Charles schwab Company has been adding the function of subdividing business on the basic technology platform with the Internet as the core, so as to meet the individual needs of customers and dynamically track the changes of customers' demand preferences. In account management, customers can open new accounts online, establish contact with bank accounts, trade securities and write checks. In terms of the payment method, customers can make payments at any time through touch-tone interactive telephone, voice interactive telephone, PC (direct internet access or email) and various wireless terminals, such as PDA, two-way paging, Web mobile phone, etc. In terms of trading methods, customers can trade securities within the business hours stipulated by the stock exchange or outside the business hours of the stock exchange. The latter is conducted through the electronic communication network (ECN) between charles schwab Company and several large financial service companies, which is limited to some stocks listed on NASDAQ and other stock exchanges. In terms of information services, customers can browse a large number of investment research reports, news and various help information; You can design your own research report style; You can use online investment planning and investment evaluation and investment screening tools. In terms of intelligent interaction between the system and customers, the system can send a confirmation signal to the transaction in time, and can send an early warning signal to customers through wireless or e-mail in time when the market changes.
From the perspective of expansion mode, charles schwab Company has adopted internal investment, external mergers and acquisitions, joint ventures and other ways to operate. In February, 2000, the company acquired an online securities broker-dealer named CyBerCorp by way of stock exchange, with the acquisition amount of 490 million US dollars. In June 2000, charles schwab Company and Ericsson Company formed a strategic alliance to develop and use WAP mobile phones for online securities trading.
B) Segmentation and integration of financial service products
From 65438 to 0999, the United States passed the Financial Services Reform Act, and mixed operation gradually became the mainstream. In terms of financial services, charles schwab Company has developed into the fourth largest comprehensive financial services company in the United States. In April, 2000, charles schwab Company announced that it had formed a strategic alliance with E-Loan, Inc., a Nasdaq-listed company leading in online loan business, to provide online real estate mortgage loan solutions. In June, 2000, charles schwab Company completed the merger and acquisition of American trust companies by way of stock exchange, with a total amount of $2.7 billion.
In terms of the types of securities traded online by charles schwab companies, there are stocks of listed companies and private placements of non-listed companies; There are also various bonds and beneficiary certificates of various funds. In terms of personalized products, there are both life-long financial management services designed for the working class, such as pensions and savings for education or other activities that cost more, and asset management services for wealthy families (especially the "young aristocrats" who are rich in the knowledge economy era need such asset management services very much).
In terms of service pricing, on the one hand, companies generally implement a parity policy that is only higher than the cost price to suppress competitors and form entry barriers for potential industry entrants; On the other hand, on the basis of low price, they further introduce incentive mechanism into customer segmentation, such as providing faster and more convenient online channels for active trading customers and providing more personalized package services for customers with large assets and large trading volume.
C) Segmentation and integration of customer groups in the region.
Although 68% of charles schwab's customer business flow is completed through the Internet, the company's slogan is still "Click and Mortar". From 1994 to 1999, the number of domestic branches and employees of the company increased at an annual rate of 10% and 23% respectively. At the same time, the company continues to conduct mergers and acquisitions and joint ventures in North America, Europe and Japan to integrate more customer groups. Although the Internet can span different countries and regions, in fact, financial services is an industry with strong regional control and high regional barriers. These controls and obstacles are difficult to overcome with the mouse. On the other hand, even in the same control area, more and more people and experts are needed to meet the increasingly personalized needs of customers. Therefore, for the financial services industry, the growth of "mouse" is bound to be accompanied by the growth of "cement".
D) establish a unified brand integration market segment.
For the highly competitive financial services industry, all sub-businesses also need a strong brand to integrate, so as to consolidate customer loyalty and attract more new customers. Since 1997, the company has invested 6% of its main business income in advertising and marketing every year. The company's tangible assets investment (infrastructure investment and opening new business outlets, etc.). ) accounts for 7% of its main business income. These two ratios are very close, which can explain the competitiveness of financial services and the importance of tangible assets investment in the Internet economy.
E) Stimulate the creativity of employees.
The competitive advantage of market segmentation strategy comes from the continuous innovation of service products and methods. Charles schwab Company began to implement employee stock option plan on 1978. In the current shareholding structure of the company, the shareholding ratio of management and employees reaches 365,438+0% of the company's total shares. Stock options and other benefits paid by charles schwab Company for management and employees account for 42% of the company's main business income every year. This corporate governance structure and incentive mechanism effectively stimulated the creativity of employees.