小売業者による金融サービス：欧州市場

Abstract

Retailer Financial Services in Europe is a report, based on a survey of 1,895 high profile retail brands in 25 European countries, about the activity and partnerships of major retailers in areas of financial services including co-branded and store cards, consumer finance, retail banking and mainstream insurance policies, namely motor insurance, household insurance, accident insurance, health insurance, travel insurance, pet insurance and life insurance. In addition, the study also covers retailer loyalty cards with no payment function.

Countries covered are Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, Switzerland, Turkey and the UK. In total, the research identifies 485 schemes for retailer payment cards, well over 500 programs for each of loyalty cards and point-of-sale finance, and over 200 product marketing initiatives for retailer insurance.

As such, the study provides a comprehensive and detailed overview of the market for retailer financial services across the 25 European countries that goes far beyond the scope of previous published research. Moreover, the PartnerBASE™ database that accompanies the report details each of the many marketing initiatives for co-branded and store cards, loyalty cards, consumer finance, banking products and retailer insurance traced by Finaccord.

Table of Contents

0.0 EXECUTIVE SUMMARY

• The research is based on a survey of 1,895 major retail brands across 25 European countries
• Department stores are the most likely to be operating their own co-branded or store card
• Well over 50% of retailer cards in Europe are private label or are linked only to a local network
• Issuers owned by or affiliated to BNP Paribas and GE Capital account for around 30% of progs
• Almost 50% of the 140 French retailers surveyed have introduced their own loyalty card
• Multi-partner loyalty schemes constitute an important aspect of the market in several territories
• Retailers in central and eastern Europe are most likely to tie with several cons. finance providers
• For the most recent full year, Tesco Personal Finance generated operating profits of £139 million
• Insurance is most common among supermarkets, home shopping firms and department stores
• Retailers can take advantage of strong underlying growth in many European credit card markets
• Store cards can be internationalised and loyalty cards can be converted into payment cards
• Cons. among conventional banks paves the way for more retailers to launch their own banks
• Retailers in Europe can learn from the strong development of retailer insurance in the UK
• General dynamics in the retailing market itself are aiding the development of retailer financial svs
• Retailers partnerships represent an important strategic option for banking and insurance entities

1.0 INTRODUCTION

• Finaccord
• Rationale
• Retailer financial services can be broken down between ' traditional' and ' non-traditional' services
• Retailers can take advantage of rapid growth in consumer finance and credit card markets
• Consolidation among conventional banks provides justification for the entry of retailer banks
• The evolution of the retailing market itself is also favourable to the integration of financial services
• Methodology
• Finaccord' s research extends to 1,895 significant retail brands in 25 European countries...
• ... and also includes interviews with both major retailers and financial services providers

2.0 EUROPEAN OVERVIEW

• Introduction
• Retailer payment cards
• Retailers in Spain, Finland, France and Greece are most likely to have introduced a card
• A number of major retailers operate payment cards through joint venture or captive entities
• Over 60% of department stores in Europe have launched their own co-branded or store card
• Both MasterCard and Visa have made inroads into Europe' s retailer card market...
• ... although well over 50% of cards are classifiable as private label or belong to local networks
• The strength of the main international card networks varies substantially by country
• Issuers linked to BNP Paribas and GE Capital account for almost 30% of retailer card schemes...
• ... and a further six banking groups possess substantial cross-border operations in this market
• Retailer loyalty cards
• Well over a quarter of major retailers possess a loyalty card with no payment function
• The high penetration in Finland is due to the Plussa, S-Kortti and Ykkösbonus loyalty schemes
• Health and beauty rets. are particularly active in offering loyalty cards with no payment function
• Almost two thirds of loyalty cards could theoretically be converted into fully-fledged pay. cards
• Consumer finance / personal loans
• France' s status as an innovative market for retailer finance is reflected in high penetration rates
• Penetration rates for point-of-sale finance easily exceed 50% in two retailing categories
• Use of multiple finance providers is most in evidence in territories in central and eastern Europe
• Captives and joint ventures
• Captive retailer finance arms can constitute attractive acquisition targets for mainstream lenders
• 65 of the 1,895 retailer brands surveyed source their cards or finance from a captive entity...
• ... and a variety of joint ventures are also in evidence, including a high number involving Cetelem
• Insurance
• Retailer distribution of mainstream ins. lines is now a reality in 12 of the markets surveyed...
• ... with activity being most advanced in the three largest markets - France, Germany and the UK
• Schemes for motor insurance and household insurance account for over 40% of the total
• Supermarkets and department stores benefit from high ' footfall' and burgeoning e-commerce
• Retailers in the UK have shown that it is possible to have a serious impact in insurance
• The share of supermarkets in sales of pet insurance is in excess of 25% of the market total

3.0 AUSTRIA

• Introduction
• Retailer payment cards
• Few Austrian retailers have developed their own branded payment cards...
• Retailer loyalty cards
• ... although almost one third have launched loyalty cards
• Consumer finance / personal loans
• Santander Consumer Bank is the foremost provider of consumer finance to major retail brands
• Banking products
• Retailers have yet to develop banking products as a part of their financial services activity
• Insurance
• A handful of retailers in Austria promote ski-ing or travel insurance products...
• ... all of which source their policies from a single, external provider

4.0 BELGIUM

• Introduction
• Retailer payment cards
• Cetelem is the dominant partner for payment cards among Belgian retailers...
• ... and a number of organisations offer debit cards linked to the customers' bank accounts
• Retailer loyalty cards
• Over 40% of major retailers in Belgium have introduced loyalty cards
• Consumer finance / personal loans
• Cetelem also claims the majority of major, exclusive partnerships for point-of-sale finance
• Banking products / insurance
• Thus far, Belgian retailers have eschewed involvement in mainstream banking and insurance

5.0 BULGARIA

• Introduction
• Retailer payment cards
• The first co-branded payment cards have begun to appear in the Bulgarian market...
• Retailer loyalty cards
• ... albeit retailer loyalty cards with no payment function remain far more widespread
• Consumer finance / personal loans
• Provision of point-of-sale finance is concentrated mainly among computer and electrical retailers
• Banking products / insurance
• Retailer distribution of banking and insurance products has yet to occur in Bulgaria

6.0 CROATIA

• Introduction
• Retailer payment cards
• American Express engineers a rare foray into the retailer card market by linking with Konzum
• Retailer loyalty cards
• Few retailers have established their own loyalty card programs...
• ... although many are linked to one or more of Croatia' s shop. centre or multi-retailer schemes
• Consumer finance / personal loans / banking products / insurance
• Other types of retailer financial service remain undeveloped in the Croatian market

7.0 CZECH REPUBLIC

• Introduction
• Retailer payment cards
• Only a handful of major Czech retailers have yet launched a store or co-branded card
• Retailer loyalty cards
• 12 of the 15 loyalty card programs identified are unaccompanied by fully-fledged payment cards
• Consumer finance / personal loans
• Ceská Sporitelna and Home Credit Finance provide some competition to the dominant trio
• Banking products / insurance
• Mainstream banking and insurance markets constitute uncharted territory for Czech retailers

8.0 DENMARK

• Introduction
• Retailer payment cards
• The majority of retailer cards in Denmark do not carry an international payment logo
• IKANO Finans lays claim to the greatest number of retailer partnerships for store cards
• Retailer loyalty cards
• The loyalty cards of several retailers have yet to be converted to fully-fledged payment cards
• Consumer finance / personal loans
• HandelsFinans is the dominant provider of point-of-sale finance to major Danish retailers
• Banking products / insurance
• Thus far, broader banking and insurance offerings have not been introduced by Danish retailers

9.0 FINLAND

• Introduction
• Retailer payment cards
• In addition to the Plussa and Ykkösbonus schemes, a number of retailer cards are in evidence...
• ... with Handelsbanken, Ikano Rahoitus, OP Bank and Resurs Bank all present in this market
• Retailer loyalty cards
• Esprit, Lindex, MODA and Seppälä have all set up their own autonomous loyalty schemes
• Consumer finance / personal loans
• Nordea Rahoitus leads the market for retailer finance in Finland
• Banking products
• SOK' s launch of S-Bank in 2007 will be based in part around the retailer' s S-Kortti loyalty card
• Insurance
• Two major Finnish retailers have begun promoting travel insurance

10.0 FRANCE

• Introduction
• Retailer payment cards
• Few retailer cards in France are linked to either the MasterCard or Visa networks
• Joint venture issuers play a significant role in the French retailer card market
• Banque Accord has developed a number of card partnerships outside of the Auchan Group
• The Aurore card alone possesses around nine million customers in France
• Retailer loyalty cards
• Almost 50% of the major French retailers surveyed operate loyalty card programs
• Groupe Laser, the immediate parent of Cofinoga, operates the S' Miles multi-partner scheme
• Maximiles is France' s only web-based multi-retailer loyalty program...
• ... in an e-commerce market that is believed to be growing between 40% and 50% per annum
• Consumer finance / personal loans
• Franfinance lays claim to the highest number of exclusive relationships with major French rets
• Banking products
• Auchan, Carrefour, Casino and Géant all offer savings products to their customers
• Banque Accord' s customer numbers worldwide increase by 12% to 4.3 million in 2005...
• ... aided by the joint ventures that the bank has set up in many international markets
• Distribution and supplier partnerships are fundamental to Banque Accord' s growth aspirations
• The launch of CardOps marks its entry into the payment and transaction processing arena
• Insurance
• An insurance proposition has been introduced by 12 major retailers in France
• Carrefour has built up a portfolio of over 250,000 policyholders since launching ins. in 1992
• Auchan sources its insurance portfolio from a panel of best-of-breed affinity partners

11.0 GERMANY

• Introduction
• Retailer payment cards
• Less than 15% of large retailers in Germany have introduced their own payment card
• Few German card issuers lay claim to more than one major partnership for retailer cards...
• ... as comparatively weak utilisation of credit cards necessitates a selective approach
• Retailer loyalty cards
• Over 40 retailers lacking a payment card do possess a loyalty card...
• ... albeit a number belong to either the HappyDigits or PAYBACK multi-partner schemes
• The HappyDigits program has added several important partners since launch...
• ... and had accumulated 24 million cards by the middle of 2005
• Most expenditure through the HappyDigits pay. card remains within the KarstadtQuelle Group
• PAYBACK cardholders redeem around €6 million in bonus points each month
• Consumer finance / personal loans
• CC Bank and Citibank dominate relationships with rets. for point-of-sale finance in Germany...
• ... although a variety of other comps., some foreign-owned, are keen to expand in the sector
• Creditplus Bank broke new ground in 2006 by linking with Bertelsmann' s media club
• The deal with DER CLUB Bertelsmann constitutes a key aspect of the bank' s own strategy...
• ... and appears attractive on account of the demographics of the club' s members
• An annual target has been set of above €10 million in gross advances from the relationship...
• ... although it is doubtful whether there are other media affinities worth developing
• Banking products
• KarstadtQuelle Bank' s customer deposits rise at an annual average in excess of 20%
• Insurance
• KarstadtQuelle Versicherung is the most long-standing retailer insurance initiative in Germany...
• ... although a number of new distribution alliances have been established in recent months
• A number of insurance providers possess just one retailer insurance marketing deal each...
• ... while HDI' s membership of the PAYBACK scheme occasions a variety of opportunities
• The deal with eBay complements existing links with Amazon and Tchibo
• eBay' s base of registered users possesses favourable socio-demographic features
• Most Internet-oriented marketing deals cannot be classified as genuine affinities
• The Internet is coming of age as an insurance distribution channel in Germany...
• ... although web-based aggregation and broking has yet to develop fully

12.0 GREECE

• Introduction
• Retailer payment cards
• Eurobank is currently a leader in the Greek store and co-branded retailer card market
• Retailer loyalty cards
• A number of major retailers in Greece operate pure loyalty card programs
• Consumer finance / personal loans
• Point-of-sale finance schemes are concentrated in the computer and electricals retailing sector
• Banking products / insurance
• Mainstream banking and insurance markets in Greece have yet to see the entry of retailers

13.0 HUNGARY

• Introduction
• Retailer payment cards
• Three major retailers in Hungary have developed store cards in conj. with a pair of issuers
• Only IKEA' s card, issued by Cetelem Bank, can be categorised as a private label program
• Several card issuers are competing against Cetelem Bank for deals with Hungarian retailers
• Retailer loyalty cards
• A significant number of major retailers have introduced their own loyalty card programs...
• ... while others have elected to adhere to either the Multipont or Supershop schemes
• Consumer finance / personal loans
• Accord is the sole provider of point-of-sale finance to Décathlon in addition to Auchan
• Banking products
• Hungarian retailers have yet to branch out into the provision of mortgages or savings deposits
• Insurance
• Through its tie with Generali Providencia, Tesco has launched a motor insurance proposition

14.0 IRELAND

• Introduction
• Retailer payment cards
• The development of store cards is limited to a minority of Ireland' s larger retailers
• Retailer loyalty cards
• The comparatively market size has dissuaded many retailers from launching loyalty cards
• Consumer finance / personal loans
• Few Irish retailers have concluded a formal arrangement for point-of-sale finance
• Banking products
• Lively competition among incumbent banks obviates any need for retailer-backed banks
• Insurance
• At present, Tesco remains the sole pioneer of retailer insurance in the Irish market

15.0 ITALY

• Introduction
• Retailer payment cards
• A significant proportion of Italy' s larger retailers have introduced payment cards...
• ... although competition forces a number of issuers to focus on one major relationship each
• Fiditalia has launched Italy' s first shopping centre card in alliance with I Granai...
• ... as part of an initiative that appears more practical than ind. point-of-sale finance facilities
• The card paves the way for the development of retailer-specific loyalty programs...
• ... and is without precedent in the Italian market...
• ... albeit there are several challenges associated with the program' s development
• Retailer loyalty cards
• Many Italian retailers continue to offer a loyalty card unaccompanied by a payment card
• Consumer finance / personal loans
• Agos and Findomestic lay claim to a high proportion of deals for point-of-sale finance...
• ... although the fragmented nature of retailing in Italy creates opportunities for other providers
• Banking products
• Mainstream consumer banking products have not yet been introduced by retailers in Italy
• ... although eBay has forged a link with Banca Intesa in order to target SME customers...
• ... and to provide them with a new and secure sales channel
• There is ample scope for the furher development of Banca Intesa' s partnership with eBay...
• ... which complements comparable relationships with DHL, Metro and Tiscali
• Insurance
• Even major retailers currently lack the scale to have a significant impact in the insurance sector

16.0 NETHERLANDS

• Introduction
• Retailer payment cards
• Laser Nederland and Comfort Card exercise a virtual duopoly in the retailer pay. card market
• Retailer loyalty cards
• A majority of Dutch retailers offering loyalty cards have yet to launch their own payment card
• Consumer finance / personal loans
• Several retailers offer point-of-sale finance through joint venture or captive entities
• Banking products
• Only Bijenkorf has developed a mortgage proposition on behalf of its customers
• Insurance
• Dutch retailers have been encouraged by the propensity of cons. to use alternative channels
• Proteq, an affinity marketing specialist, has set up schemes with both Kruidvat and V&D
• Proteq and Kruidvat claim to possess compatible aspirations and philosophies...
• ... and the retailer' s network of 700 outlets offer an important route to market
• Hema' s link with Aon Nederland generated 15,000 policy sales during its first year

17.0 NORWAY

• Introduction
• Retailer payment cards
• The majority of retailer payment cards do not carry either the MasterCard or Visa brands...
• ... including all of those issued by GE Money Bank, the store card market leader in Norway
• Retailer loyalty cards
• Most Norwegian retailers that have developed a loyalty card do not offer a payment card
• Consumer finance / personal loans
• In Elkjøp and Jysk, Cresco claims two of the key relationships for point-of-sale fin. in Norway
• Banking products / insurance
• Thus far, Norwegian retailers have eschewed involvement in mainstream banking and ins

18.0 POLAND

• Introduction
• Retailer payment cards
• A significant number of retailer cards in Poland are linked to international payment networks...
• ... with Cetelem having established the most exclusive partnerships with major retailers
• Retailer loyalty cards
• The majority of retailers with a loyalty card have yet to develop a payment card
• Consumer finance / personal loans
• GE Money Bank and Lukas Bank challenge Cetelem in the point-of-sale finance market
• Banking products / insurance
• Retailers in Poland have yet to diversify beyond payment cards and consumer finance

19.0 PORTUGAL

• Introduction
• Retailer payment cards
• The payment cards offered by El Corte Inglés and Jumbo are both operated through captives...
• ... with as many as seven issuers competing for non-captive store card mandates
• Retailer loyalty cards
• Major retailers in Portugal are comparatively unenthusiastic when it comes to loyalty cards
• Consumer finance / personal loans
• Santander Consumer Finance is the main challenger to the two firms controlled by BNP Paribas
• Banking products / insurance
• Among major retailers in Portugal, only El Corte Inglés has developed an insurance proposition

20.0 ROMANIA

• Introduction
• Retailer payment cards
• Société Générale' s BRD and Cetelem each lay claim to two exclusive retailer card relationships
• Retailer loyalty cards
• In addition to the 15 schemes identified, both Intersport and Mega Image plan to launch cards
• Consumer finance / personal loans
• Over ten lending institutions compete for relationships with retailers for point-of-sale finance
• Banking products / insurance
• Retailer distribution of banking and insurance products has yet to occur in Romania

21.0 SLOVAKIA

• Introduction
• Retailer payment cards
• Most of the limited number of cards in Slovakia carry either the MasterCard or Maestro marques
• Retailer loyalty cards
• Fully-fledged payment cards have not yet been issued by any retailers offering loyalty cards
• Consumer finance / personal loans
• Most Slovakian retailers offering point-of-sale finance prefer to work with several providers
• Banking products / insurance
• Retailer distribution of banking and insurance products has yet to occur in Slovakia

22.0 SLOVENIA

• Introduction
• Retailer payment cards
• Mercator' s Green and Gold PIKA cards constitute Slovenia' s major store card program
• Retailer loyalty cards
• dm-drogeriemarkt, Mercator, Merkur, Takko and TUš have all introduced their own loy. cards...
• ... while others are linked to one or more of Slovenia' s shop. centre or multi-retailer schemes
• Mercator is seeking to have won a 40% of Slovenia' s groceries retailing market by 2010...
• ... and had issued almost 900,000 PIKA loyalty or payment cards by the end of 2006
• The program will be extended to new sectors including banking, insurance, telecoms and travel
• Consumer finance / personal loans / banking products / insurance
• Other types of retailer financial service remain undeveloped in the Slovene market

23.0 SPAIN

• Introduction
• Retailer payment cards
• Spanish retailers are among the most enthusiastic when it comes to payment cards...
• ... with a majority of programs still classifiable as private label initiatives
• MBNA appears to have made little progress in the retailer card market since its entry in 2000
• Retailer loyalty cards
• Comparatively few large Spanish retailers have introduced stand-alone loyalty cards
• Consumer finance / personal loans
• A trio of finance providers dominate relationships for point-of-sale credit in Spain
• Banking products
• The provision of mortgages by Alcampo is an isolated example of retailer banking in Spain
• Insurance
• Involvement in insurance intermediation is restricted to five major retailing brands
• The captive underwriter of El Corte Inglés has accumulated almost 1.13 million policyholders
• Alcampo' s insurance proposition is available only to customers holding its payment card

24.0 SWEDEN

• Introduction
• Retailer payment cards
• The payment cards of six retailers are issued and managed by captive entities
• Sweden possesses a surprisingly high number of competitors jostling for retailer relationships
• Having issued around 800,000 cards, Resurs Bank is a leader in the Swedish store card sector
• Since the late 1980s, IKANO, a sister firm to IKEA, has expanded its ops. into new territories
• Retailer loyalty cards
• In excess of 25% of major Swedish retailers have introduced loyalty card programs
• Consumer finance / personal loans
• The partners of Handelsbanken Finans for point-of-sale finance include Dialect and El Giganten
• Banking products
• ICA Banken has accumulated 280,000 fully-fledged banking customers since launch in 2002
• ICA Banken was launched in the wake of development of the original customer card
• Progress was initially gradual as a result of slower-than-expected switching rates...
• ... although the bank' s many points of differentiation have since assisted its progress
• 65% of all banking product sales are realised via the Internet
• ICA Banken is planning to launch new savings products during 2007
• The development of IKANO Banken has also been characterised by strong growth
• Insurance
• The strength of Sweden' s leading insurance firms may be deterring retailer participation

25.0 SWITZERLAND

• Introduction
• Retailer payment cards
• Cards issued by myOne Services are accepted at around 10,000 points of sale in Switzerland
• Credit Suisse and OZ Bankers manage the majority of non-captive retailer payment cards
• Retailer loyalty cards
• Over 30% of major retailers in Switzerland have introduced loyalty cards
• Consumer finance / personal loans
• Three Swiss retailers organise point-of-sale loans through captive finance providers
• Banking products
• The customer loan portfolio of Migros Bank was worth CHF20.6 billion by the end of 2005
• Insurance
• myOne Service is collaborating with AIG Europe for accident and health insurance policies

26.0 TURKEY

• Introduction
• Retailer payment cards
• Turkey' s near-ubiquitous multi-merchant loyalty card schemes impede individual ret. initiatives
• Cards linked to multi-retailer progs. account for around 70% of all credit cards issued in Turkey
• Retailer loyalty cards
• Several major retailers in Turkey have introduced their own loyalty card programs...
• Consumer finance / personal loans
• ... although the market for point-of-sale finance among retailers appears still to be limited
• Banking products / insurance
• The provision of banking or insurance products by Turkish retailers is currently non-existent

27.0 UNITED KINGDOM

• Introduction
• Retailer payment cards
• Almost a third of major retailers in the UK have introduced their own payment cards...
• ... with MasterCard having substantially outpaced Visa in terms of private label conversions
• Trad. store cards have come under pressure from other types of credit card in recent years
• GE Capital Bank is the leading specialist issuer of retailer cards in the UK market...
• ... followed by Creation Financial Services and IKANO Financial Services
• HSBC has significantly strengthened its competitive position in the retailer card market...
• ... and the card issuing divisions of several other banks also lay claim to notable relationships
• Retailer loyalty cards
• Loyalty card schemes introduced by individual retailers are comparatively few in number...
• ... although the Nectar program has grown rapidly since its launch in September 2002
• ipoints has amassed over 60 partners and 15 reward categories since its launch in 2000...
• ... and lays claim to over one million members generating £1.5 million in revenues
• Consumer finance / personal loans
• The majority of retailers that offer point-of-sale finance work with a single, external partner
• Lloyds TSB' s Black Horse Finance lays claim to the highest number of exclusive relationships...
• ... although other competitors in this field include Clydesdale Financial Services and HFC Bank
• The Funding Corporation, an independent provider, currently holds the key ASDA mandate
• Banking products
• Retailer banking in the UK - in essence, the tale of two supermarkets
• Problems with rising bad debt have tarnished the results of Sainsbury' s Bank in recent years
• In spite of tougher conditions, Tesco Personal Finance continues to make impressive profits
• A handful of other smaller initiatives for mortgage distribution are also in evidence
• Insurance
• Retailer distribution is now an important aspect of the wider phenomenon of ' brandassurance' ...
• ... with 20 major retail brands now active in distribution of mainstream insurance policies...
• ... including Argos, Bonmarché, Debenhams, eBay, Halford' s, Homebase and John Lewis
• John Lewis launched Greenbee as a new direct services company in October 2006
• Greenbee will allow the Partnership to expand its share of total client expenditure...
• ... leveraging a combined customer base across its main retail brands of 8 million...
• ... and its status as one of the most trusted retailers in the UK
• Fit with the Partnership' s values has been key to selection of affinity partners...
• ... while the Greenbee name was chosen to emphasise the freshness of the offering