北米・ラテンアメリカ地域の小売業者による金融サービス市場

Abstract

Retailer Financial Services in North and Latin America is a report, based on a survey of 1,015 high profile retail brands in 12 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 Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, USA and Venezuela. In total, the research identifies over 360 loyalty card programs, over 500 schemes for retailer payment cards and consumer finance, and over 320 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 12 countries in North and Latin America 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 1,015 major retail brands across 12 countries
• Well over one third of major retail brands in the Americas operate their own pay. card scheme…
• … with over a half of these classifiable as private label or store card programs…
• … and with captive banking subsidiaries accounting for more than one in four of these initiatives
• Loyalty cards with no pay. function are offered by a slightly lower percentage of major retailers
• Retailer provision of consumer credit rarely takes the form of classic point-of-sale finance…
• … with retailer-owned banks in Latin America tending to focus on general purpose loans
• There is a growing number of successful retailer bank. ventures in both North and Latin America…
• … with this activity also having been instrumental in the relatively strong growth of retailer ins
• The international ' credit crunch' may place a temporary brake upon retailer financial services…
• … although the longer term prospects for this strategy in the Americas remain encouraging
• Underlying credit card markets are growing rapidly in a number of countries in Latin America
• Store cards can be internationalised and loyalty cards can be converted into payment cards
• 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 covers 1,015 major retail brands across North and Latin America
• Product definitions

2.0 REGIONAL OVERVIEW

• Introduction
• Retailer payment cards
• Retailers in Brazil, Chile and Mexico are most likely to have introduced their own payment card
• A number of major retailers operate payment cards through captive entities
• Almost three quarters of department stores have introduced their own co-branded or store card
• Over 50% of retailer payment cards are not linked to an international payment network
• The strength of the main international card networks varies substantially by country
• Initiatives attributable to Citigroup, GE Capital and HSBC account for almost 30% of programs
• Retailer loyalty cards
• In relative terms, loyalty cards with no payment function are most widespread in Chile and Peru
• Retailers of books, music and videos display a high propensity to develop loyalty cards
• Almost two thirds of loyalty cards do not run in parallel to a fully-fledged retailer payment card
• Consumer finance / personal loans
• Classic point-of-sale finance is relatively uncommon across the Americas for several reasons…
• … although the captive banks of several retailers are targeting lower and middle income clients
• Penetration rates for consumer finance do not exceed 40% in any retailing categories
• Most retailers have chosen to partner with a single, external lender or to op. through a captive
• Captives and joint ventures
• Captive retailer finance arms can be of significant interest to mainstream banking institutions
• Insurance
• Retail brands are active in promoting insurance in ten of the 12 countries investigated…
• … with much of this activity being driven by retailer-owned banking subsidiaries in Latin America
• Schemes for motor insurance and life insurance account for almost half of the total identified
• Supermarkets and department stores benefit from high ' footfall' and burgeoning e-commerce

3.0 ARGENTINA

• Introduction
• Retailer payment cards
• The majority of retailer payment cards in Argentina can be classified as private label cards…
• … with several retailers, including Carrefour and Falabella, using their own captive finance arms
• Argentina' s payment card market has made strong progress since the 2002 economic crisis
• Retailer loyalty cards
• 30 major retail brands in Argentina have introduced loyalty cards with no payment function
• Consumer finance / personal loans
• Comparatively few significant retailers in Argentina offer point-of-sale finance to their customers
• Banking products
• Argentina' s retailers have yet to diversify into the provision of mainstream banking products…
• Insurance
• … although Falabella has ventured into the insurance affinity marketing arena

4.0 BRAZIL

• Introduction
• Retailer payment cards
• Over a half of the retailer payment cards identified can be defined as private label programs
• C&A' s Banco IBI has built up a portfolio of around 20 million customers across Brazil
• Cards carrying the Aura logo are accepted by over 30,000 merchants across Brazil
• Brands within the Wal-Mart grouping are affiliated to Unibanco' s Hipercard multi-partner scheme
• The store card sector continues to expand more quickly than the pay. card market as a whole
• Retailer loyalty cards
• Under a quarter of major Brazilian retailers persist with loyalty cards with no payment function
• Consumer finance / personal loans
• High penetration rates for retailer payment cards restrict the potential for point-of-sale finance…
• … and the majority of Brazilian consumers benefit from little or no annual disposable income
• Banking products
• Banco IBI is the only retailer-owned bank in Brazil to offer a savings account to customers
• Insurance
• Six major retail brands in Brazil have commenced marketing of mainstream insurance lines

5.0 CANADA

• Introduction
• Retailer payment cards
• A significant number of Canadian card issuers are involved in retailer payment card schemes…
• … although several retailers issue cards through their own captive financial services arms…
• … including the Loblaw grouping which has established President' s Choice Bank brand
• Pre-paid cards are also commonly offered by retailers in a mature market for payment cards
• Retailer loyalty cards
• Many major Canadian retailers adhere to the AIR MILES multi-partner reward program…
• … which claims to have built up a portfolio of more than nine million active accounts
• Consumer finance / personal loans
• Widespread usage of credit cards impedes traditional retailer point-of-sale finance in Canada
• Banking products
• President' s Choice Financial Services has built up a portfolio of around three million customers…
• … and has diversified into new areas of banking and insurance since its original launch in 1998
• Insurance
• Group major retailer groupings have started promoting insurance products to their customers
• For regulatory reasons, the acts. of the HBC Insurance Agency vary by region across Canada
• The initiatives of London Drug and PC Financial are also characterised by regional differences

6.0 CHILE

• Introduction
• Retailer payment cards
• Retailer-owned card issuers dominate Chile' s payment card market…
• … with around 8.8 million store cards having been issued by such banks…
• … mainly to the low and middle income earners traditionally ignored by mainstream banks
• Retailers and traditional banks are collaborating to circumvent problems linked to interoperability
• Retailer loyalty cards
• Almost a half of the retailers operating a loyalty card have not launched a parallel payment card
• Consumer finance / personal loans
• The provision of personal loans by Chilean retailers is driven exclusively by retailer-owned banks
• Banking products
• Cencosud, Falabella and Ripley have all entered the banking sector in the relatively recent past
• Rising provisions for bad debts pushed Banco Ripley into a pre-tax loss during 2007
• Insurance
• Insurance marketing initiatives are invariably driven by retailer-owned banking subsidiaries

7.0 COLOMBIA

• Introduction
• Retailer payment cards
• Only two retailers adhere to an op. model other than a link with a single, external card issuer
• GE Money returns to the Colombian consumer finance market by taking a stake in Colpatria
• Retailer cards divide more or less evenly between co-branded and private label propositions…
• … with high transaction fees having persuaded some retailers to develop their own store cards
• Retailer loyalty cards
• Loyalty cards with no payment function enjoy a relatively high rate of penetration in Colombia
• Consumer finance / personal loans
• Retailers constitute an important distribution channel for consumer credit in Colombia
• Banking products
• Cafam, Falabella and Hiper Centro have all commenced initiatives in mainstream retail banking
• Insurance
• AIG has established retailer distribution relationships with both Falabella and Olímpica

8.0 ECUADOR

• Introduction
• Retailer payment cards
• The Supermercados La Favorita grouping offers cards managed by as many as six issuers
• Retailer loyalty cards
• Several retailers, including Mini Market, are affiliated to the Av Card multi-partner scheme
• Consumer finance / personal loans
• A majority of consumers do not qualify for credit through the mainstream banking system
• Banking products
• Diversification into mainstream bank. products remains a possible future development objective
• Insurance
• Only retail brands belonging to Supermercados La Favorita have launched insurance products

9.0 MEXICO

• Introduction
• Retailer payment cards
• In terms of outright number of partners, Banamex dominates the retailer payment card sector…
• … with its position having been strengthened by the launch of the Affinity Card in March 2007
• Coppel and Elektra both issue payment cards through captive banking operations…
• … while Chedraui has preferred to established a joint venture company for this purpose
• For a variety of reasons, the Mexican authorities are keen to encourage usage of pay. cards
• Retailer loyalty cards
• Over a third of leading Mexican retail brands operate a loyalty card with no payment facility
• Consumer finance / personal loans
• Wal-Mart is one of several retail groups expanding into Mexico' s consumer finance market…
• … with Soriana' s joint venture with Banamex also seeking to grow in this arena
• Banamex possesses the most distribution relationships for point-of-sale with retailers
• Banking products
• Several retail brands have developed straightforward savings products for their customers…
• … and Mexico' s mortgage market may also offer them an eventual avenue for expansion
• Insurance
• The Elektra grouping is unique in having bought its own insurer in the shape of Seguros Azteca
• Most retailer dist. initiatives are organised through a deal with a single, external underwriter

10.0 PARAGUAY

• Introduction
• Retailer payment cards
• Three of Paraguay' s larger retail brands have launched co-branded or private label cards
• Retailer loyalty cards
• Avon, Caro Cuore, Hering, Nike, Quijote Música y Libros and Sporthouse all offer loyalty cards
• Consumer finance / personal loans
• With one exception, no Paraguayan retailers appear prepared to offer credit to their customers
• Banking products / insurance
• Paraguay' s retailers have yet to diversify into either mainstream banking or insurance products

11.0 PERU

• Introduction
• Retailer payment cards
• Peru is characterised by a mix of captive and externally managed retailer pay. card schemes
• Banco Azteca harbours ambitious plans to roll out 120 branches serving lower inc. households
• The development of Banco Ripley' s Financor will benefit from Ripley' s own investment plans
• Cards are steadily replacing cheques denominated in US dollars as a preferred pay. method
• Retailer loyalty cards
• A majority of major retail brands in Peru have introduced a loyalty card with no payment function
• Consumer finance / personal loans
• Few major Peruvian retailers have organised non-card credit facilities on behalf of their custs
• Banking products
• Three retailer-owned banks target lower income consumers with mainstream banking products
• Insurance
• A number of major retailers have begun acting as distributors of insurance to their customers

12.0 URUGUAY

• Introduction
• Retailer payment cards
• Co-branded cards have been introduced by four supermarket chains in Uruguay
• Retailer loyalty cards
• A dozen retailers possess loyalty cards that could be converted into payment cards in the future
• Consumer finance / personal loans
• Only around 30% of Uruguay' s cons. currently borrow from the country' s mainstream banks
• Banking products / insurance
• Uruguay' s retailers have yet to diversify into either mainstream banking or insurance products

13.0 USA

• Introduction
• Retailer payment cards
• Well over one third of major retail brands in the USA offer a co-branded or private label card
• World Financial Network National Bank is one of several major competitors in this sphere…
• … although there are over 20 issuers of retailer cards in total, including retailer-owned captives
• A significant proportion of retailers have developed pre-paid cards for a well-defined audience
• Retailer loyalty cards
• Over one quarter of major retail brands in the USA provide a loyalty card with no pay. function
• Consumer finance / personal loans
• Point-of-sale finance is provided by a relatively small proportion of major retailers in the USA
• Bill Me Later has been adopted as a payment facility by a significant number of retail brands…
• … as on-line retailers, in particular, are increasingly inclined to offer alternative payment options
• Few other finance providers possess more than a handful of exclusive relationships in this field
• Banking products
• Kroger and Wal-Mart branch out into mainstream bank. services through contrasting strategies
• Other major retailers in the USA simply prefer to lease store space to banking institutions
• Insurance
• Costco and Kroger overcome state-by-state regulation to launch retailer insurance propositions

14.0 VENEZUELA

• Introduction
• Retailer payment cards
• The few retailer cards to have been launched in Venezuela are all private label products
• Banesco offers credit facilities to inds. belonging to the Club Inteligente multi-partner scheme
• Retailer loyalty cards
• Almost a half of the major retail brands surveyed offer a loyalty card with no payment function
• Consumer finance / personal loans
• A handful of Venezuela' s larger retailers act as dists. of consumer finance to their customers
• Banking products / insurance
• Retailer distribution of insurance has yet to develop to any great extent in Venezuela

GRAPHICS / TABLES

• Major retailers covered by the research segmented by category and by country
• % of major retailers in North and Latin America offering co-branded / store cards split by country, 2008
• % split of co-branded / store cards offered by major retailers in N&LA by operating model and country, 2008
• % of major retailers in North and Latin America offering co-brand. / store cards split by category of retailer, 2008
• % split of co-branded / store cards offered by major retailers in N&LA by network / marque, 2008
• % split of co-branded / store cards offered by major retailers by network / marque and country, 2008
• Influence of Citigroup, GE Capital and HSBC on co-brand. / store cards in North and Latin America, 2008
• % of major retailers in North and Latin America offering loyalty cards split by country, 2008
• % of major retailers in North and Latin America offering loyalty cards split by category of retailer, 2008
• % split of loy. cards off. by major rets. in N&LA acc. to whether they run parallel to a co-brand. / store cd., 2008
• % of major retailers in North and Latin America offering cons. finance / personal loans split by country, 2008
• % of major retailers in N&LA offering consumer finance / personal loans split by category of retailer, 2008
• % split of cons. finance / personal loans offered by major rets. in N&LA by operating model and country, 2008
• Major retailers in North and Latin America with captive finance arms, 2008
• Major retailers in North and Latin America with captive finance arms, 2008 (continued)
• % of major retailers in North and Latin America offering any form of mainstream ins. split by country, 2008
• Overview of retailer provision of mainstream insurance in North and Latin America split by type of policy, 2008
• Overview of retailer prov. of mainstream insurance in North and Latin America split by category of retailer, 2008
• Major retailers in North and Latin America distributing motor ins.: operating models and partners, 2008
• Major retailers in North and Latin America distributing household ins.: op. models and partners, 2008
• Major retailers in North and Latin America distributing accident ins.: operating models and partners, 2008
• Major retailers in North and Latin America distributing health ins.: operating models and partners, 2008
• Major retailers in North and Latin America distributing travel ins.: operating models and partners, 2008
• Major retailers in North and Latin America distributing pet ins.: operating models and partners, 2008
• Major retailers in North and Latin America distributing life ins.: operating models and partners, 2008
• Retailer payment cards in Argentina: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Argentina: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Argentina: pen., op. models and lender market shares, 2008
• Retailer provision of insurance in Argentina: penetration by type of insurance, 2008
• Retailer provision of insurance in Argentina: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Brazil: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Brazil: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Brazil: penetration, op. models and lender market shares, 2008
• Retailer provision of insurance in Brazil: penetration by type of insurance, 2008
• Retailer provision of insurance in Brazil: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Canada: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Canada: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Canada: penetration, op. models and lender market shares, 2008
• Retailer provision of insurance in Canada: penetration by type of insurance, 2008
• Retailer provision of insurance in Canada: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Chile: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Chile: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Chile: penetration, op. models and lender market shares, 2008
• Retailer provision of insurance in Chile: penetration by type of insurance, 2008
• Retailer provision of insurance in Chile: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Colombia: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Colombia: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Colombia: pen., op. models and lender market shares, 2008
• Retailer provision of insurance in Colombia: penetration by type of insurance, 2008
• Retailer provision of insurance in Colombia: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Ecuador: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Ecuador: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Ecuador: pen., op. models and lender market shares, 2008
• Retailer provision of insurance in Ecuador: penetration by type of insurance, 2008
• Retailer provision of insurance in Ecuador: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Mexico: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Mexico: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Mexico: penetration, op. models and lender market shares, 2008
• Retailer provision of insurance in Mexico: penetration by type of insurance, 2008
• Retailer provision of insurance in Mexico: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Paraguay: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Paraguay: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Paraguay: pen., op. models and lender market shares, 2008
• Retailer payment cards in Peru: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Peru: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Peru: penetration, op. models and lender market shares, 2008
• Retailer provision of insurance in Peru: penetration by type of insurance, 2008
• Retailer provision of insurance in Peru: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Uruguay: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Uruguay: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Uruguay: pen., op. models and lender market shares, 2008
• Retailer payment cards in the USA: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in the USA: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in the USA: pen., op. models and lender market shares, 2008
• Retailer provision of insurance in the USA: penetration by type of insurance, 2008
• Retailer provision of insurance in the USA: penetration, operating models and partner market shares, 2008
• Retailer payment cards in Venezuela: penetration, operating models and network / issuer market shares, 2008
• Retailer loyalty cards in Venezuela: penetration and provision alongside payment cards, 2008
• Ret. provision of cons. finance / pers. loans in Venezuela: pen., op. models and lender market shares, 2008
• Retailer provision of insurance in Venezuela: penetration by type of insurance, 2008
• Retailer provision of insurance in Venezuela: penetration, operating models and partner market shares, 2008