In the US 401 Established in 1994, the American Customer Satisfaction Index (ACSI) is a uniform and independent measure of household consumption experience. The ACSI was developed by the National Quality Research Center at the Stephen M. Ross Business School at the University of Michigan. The ACSI is considered to be a powerful tool to track trends in customer satisfaction and provides valuable customer information for companies, industry trade associations and government agencies. What the ACSI measures is the quality of goods and services that are purchased in the US and produced by both domestic and foreign firms that have substantial US market shares. With the data obtained via the ACSI, US companies and governmental agencies can know if customers are satisfied with their consumption experiences and what is the evolution of the satisfaction levels. The ACSI would show which are the improving and declining industry sectors or specific companies within a sector in terms of levels of customer satisfaction. ACSI is based on findings from telephone interviews of a sample of approximately 65,000 customers, and is conducted annually. The ACSI for each company is based on 250 customer interviews. In the EU 402 In 1999, a pilot project was initiated and coordinated by the European Foundation for Quality Management, the European Organisation for Quality and the international academic CSI-network as primary stakeholders to establish a European Customer Satisfaction Index (ECSI). For this purpose, stakeholders from 11 European countries worked together to develop and test a system for regular customer satisfaction monitoring and analysis. The European Commission provided financial support for the project. The ECSI project aimed at delivering macro-economic indicators and statistical results concerning perceived customer satisfaction and quality measurements for commodities and services in a number of central industries (i.e. telecommunications, banking and food retail). The data collection was done using a harmonised set of questionnaires and a common survey design structure. A minimum number of 250 observations have been conducted for each pre-identified company through telephone interviews and statistical samples of current customers of the respective company. Comparison In both the US and the EU, companies feel very concerned about the levels of satisfaction of their customers as well as the evolution of the satisfaction curve which ultimately impacts on how they plan their business strategy. Customer satisfaction data is equally important for government agencies and policy makers responsible for enacting consumer protection regulation. In contrast to the common use of a uniform Customer Satisfaction Index in the US, it appears to be difficult to establish or to further promote a uniform tool to measure consumers’ satisfaction levels in the EU as a whole. While in the European political debate, there are increasingly calls to increase consumer satisfaction levels, in particular in the context of consumer opportunities arising from the EU single market, there appears to be an important information gap concerning what are the real expectations and current needs of European consumers. What is more, sometimes evidence on the potential gains for European consumers from introducing further internal market legislation is not sufficiently compelling to justify an increase in the regulatory burden. 401 Information obtained from the American Customer Satisfaction Index organisation website: http://www.theacsi.org/overview.htm 402 Information obtained from the International Foundation for Customer Focus website: http://www.ifcf.net/ecsiPilot.asp 151
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September 2006 RESEARCH A COMPARATI
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IE UK FR BE NL LU DK DE SE CZ AT SL
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The following WSBI/ESBG committees
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4 Regulation and supervision compar
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6.5 Issues of competition in retail
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To finish, if we had to pick from a
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In the US, credit institutions have
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Following the same logic, the EU co
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In that context, it is tempting to
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3. INSTITUTIONAL COMPARISON 3.1 Sec
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The market share of the US banking
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FDIC-insured commercial banks are i
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The subsidiary stock institution is
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Regulatory reform over the past thi
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State credit unions were first exem
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There has however been much effort
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3.2.2.2.2.2 Ownership and corporate
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Hermann Schulze-Delitzsch and Fried
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In contrast, building societies in
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The commitment of savings banks is
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4. REGULATION AND SUPERVISION COMPA
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In addition, for regulations define
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The European Parliament has to be k
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In fact, it should be mentioned her
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As far as coordination at the feder
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Despite the trend towards the estab
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Another important factor in the cho
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In the European Union, contrary to
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Although younger than CESR, both CE
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4.2.5.1.1.1.1 Limitation of the geo
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4.2.5.1.1.3 Recent trend: regulatio
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Another important common feature be
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The best execution rule was first m
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4.3.2.2.4 National Market System ru
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The ISD set a basis for the develop
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Best execution rules exist in both
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The decline of savings institutions
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Relative to population, the Europea
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5.2.2 Size of credit institutions 5
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5.2.2.2 European Union In Europe, t
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5.2.3 Concentration and consolidati
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5.2.3.2 European Union Average CR5
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In terms of the nature of consolida
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100% Graph 9: Structure of the asse
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In terms of growth of the volume of
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5.3.2 Efficiency of credit institut
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Table 16: Evolution of the Return o
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Finally, looking at cost-income rat
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Page 104 and 105: Furthermore, the average outstandin
Page 106 and 107: Under an open-end credit, the credi
Page 108 and 109: Table 19: Evolution of outstanding
Page 110 and 111: 6.2.1.2.2 Regulatory framework over
Page 112 and 113: 6.2.1.3 Comparison 6.2.1.3.1 Size o
Page 114 and 115: In terms of market competition, the
Page 116 and 117: The residential mortgage market in
Page 118 and 119: Funding by retail deposits represen
Page 120 and 121: In sharp contrast, the US mortgage
Page 122 and 123: 6.2.3.1.2 Lenders to small business
Page 124 and 125: The securitisation process requires
Page 126 and 127: Factoring is also continuously gain
Page 128 and 129: 6.2.3.2.4 Securitisation of small b
Page 130 and 131: The above fears can hardly be allay
Page 132 and 133: - ACH credits and debits: the stati
Page 134 and 135: 6.3.2.1.2 Financial intermediaries
Page 136 and 137: It should be noted that two of the
Page 138 and 139: Assuming that technology, globalisa
Page 140 and 141: The report adds: “although it bou
Page 142 and 143: Graph 19: Use of different distribu
Page 144 and 145: In terms of funding of the business
Page 146 and 147: Since then, established banks have
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Page 152 and 153: Annex 2: Statistical appendix Table
Page 154 and 155: Table F: Share of US banking indust
Page 156 and 157: Table L: Structure of the liabiliti
Page 158 and 159: Table R: Number of ATMS in the EU a
Page 160 and 161: F - Federal Deposit Insurance Corpo
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