Wells Fargo and Company
富国银行
2012年5月
Introduction
富国银行的介绍
History
富国银行的历史
The Regulatory Environment
法律环境
In recent years, some of the long-standing government regulations in
the banking environment began to fall. In 1994, the Riegle?Neal
Interstate Banking and Branching Efficiency Act was passed. This act
allowed banks to transact in interstate branching. The Riegle-Neal act
led to an era of widespread branch banking, changing the landscape
and structure of the banking industry throughout the United States.
Immediately upon the passage of this act, banks began to consolidate
in order to take advantage of the almost limitless opportunities.
Widespread branching networks, as well as regional networks
supported by affiliated bank relationships, evolved across the country.
近年来，一些长期存在的针对银行业环境的政府规则开始降低。
Riegle?Neal州际银行和支行有效性法案被通过。该法案允许银行开设跨
州的支行。该法案引发了广泛的分支银行时期，改变了美国的银行业的
状况和布局。在该法案通过之后，立刻的，银行开始进行整顿，为了能
够利用几乎是无限制的机会。广泛的分支网络，和由会员银行关系支持
的区域性的网络，发展到了整个国内。
The Regulatory Environment
法律环境
In addition to the passage of the Riegle?Neal Interstate Banking and
Branching Efficiency Act, another breakthrough legislation change was
the loosening of Section 20 of the Glass-Steagall Act. Section 20,
originally created after the stock market crash of 1929, prohibited the
affiliation of Federal Reserve member banks and investment firms
engaged in dealing or underwriting securities. Beginning in 1987, the
Federal Reserve slowly began to remove the regulation. As of 1997,
banks were allowed to derive 25% of their revenues from securities
underwriting.
除了Riegle?Neal州际银行和支行有效性法案的通过，另外一个突破性的
法律上的改变是Glass-Steagall法案第20部分的放松。该部分原来是在
1929年证券市场崩溃之后设定的，禁止了联邦储备系统的从属成员银行
和投资公司处理或进行证券的承销。开始于1987年，联邦储备系统开始
逐渐的改变该法令。到1997年，银行已经被允许其25%的收入是从证券
承销中得到。
Impact of Technology
科技的影响
Traditionally, banks had been early adopters of technology due to the
large number of routine transactions that they processed. In addition
to their own internal banking systems, most banks also maintained
links to credit card processing systems, ATM systems, interbank check
clearance systems and a number of links to their customers. During the
late 1980s and the early 1990s information technology and
telecommunications technology began to converge. This convergence
enabled banks to centralize services and take advantage of new
delivery channels such as telephone banking and the Internet. Wells
Fargo's experience in Texas provided good example of the
opportunities that technology produced.
传统的，银行早期采用科技是因为他们需要处理的大量的常规交易。在
他们本身的内部银行系统之外，大多数的银行还保持着和信用卡处理系
统，ATM系统，内部银行确认系统得链接，以及一部分和客户的链接，
在20世纪80年代后期和90年代早期，信息技术和远程通信技术开始联合。
这使得银行可以集中服务并且利用新的递交渠道，例如电话银行和因特
网。富国银行在得克萨斯的经历就为科技产生的机会进行了很好的诠释。
Impact of Technology
科技的影响
In 1997, the Texas Legislature allowed banks to offer home equity loans for the first time. Previously, this
product had been allowed in other states but not in Texas, one of the nation's most populous states. Wells
Fargo wanted to take advantage of the change in legislation. They decided the most efficient way to
capture the home equity lending market was to sell this product over the phone. This enabled Wells Fargo
to avoid the problem of performing training for all applicable branch personnel on the new product. Wells
Fargo set up a phone center in Pueblo, Colorado to take these calls. Phone center personnel were bilingual.
When a call came into the call center, the agent receiving the call recorded all the customer's information
in a computer system whose processing center was in Bozeman, Montana. Since the sales prices of homes
in Texas were not made available to the public, Wells Fargo's system used the Texas Tax Assessor
Database to determine the value of the house. Other credit checks were performed and the system
ensured that the new loan plus existing loans on the house did not total more than 80% of the value of
the house (another Texas regulation). With these checks performed, the system produced a preliminary
approval. This whole process took place in 20 seconds and the customer was informed during his or her
phone call. Contracts for the loan were issued from Wells Fargo's existing fulfillment center in Cincinnati
and the loans were disbursed in Texas. Martin VanDerSchouw, Assistant Vice President of Strategic
Analysis, proudly stated that building the infrastructure for this opportunity took only 57 days. Initial data
available at the time that the case was written indicated that Wells Fargo had captured more than 50% of
the total market.
1997年，得克萨斯的法律开始第一次允许银行提供房屋贷款。先前这种产品在其他州是被允许的，而得克萨
斯，国内人口最多的省之一却不行。富国银行想利用这种法规上的改变，他们决定最有效的掌握房屋贷款市
场的方法是通过电话销售这种产品。这使得富国银行避免了对所有分支银行的人员进行新产品培训的问题。
富国银行在Pueblo, Colorado建立了一个电话中心来打电话。电话中心的职员都是双语的。当电话打进来的时
候，收到电话的人员会接受到一个电话记录，包括了能够从计算机系统理掉出所有的客户的信息。这个系统
的处理中心是在Bozeman, Montana，因为得克萨斯的房屋销售价没有进行对公众的公布，富国银行的系统使
用了得克萨斯的税务估价数据库来决定房屋价格。其他的贷款核实也可以实施，系统保证了新的贷款加上已
经存在的房屋贷款不超过房屋总价的80%（另一个得克萨斯的法规）。通过这些确认，系统产生了一个初步
的核准。整个过程可以在20秒内完成，客户就可以在打电话的时候得知。而贷款合同是由富国银行的完成中
心提供的，该中心设立在Cincinnati，而贷款则在得克萨斯提供。Martin VanDerSchouw，战略分析的主力副
总裁，骄傲的宣布为该机会进行的整个基础建设是在短短的57天内完成的。此次富国银行得到的初始信息使
其占据了总市场的50%。
Financial Services Trends
金融服务趋势
The Financial Services Industry under went a number
of fundamental changes during the 1990's. Major
changes included:
在20世纪90年代，金融服务行业经历了一系列的基本
变化。主要的变化包括：
Consolidation
合并
Disintermediation
脱媒
Commoditization
商品化
Globalization
全球化
Consolidation
合并
The deregulation that swept the financial services industry significantly changed the
environment in which banks operate. The relaxation of interstate banking regulations
opened the door for mergers and acquisitions not previously possible. Many banks
dreamed of serving customers from coast to coast. The cost of building new branches,
recruiting new personnel and winning new customers made mergers a much more
attractive method of expanding their retail and commercial banking operations than
classical expansion. Since 1994 a number of major mergers and acquisitions occurred. In
the Midwest, Chicago's largest bank, First Chicago Corporation merged with the National
Bank of Detroit to form First Chicago NBD. In a year's time, NationsBank, the result of a
number of previous mergers, acquired Boatmen's Bank, a large northeastern bank and
Barnett Bank, a large Florida Bank. Indicative of the frenzy in the industry, Core States
Bank in Cleveland made an offer to buy Mellon Bank of Pittsburgh. A few days after Mellon
Bank turned down the Core States offer, First Union of Charlotte stepped in and bought
Core States in the largest banking transaction in . history. Wells Fargo was also part of
this trend; they acquired First Interstate bank in 1994, a move which helped expand their
presence in the Southwestern United States.
对金融服务行业的管制取消大大的改变了银行业操作的环境。州际银行法规的放缓给兼并收
购开放了门户，这在以前是不可能的。许多银行都梦想能够对客户进行岸对岸的服务。建立
新的分支机构，招聘新的人员，获得新的客户的成本使并购变成了一种更有吸引力的用来扩
展新的零售银行和商务的方式，比起传统的扩张来说。自从1994年一部分主要的并购和兼
并发生了。在中西部，芝加哥最大的银行，第一芝加哥公司和底特律国家银行进行合并组成
了芝加哥NBD。在一年的时间内，国家银行，也是一系列并购的结果，兼并了Boatmen银行，
一个大的东北银行和Barnett银行，一个大的佛罗里达银行。作为行业风暴的预示器，在
cleveland的Core States银行出价购买皮斯堡的Mellon银行。在Mellon银行拒绝这个出价后不
久，First Union of Charlotte介入并且购买了Core States银行，是美国历史上最大的银行也
交易。富国银行也是这个趋势中的一员，在1994年它并购了第一州际银行，这个活动使得
富国银行可以在美国的西南部扩展自己的业务。
Consolidation
合并
The trend towards consolidation was not limited to retail and commercial
banking. Relaxation of Glass-Steagall's Section 20 enabled banks to enter the
investment banking sector. Large highly capitalized banks began to acquire
investment banks in a rush to provide 'one-stop' banking services to their large
corporate clients. A number of Wells Fargo's closest competitors were involved
in this activity. Cross-street rival Bank of America acquired Robertsen Stephens.
NationsBank acquired San Francisco based Montgomery Securities and First
Union bought Wheat Securities. At the end of 1997, Wells Fargo had not made
any investment banking acquisitions and remained a retail and commercial bank.
这个并购的趋势并不限于零售银行和商务银行。Glass-Steagall法令20部分的放松
使银行能够进入投资银行业。大量的高资本化的银行开始匆忙的并购投资银行，
为自己的大型公司客户提供“一站式”服务。富国银行的一些最紧密的竞争者也
参与了这个活动。Cross-street rival银行并购了Robertsen Stephens。国家银行并
购了San Francisco based Montgomery Securities，第一联合购买了Wheat证券。
在1997年年末，富国银行还没有能够对投资银行进行并购，维持了自己零售和商
务银行的身份。
Disintermediation
脱媒
Increasing customer sophistication and new electronic banking channels enabled customers
to perform more transactions without interacting with banking personnel. In retail markets
this was consistent with the bank's strategy. A 1996 Dove Associates survey found that the
average branch transaction cost over $. The same transaction done by phone cost
approximately $ and the cost dropped to $ if the transaction was done over the
Internet. In order to encourage retail customers to use these less expensive channels,
banks followed a number of different strategies. First Chicago NBD was the first to start
charging customers to use tellers instead of ATMs. Bank of America experimented with
using greeters to guide banking customers to ATMs for simple transactions. Citibank
launched people-less branches that contained only ATMs and banking kiosks. Kiosks were
modified automated tellers with phones that could be used to connect the customer directly
with a bank representative. In 1995, the first all-Internet bank, Security First National Bank,
opened for business.
不断增加的客户复杂性和新的电子银行业渠道使客户能够不亲自去银行就可以进行更多的交
易。在零售市场这个是和银行的战略一致的。1996年，Dove Associate的一个调查发现，平
均的分支交易成本要超过元。同样的交易由电话进行的成本是元，如果通过因特网
交易的话，成本会降低到元。为了鼓励零售用户使用这些成本较低的方式，银行进行了
一系列的战略。首先芝加哥NBD是第一个开始对那些直接进行柜台交易而不用ATM的用户收
一定的费用。美国银行在对引导银行用户使用ATM机进行简单的操作方面进行了实验。花旗
银行启动了人员更少的分支行，银行只包括ATM机和小亭子。小亭子配备了自动的柜台电话，
可以将用户直接连线一个银行代表。到1995年，第一个全部建设在网上的银行，安全第一国
家银行，开始进行营业。
Disintermediation
脱媒
This trend was also extended to the securities
business. Charles Schwab, the country's largest
discount broker, allowed customers to perform a
variety of equity and mutual fund trades through the
telephone or the Internet. New all-Internet discount
brokers also emerged to vie for customer's business,
including E-Trade and Sure Trade.
这个趋势同时也扩展到了证券行业。Charles Schwab
，国家最大的贴现经纪人，允许客户通过电话或者互
联网进行一些净资产和共同基金的交易。新的全部架
设在网上的贴现经纪人也不断涌现，为客户进行竞争，
包括E-trade和Sure Trade。
Commoditization
商品化
From the banks' perspective, the products that most retail customers used were commodity
products. Simple deposit and loan products such as checking accounts, savings accounts,
certificates of deposit, personal loans and most mortgage loans were all standardized.
Regardless of whether the customer used an electronic channel or a teller, all transactions
for deposit accounts were processed electronically. Loan accounts required a credit scoring
process to assess the risk of the applicant, but by 1997 even most of this process was
performed using information systems. The marginal cost of a transaction within the bank
was extremely low. Banks relied on customer information systems to consolidate the
various products that a customer owned into a single statement. The challenge for banks
was to make the customer feel that the products he or she was using were customized to
their needs, while processing these products as commodities. Wealthy individuals and
corporations usually received more customized service from banks through their private
banking or small business divisions.
从银行的角度来说，大多数零售客户使用的产品是商业产品。简单的存款和贷款产品例如支
票帐户，存款帐户，大额信用证，个人贷款和很多抵押贷款都是标准化的。不管客户使用电
子渠道还是选择柜台交易，所有的存款帐户的交易处理都是电子化的。贷款帐户需要一个贷
款评分过程以评估申请者的风险等级。但是直到1997年，这些进程中的大多数都是通过信息
系统来进行的。银行交易的边际收益非常低。银行依靠客户信息系统来将某个客户拥有的不
同的产品统一到一个表里。银行的挑战就是如何使客户觉得他正在使用的产品是为他的需求
所定制的。在处理这些产品，例如商品的时候，有钱的个人和公司通常能够通过他们的私人
银行或者小型的商务公司，从银行收到更个性化的服务。
Globalization
全球化
The rapid growth in ATMs, telephone banking and online banking enabled customers to use
banking services anytime and anywhere. This recognition was first exploited by Wells Fargo,
who began aggressively marketing "7/24 Banking" (7 days a week, 24 hours a day) in the
late 1980s ("Branch Banking is Not a Dinosaur," McKinsey Quarterly, 1996, Number 1). The
availability of banking services and products to customers around the globe meant that
banks had access to a larger customer base than ever before. It also meant they faced
more competitors than ever before. Citibank, with over 3,400 offices in 97 countries was
the most global of the . banks. Citibank served both commercial and retail customers
around the world. Bank of America also had a growing international presence, with
operations in 38 countries. The IMF bail-out of several Asian countries in 1997 and the
European Monetary Union schedule for 1999 were both expected to further encourage the
liberalization of financial services.
ATM，电话银行和在线银行的快速增长使用户能够在任何时候，任何地点使用银行服务。富
国银行是最先开始认识到这一点的，它开始积极的推行“7/24银行”（一周7天，一天24小时）
在20世纪80年代后期。（“分支银行不是恐龙” McKinsey Quarterly, 1996年）银行服务和产
品对于全球客户的可获得性意味着银行比以往的任何时候能够接触的用户基础更大，同时也
意味着面临的竞争者更多。花旗银行，在97个国家拥有超过3,400个办公点，是美国银行中最
为全球化的，它为全世界的商业客户和零售客户提供服务。美国银行也拥有不断增长的国际
发展，在38个国家都设立有机构。IMF1997年在几个亚洲国家的跳伞行为和1999年欧洲货币
联盟的日程都鼓励了金融服务的范围放宽。
Wells Fargo's Strategy
富国银行的战略
Wells Fargo CEO, Paul Hazen, called delivery of anytime,
anywhere service a "must-do" priority for Wells Fargo. Hazen's
strategy for Wells Fargo included a focus on customer service
and cost control. To accomplish these two seemingly conflicting
goals, Hazen relied on Wells Fargo's ability to create innovative
delivery channels that were more convenient for the customer
and less expensive for the bank.
富国银行的CEO，Paul Hazen，把随时随地提供服务成为富国银
行的“必须做的”优先的事项。Hazen的战略包括了对客户服务
的关注和成本的控制。为了实现这两个看似冲突的目标，Hazen
依靠富国银行的能力来建立创新性的递送渠道，这对于客户来说
会更加方便，而且对银行来说费用会降低。
Wells Fargo's Strategy
富国银行的战略
"The trick is to show customers the broad range of
choice and pricing they have for interacting with the
bank. In some cases, they'll choose the personalized
services we offer, in our Investment Group, for
example. In others they may benefit from alternative,
lower-cost channels such as telephone, ATM or
Online Banking."
“窍门就是给客户展示宽幅的选择和价格，在他们和银
行相互接触的时候。在一些案例中，他们会选择我们
提供的个性化的服务，例如在我们的投资团里 ，其他
的，他们可能会从其他的选项，低成本的渠道中受益，
例如电话，ATM或者在线银行”
Wells Fargo's Strategy
富国银行的战略
The announcement of the separate Online Financial Services Business Group as part of
Wells Fargo's reorganization for the 21st century demonstrated the key role that innovative
delivery channels to played in accomplishing Wells Fargo's strategy. Executive Vice
President of the Online Financial Services Group Dudley Nigg said, "The bank will do
everything we can over the next 4 or 5 years to make all transactions electronic." By
moving transactions into the lower cost electronic channels, the bank expected dramatic
cost savings. In 1993 before the merger, Wells Fargo and First Interstate had a total of
1200 brick and mortar branches. By 1996 the combined bank had reduced this number
closer to 400. Industry critics speculated that electronic delivery channels would further
distance the branch from the customer. The cost savings also impacted stakeholder
relations and caused bad publicity. John Mcquinn, a San Francisco-based lawyer who
represented a number of ex-Wells Fargo Branch Managers affected by branch closings, said
"Bank of America and Wells are very good at selling services, and not so good at delivering
them."
作为富国银行面向21世纪进行的重组，单独的在线财务服务商务组的宣布证明了创新的递送
渠道的关键角色。在线财务服务组的执行副总裁Nigg说：“在接下来的4或5年内，银行会尽
力奖所有的交易变得电子化”。通过把交易转移到低成本的交易渠道中进行，银行希望能够
获得大的成本节省。在兼并之前，1993年，富国银行和第一州际总共有100个分支。到1996
年，联合的银行将这个数量减少到了400。行业的批评认为电子递交渠道会进一步使用户和分
支银行之间发生间隔。成本的节省同时也压缩了股东的关系并引发了不好的公众效应。John
Mcquinn，一个 San Francisco的律师，他代表了一些前富国银行的管理者，就收到了分支银
行关门的影响。他说：“美国银行和富国银行在销售服务上很在行，但是在提供服务上并不
怎么样”
Wells Fargo's Strategy
富国银行的战略
The strategy had other detractors as well. In his book The Bankers, famed
industry observer Martin Mayer noted that the interesting thing about the Wells
Fargo strategy was its rejection of growth as a strategy. Mayer contended that
Wells Fargo's profit increases were expected to come from cutting the costs of
existing business. Mayer quoted Wells Fargo President William Zuendt, who said
"As our assets shrink, our labor base shrinks and our costs shrink, we will simply
be running at higher octane". Mayer compared Wells Fargo to a smaller bank,
saying that the smaller bank was using technology to make standard
transactions cheaper for the customer while working to sell them more
customized services. In contrast, Mayer said that Wells Fargo was using
technology to standardize its service offering in the hope of selling these
products to customers for more than they cost.
战略还有一些人不同意。有名的行业观察员Martin Mayer，在他的书The Bankers
里提到，关于富国银行战略的有趣的事情是作为一个战略它拒绝了增长。Mayer
主张富国银行利益的增长是从现存商务的成本削减上来的。Mayer引用了富国银
行的总裁William Zuendt的一段话，他说“我们的资产缩减了，我们的人工缩减了，
我们的成本也缩减了，我们只是简单的运行的更好。”Mayer将富国银行和一个更
小的银行进行了比较。说小银行在销售给客户更传统化的服务时，采用了一些技
术使标准的交易对于客户更便宜。相对比的，Mayer说富国银行正在标准化自己
的服务提供，希望销售这些产品远远超过成本。
Employees & Organization
雇员和组织
The bank liked to initiate employees into the 'Wells Fargo Way.' The
'Way' had five main components:
银行喜欢把雇员变成“富国银行的方式”，这个方式有5个主要的组成部
分
Run it Like You Own it ? the bank believed that this philosophy made
employees act as if they were the owners of the business, understanding
the returns and controlling the costs
像你拥有它一样来运作？银行相信这个原则使雇员的行为能够像他们就是商
业的持有者一样，能够理解回报，控制成本。
Know the Numbers ? this principle advocated a disciplined approach to
managing the business
了解成员？这个原则提倡了一种管理商务的遵守纪律的方法
Know Your Customer ? a principle designed to improve customer services
了解你的客户？这个原则被设计用来提升客户服务
Develop Good People ? the bank's belief in entrepreneurship and
decentralized decision making was embedded into this philosophy centered
on training and retaining people
开发好的人员？银行相信企业家和分散的决策制定都符合这个原则，集中在
培训和保持人员上。
Control Expenses
控制成本
Employees & Organization
雇员和组织
Wells Fargo management felt that these principles were central to growing the
bank in the future. Martin VanDerSchouw expressed that Wells Fargo's ability to
innovate was a result of their corporate culture. He emphasized that each
business unit was run as if it were a separate organization, which spurred
entrepreneurship and innovation. VanDerSchouw said, "Most innovation comes
out of the business unit and initially the hurdles to develop these ideas are fairly
low; however, when a group does roll-out an idea, there is some fairly strong
review that focuses on shareholder value." .VanDerSchouw did note that Wells
Fargo's location in San Francisco was both an advantage and a disadvantage.
Although there were a lot of technically skilled programmers and engineers in
the area, the recent economic growth had intensified competition for resources.
富国银行管理者认为这些原则在银行将来的提升上非常重要。Martin
VanDerSchouw表示富国银行创新的能力是他们公司文化的结果。他着重强调每个
商务单元都像一个独立的组织那样运作。这导致了企业家精神和创新。
VanDerSchouw说：“大多数创新都是从商务单元中产生的，初始的障碍是如何公
平的开发这些创新想法，但是当一个团体展示出某个创新想法的时候，通常会有
一些公平的强烈的关注股东价值的想法。” VanDerSchouw又提到富国银行设立
在San Francisco的优势和劣势。虽然这里有很多技术熟练的程序员和工程师，但
最近的经济增长更需要强调资源的竞争。
Employees & Organization
雇员和组织
When asked his opinion on Wells Fargo's leadership in banking innovation,
VanDerSchouw said:
当问到对富国银行处于银行创新的领导者地位的看法时，VanDerSchouw说
"I personally believe Wells Fargo is a leader in the industry because we take a
very different approach to the industry. I look at us as a technology company
who happens to be in financial services. Our core goal is to provide shareholder
value by providing consistent, solid customer experience on-time, every time. It
helps us to have this approach a great deal because of our proximity to the
Silicon Valley where a great deal of innovation occurs. Finally, we are not
traditional bankers. We dress business casual and probably have a lot fewer
MBAs and a lot more PhDs and other degrees than most other financial
organizations. To put it bluntly, we just look at the world differently."
“我个人相信富国银行在行业内是领导者，因为我们和行业的其他成员有不同的方
法。我把我们看作是一家刚好处于金融服务中的技术公司。我们的核心目标是通
过每次都能及时提供不断的，可靠的顾客经历来提供股东价值。这个方法帮了我
们很多，因为我们和硅谷关系比较近，而那里刚好是创新发生的地方。最后，我
们并不是传统的银行家。我们比起其它的金融机构来说可能有更少的MBA，更少
的博士和其他学位的人员。更直率的说，我们看待世界的方式是不同的”
Wells Fargo's Current Innovations
富国银行目前的创新
Wells Fargo had several innovations in
progress in 1997, including Mondex,
Online Banking and WebTV, Business
Centers, and Virtual Stores.
1997年，富国银行进行了一些创新，包
括Mondex，在线银行，网络电视，商务
中心和虚拟商店。
Mondex
In 1996 Wells Fargo, Chase Manhattan, AT&T, Dean Witter Discover, First Chicago NBD,
Mastercard and Michigan National Bank announced the formation of Mondex USA. Mondex's
goal was to roll out an electronic-cash card to consumers nationwide by mid-1998. Mondex
was one of a number of competitors trying to create a standard for these 'smart cards'. The
cards resembled a credit card, but included a computer chip. The chip could be loaded with
cash at 'cashless ATMs' and then used at merchants whose card scanners would debit the
electronic cash from the chip when purchases were made. These 'cash purses' were
expected to become extremely popular with customers and merchants. Similar to credit
cards, customers would not have to worry about holding cash; however, Smart cards had
the added advantage that because the cash was essentially electronic, it could be exchange
anonymously. In addition, the Mondex technology allowed the card carrier to transfer
money to other card carriers to pay small personal debts. This feature was unique to the
Mondex technology and was expected to give it the lead over other smart card
technologies. Wells Fargo also considered Mondex to be 'a natural for small Internet
transactions' because it was an electronic form of cash.
1996年，富国银行，Chase Manhattan，AT&T，Dean Witter Discover, First Chicago NBD,
Mastercard and Michigan National Bank宣布了美国，Mondex的成立。Mondex的目标是到
1998年中期对全国的销售者铺开一个电子现金卡的销售。Mondex是一个设立 “smart cards”
标准的竞争者之一。该卡片是一个信用卡，但是包含了一个计算机芯片。芯片可以通过“无
现金的ATM机”进行充值然后在零售商处进行使用，零售商有扫描器可以在顾客购买的时候
从芯片中扣除电子现金。这些“现金购买”预期将会在客户和零售商那里变得非常流行。和
信用卡很相似，客户不需要担心持有现金。同时，Smart card有附加优势，因为现金实际上
是电子化的，所以不可以匿名交易。另外，Mondex的技术也允许持卡人将卡内的现金转移给
其他持卡人以支付小额的个人借款。这个特色是Mondex技术中独一无二的。预期会使其变成
其他smart card技术的领先者。富国银行也认为Mondex会成为“小型因特网交易的常态”因
为它是现金的电子组成。
Online Banking and Web TV
在线银行和网络电视
Wells Fargo had been a leader in electronic banking since its
entry into PC-Based Home Banking in 1989. It began offering
Internet services in 1995. Since then, Wells Fargo had been
recognized as a top provider in Web services. As of 1996, 11%
of Wells Fargo's customers accounted for 70% of its revenue.
The bank believed Internet customers were part of this 11%.
Internet banking customers tended to be younger and more
educated. As such they represented the customers of the future
which many banks were competing to attract.
富国银行自从1989年，进入个人电脑为基础的家庭银行业以来，
在电子银行方面就是领导者。银行是在1995年，开始提供网络服
务的，从那时开始，富国银行就被认为是网络服务上的顶级提供
商。到1996年，富国银行的11%的客户提供了富国银行总收入的
70%。银行认为网络客户是这11%中的一部分。网络银行用户趋
向于更年轻化和教育程度更高。因为他们代表了将来的客户，而
将来的客户是银行激烈竞争希望能够争取的。
Online Banking and Web TV
在线银行和网络电视
By mid-1997, Wells Fargo's Web site recorded
450,000 visits per week and customers
conducted 12,000 banking sessions per day.
This meant that Internet customers were
visiting the site an average of once every ten
days. This segment was expected to double
every 6 months.
到1997年中期，富国银行的网上站点记录了每
周45万的访问量和每天客户进行的12,000次银
行交易。这意味着网络用户平均每十天会访问
网络一次。而这个数值预期每六个月会加倍。
Online Banking and Web TV
在线银行和网络电视
The goal of the Wells Fargo Online Financial Services Business
Group was to continue to expand the number of products and
services offered over the Internet. By the middle of 1997,
customers could access and move money between checking,
savings, market-rate, money market, credit card accounts,
equity line and other lines of credit. They could apply for credit
and other new accounts and buy traveler's checks and foreign
currency. In addition, they could download account balances
and history into Quicken, Microsoft Money and other
spreadsheet software.
富国银行在线金融服务商务组的目标是要持续的扩展在因特网上
可以提供的产品和服务的数量。到1997年中期，客户能够介入支
票帐户，存款帐户，市场利率，货币市场，信用卡帐户，股本和
其他贷款线，并且在这些帐户之间进行资金的转移。他们能够申
请贷款和其他新的账户，也可以购买旅行支票和外币。另外，他
们还可以把账户平衡表和历史记录下载到Quicken，微软货币软件
或者其他的电子数据表软件。
Online Banking and Web TV
在线银行和网络电视
The growth of the Internet as an entertainment medium and the convergence of
technology and communications had let to the creation of WebTV. The idea
behind WebTV was that households could access all the entertainment services
they required through their television. This included regular television and cable,
movies on demand and Internet services. WebTV was also expected to appeal
to people who did not currently have computers in their homes. To access
WebTV, customers would need to buy a set-top box that would be hooked up to
their TVs. These set-top boxes were predicted to cost between $200 and $600 a
price significantly lower than the cheapest desktop computers available at the
time. In addition WebTV sites were designed to be more user friendly and not
require knowledge of existing Web browsers, DNS (Web site) addresses or file
transfer protocols.
网络作为一个娱乐媒介的发展和技术和沟通的集中，导致了网络电视的产生。网
络电视产生背后的想法是家庭可以通过电视接入所有他们需求的娱乐服务。这包
括了常规的电视，电缆，及时的电影和因特网服务。网络电视同时还希望能够吸
引那些目前暂时还没有电脑的人。为了接入网络电视，客户需要购买一个机顶盒，
这个会挂在电视上。这些机顶盒的成本在200到600之间，这个价格比当时最便宜
的 台式电脑还要低很多。另外，网络电视站点设计的更加友好和容易掌握，不需
要知道什么现存的网络浏览器，DNS地址(网址)或者文件传输协议。
Online Banking and Web TV
在线银行和网络电视
WebTV had both proponents and detractors. Proponents felt that the lower cost
and ease of use would open the Internet up to a wide range of customers who
had never used the Web before. Critics argued that the people who were
interested in the Internet already had access through their computers. They also
argued that without a full keyboard and other capabilities, WebTV would be very
limited in its applications. There was probably some truth to both arguments.
Nonetheless, WebTV was expected to have more than 250,000 users by the end
of 1997. American Banker magazine cited initiatives by Wells Fargo and a
handful of other banks to redesign their Internet sites for WebTV.
网络电视有支持者，也有反对者。支持者认为低成本和容易使用会使网络面向更
广大的用户，这些人可能从来没有使用过互联网。而批评者争辩说那些对互联网
有兴趣的人已经通过他们的计算机接入了网络。他们同时还提到没有键盘和其他
的设施，网络电视的应用将非常有限。当然这些都有一些实际支出。但不管如何，
网络电视到1997年底预期将会有超过25万的用户。美国银行家杂志引用了富国银
行和一些其他银行的初创来为了网络电视重新设计他们的站点。
Business Centers
商务中心
In 1997, Wells Fargo introduced Business Centers. These
centers catered to small businesses through a mixture of
personnel and electronic services. The centers included special
business ATMs that could accept bagged deposits (deposits of
currency and coin taken from the cash registers of merchants)
in a secured area, 24 hours a day. The Business Center also
contained kiosks with direct phone connections to Wells Fargo's
National Business Banking Center. Wells Fargo planned to open
50 Business Centers by the end of 1997.
1997年，富国银行引入了商务中心。这些中心通过对私人服务和
电子服务进行混合来迎合小型商务。中心包括了一些小型的商业
ATM机，这些机器接受打包的存款，每天24小时服务。商务中心
同时还包括了一些电话亭，在这里可以直接通过电话连接到富国
银行的国家商务银行中心。到1997年底，富国银行计划开展50个
商务中心。
Virtual Store
虚拟商店
In 1997 Wells Fargo, Microsoft, Digital Equipment Corporation (DEC) and
VeriFone signed a unique partnership to sell electronic commerce solutions to
small and medium sized businesses that wished to sell goods over the Internet.
The solution included the design of online catalogs and electronic storefronts for
Wells Fargo business customers. The bank provided Internet credit card clearing
service using the VeriFone merchant software. All transactions were processed
through the customers' Wells Fargo bank account. The partnership used the
Wells Fargo's sales force since this sales team had established relationships with
retailers. Michelle Banaugh, Vice President of Marketing for Wells Fargo's
Electronic Payment Solutions Group, said, "We're selling to our own customers
who want to expand their position on the Internet. This is also a great way for
us to generate new sales with retailers".
1997年，富国银行，微软，Digital Equipment公司(DEC)和Verifone签署了一项特
殊的伙伴合作协议，共同向那些希望通过因特网销售货物的小型和中型的企业销
售电子商务解决方案。解决方案包括在线目录的设计和为富国银行的商务客户设
计的电子店面。银行提供网络信用卡清算服务，使用VeriFone零售商软件。所有
的交易都通过客户的富国银行帐户来进行。合作关系需要使用富国银行的销售人
员，因为这个销售团队已经和零售商确立了联系。Secure Sockets Layer，富国银
行电子支付解决方案组的销售部副总裁这样说：“我们针对希望能够在网上扩展
自己的位置的我们自己的客户进行销售。这同时对我们来说也是向零售商进行新
销售的很好的方法”
Virtual Store
虚拟商店
A small retailer would pay about $48,000 for an Internet server and
start-up services. A medium to large size merchant would pay
anywhere from $60,000 to $140,000. Merchants were expected to gain
from additional sales and savings from avoiding hard copy catalog
costs. The solution was expected to take 30 days to install and test.
Industry observers were impressed. Bill Burnham, senior analyst for
Piper Jaffray, said in Financial Net News, "Wells is really grabbing the
bull by the horns and making transactions happen. They're acquiring
the whole transaction, getting the profits, while providing extra banking
services."
一个小型零售商可能会为网络服务器和启动服务支付48,000美金。一个
中型到大型的批发商可能会支付6万到14万之间。批发商能够从因为避免
了困难的目录福音成本而增加的销售和节省中获利。这个解决方案预计
需要花30天的时间来安装和测试。行业观察员对此印象深刻。Bill
Burnham，Piper Jaffray的高级分析师，在金融网络新闻中说：“wells
真正抓住了要害并且在进行改变，他们在提供特殊的银行也服务时，获
得整体的交易和利润。”
Online Banking Safety Concerns
在线银行安全考虑
-Although it online transactions were just as safe as those completed
by mail, telephone, or in person, consumers were concerned about
security, a fear that could limit the success of Internet banking. Many
consumers feared that they would be vulnerable to Internet fraud if
they decided to use the Internet as a means to banking. Furthermore,
in a recent survey, Intuit, the home PC software producer best known
for its popular Quicken software package, found that the number one
fear of consumers who considered using the Internet for banking was
'cyber fraud'.
尽管在线交易和通过邮件，电话或者由人亲自进行的交易一样安全，客
户还是会关注安全性，担心安全性可能会限制网络银行的成功。许多客
户担心如果他们使用因特网作为一种进行银行交易的方式，会容易受到
网络诈骗的攻击。更进一步的，在最近的一个调查统计中，Intuit，一个
家庭电脑软件提供商，该提供商因为其流行的Quicken软件包而闻名，发
现使用因特网进行银行交易的客户的担心中第一位的就是“网络诈骗”。
Online Banking Safety Concerns
在线银行安全考虑
There are three tiers on which online security needs
to be maintained: (See Exhibit 7)
在维持在线的安全性时，有三层需要考虑（见表7）
Where information is sent from the customer's PC to the
Internet server
Where information is transferred from the Internet banking
server to the banking customer database
Where direct logon to customer's online account occurs
信息从客户的电脑发送到网络服务器的时候
信息从网络银行服务器转移到银行的客户数据库的时候
直接登录到客户在线的帐户时
Online Banking Safety Concerns
在线银行安全考虑
Security between the customer's PC and the Internet server was handled
through a security protocol called Secure Sockets Layer (SSL). SSL was a
security feature standardized by Netscape, the popular browser manufacturer.
The main function of SSL was to provide data encryption. Additionally, SSL
provided a security handshake used to introduce the connection between the
customer's PC and the Internet client/server. Information between the Internet
banking server and the banking customer database was provided by internal
banking controls. The separation of the Internet banking server and the banking
customer database in itself provided an additional security feature. Finally, a
unique account number/password combination provided a third layer of
protection that guarded against direct logon to the customer's account.
在客户的个人电脑和网络服务器之间的安全性是通过一个称为” Secure Sockets
Layer SSL”的安全协议来处理的。SSL是一个由Netscape，最受欢迎的浏览器制造
商标准化的一个安全部件。SSL最主要的功能是提供信息的加密。除此之外，SSL
提供了一个安全信号交换，用来引入客户的个人电脑和网络客户/服务器之间的连
接。在网络银行服务器和银行客户数据库之间的连接是通过内部银行控制来进行
的。网络银行服务器和网络用户数据库的分离提供了一个额外的安全部件。最后，
独一无二的帐户名称/密码的整合提供了第三层的保护，针对使用用户帐户直接登
录的情况。
Online Banking Safety Concerns
在线银行安全考虑
Netscape was in the process of adding advanced security
options to their current browser, Netscape Navigator.
Additionally, the University of Southern California was
developing software that would allow banks and their customers
to send electronically encrypted checks over the Internet.
Finally, in order to ease consumer fears about Internet
transactions, many credit card companies, such as Visa and
Master Card, began to advertise the fact that protection against
fraud was guaranteed regardless of the mode by which the
fraud took place.
Netscape正处在为他们现有的服务器添加高级安全选项的过程中。
另外，南加州大学也在开发软件，希望允许银行和他们的客户能
够通过因特网发送电子加密的核实。最后，为了减缓客户对网络
交易的恐惧，一些信用卡公司，例如Visa和Master Card，开始对
反欺诈的保护措施进行广告，不管欺诈发生在什么情况下，这种
保护都能得到保证。
Competitors
竞争对手
Wells Fargo faced a number of traditional and non-
traditional competitors in delivering innovative
financial products and services. Martin
VanDerSchouw noted that "Actually our main
competitors to delivery innovation in the financial
arena are not banks?.only a very few banks are able
to compete currently in this arena."
在提供新的金融产品和服务方面，WellsFargo面临一
些传统和非传统的竞争对手。 VanderSchouw马丁提
到："我们主要的在金融领域中提供创新的竞争对手不
是银行，目前这个领域内只有极少数银行是能进行竞
争。"
Bank of America
美国银行
Bank of America, also headquartered in San Francisco, had been a direct competitor of
Wells Fargo for over a century. In 1994, they chose to include in their line of products a
Web site that enabled customers to perform a variety of both personal and business
banking functions. The Web site included access to over 2,200 HTML pages of information.
Among the services provided were listings of bank-owned properties for sale, listings of
ATM branches and locations in 11 states, lending services for automobile dealers, and
merchant services for business banking. Home banking was available to users with access
to Netscape Secure, America Online, or Managing Your Money. Customers also had the
option of "building" their own banks through setting up a personal Web page. The user
would enter in his or her interests, and the bank would automatically send and update
information to the user's Web page. In providing this service, Bank of America was able to
acquire crucial demographic information about the online banking customers through the
personal profiles that they had created in order to set up their Web pages. By June 1997,
Bank of America's web site received 150,000 "hits" per day.
美国银行的总部也设在旧金山，在过去的一百多年内该银行都是WellsFargo的直接竞争对手。
1994年，他们选择将其产品线包含在一个网站上，以使客户能购进行各种金融业务，包括个
人的核商业的。网站包括了超过2200页的文本信息。在这些服务中列出了银行所有的待出售
资产，ATM分支和11个州的地点，汽车贷款服务商，商务银行的海运业务。通过网上银行，
用户能够进入Netscape Secure、美国在线或者管理自己的资产。用户还可以选择“建立”他
们自己的银行，通过设定一个个人网页。用户可以键入他(她)的兴趣点，然后银行会自动将
信息发送到用户的网页上并且自动更新。在提供这项服务时，美国银行能获得关于在线的银
行用户的关键人口统计资料，通过用户用来建设自己的网页时提供的个人资料。到1997年6月
为止，美国银行的网站每天能够收到15万次的“点击”。
Bank of America
美国银行
Bank of America's Internet vision was best summarized by Jeff
Hershberger, spokesman for the interactive banking division:
(Bank of America's goal is) "?to provide the entire array of our
services and offer a virtual bank branch in cyberspace?We want
to offer customers multiple options to meeting their needs?Our
customers will be able to build their own banks."
美国银行的网络远景可以通过互动银行司发言人JeffHershberger
的一段话得到最好的概括：
(美国银行的目标是)“提供全系列的服务，并在网络空间中提供一
个虚拟的银行分支机构。我们希望能为用户提供多种选择以满足
他们的需求。我们的客户将可以建立他们自己的银行。”
Citibank
花旗银行
Citibank had developed online banking in 1984 with its Direct Access
program. Their Internet banking service was unveiled in 1997. Direct
Access , as the new service was known, offered basic banking
services as well as the ability to buy and sell securities and mutual
funds, a service previously prohibited by Section 20 of the Glass-
Steagall Act. Citibank offered this service in response to requests by
customers, 92% of whom reportedly used the Internet. Direct Access
allowed Citibank to circumvent ownership regulations in countries such
as Brazil and India in order to expand their customer base.
花旗银行于1984年发展了在线银行和其直接接入计划。他们网络银行服
务是在1997年开始的。直接接入，作为已知的新服务，提供基本服务
的同时，还能够买卖证券、共同基金。这个服务在以前是被Glass-
Steagall法案的第20部分所禁止的。花旗银行提供这项服务是针对顾客要
求所作出的回应，这些顾客中有92%的人使用因特网。直接接入还使花
旗银行能够绕过某些国家的的所有权规管，例如巴西和印度等国，来扩
大客户群。
Citibank
花旗银行
Citibank hired The Mining Company to build its Web site into a
medium by which customers could access not only information
about Citibank's services but also information around any area
of interest. The agreement prohibited The Mining Company
from collaborating with any other financial institutions during its
2 ? year relationship with Citibank. Additionally, Citibank
recruited Josh Grotstein away from Prodigy to head its Internet
development.
花旗银行雇用了Mining公司来建设网站，将其做成一个媒介，用
户通过该媒介，不仅可以接入到花旗银行的服务信息，同时还可
以了解到任何自己感兴趣的领域的信息。协议禁止Mining公司在
与花旗银行合作的两年时间内，同时与其他金融机构合作。此外，
花旗银行还从Prodigy招聘了Josh Grotstein来负责因特网发展.
Security First Network Bank (SFNB)
安全第一网络银行(SFNB)
Security First Network Bank, opened in October 1995, was the first bank to exist entirely on
the Internet and amassed more than $40 million in assets in less than two years. It spun off
a subsidiary, Five Paces Software, that developed the software enabling SFNB to offer basic
online banking services. The software was licensed to other financial institutions. Regional
banks such as Huntington Bancshares of Columbus, Ohio and National Bank of Commerce
of Memphis signed contracts with Five Paces to build their Web pages. By the middle of
1997, Five Paces was working with more than 30 financial institution clients. Five Paces
could develop a fully-secured Web page for as little as $25,000, an option that appealed to
many smaller banks who were more price-sensitive but wanted to follow the larger banks'
lead in establishing a presence on the Internet. In cyberspace, the local banks' smaller
asset base and smaller traditional branch network was less of an issue.
安全第一网络银行成立于1995年10月，是第一家完全存在于网络上的银行，在不到两年的时
间内聚集了4千万美金的资产。它发展了一家子公司，Five Paces Software，该公司开发的软
件使SFNB能够提供基本的网上银行服务。该软件也为其他金融机构服务。区域性银行，例如
俄亥俄，哥伦布的Huntington Bancshares，孟菲斯的国家商业银行，都和Five Pace公司签订
了协议来建立他们的网站。到1997年中期，Five Paces和超过30多家金融机构客户建立了工
作关系。Five Paces正与30多个金融机构客户一起工作。它可以开发一个完全安全保障的网络
站点，规模大概是$25,000，另一项提供给许多规模较小的银行的选择，这些银行对价格敏感，
但又想跟随大银行率在因特网上发展的脚步。在网络上，本地银行的资产规模较小和分行网
络较小已不再是一个问题。
Integrion
Formed in September 1996, Integrion was a
consortium led by IBM and fifteen of the nation's
largest banks. These banks served 60 million
households (60% of total American households) and
held more than $1 trillion in assets. In many ways,
Integrion resembled the system of regional ATM
networks in the US. Member banks included the
following:
成立于1996年9月，Integrion是由IBM和15家国内的
最大银行合资组成的，这些银行为6000万的家庭进行
服务(占美国家庭的60%)，并拥有超过1万亿的资产。
在许多方面，Integrion都代表了美国的区域性的ATM
网络系统，成员银行包括以下：
Integrion
ABN AMROMichigan
National
Banc One First Bank System NationsBank
Bank of America First Chicago NBD PNC Bank
Barnett Banks Key Corp. Comerica
Fleet Financial Group Mellon Bank Washington Mutual
Integrion
The consortium was founded to address the threat of software companies such
as Microsoft and Intuit who already offered online banking software to financial
institutions. Intuit, in particular, posed a threat because of its ability to leverage
its wide name recognition as the creator of Quicken and TurboTax. Some 63%
of the banks that offered online banking in 1996 offered basic home banking
services that could be accessed through personal financial management (PFM)
packages such as Quicken. The Integrion member banks feared that software
companies would eventually come between banks and their customers and also
that these software companies, rather than the financial institutions themselves,
would be responsible for setting the standards for online banking. According to
Hugh L. McColl, Jr., the chairman of NationsBank,
联盟的成立是为了面对软件公司的威胁，例如微软和Intuit，这些公司已经开始为
一些金融机构提供在线的银行业软件。Intuit，尤其造成了一定的威胁，因为它作
为Quicken和TurboTax的创始人这样的广泛的名称认可度。提供在线银行的银行
中，有63%在1996年都开始提供基础的家庭银行服务，这些服务可以通过个人金
融管理包(PFM)来接入，例如Quicken。Integrion的成员银行担心软件公司最终会
介入到银行和他们的客户之间，而且软件公司，而不是金融机构自己，会负责设
定在线银行的标准。对于Nations银行的主席，Hugh L. McColl, Jr.，是这么表示的：
Integrion
"The banking industry is responding to the
challenge laid down to us by the technology
industry?Had this system been built by one of
our nonbank competitors, we ultimately
would be reduced to commodity providers,
and our own brands would disappear."
银行业正在对由科技行业带来的挑战做出回应。
这个系统是否由一个非银行业的竞争者所建立
？我们最终可能会被削减成为产品提供商，而
我们自己的品牌则会消失
Integrion
In order to gain widespread acceptance for the new standard,
IBM pledged to keep the network open (. to maintain an open
standard) to allow other banks to join if they so chose. In
addition, IBM pledged to publish software standards so that
other companies would be able to develop products based on
those standards. Furthermore, Integrion hoped to prevent the
development of competing standards by creating a link to Open
Financial Exchange (OFX), a specification under development by
Microsoft, Intuit, and CheckFree.
为了赢得对新标准的广泛的接受度，IBM保证保持网络的开放
（也就是说保持一个开放的标准）以示其他银行能够加入，如果
他们选择加入。除此之外，IBM还保证公开软件的标准，这样其
他的公司就可以在这个标准上开发产品。进一步的，Integrion还
希望能够通过建立和Open Financial Exchange (OFX)的链接来防
止其他的竞争性标准的发展。OFM是一个由微软，Intuit和
CheckFree发展下的规范。
Integrion
Integrion
The alliance appeared to be a mutually beneficial. With Internet security an
increasingly important issue as electronic commerce began to soar, Integrion
promoted itself as more secure than the Internet because of its use of the IBM
Global Network (IGN). Plans included offering a private access network for those
who wanted one. By pairing with many of the country's largest banks, IBM
stood to earn a fortune leasing IGN lines and selling systems integration and
consulting services. In IBM, the banks found access to the IBM Global Network,
the world's largest intranet. And since financial institutions were IBM's largest
group of customers, both IBM and the member banks shared a common interest
in fending off the threat of Microsoft and Intuit.
联合显然会有一些共同的利益。随着电子商务开始剧增，网络安全变得越来越重
要，Integrion将自己的安全等级提升到比因特网更高的高度，因为他使用了IBM
的全球网络(IGN)。计划包括为那些想要的提供一个私人接入网络。通过将一些国
家的最大的银行相配对，IBM不断的赢取财富，通过租借IGN线和销售系统整合和
咨询服务。在IBM，银行可以接入到IBM全球网络，世界上最大的内部网。而且因
为金融机构是IBM最大的团体客户，所以IBM和成员银行可以通过阻挡委员和
Intuit的维系来达到共同利益的分享。
Integrion
Integrion unveiled its main product, the Gold
Standard, in March 1994. The Gold Standard was a
messaging system that linked a bank's network
internally and also to other networks such as the
Internet. The open-messaging system allowed
customers to communicate with banks and vendors
via dialup and Internet.
1994年3月，Integrion发布了它的主要产品：the Gold
Standard。Gold Standard是一个信息系统，它将一个
银行的网络进行内部连接，同时也联往其他的网络，
例如因特网。开发的消息系统允许用户与银行和卖家
进行沟通，通过拨号和因特网。
Integrion
Integrion purchased Visa Interactive, Visa's online banking
subsidiary, in 1997. The agreement allowed Visa to maintain the
rights to ePay, its bill payment system, but the rights to used
ePay were transferred to Integrion, who made it the "preferred"
engine.
1997年，Integrion购买了Visa Interactive，Visa的在线银行资公
司。协议允许Visa保留一些在ePay上的权利，ePay是其帐单支付
系统。但是使用ePay的权利已经移交给Integrion，Integrion把它
变成了一个“优先的”引擎。
Citicorp and First Union Corporation each purchased an interest
in Integrion in September, 1997.
在1997年9月，花旗公司和第一联合公司各购买了一定的
Integrion的股份。
Open Financial Exchange (OFX)
开放式金融交易（OFX）
Open Financial Exchange was a joint project
that Microsoft, Intuit and CheckFree
announced in January 1997. It enabled users
of personal finance software to download
account data and pay bills via the Internet.
开放式金融交易是微软，Intuit和CheckFree在
1997年1月宣布的一个联合计划。它使个人金
融软件的用户可以通过互联网下载帐户信息和
支付帐单。
Open Financial Exchange (OFX)
开放式金融交易（OFX）
Although the industry raised concerns concerning the compatibility of
Integrion's and OFX's standards, both parties claimed that the fear of
dual standards was exaggerated, since each group concentrated on a
different channel of Internet banking. OFX perceived its strength as
addressing communications between a user's desktop PC and a bank's
Web server. Integrion's focus was on the messaging between the
bank's Web server and its accounting systems. Chris Stevens, an
electronic commerce analyst at the Aberdeen Group, argued that the
two products were complementary and could peacefully coexist:
虽然行业提高了对Integrion和OFX标准的兼容性的关注，两方都宣布担
心双重标准会徽夸大，因为两个团体关注的是不同渠道的网络银行。
OFX的长处在于建立用户的个人电脑和银行的网络服务器之间的连接。
而Integrion注重银行的网络服务器和其帐户系统之间的信息。Chris
Stevens，一个Aberdeen Group的电子商务分析师，争论说两个产品是互
补的，而且会和平共存。
Open Financial Exchange (OFX)
开放式金融交易（OFX）
"The majority of banks are still using
mainframes and database systems that
require IBM services and support?By adopting
compatible standards, IBM, Microsoft, and
Intuit can focus on their core businesses."
“银行的主要部分还是会使用要求IBM服务和支
持的主框架和数据库系统，通过采用互补的标
准，IBM，微软和Intuit能够得以关注他们的核
心商务。
Open Financial Exchange (OFX)
开放式金融交易（OFX）
Strengths of OFX included access to the vast majority of PFM
software users (Quicken and Money) and CheckFree's
dominance in payments processing services. CheckFree's share
of the payments processing market was further increased by its
purchase of Intuit Services Corporation, a subsidiary of Intuit,
for $228 million in 1996. By joining forces, Intuit could shed its
subsidiary and focus on its bank relations, and CheckFree
increased its share of the payments processing to 85 percent.
OFX的长处包括接入大量的主要PFM软件用户和CheckFree在支付
份额上的主导。1996年，因为购买了Intuit服务公司，Intuit的一
个子公司，CheckFree在市场支付中的份额增加了亿。通过联
合，Intuit可以放弃自己的子公司，集中精力关注与银行间的联系，
同时，CheckFree也将支付的份额增加到85%。
Jack Henry and Associates
Another atypical competitor in the online banking industry was
Jack Henry and Associates (JHA). JHA was an integrated service
provider of information solutions to banks and financial
institutions. One of their primary service offerings was the
development online banking systems for small financial
institutions. According to NETBanker, 10 out of 46 banks
defined as "true Internet banks" had online banking services
provided by JHA. Most of these banks had assets under $300
million. As of 1997, JHA had 1260 customers around the world.
另外一个在线银行业的非典型的进争者是Jack Henry and
Associates (JHA)。JHA是一个信息解决方案的综合服务提供商，
为银行和金融机构服务。他们的一个主要服务是为小型金融机构
开发在线银行系统。根据NETBanker统计，46个被定义为“真正
的网络银行”的银行中有10个拥有由JIA提供的在线银行服务系统。
这些银行中的大多数资产在3亿以下。到1997年为止，JHA在世界
各地共拥有1260个客户。
The Challenges Ahead
面临的挑战
Sitting in his office, Dudley Nigg contemplated the
challenges ahead for his division and the bank as a
whole. He firmly believed in the bank's strategy of
offering products and services to customers anytime
and anywhere. He also knew the Internet would be
one of the most effective ways of doing this, but he
saw the downside as well.
坐在他的办公室里，Dudley Nigg思考着他的决策带来
的挑战和银行作为一个整体所面临的挑战。他坚定地
相信银行在随时随地提供产品和服务给客户的策略。
他也明白因特网将会是这样做的一个最有效方式，但
他也同时看到了下降的趋势。
The Challenges Ahead
面临的挑战
The Challenges Ahead
面临的挑战
In addition to the new competitors, Nigg worried
about the speed of innovation. New products and
services developed for electronic channels had
typically been easy to imitate. Wells Fargo had, thus
far, stayed ahead of the competition, but with so
many new online competitors he knew this would
become more and more difficult.
除了新的竞争者，Nigg担心创新的速度。为电子渠道
开发的新产品和服务通常比较容易被模仿。迄今为止，
富国银行还处在竞争的前列，但是Nigg知道，有这么
多新的在线竞争者，保持先进可能会变得越来越难。
The Challenges Ahead
面临的挑战
The Internet also posed the problem of further separating the bank
from its customer. Customer relationships with the bank became
strictly transactional in nature when online banking was used. For so
many years, Wells Fargo had counted on personal relationships with its
customers for competitive advantage; did the Internet make these
relationships less meaningful and therefore more transitory? Nigg
considered Mayer's criticism of the
Wells Fargo strategy and the implications of producing standardized
commodity-like products. His challenge was to reverse this argument
and find a way to use the Internet to build relationships.
网络还将引起进一步的将银行和客户分割开的问题。当使用在线银行的
时候，客户和银行的关系变得实际上是相互的。这么多年来，富国银行
都依靠其与客户的私人关系来保持竞争性的优势。网络会使这些优势变
得没有意义并因此更易变？Nigg思考着Mayer对于富国银行战略和进行标
准化产品生产的含义的批评。他的挑战是拧转这样的争论并且找到一个
方法，用因特网来建立关系
The Challenges Ahead
面临的挑战
In addition to these challenges, Nigg faced
the complexity of managing the myriad of
partnerships that Wells Fargo had entered to
address the electronic banking environment.
He wondered about the long-term
implications of these alliances for the bank.
除了挑战之外，Nigg还面临着富国银行进入到
电子银行的大环境中之后管理不同关系的复杂
性。他不知道这些联合对银行有没有长期的利
害关系。
