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The financial services industry is undergoing a radical transformation driven by globalization, deregulation, consolidation, and deconstruction of the vertically integrated business models common to transaction-processing businesses. In these uncertain times, unconventional business models that deconstruct traditional structures such as vertically integrated manufacturing and processing businesses are likely to offer more attractive margins and more sustainable profitability. Successful franchises will position themselves as orchestrators that use their strategic capabilities in customer relationships, distribution, and branding. They either have regional or global scope and scale, or they build scale with in-market joint ventures that pool their transaction processing. If they pursue the latter option, they may need to create a web of cross-border alliances to extend their market coverage and product lines.
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