證券商發展數位金融業務對於整體經紀業務的契機與影響之個案研究

證券商經紀通路業務在這近10年間證券市場有著結構性的變化，包括交易的投資人份額9成的自然人，到現在4成的外資及專業投機構成交比例成為常態；交易型態由臨櫃當面委託到電話委託再到電子式下單，公司政策經營型態也必須由零售轉變到法人服務身上，這就說明營業員的功能必須去做一個調整。客戶可選擇的商品多元化，以前只有定存、股票交易，基金現在有境內、外複委託基金、海外債、ETF、結構型商品、投資型保險等，在客戶將資金投資分流下，雖然券商獲利仍然不錯，但還是導致市場的成交量無法放大。另外從業人員的老化情況是另一大隱憂，包括營業員及客戶，因為沒有新的客戶進來，也會因為新世代的年輕人對股票的疏離，證券市場就會產生結構性危機，我想就這樣的現象出發來闡述，證券商經紀業務通路到底應該要如何來改變。本研究以金控轄下之子公司經紀市占率前三名之F券商為研究對象，並以高階管理者訪談、新種業務開放、政策推動執行、發展機會之研究結果與發現，對於未來F券商的發展方向與競爭策略，提供有價值的策略、發揮其服務價值，創造生存空間。

關鍵字

證券商；財富管理；競爭策略；智能理財；數位金融

並列摘要

The securities brokerage channel business has undergone significant structural changes in the securities market in the past 10 years. The trading volume of individual investors declines from 90% to 60%, relative to that of foreign and domestic institutional investors, Nowadays, the popular transaction way is to submit the order by telephone and electronically .Corporate services become more important for brokerage firms than retail services. As such, the salesmen of brokerage firms have to do some adjustments in response to these changes.Customers now can choose various investment instruments. In the past, time deposits and stocks were the most popular instruments. Nowadays, there are most choices of investment instruments available for customers, such as domestic and foreign trust funds, overseas debts, ETFs, structured commodities, investment-type insurance, and soon, thereby leading to the decrease in the share of funds for each instrument. Although brokerage firms still can maintain their profits, the The age of both salesmen and customers is a serious concern, and the fact that there are not so many new customers to enter the market is another concern. In addition, the new generation of young people are not so interested in the securities market, which is a structural crisis. Motivated by these adverse impacts on this market, this study focuses on examining how to improve the business of brokerage firms.Using the F brokerage firm as the research subject, this study employs high-level manager interviews and discusses new business, policy promotion, development opportunities to obtain the important implications of development direction and competitive for the F brokerage firm.