埃森哲：2019年伦敦同业拆借利率调查报告

2019年全球金融服务消费者报告
埃森哲发布了“2019年全球金融服务消费者报告”。

近6/10的消费者愿意与银行和保险公司分享重要的个人信息以换取更低的产品和服务价格，如位置数据和生活方式信息。

埃森哲对28个市场47000名消费者的调查发现，超过一半的消费者愿意分享数据以换取更快速的贷款审批、健身房会员资格折扣和基于当前位置的个性化优惠。

当然，有些消费者对隐私十分谨慎，3/4的受访者（75%）表示他们对个人数据非常谨慎。

安全漏洞是导致他们放弃某家银行或保险公司的第二大原因。

消费者对个性化保险费表现出强烈的支持，64%的人对接受基于安全驾驶调整后的汽车保险费感兴趣，52%的人对与健康生活方式相联系的人寿保险感兴趣。

4/5的消费者（79%）会向保险公司提供个人数据，包括收入、地点和生活习惯。

在银行业，81%的消费者愿意分享收入、地点和生活习惯的数据，以便迅速获得贷款批准。

76%的消费者愿意根据地点获得个性化的优惠，例如零售折扣。

一半的消费者（51%）希望银行在下一个发薪日之前向提供他们资金信息，57%的消费者希望根据他们的消费习惯获得储蓄建议。

世界各地对数据共享的兴趣各不相同
与金融公司分享大量个人数据的兴趣在中国最高，67%的消费者愿意分享更多的数据换取个性化服务。

一半的美国消费者（50%）愿意分享数据换取个性化服务，在英国和德国只有40%的消费者愿意与银行和保险公司分享数据以换取个性化服务。

同业管理层讨论与分析语调对股价崩盘风险的溢出效应目录1.内容概括．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．21.1 研究背景．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．3 1.2 研究意义．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．41.3 研究方法与论文结构．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．52.理论基础与文献综述．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．62.1 股价崩盘风险相关理论．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．7 2.2 同业管理层讨论与分析语调研究．．．．．．．．．．．．．．．．．．．．．．．．．．．8 2.3 溢出效应相关理论．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．102.4 文献综述与分析．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．113.同业管理层讨论现状分析．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．123.1 同业管理层讨论的重要性．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．13 3.2 同业管理层讨论的现状分析．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．143.3 讨论语调的识别与度量．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．154.分析语调对股价崩盘风险的直接影响．．．．．．．．．．．．．．．．．．．．．．．174.1 理论基础．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．18 4.2 实证分析．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．19 4.3 结果与讨论．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．215.溢出效应的路径分析．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．225.1 路径一．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．235.2 路径二．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．245.3 路径三．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．256.同业管理层讨论与分析语调的溢出效应实证研究．．．．．．．．．．．．．266.1 研究假设与模型构建．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．286.2 数据来源与处理．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．296.3 实证分析过程与结果．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．307.防范与应对策略建议．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．317.1 对上市公司的建议．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．327.2 对投资者的建议．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．347.3 对监管部门的建议．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．358.研究结论与展望．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．368.1 研究结论总结．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．378.2 研究创新点．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．398.3 研究不足与展望．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．401. 内容概括在金融市场中，同业管理层讨论和分析的语调对于投资者判断公司股票价格的潜在崩盘风险具有重要影响。

银行业产业化埃森哲公司的全球调查尽管卓别林的《摩登时代》早就将产业化、流水线的概念深入人心，但在银行这一最重要的金融机构中，手工类“小作坊”式操作仍然随处可见。

如今，随着产业化概念的推进，银行将有望向最先进的工业企业的生产作业方式靠近，而中国国内“流程化银行”的提出也与此一脉相承。

埃森哲公司日前就银行产业化问题在全球范围进行了最新调查，本刊特刊登此份调查报告以飨读者。

•关于在银行业实现产业化的总体思路•银行意识到自身需要外部差异化和内部简约化•银行希望通过针对不同客户群来定制或者捆绑产品以实现差异化•没有杀手锏，银行正从多个方面实现简约化•银行正通过对领导力和企业文化技能等方面的投资来提升其执行力•银行希望从产业化中得到相当可观的回报•该向何方去？•本项研究介绍摘要：银行正在走产业化之路埃森哲公司在全球范围内已经与很多银行业客户合作，来帮助他们简化内部运营，以降低成本和复杂度，同时增加在市场上创造差异化的能力。

我们把这种在降低复杂度的同时创造差异化的理念叫做“产业化银行”。

基于我们在银行领域的经验以及在这个市场中正在进行的工作，我们坚信在世界范围内向“产业化银行”转变已是大势所趋。

但直到今天，仍没有明确的数据来支持这种观点。

为填补这项空白，埃森哲公司进行了一次全球性银行业的调查。

在这次调查过程中，我们访问了北美、欧洲和亚太等地区金融机构的107位高级行政主管，并就其各自产业化的进程提出了问题。

调查结果充分证明了我们的观点：银行业正在加速进行产业化转变。

本项研究证明：■各银行已经意识到自身需要外部差异化和内部简约化——大约90%的银行已经对这两者进行了投资；■各银行都希望通过对有选择的客户群定制或者捆绑产品，以实现差异化——为更好地了解他们的客户、探寻新的客户服务方法并向其出售捆绑产品，超过84%的银行进行了投资；■各银行正试图在跨组织层面从多个方面达到简约化——目前91%的银行正在简化其流程，81%的银行正在简化其IT系统，74%的银行正在使其提供的产品更趋合理，而74%的银行正使其运营集中化；■各银行都在密切关注提升其执行力——80%以上的银行正努力发展其内部的领导力，创造一种更有利于发展变化的企业文化；■各银行都在更严格地管理执行力——76%的产业化项目是由首席执行官或者是一小部分高级主管来掌管，有57%是在整个企业范围内实施的；■各银行都期望通过向产业化转型，来显著改善收益——超过50%的银行希望通过差异化至少产生10%的收益，1/3的银行则希望通过简约化使整体企业成本降低10%以上。

埃森哲：2019年合规风险报告
埃森哲（Accenture）的一份新报告显示，在大多数金融机构的合规部门面临预算削减的情况下，合规专业人士应加快使用包括人工智能（AI）和监管科技在内的新技术，以增强下一代合规的能力，并重新配置他们的运营模式，以跟上不断变化的业务需求。

埃森哲基于对北美、欧洲、亚太地区和南美金融服务机构151名合规高管的调查发现，近3/4的金融机构合规部门（71%）正面临成本削减。

其中近2/3的合规部门的目标（64%）是在未来三年内削减10%-20%的预算。

此外，半数的受访者（50%）表示，企业非管理性员工流失率高于预期，这突出表明迫切需要采用包括自然语言处理和人工智能等创新技术，这些技术可以增强合规员工的技能和知识，提高他们的工作效率，并帮助他们在隐私和第三方监管等领域更好地指导业务。

报告还指出，合规转型的最大动力是提高对业务增长需求的响应能力，35%的受访者这么认为。

金融机构正寻求与开放式银行或开放式保险相关的机会，应对并购带来的增长，并迅速推出新产品和服务，包括区块链解决方案、端到端客户生命周期管理和自动化投资咨询。

合规运营模式仍在不断改变。

60%的受访者表示，以前由合规职能履行的职责已转移到运营管理，包括了解客户（KYC）、测试和监视等领域。

这一转变使合规职能部门能够调整业务，管理新的风险，同时又不会影响运营管理。

行业报告 | 行业专题研究请务必阅读正文之后的信息披露和免责申明 1银行证券研究报告 2020年06月16日投资评级 行业评级 强于大市(维持评级)上次评级 强于大市作者廖志明分析师 SAC 执业证书编号：S1110517070001liaozhiming@资料来源：贝格数据相关报告1 《银行-行业点评:后疫情时代，5月金融数据怎么看？》 2020-06-102 《银行-行业研究简报:预测：5月金融数据会怎样？》 2020-06-033 《银行-行业点评:小微新政策：整体影响中性，对小行或偏利好》 2020-06-02行业走势图银行息差、资产质量和估值的国际比较ROE 差别造就估值分化中国上市银行ROE 较高。

19年中国上市银行ROE 均值为11.7%，在主要国家上市银行中处于较高水平。

原因主要是：中国上市银行息差相对发展中国家偏低，但比主要发达国家高一些，由于成本收入比很低，盈利能力较强。

而其他发达国家如日本、德国、英国等，其银行业息差较低，成本收入比较高，导致ROE 偏低。

美国银行业19年3.31%的息差水平，在主要国家银行业中相对较高，但成本收入比较高，制约ROE 水平，19年ROE 为10.4%。

中国上市银行估值低于其他发展中国家。

19年末中国上市银行PB 估值为0.84倍PB ，相对其他发展中国家较低，略高于部分发达国家。

中国经济波动较小，银行不良率处于G20国家较低水平19年末发达经济体不良贷款率均值约为 1.12%，显著低于新兴经济体的3.17%，和金砖国家的5.65%。

银行业的不良率和经济稳定性密切相关，经济大幅度波动常常伴随银行业不良率的上升。

发达国家经济体系较为成熟，经济波动性较小，所以发达经济体银行业的不良率较低。

中国的GDP 增速相对稳定，经济波动较小，因此中国银行业的不良率明显低于其他发展中国家，其不良贷款率的水平更接近发达国家。

中国银行业息差让利空间不大，发达经济体银行业息差偏低中国银行业息差让利空间不大。

2019年银行存款利率年度报告年中存款利率出现拐点大额存单销售热度攀升发布单位：融360 大数据研究院作者：刘银平报告介绍银行存款利率报告属于融360大数据研究院市场数据监测及分析类报告，主要统计监测并分析国内重点35个城市68家银行共635家支行网点存款利率数据。

本报告数据维度包含：银行定期存款利率、分地区存款利率、大额存单利率、结构性存款规模及收益率等。

目前数据维度及监测频率均可实现订制需求，数据监测最高频率为月/次。

本报告主要针对各个银行的不同地区、不同网点实际存款利率的差异，依据下沉到支行的存款利率监测数据对当前存款利率形势及未来存款利率趋势作出分析判断及解读，并结合政策动向及特殊银行、特殊地区实际情况对存款利率变化原因、影响及未来变化趋势作出分析。

内容摘要2019年上半年，定期存款利率延续前一年的上涨趋势，年中时期达到阶段性利率峰值，但是下半年以来，央行不断引导市场利率下行，流动性持续宽松，存款利率开始逐渐下滑，受年末揽储压力上升、流动性收紧影响，11、12月存款利率小幅反弹。

2019年大额存单也呈现出先涨后跌的趋势，在各类理财产品收益率持续下滑的背景下，大额存单长期利率优势明显，投资者购买热度上升。

不过年末传出监管层叫停提前支取靠档计息存款产品，提前支取靠档计息大额存单占比明显下降。

2019年下半年假结构性存款受到强监管，对保本理财的替代性大打折扣，对投资者的吸引力减弱。

当年结构性存款规模及收益率均呈小幅下降趋势。

目录一、定期存款利率先涨后跌，年末小幅反弹 (4)二、大额存单热度攀升下半年利率持续走低 (7)三、结构性存款迎强监管规模维持在10万亿元以上 (10)四、2020年存款利率将继续走低 (12)一、定期存款利率先涨后跌，年末小幅反弹2019年定期存款利率走势分为三个阶段：上半年，存款利率延续2018年的上涨趋势，各期限存款利率在5~6月达到近年来的峰值，此后利率拐点出现；下半年开始，流动性持续宽松，央行接连实施全面降准、下调MLF利率、7天逆回购利率等宽松性质的货币政策，LPR利率也不断走低，市场利率加速下滑，银行利差收窄，存款利率开始逐渐回落，从7月到10月连跌4个月；11月、12月，受年末资金流动性收紧、银行揽储压力加大影响，存款利率连续2个月回升，不过上涨幅度较小，距离年中时期的峰值有一定差距，与年初时利率水平相当。

2019年，境外资金市场一波三折，美联储通过3次降息使隔夜利率下降，引导利率中枢下调，下半年国际美元流动性趋紧后，美国货币政策转向宽松，短端收益率下降。

境内美元隔夜拆借利率基本与境外趋同，但是波动率远远小于境外。

文章分析了美元流动性波动成因及境内外价差的原因，并展望了2020年货币政策和境内外美元资金利率形势。

In 2019, the overseas money market has been quite turbulent. The Fed cut interest rates three times to reduce the O/N rate, driving the central pivot of interest rates down. Following the tightening up of the US dollar liquidity in the international market in the second half of the year, the US monetary policy switched to easing and the short-term yields declined. The onshore USD O/N lending rate in China moved basically in line with that in the offshore market but was far less volatile than the latter. This article analyzes the causes of the volatility of USD liquidity and the reasons behind the onshore and offshore interest rate spread, and then offers an outlook into the monetary policy and USD interest rates in both the onshore and offshore markets in 2020.2019年美联储货币政策转向，引导短端利率下降，期限溢价缩窄。

Leading brands are using data to humanize their customer relationships and learning where to draw the line between invasive and inventive.Accenture Interactive’s 2019 Consumer Pulse Surveyns.See people, not patterns.ContentsMilestones in digital advertising Just because you can doesn’t mean you should Data gathering, within reason What customers want from digital advertising Regulations take hold The line in the sand The seamless experience Methodology35 79 11121415Lessons from the front lines of digitaladvertising on how to use data respectfully and responsibly.MANY CONSUMERS FEEL BRANDS don’t know them well enough to serve them in a way that makes them feel special, but when those brands seem to know too much—and act on that knowledge—they can quickly lose consumers’ trust. That push and pull between consumers’ desire to be known and their wish for privacy has increasingly become an issue for brands. As we mark the 25-year anniversary of what has been celebrated as one of the first digital banners, digital advertising plays a bigger role in the cultural conversation than ever before.Milestones indigital advertising1994200519982015199620082007for the first time.201819972009demographics.20062019Sources:https:///en-uk/marketing-solutions/blog/posts/infographic-of-the-week/2019/Infographic-of-the-Month-A-Look-Back-at-25-Years-of-Digital-Advertising https:///technology/archive/2011/08/infographic-the-history-of-video-advertising-on-youtube/242836/https:///theblog/2019/05/28/u-s-digital-ad-revenues-tops-100-billion-for-the-first-time-in-2018-per-iab-report/This year Accenture Interactive conducted a consumer pulse survey to gain an understandingof how brands are creating paths to success with their digital advertising campaigns. We surveyed 8,000 consumers in Canada, France, Germany, Italy, Spain, Sweden, the UK and the US to findout their answers.Consumers increasingly expect brands to know and understand them at a time when first-party data, gained from consumer interactions, is taking hold. Our research focused on three areas: What are consumers’ experienceswith digital advertising?What are the drivers of consumers’ online purchases?What are the most effective data-driven marketing efforts and challenges?WE FOUND THAT MANY CONSUMERS feel the automated techniques brands are using to serve them are not effective. The algorithmic recommendations brands make to them, based on their demographics and past behaviors and purchases, don’t accurately reflect their intention.A salesperson in a store asking thoughtful questions to figure out what a shopper might like to buy is typically much more effective. But often, digital advertising behaves in a way that suggests a brand does not know the shopper at all. Or a brand collects data without having a clear purpose for doing so. That practice can create many risks and is no longer acceptable to consumers or regulators.The good news is that there is a big opportunity for brands to take a more mindful approach to data collection and to design a holistic customer experience while doing so. Consumers do want a better, more customer-focused experience, with 65% willing to share more personal data in return. Amazon is a good example. Many consumers are willing to hand over personal data to the giant e-commerce retailer because of their level of trust in how this information will be used and the high level of service they will receive in return. Brands that treat data collection and data strategy as part of the consumer experience can benefit from greater consumer willingness to share information. For instance, Accenture Interactive found that 73% of consumers are willing to share more personal information if brands are transparent about how it is used, up from 66% in 2018. Providing consumers with value for their data, ensuring that the brand won’t lose or abuse their data, and recognizing consumers in a way that puts them at ease are all part of a better experience. This approach requires a human and humane approach to data. Think about typical personal interactions. People expect someone they’ve met beforeto recognize them—and they expect someone they’ve never met not to recognize them. The same logic applies digitally. Forward-thinking brands are finding ways to approximate how humans behave, in a humane and ethical way.Just because you candoesn’t mean you shouldSee people, not patterns.CONSUMERS INCREASINGLY EXPECT BRANDS’ digital advertising to show they are known and recognized, as long as there is transparency around what the brands are doing with their data. Accenture Interactive found that 87% of consumers think it’s important to purchase from brands or retailers that understand “the real me.”When digital advertising was new, a brand’s advertising team had a lot of latitude to experiment, and consumers weren’t as vocal about privacy worries. Today, however, as we mark the 25th anniversary of what theindustry has cited as one of the first digital banner ads*, digital advertising is part of everyday life. Consumers have current preferences for how they want brands to interact with them digitally. Their tolerance for the way most data is collected may vary with demographic factors, such as their age, gender or even geo-localization. Regardless, they don’t want brands to go too far and violate their privacy when delivering a custom-tailored, 360-degree experience.Data gathering, within reasonAmong consumers who said a brand had communicated in a way that was too personal, 71% said that it was because the brand had information about them or their family that they didn’t share directly.71%See people, not patterns.One central task of leaders in this environment is to limit data gathering to information they have a right to know, and they must provide value in exchange for that data. With 76% of consumers saying they are uncomfortable with data collection via a microphone or voice assistant, providers of these devices will have to make clearer the value exchange when they do collect this data, or there will likely be a backlash. Handlingdata responsibly is a fast-emerging component of corporate accountability. As the executive who comes closest to owning the brand experience, the CMO plays a pivotal and fast-evolving role, with 90% of decision-makers agreeing that the CMO should be the internal advocate for their customers, according to research by Forrester Consulting and Accenture Interactive*. And, as otherC-suite leaders and board membersstart to share this accountability, the CMO will play a key role in bringing all parties together to make decisions that affect the future of the brand.A new conversation must take place among C-suite executives and boardsto make sure they get this right. Companies face real risk if they don’t, including regulatory risk, reputationalrisk and bottom-line risk. Those whofind the right route to success bytruly listening to and knowing their customers will have a tremendous opportunity with consumers.See people, not patterns.WHAT MANY CONSUMERS ULTIMATELY WANT is for digital advertising to have the same social intelligence as a familiar salesperson in their favorite store—one who can tell from the expression on their face that they’re in the mood to splurge or that they’re in a hurry because it’s a Tuesday night and they need to get home to dinner. That salesperson has the social intelligence to avoid certain missteps, such as suggesting the consumer might need a new bathing suit for an upcoming Hawaiian vacation that the salesperson overheard the consumer mention. The brands that approximate that human touch best (using automation) will stand out and win consumer loyalty. Brands that can’t pull it off will feel sterile.What consumers want from digital advertisingNearly 30% of consumers said a brand had become “too personal”—and 69% of these consumers would stop doing business with a brand or reconsider their relationship to the brand because of this.69%See people, not patterns.Among consumers who left aretailer/branded website because of poor personalization, 51% think invasive ads are on the rise.Sponsored51%Effective strategies include Full transparency.Many consumers are willing to share data if brands are transparent about how it is being used.Smart use of walled gardens.Even when brands rely on high-quality data sources such as Amazon, Facebook and Google, consumers’ experience should be as consistent as possible across platforms.Creating a cohesive experience.The digital ad experience should be connected to the customer experience, whether on the web or in the store, though ads should be tailored to the channel where they appear.So how can brands hit the mark?CONSUMERS’ EXPECTATIONS AREN’T THE ONLY FACTOR that brands need to consider when it comes to managing data. Brands need to pay close attention to the evolution of privacy regulations, such as GDPR and CCPA, as they make advertising decisions. What should and shouldn’t be done in the current environment will be shaped by how rights granted under these two laws are interpreted.Having a good handle on compliance will become increasingly important. With regulators starting to impose substantial fines to enforce GDPR, brands face the risk of negative publicity if their advertising practices are seen as out of bounds. Brands will also need to be aware of what their supply chain is doing, as this may be seen as their responsibility.Brands must build the data architecture of enterprise systems in a way that reflects current regulations. Ultimately, brands must be respectful of the rights of consumers to get access to their data, be “forgotten” or request portability. This must be baked into their technology.Regulations take holdBrands can’t rely on regulators alone to set the pace for their policies,however. While GDPR has improved the ad industry, leading to less fraud and higher-quality audiences, there are still undesirable practices that remain legal under GDPR. For instance, brands have the ability to listen to customers through their computer mics, but should they? Even though by law they can do this, is this the time to reflect and say “Have we gone too far?” As a result, until ePrivacy laws impose more order on what brands can do with “legal” data and activate it, brands must consider the ethical aspects of their choices on storing and using it.of consumers agree it is important that every interaction they have with a brand is excellent, whenever or wherever they happen in the decision to purchase from a brand or retailer.93%See people, not patterns.See people, not patterns. The line in the sandEVEN IF BRANDS FOLLOW REGULATIONS, it’s easy to take things too far in their digitaladvertising, as noted earlier. Some discover they are inadvertently angering consumerswhen the damage is already done while others are, frankly, bad actors.There’s a price to pay if it seems like a brand is invading consumers’ privacy. Brands needto develop a balanced data strategy to avoid that perception, while still making the mostof consumers’ desire to be known and recognized for who they are. The key to using anyof this data is to use it responsibly and humanely.There are ways to make third-party data more efficient, transparent and ownable. AccentureInteractive worked with a leading financial services institution to modernize its data strategyin the context of Facebook altering how brands may use data to identify and target audienceson their platform. Accenture Interactive built a plan to help the company take direct controlof its relationship with its third-party data providers, bringing more transparency to their datacosts and performance, and improving the institution’s ability to launch and scale campaigns.And as a result, the institution improved its speed to market by four times.Zero-party data :You make your consumers want to tell you something by giving them value.First-party data :You are respectful about what you collect and only gather what you have a right to know and what will help you better tailor the experience to consumers’ needs.So how does a brand set the right tone in its data usage?Second- and third-party data :Using a humane, balanced approach to the data ecosystem (incorporating resources such asplatform data and third-party platform matching), you can round out your view of consumers.For instance, the auto industry has embraced the use of third-party data to gain access to audiences based on factors such as car ownership or lease data, which isn’t available otherwise.There are several types of data brands can use to create a balanced data strategy:GIVEN THE MANY MOVING PARTS in today’s digital advertising environment, it can be tricky to define a “better” customer experience.So what do we know for sure?Consumers are not asking for splashier banner ads. They want to be treated holistically and see the entire experience improve. As a result, brands need to focus on consumers’ experience at every interaction in the customer journey, from websites and mobile apps to physical stores. The data brands gather and how they use it will curate customers’ experiences. At the same time, opting out of collecting or licensing data should not have to be part of the consumer experience.Although brands may wish to stitch every available data source together across business platforms in a seamless manner, that’s not possible because platforms don’t want brands to be able to do that. A more effective route to creating a great customer experience is building a respectful and empathetic data—and audience—understanding strategy that uses the best combination of rightfully, transparently available information.The seamless experienceTo create a seamless experience, brands can benefit from:• U sing fresh opt-in alternatives to track users, such as encouraging consumers to authenticate on websites and mobile applications• B ringing ad-tech contracts in-house to access more effective, transparent data collection methods • B uilding the data architecture of enterprisesystems in a way that reflects current regulationsBrands should also make sure the approaches they use extend throughout their advertising efforts. Consumers expect companies to take note of all of the information about themselves that they’ve chosen to share, no matter where that takes place.UNITED STATESCANADAUNITED KINGDOMFRANCEITALYGERMANY SWEDENSPAINMethodologyACCENTURE INTERACTIVE SURVEYED 8,000 CONSUMERS from North America and Europe about their digital advertising preferences when it comes to interacting with brands, retailers and service providers.MALE50.24%FEMALE (4,019 respondents)United States:United Kingdom:Canada: 12.51% (1,001 respondents)France: 12.50% (1,000 respondents)Germany: 12.34% (987 respondents)Sweden: 12.66% (1,013 respondents)Italy: 12.49% (999 respondents)Spain: 12.50% (1,000 respondents)Copyright © 2019 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture.This document makes reference to marks owned by third parties.All such third-party marks are the property of their respective owners.No sponsorship, endorsement or approval of this content by the ownersof such marks is intended, expressed or implied./programmaticAbout Accenture InteractiveAccenture Interactive helps the world’s leading brands transform their customer experiences across the entire customer journey. Through our connected offerings in design, marketing, content and commerce, we create new ways to win in today’s experience-led economy. Accenture Interactive is ranked the world’s largest digital agency in the latest Ad Age Agency Report for the fourth year in a row and was named a 2019 Most Innovative Company in Advertising by Fast Company. To learn more follow us @AccentureACTIVE and visit About AccentureAccenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 492,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at ContactTo learn more about Accenture Interactive Programmatic Services visit / programmatic or contact:Scott TiemanProgrammatic Services and Personalization Global Lead—Accenture Interactive scott.w.tieman@Javier Pérez Moiño Programmatic Services and Personalization European Lead—Accenture Interactive javier.perez.moino@@jpmoino。

2019年上半年银行业研究报告摘要：2019年上半年度，在国内经济运行总体平稳、外部环境不确定因素增加，经济仍存在下行压力的环境下，货币政策维持偏宽松的基调，银行贷款增速总体平稳，支持社会融资规模企稳回升，短期经营贷款增长强劲，但向零售贷款倾斜的结构特征不改。

随着货币市场利率下行带来的杠杆空间，加上储蓄存款的增速的提升，银行负债端环境持续改善。

在央行系列政策工具运用之下，包商银行事件带来的商业银行的流动性分层现象得到缓解，但中小银行的信用修复仍待持续观察。

上半年，国有大行和股份制银行的资产质量逐步改善，但在宏观经济未得到根本好转、市场信用风险暴露趋增、融资条件结构性分化的环境下，城商行不良率上行，农商行不良率维持近年来高位。

在货币市场利率下行尚未有效传导至贷款利率的情况下，银行净息差继续攀升，但随着广谱利率下降及存款成本的抬升，加之不良资产消化的需求，商业银行盈利水平仍将承压。

2019年1-8月，银行业发行债券的主体共计73家，其中AAA级主体30家，AA+级主体21家，AA级主体13家，AA-级主体6家，A+级主体3家。

从发行利差来看，高评级发债主体信用利差较上年有所回落，低评级的主体信用利差仍大。

级别迁移方面，行业内共有20家发债主体信用等级被调升或展望调整为正面，9家发债主体评级调降或展望调整为负面。

一、行业运行数据点评（一）货币政策及执行情况根据中国人民银行2019年第一季度中国货币政策执行报告，央行对经济形势的判断为“中国经济运行总体平稳、好于预期”，“经济增长保持韧性”，但“外部经济环境总体趋紧，经济仍存在下行压力，结构性矛盾还比较突出”，并明确表示全球经济增长动能走弱。

在《结构性去杠杆与稳健的货币政策》这一专栏中，央行表示：虽然货币政策过于宽松可能会推高低效贷款需求，但货币政策过紧也会导致存量债务兑付压力过大、造成信贷、债券市场偿付紧张；下一阶段，稳健的货币政策要松紧适度，保持流动性合理充裕，与结构性去杠杆进程协调推进；结构性去杠杆具体体现为通过政府和国有企业杠杆的控制实现宏观杠杆率稳定和逐步下降，同时基于市场化原则提高对民营企业、小微企业等国民经济重点领域和薄弱环节的支持。

2019年银行同业市场分析报告2019年6月目录一、同业业务市场概况 (4)1、同业市场总量约30万亿以上 (5)2、同业存单：城商和股份行是发行主力，期限以1年期为主 (8)（1）市场规模：余额共计9.7万亿，城商行和股份行占比达80% (8)（2）发行利率：近期明显上行，城商行幅度更大 (9)（3）投资人结构：主要由广义基金和商业银行持有 (9)二、流动性展望：整体无忧，银行融资能力恢复中 (10)1、市场流动性：整体无忧，低等级银行影响有限 (10)（1）时间：同业存单到期规模和节奏 (11)（2）空间维度 (11)三、上市银行影响：流动性总体无忧，息差小幅承压 (12)1、流动性风险可控 (13)2、中小银行息差压力有所增加 (14)（1）五大行受益资金趋紧格局 (14)（2）股份行资金成本或有提升压力 (14)（3）城商行面临资金成本和资产结构双向调整压力 (14)（4）农商行压力较小 (14)四、市场前瞻：政策稳定市场，中小行增长模式待转型 (16)1、政策前瞻：央行继续强化预期引导 (16)2、中小银行“同业融资+金融投资”的增长模式亟待转型 (17)政策层面总量对冲型投放叠加定向呵护，预计季末流动性将平稳过渡；对银行而言流动性风险可控、但部分银行息差小幅承压，中小银行将由粗放式增长模式转向审慎经营模式。

同业市场概况：总量30万亿以上，同存10万亿，城商行和股份行是发行主体。

首先基于“其他存款性公司资产负债表”匡算出商业银行从同业市场获得负债31万亿左右，其中大银行和农商行是主要的融出方、股份行和城商行是融入方。

其次具体看同业存单市场，当前余额9.7万亿，其中城商行和股份行占比达80%，1年期及以上占60%，平均久期9.6月，持有人以广义基金、农商行和国有行为主(占45%、17%和11%)。

流动性前瞻：银行融资能力恢复中，季末有望平稳过渡。

低等级银行有融资压力但对市场整体流动性影响幅度有限。

10月，货币市场利率总体保持平稳；国债收益率曲线上移；利率互换曲线短端和中长端均上移。

人民币对美元汇率有所走升，人民币汇率指数小幅走贬；外汇掉期点先升后降；人民币汇率期权波动率下降。

In October, the money market interest rates remained generally stable; the yield curve of government bonds shifted upward; the short end and medium-to-long end of IRS curve both witnessed an upward move. The RMB exchange rate appreciated against the USD, and the RMB indices dropped slightly; the FX swap points presented a reverse V-shaped movement; the volatility of RMB FX options declined.2019年10月，银行间市场总成交104.3万亿元，同比增长0.7%。

其中，货币市场成交68.6万亿元，同比下降0.3%；债券市场成交17.2万亿元，同比增长27.1%；外汇即期市场成交4.3万亿元，同比下降17.1%；外币拆借市场成交4.9万亿元，同比增长13.5%；利率衍生品市场成交1.7万亿元，同比增长12%；外汇衍生品市场成交7.5万亿元，同比下降26.3%。

截至10月末，银行间本币市场成员29114家，较上月末增加423家；外汇市场会员706家，较上月末增加5家。

一、银行间本币市场运行（一）货币市场利率总体保持平稳10月，隔夜信用拆借（IBO001）加权平均利率总体维持在1.9%〜2.8%区间。

月初，货币市场流The interbank RMB marketThe money market interest rates remained generallystable.In October, IBO001 basically fluctuated between 1.9% to 2.8%. At the beginning of the month, as there were less disturbance factors in the money market, the market liquidity remained accommodative. The O/N interest rate went down slowly and fell to the monthly low of 1.93% on October 11. The central bank continued to suspend reverse repo operations, and the money market interest rates went up gradually. IBO001 rose to the high of 2.83% on October 22. With the tightening up of the liquidity, the central bank restarted reverse repo operations on October 18. At end-October, as the liquidity was relatively eased, the central bank carried out repo operations. IBO001 closed at2019年10月银行间市场运行报告中国外汇交易中心暨全国银行间同业拆借中心 研究部China’s Interbank Market Performance in October 2019动性扰动因素较少，资金面维持宽松，隔夜资金价格缓慢下行，10月11日下行至本月最低价格1.93%。

2019年一季度金融统计数据报告来源：中国人民银行一、广义货币增长8.6%，狭义货币增长4.6%3月末，广义货币(M2)余额188.94万亿元,同比增长8.6%，增速分别比上月末和上年同期高0.6个和0.4个百分点；狭义货币(M1)余额54.76万亿元,同比增长4.6%，增速比上月末高2.6个百分点，比上年同期低2.5个百分点；流通中货币(M0)余额7.49万亿元,同比增长3.1%。

一季度净投放现金1733亿元。

二、一季度人民币贷款增加5.81万亿元，外币贷款增加461亿美元3月末，本外币贷款余额147.77万亿元，同比增长13.3%。

月末人民币贷款余额142.11万亿元，同比增长13.7%，分别比上月末和上年同期高0.3个和0.9个百分点。

一季度人民币贷款增加5.81万亿元，同比多增9526亿元。

分部门看，住户部门贷款增加1.81万亿元，其中，短期贷款增加4292亿元，中长期贷款增加1.38万亿元；非金融企业及机关团体贷款增加4.48万亿元，其中，短期贷款增加1.05万亿元，中长期贷款增加2.57万亿元，票据融资增加7833亿元;非银行业金融机构贷款减少4879亿元。

3月份，人民币贷款增加1.69万亿元，同比多增5777亿元。

3月末，外币贷款余额8410亿美元，同比下降3.4%。

一季度外币贷款增加461亿美元，同比多增137亿美元。

3月份，外币贷款增加62亿美元，同比多增285亿美元。

三、一季度人民币存款增加6.31万亿元，外币存款增加413亿美元3月末，本外币存款余额189万亿元，同比增长8.3%。

月末人民币存款余额183.82万亿元，同比增长8.7%，增速比上月末高0.1个百分点，与上年同期持平。

一季度人民币存款增加6.31万亿元，同比多增1.24万亿元。

其中，住户存款增加6.07万亿元，非金融企业存款增加3328亿元，财政性存款增加1651亿元，非银行业金融机构存款减少9671亿元。

3月份，人民币存款增加1.72万亿元，同比多增2133亿元。