The North America Banking Sectors : A Company and Industry Analysis (November 2003)
Mergent, November 2003, Pages: 28
Current Environment - Key Points
- With inflation at a 37-year low, the US Federal Reserve left interest rates unchanged in September 2003
- In the second quarter of 2003, the US thrift industry's net income reached a record of $3.54 billion, up 25% from $2.84 billion in the second quarter a year ago, and up 6% from the previous record of $3.33 billion in the first quarter of 2003
- The Gramm-Leach-Bliley Act has made it possible for banks to merge with securities firms and as a result fuelled the desire of banking companies in the US to diversify into the securities business
- Weakness in the Canadian economy in the second quarter has prompted the Bank of Canada to lower its key interest rate a quarter of a point to 2.75% in early September 2003
- Despite security fears, online banking in the US has been growing rapidly
In the past year, online banking in California, Florida and Texas recorded faster growth than anywhere else in the country
Industry Profile - Key Points
- The adoption of the British banking model by the US financial system has caused a sharp decline in the number of US banks in recent years
- JP Morgan Chase Bank (NYSE: JPM) and Bank of America (NYSE: BAC) are starting to offer a new statement imaging feature to their customers, as a result of the increasing popularity of online banking in the US
- Since the September 11 attacks, the war on terrorism has significantly changed the regulatory environment in the US banking sector
The Financial Crimes Enforcement Network (FinCEN) is one of the US Government's primary agencies overseeing and implementing policies to prevent and detect money laundering and other financial crimes
- Technology is dramatically changing the way most Canadians conduct their financial affairs
Canadians have been early adopters of new technology
A 2003 report by the Bank of International Settlements (BIS) ranked Canadians as the highest per capita users worldwide of both ABMs (Automated Banking Machines) and debit cards
Market Trends and Outlook - Key Points
- The Basel II accord, an international framework regulating the amount of capital that banks must earmark to cover credit risks, will be finalized later this year to replace the current setup, known as Basel I, in 2006
- Recently, banks in the US have been starting a television campaign aimed at Asian-Americans, African-Americans and Hispanics in order to win new business
- Despite the fact that the popularity of online banking is growing rapidly, branch banking is exploding across the US
- A Canadian Bankers- Association survey in 2002 found that most Canadians (88%) expect banks to continue to be innovators and introduce or expand technologies that improve the banking experience
Current Environment - US
- Sector Overview
- Sector Performance
- Key Players
- Merger and Acquisitions
Current Environment - Canada
- Sector Overview
- Sector Performance
- Key Players
- Merger and Acquisitions
Industry Profile - US
- Industry Size and Value
- Research and Development
- Policy and Regulatory
Environment
Industry Profile - Canada
- Industry Size and Value
- Research and Development
- Policy and Regulatory
Environment
Market Trends & Outlook - US
- Basel II Capital Accord
- US Banks Focus on New Target
- Growth of Online Banking
- Branch Banking Booms
- independency of Securities
Research
- Fighting Identity Theft
- Elimination of ATM Fees
- Credit Card Trends
- Employment Prospects
- Market Outlook
Market Trends & Outlook -
Canada
- The Explosion of Banking
Technologies
- Employment Prospects
- Market Outlook
The Scope of this Report
Comparative Data
Key References
Sales Contacts
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