Credit Card & Merchant Businesses Positioned for the future environment. Nicholas L.A. Kennett Executive General Manager 22 March 2002
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1 Credit Card & Merchant Businesses Positioned for the future environment Nicholas L.A. Kennett Executive General Manager 22 March 2002
2 Disclaimer The material that follows is a presentation of general background information about the Bank s activities current at the date of the presentation, 22 March It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate.
3 Outline Cards Environment in Australia Regulatory Environment CBA Response CBA Cards - Strategy and Vision The Future
4 Cards Environment in Australia Highly competitive Significant growth Key players and market share Consumers seeking convenience and security Sophisticated payments environment Re-regulation/competitve dis-equilibrium
5 Number in Thousands Growth in EFTPOS Terminals Source: RBA Bulletin - Table C.5 at end June
6 millions per month Debit & Credit Card Transactions May-94 Nov-94 May-95 Nov-95 May-96 Nov-96 May-97 Nov-97 May-98 Nov-98 May-99 Nov-99 May-00 Nov-00 May-01 Nov-01 Credit Card Txns Debit Card Txns Source: RBA Bulletin - Table C.3
7 $millions per month Value of Debit & Credit Card Transactions May-94 Nov-94 May-95 Nov-95 May-96 Nov-96 May-97 Nov-97 May-98 Nov-98 May-99 Nov-99 May-00 Nov-00 May-01 Nov-01 Credit Card Debit Card Source: RBA Bulletin - Table C.3
8 $ Millions Credit Card Balances Outstanding May-94 Nov-94 May-95 Nov-95 May-96 Nov-96 May-97 Nov-97 May-98 Nov-98 May-99 Nov-99 May-00 Nov-00 May-01 Nov-01 Advances Outstanding Limits Outstanding Source: RBA Bulletin - Table C.1
9 Regulatory Environment Worldwide focus RBA concerns collective setting of interchange fees - rigidity, lack of transparency and absence of formal methodologies inefficiency of credit card pricing to cardholders, reinforced by no surcharge rules lack of competition in credit card market and between payment networks more generally
10 RBA s position RBA proposed reforms cost based methodology for interchange fees abolition of no surcharge rules new category of participants Submissions to RBA closed 15 March 2002 Three month consultation process Final decisions mid 2002 (indicative) Implementation late 2002 / early 2003 (indicative)
11 CBA s response RBA s proposals will not result in net public benefits RBA s interchange fee cost categories are unjustifiably narrow and should include: interest free period costs that are common to on-us and not-on-us transactions portion of statementing, remittance processing and collections costs return on capital cost of implementation and compliance GST on interchange fee itself
12 CBA s response (cont.) Abolition of no surcharge rules unnecessary - regulated competitive disadvantage New participant proposals are incomplete - draft prudential standards are yet to be developed Regression of Australia towards a cash based society??
13 Possible impacts of regulatory reviews Reduced interchange income to issuers Reduced interchange expense to acquirers Potential risk of contamination of payments system Higher cardholder fees Reduced investment Less funding for loyalty Regulated competitive disadvantage with closed schemes Pressure on commercial cards
14 Closed versus open loyalty schemes Interchange Cardholder Fees Loyalty MSF Merchants express dissatisfaction with AMEX MSF Consumers commence migration to AMEX Overtime, AMEX MSF AMEX Profit or higher fees / Loyalty AMEX Response / Impact a long and uncertain time after open scheme impact
15 Winners in the new regulatory environment Winners will have: scale balanced issuing and acquiring profile high ratio of interest/interchange income low cost rewards programme broad portfolio of merchants
16 Profitability Drivers Card numbers Spend/spend per card Revolve rate Margin and fees Number of merchants Number of ATMs Merchant turnover MSF On-us transactions Loss/Fraud rates Issuing Acquiring
17 CBA Cards - Vision and Strategy Market share of profit Leverage customer base, distribution channels & scale Mono-line discipline with multi-product relationship Sustainable business model Packaged offerings Focus on ROTE, service and alliances
18 CBA Cards - a scale business 10m+ CBA Customers #1 in cardholders #1 in merchant relationships #1 in ATM terminals True Awards Woolworth's Ezy Banking alliance Partner relationships
19 Issuing strategy Focus on sustainable market share of profit: acquisition, retention and activation programmes usage as a credit tool usage as a relationship tool NIM loss management loyalty costs convergent business models CRM/relationship packaging Service Distribution management
20 Acquiring Strategy Leverage scale Leverage low capital requirement Convergent opportunities Leverage corporate relationships New markets Support customer move to online Drive down losses
21 The Future Consumer - convenience and security Merchant - convenience, security and price Regulation - ongoing Technology - Pin@POS, 3DES, 3D Secure/SPA, Chip
22 Positioning for the future... The winner will have a sustainable business model, options, strong distribution and scale
23 Credit Card & Merchant Businesses Positioned for the future environment Nicholas L.A. Kennett Executive General Manager 22 March 2002
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