Intensifying competition with online brokerage firms and others
First written in FY2016. 4 of 8 entries say "Worsened", first in FY2019. Latest entry: FY2025.
Kyokuto Securities moved to the "Worse" side of this theme in 2019, 5 years before the typical company in this theme (2024).
The whole theme swung hardest in 2022: 3 of 10 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- FY2025WorsenedAnnual report
「Deregulation has made it easier to enter the financial instruments business, while also enabling firms offering new products and services using information technology to enter the market. If the Group is unable to maintain its competitiveness amid intensifying competition, business may flow to competitors, potentially preventing the Group from maintaining its earnings capacity.」
In addition to concerns about conventional online firms and major firms, the company explicitly identifies the entry of firms offering new information-technology-based products and services and the outflow of business to competitors. - FY2023WorsenedAnnual report
「Against this backdrop, there are many factors that threaten the company’s sustainable growth, including changes in the regulatory environment surrounding securities trading, major firms’ strategies to expand assets under custody, the aging of its customer base, and the possibility of changes in investment behavior after the COVID-19 pandemic subsides. The competitive environment surrounding the Group is expected to become even more challenging.」
The company reaffirms the severity of the competitive environment and lists threats including changes in the regulatory environment and possible changes in investment behavior after the pandemic subsides. - FY2021RestatedAnnual report
「There are many factors that threaten the company’s sustainable development, including the trend among online trading firms toward eliminating fees, major firms’ strategies to expand assets under custody, the aging of its customer base, and the possibility that investment behavior may change after the COVID-19 pandemic subsides. The competitive environment surrounding the Group is expected to become even more challenging.」
The company continues to identify the elimination of online fees, expansion of assets under custody by major firms, an aging customer base, and changes in investment behavior after the pandemic as competitive threats. - FY2020WorsenedAnnual report
「There are many factors that threaten the company’s sustainable development, including the trend among online trading firms toward eliminating fees, major firms’ strategies to expand assets under custody, the aging of its customer base, and the possibility that investment behavior may change after the COVID-19 pandemic subsides. The competitive environment surrounding the Group is expected to become even more challenging.」
In addition to the previously identified threats from online firms, major firms and an aging customer base, the company adds the elimination of online fees and possible changes in investment behavior after the pandemic subsides, and indicates that the competitive environment is expected to become even more challenging. - FY2019WorsenedAnnual report
「There are many factors that threaten the company’s sustainable development through declining competitiveness, including the rise of emerging players such as online trading firms targeting younger customers, major firms’ strategies to expand assets under custody, and the aging of its customer base. The competitive environment surrounding the Group is expected to become even more challenging.」
The company lists online trading firms, major firms’ expansion of assets under custody, and the aging of its customer base as new threats, and indicates that the competitive environment is expected to become even more challenging. - FY2018RestatedAnnual report
「Deregulation in recent years has made it easier to enter the financial instruments business, resulting in intensifying competition. The Group promotes face-to-face sales under its brand slogan, “Helping you grow your valued assets,” but if the Group is unable to maintain its competitiveness, this could affect its operating performance and financial condition.」
The company reiterates the relationship between easier market entry and intensifying competition resulting from deregulation, and maintaining competitiveness through face-to-face sales. - FY2017RestatedAnnual report
「Deregulation in recent years has made it easier to enter the financial instruments business, resulting in intensifying competition. The Group promotes face-to-face sales under its brand slogan, “Helping you grow your valued assets,” but if the Group is unable to maintain its competitiveness, this could affect its operating performance and financial condition.」
The company reiterates that easier market entry and intensifying competition resulting from deregulation are risks, and that face-to-face sales are a means of maintaining competitiveness. - FY2016First statedAnnual report
「Deregulation in recent years has made it easier to enter the financial instruments business, resulting in intensifying competition.」
The company has disclosed new entrants and intensifying competition arising from deregulation as risks, and uses face-to-face sales as a means of maintaining its competitiveness.