Tương tự, thay đổi về công nghệ mà làm thay đổi các đặc tính của dịch vụ tài chính hoặc phân phối của mình rõ ràng là một yếu tố chính. | 3 Why Financial Services Mergers The first chapter of this book considered how reconfiguration of the financial services sector fits into the process of financial intermediation within national economies and the global economy. The chapter also explored the static and dynamic efficiency attributes that tend to determine which channels of financial intermediation gain or lose market share over time. Financial firms must try to go with the flow and position themselves in the intermediation channels that clients are likely to be using in the future not necessarily those they have used in the past. This usually requires strategic repositioning and restructuring and one of the tools available for this purpose is M A activity. The second chapter described the structure of that M A activity both within and between the four major pillars of the financial sector commercial banking securities insurance and asset management as well as domestically and cross-border. The conclusion was that at least so far there is no evidence of strategic dominance of multifunctional financial conglomerates over more narrowly focused firms and specialists or vice versa as the structural outcome of this process. So why all the mergers in the financial services sector As in many other industries various environmental developments have made existing institutional configurations obsolete in terms of financial firms competitiveness growth prospects and prospective returns to shareholders. We have suggested that regulatory and public policy changes that allow firms broader access to clients functional lines of activity or geographic markets may trigger corporate actions in the form of M A deals. Similarly technological changes that alter the characteristics of financial services or their distribution are clearly a major factor. So are clients who often alter their views on the relative value of specific financial services or distribution interfaces with vendors and their willingness to deal with .
