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Charles Schwab

In: Business and Management

Submitted By juankrlosh
Words 2407
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CHARLES SCHWAB CORPORATION
Resumen situación actual:
David Pottruck es codirector general
Charles Schwab es fundador
Se espera que en 1997 Schwab tenga ingresos por $2300 M; beneficio neto de $270 M, crecimiento de ingresos
20%, cuentas de clientes 4,8 M, activos de clientes +40%= $354000 M, capitalización doble en el mercado US$
11000 M.
Total de cuentas en línea: 1,2 M que es 25% del total: US$81000 M en activo de clientes. Schwab esta bien situada en el canal en línea, teniendo 5 veces mas cuentas que e*trade.
Mayor intermediario con servicios en línea, servicios valiosos, precio justo.
La empresa genera el 80% de los ingresos con el 20% de los clientes.
Desde el punto de vista técnico se dispone de capacidad para soportar aumento de operaciones previsto
Cambio en el sector:
El sector de la intermediación financiera se mueve cada vez mas hacia el internet. Es cuestión de tiempo para meterse de lleno. La categoría por internet es muy competida.
Mejorar la capacidad de operar por internet para retener clientes de mas volumen, atraer nuevos inversores x precios bajos y servicio de calidad.
Los clientes son cada vez mas independientes y quieren tener el control, además están familiarizados con la tecnología. Hay que actuar deprisa lo cual proporciona ventaja competitiva. Asegurar temprana posición en el mercado es una ventaja competitiva. los bancos de inversión de wall street ausentes en el mercado de operaciones por internet por su estructura de costes alta, debido al mayor tamaño, de investigación, ventas y transacciones; pensaba que sus clientes estaban mas interesados en asesoramiento y productos privados que podían ofrecer con servicio constante. Creen que sus clientes son de perfil diferente al inversor típico en línea.
Aumento de interés por la inversión autodirigida, comodidad y cuota con descuento intermediación al por menor paso del 1% en 10980 a 14% en 1997, con márgenes rentables paso del 15% en 1991 al 19% en 1996. Vs margen TOTAL del sector de intermediación que en conjunto no supero 16% con un minimo que alcanzo a bajar al 2% en 1994.
Clientes de intermediación con servicio completo están abriendo cuentas en línea para realizar parte de sus operaciones 8% y 20% lo tienen previsto.
En 1997 hay entre 12 y 14 m de cuentas con descuento vs entre 40 a 45 m de cuentas con servicio completo.
Rápida adopción del internet 1995 con 14 M de usuarios a 69 M en 1997. Inversores interesdos, acceden a portales web.
En 1997 emerge el comercio electrónico como canal creible.

Elasticidad a los precios; Segmentación en 2 categorias de mercado:
 Sensibles a los precios alto descuento
 Menos sensibles a precios, productos y servicios precio mas alto
Problema:
El sistema para cargar comisiones necesita una actualización, solo acepta un tipo de estructura de precios, faltan meses para terminarla por lo cual si se decide lanzar una oferta por internet ampliada a corto plazo no se pueden compensar la r3ducción en las ganancias retocando comisiones en otras partes de su negocio.
3. En el lugar de Dave Pottruck, ¿estarias dispuesto a ofrecer un precio de descuento de 29,95 dolares a todos los clientes? ¿Qué factores influyen en tu decisión?
Dilema:
Debían ofrecer operaciones por internet con descuento importante a toda la base de clientes y complemento de opciones servicio al cliente? Si Schwab como líder del sector baja los precios se puede volver la norma para el sector sin posibilidad de volver a subir el precio después
Tomar la decisión de ofrecer a $29,95… cual sería el impacto al futuro de la empresa?
Si se ofrece descuento y todas las opciones de servicio canibalizará el negocio fuera de línea y servicio completo ya que los clientes pasaran al canal de internet mas barato. Se calcula que la canibalización seria de US$125 M de ingreso con US$100 M de impacto en el beneficio antes de impuestos. Esto debe compensarse con aumento e operaciones y reduciendo costos.
El impacto en las ganancias reduce el $ disponible para comercialización y publicidad lo cual es importante para el crecimiento.
Otra opción es esperar hasta que la oportunidad de mercado este mas clara y definir una estrategia para hacer frente al impacto previsto sobre las ganancias.
La diferenciación en servicio (decirle a los clientes que elijan entre precio y servicio) fue creada con e*Schwab va en contra los principios y propósito fundacional, el cual era que los clientes puedan obtener el mejor servicio a buen precio.
Empleados de sucursales se sienten incomodos ya que no pueden ofrecer servicio ya que no tienen acceso a la información, deben decirle a clientes que no pueden ayudarles ó que les van a cobrar el servicio.
Sì se incluye el nombre Schwab en e*Schwab, los clientes esperan todo el menú de opciones.
Cuanto tiempo podría continuar cobrando US$80 y US$64 justificado por el servicio al cliente?
Hay un sistema de comisiones heredado que no permite en el corto plazo modificar su sistema de comisiones.
Si se presenta un impacto negativo sobre las ganancias no será bien visto por Wall Street ni por los empleados quienes son accionistas en 40%.
Los asesores opinan que el acceso multicanal, servicio al cliente, recurso, productos justifican el precio más alto entre $10 y $20 mas dependiendo del canal.
Alternativas:
Acabar con las diferencias y ofrecer a todos los clientes intermediación a precio bajo con todas las opciones de servicios, posibles precios $29,95, $19,95 y $39,95, sin embargo desde la perspectiva de comercialización no hay diferencia. Precio preferible $29,95.

Precio estándar base: USD $ 80 con fama de alto servicio al cliente de gran calidad
Opción 1: USD $ 64 por operación en internet, 20% pleno acceso a todos los canales de servicio.
Opción 2: USD $ 29,95 por operación en e*Schwab, reduciendo el nivel y tipo de servicio.
La mayoría de clientes se quejan pero aceptan que menor servicio es equivalente a pagar menos.
Crecimiento en negocios: Fuera de y en línea en 4 años: +24% de ingresos y 23% de beneficio neto.
En crecimiento se ha logrado con diferenciación:



Productos innovadores
Mejor servicio al cliente

El modelo de negocio del producto e*Schwab contempla comisiones más bajas que conducen a un volumen de operaciones más alto
Negocios Schwab:
Fondos de inversión (bajo margen de n¡benficios + alto volumen)
Operaciones financieras
Planes de pensiones individuales
1975 fundación de la primera empresa de intermediación financiera con descuento.
Entre 1988 a 1997 los Activos corrientes pasaron de US$ 18000 M a 354000 M, TACA 39% los ingresos crecieron de USD$267 M a 2300 M, TACA 27% empleados jornada completa 2200 a 12700 personas valor de mercado empresa en 1997: US$11000M
272 sucursales en 47 estados
Visión: ser el proveedor mas útil y ético de servicios financieros de todo el mundo.
Valores: equitativos, solidarios, emprensivos, dignos de confianza, trabajo en equipo.
Según Dan Leemon, responsable de la estrategia de Schwab: “empresa de tecnología que se dedica a servicios financieros” buscamos “asociación de seres humanos-tecnologia”
La tecnología permite mejoras en productividad, lo cual es clave para mantener los beneficios con presión de bajar las comisiones.
Entre 1009 y 1997 se mantuvo el margen del 20% con una disminución de los ingresos de$1,14 a $ 0,65 con una base de base de$100 activos al reducir también los gastos de $0,92 a $0,52.
Oportunidad de entrar: La comisión de cambio y bolsa abolieron comisiones de tipo fijo, que incluia






todos los servicios, cobraban comisión por cada operación, gestionaban activamente carteras de valores, recomendaban inversiones investigación privada




productos propios pago de comisiones sobre operaciones.

Estrategia Schwab: inversor individual decide estar con nosotros:



ofreciendo productos y servicios equitativos a precios con descuento.
Diferenciación: producto, servicio innovadores, usar la tecnología para mejorar productividad, SUPERIOR servicio al cliente
 Estrategia multicanal: sucursales, teléfono, en línea
 Ofrece variedad de alternativas de inversión con terceros
 Asesoramiento generalizado sobre inversiones
 A sus empleados pago de salario mas prima según rendimiento
 Desarrollo de empresa
 Satisfacción de clientes
 Productividad
Reputación por ser pionera, innovadora, ver nuevas tendencias y hace conseguir buena posición en el mercado,
Primera intermediación con descuento
Servicios 24/7
Producto “One Source”
Fondos de inversión sin carga “no-load” con tarifa de transacción en cada compra o venta de fondos.
Liderazgo tecnológico: Rediseño Del Sistema
Inverison en tecnología para llevar internamente su sistema de compensaciones
Paquete de software “Equalizer” que muestra la misma información actualizada que una persona de Wall Street,
US$199 costo del programa y cobraba pequeñas tarifas adicionales.
Voice_Broker, programa de recoocimiento de voz para realiuzatr cotizaciones y precios de fondos de inversión
Producto TELEBROKER para atender clientes por teléfono automatizado, Apoyo al cliente en vivo, 24/7, 1500 empleados atienden 150000 llamadas por semana, Información de la cuenta, Emitir ordenes en línea,
Operaciones, cotizaciones, consultas generales.
Street-smart diseñado para windows compatible con popular programa de gestión financiera Quiken
Sucursales tienen operaciones: en 1991 se realzaban el 40% mientras en 1997 solo el 5%
Nuestros clientes tienen saldos medios superiores vs
Funciones en sucursales








Es real, gente y edificio, hacen dar la sensación de que la empresa adquiere un compromiso con el inversor nos hace distinguir de las demás empresas
Tienen mas tiempo para abrir cuentas
El 86% de las aperturas se realiza en sucursal
Consignación de cheques
Ayudar en operaciones mas complejas
Asesoramiento sobre inversiones

2. Cual seria tu respuesta a esta situación de mercado si fueras Merril Lynch?
Competencia Schwab.
Intermediación financiera servicio completo: Meril Lynch y Paine Webber
Cobraban US$117 por 200 acciones/US$20
Intermediación financiera servicio completo: Quick& Relly, Fidelity, y Wsterhouse securities
Cobraban US$66 por 200 acciones/US$20 (-44%).
En mercado distribuidor de inversión directo la posición de mercado: 1 Fidelity. 2 Vanguard, 3 One-Source/Schwab.

ELECTRONIC BROKERAGE
En 1995 con la importancia del canal en línea por la competencia de nuevas empresas con mucho descuento para operar por internet, se decidio construir un equipo de trabajo independiente que responde directamente a Polttrucck, que esta al nivel de las demás unidades empresariales para que tenga atención de la dirección y financiación, teniendo en cuenta que se pueda competir con las empresas competencia que son pequeñas, agiles y sin trabas de burocracia. Líder de equipo: Beth Sawi, se evolucionò a unidad empresarial: ELECTRONIC BROKERAGE
Producto en línea con descuento a $ 39,95= a la mitad del precio estándar por 1000 acciones
Prueba piloto de e*Schwab
Limitantes: 1 llamada gratis al mes, no atención en sucursales.
En 2 semanas 25000 clientes contrataron e*Schwab
Se espera Precio bajo, volumen alto
Para evitar canibalizacion los clientes deben primero abrir cuenta aparte y transferir los fondos.
Un descuento en el precio en Marzo $39,95 a Agosto $29,95, operar todos los clientes al por menor son servicio completo con 10% descuento y pasa a 20% en diciembre condujo a aumento de las cuentas en línea a 1,2 M
(25%) es decir $81000 M en activos.
La reducción de precios de $89 a $29,95, las operaciones por termino medio se doblan de 4,5 a 10,5 operaciones/año, este aumento ha sido constante con el tiempo, por lo cual se ve que no fue exclusivamente por la reducción en el precio.
Competencia para e*Schwab:
Incremento de la competencia de 15 empresas en línea de intermediación financiera en 1996 (3 M cuentas) se paso a 60 empresas en 1997 y en 2002 hay 14,4 M cuentas.
1. Cual es la situación competitiva que afronta Charles Schwab en enero 1998?
En 1998 Schwab es el líder en intermediacon financiera en línea con 1,2 M de cuentas seguido por el 2do que es
DJLDirect con 0,39 M de cuentas
List-on.line cobraba $34 por operación de 1700 acciones
Aufhauser&Co, en 12 meses alcanzo el 12% de operaciones a traves de web
Pacific Brokerage cobraba $25 por operación de 1000 acciones
E*trade cobraba $14,95 por operación de 5000 acciones.
Guerra de precios Junio 1997
DJLDirect $20/operación

Fidelity $28,95/operación y despues Fidelity $20/operación
Amertrade $8/operación
Quickrelly $20/operación
Suretrade $8/operación
Los precios se están acercando al precio de equilibrio, el coste marginal de realizar una operación era de $3-5.
Entre e*trade. Ameritrade y Schwab hay similitud en operaciones X 4,4 y 4,2 veces los ingresos, no es claro que fueran a conseguir incremento en las operaciones por internet.
Valor de las acciones cotización en bolsa
E*trade paso de US$10,5/acción a 47 y luego cayó a 20/acción.
Amertrade paso de US$15/acción a 33 y luego cayó a 28/acción.
Infraestructura TI
Dawn lepore director general de información; Director RH identifica candidatos y hace selección previa; Director de contratación grupo TI entrevista y toma la decisión final.
1997 con 1300 personas tiempo completo,





60% trabaja en San Francisco y 40% trabaja en centros de datos y de apoyo
Generación de empleados 70% bay boom; 20% generación X; 10% otras.
Muy pocos recién salidos de la universidad, en vez de eso personal con experiencia.
Alta inversion en capacitación: gasto de $2000/año por cada miembro TI

2 areas funcionales:



Grupo de proyecto corporativo centralizado
Técnicos de aplicaciones alineadas con unidades empresariales

Grupos de apoyo en tecnología agiles en línea a las necesidades comerciales de cada unidad
Modelo de financiación: Estructura común, solida, bien financiada



Presupuesto de explotación
Beneficios brutos previstos= recursos restantes después de hacer contribución a la empresa.

Las unidades empresariales pueden tomar sus decisiones de inversión en aplicaciones TI adicionales
Arquitectura TI: Proyecto de desarrollo de aplicación
Crear sistema de componentes frontales “fronts-ends” que pueda usar los sistemas de componentes posteriores
“back end” apropiados.
Arquitectura de componentes posteriores en 3 niveles: 3 ordenadores centrales (producción, informes, seguridad); 8 servidores intermedios (conducto entre aplicaciones y bases de datos: validan identidad de usuario), 48 servidores web (procesan comunicación y tratamiento de datos).
Diseñado para mantener el servicio al cliente constante, los ordenadores centrales se encuentra situados a 20 millas y conectados por fibra de alta velocidad para poder redirigir en caso de falla de uno de ellos; garantizan
99,2% de disponibilidad incluye programados e imprevistos.
Funcionamiento con 2 bases de datos DATACOM y DB2 IBM, tecnología de aglutinación que permite seguir trabajando sin interrupciones.
Representante de servicio al cliente usa Windows NT, software de correo, planificación y correo de voz.

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...Integrated Marketing Communication | Charles Schwab & Co., Inc : The « Talk to Chuck » Advertising Campaign | Group 5:Alka MishraElisabeth LespinetMegannePriyanka NarayananNaman Bhayana | Charles Schwab & Co., Inc : The «  Talk to Chuck » Advertising Campaign Charles Schwab & Co is a financial company which offers brokerage products and services. In this case, we will see the new “Talk to Chuck” corporate advertising campaign launched by CEOCharles Schwab (also called Chuck) and Beck Saeger in January 2006. This campaign included a colorful series of television ads that used animated images of customers talking, about their investment needs. The goal was to improve market share. About the industry the financial services industry comprised three major sectors: banking, securities and commodities and insurance. Retail brokerage firms act as intermediaries between buyers and sellers, offer little assistance beyond executing a customer’s transaction and provide investment advice on which stocks to buy and sell and when. The main retail brokerage firm in the USA are Ameritrade, Schwab, E*Trade, Fidelity Investments and Merrill Lynch. Traditionally, investors turned to their brokers for research and advice to guide their investing decisions. But nowadays, technology allowed investors to sell or buy securities online. The stock market decline following the collapse of the Internet Bubble in 2001-2002 motived individual investors to become more investment...

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...1975, Charles Schwab created the discount broker. With new rules set in place commissions would now be set by market competition. While competitors like Merrill Lynch and Fidelity raised their fees, Charles Schwab chose the opposite route. For so many years the cost of trading stock was so high it limited the investment opportunities available for Americans. Schwab envisioned that individual investors would jump on the opportunity to be in control of their trading at a discounted rate. By focusing on the principle of providing the best customer experience across all channels CS revolutionized the brokerage industry. With the introduction of online trading in the late 90’s, CS became one of the top financial services firms in the nation while doubling profits. However, a dynamic marketplace posed new challenges. The stock market crash of 2001 and competition from new Internet discount brokers cut into CS’s transaction fees, which was their main source of revenue. With high trading volumes likely coming to an end CS has to focus on other sources of revenue. Recommendations CS’s decision to become the first discount brokerage firm was a great strategy to cement them as a force in the brokerage industry. However, this image was hurting them for future growth. While CS offered many of the same services affluent investors ($1MM + investable assets) sought from full-commissioned brokerage (FCB) firms, they weren’t known for them. As seen in the case study, Charles Schwab......

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