招行信用卡换帅“救火”

梅花资本洞察01-28

业务的衰退与风险的高企，最终直接反映在用户口碑与品牌形象上，招行信用卡的投诉量居高不下，成为行业内的“投诉大户”。素有“零售之王”之称的招商银行，近日完成信用卡中心核心人事更迭，财富业务老将厉明东接棒行业元老刘加隆，被外界视为招行试图打通零售与财富管理协同、破解信用卡业务增长困局的关键一步。但从当前业务数据、行业环境与内部运营来看，招行信用卡早已深陷规模见顶、风险高企、口碑滑坡的多重泥潭，此番换帅...

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fire\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03968":1.5,"03143":0.6},"content_text":"业务的衰退与风险的高企，最终直接反映在用户口碑与品牌形象上，招行信用卡的投诉量居高不下，成为行业内的“投诉大户”。素有“零售之王”之称的招商银行，近日完成信用卡中心核心人事更迭，财富业务老将厉明东接棒行业元老刘加隆，被外界视为招行试图打通零售与财富管理协同、破解信用卡业务增长困局的关键一步。但从当前业务数据、行业环境与内部运营来看，招行信用卡早已深陷规模见顶、风险高企、口碑滑坡的多重泥潭，此番换帅更像是一场被动的战略补位，而其背后的深层经营沉疴，远非单一高管调整所能化解。作为招行零售业务的核心抓手，信用卡业务曾是其驰骋行业的“王牌”，但如今这张王牌早已光芒不再，规模收缩成为不可逆的趋势。自2022年触及1.03亿张流通卡数峰值后，招行信用卡便步入持续下滑通道，截至2025年上半年，流通卡数较峰值减少578.26万张，日均缩减超6300张，流通户数也同步缩水，客群流失的速度远超行业平均水平。与之形成鲜明对比的是，信用卡透支余额却在规模萎缩的背景下逆势攀升，2021至2024年连续四年增长，这种“量缩额增”的反常走势，折射出招行信用卡客群质量的悄然变化——优质活跃用户不断流失，依赖透支维持额度的下沉客群占比提升，为后续风险爆发埋下伏笔。交易端的表现则更为惨淡，成为招行信用卡业务衰退的直接印证。2023年成为业务发展的重要拐点，信用卡交易额首次出现同比下滑，而这一下滑趋势在后续两年持续加剧，2024年交易额降幅扩大至8.23%，2025年上半年同比跌幅再创新高，收入更是暴跌21.19%，营收能力的快速缩水，直接拖累了招行整个零售板块的业绩表现。事实上，招行零售业务早已告别高速增长期，2024年零售分部税前利润同比下降9.28%，少赚近93亿元，信用卡业务的颓势，成为压垮零售业务利润的重要稻草。即便招行试图通过财富管理业务的增长弥补缺口，零售AUM的高增速也难以掩盖信用卡这一核心业务的增长失速，零售+财富的协同战略，在信用卡业务的持续低迷下显得步履维艰。风险高企已成招行信用卡业务的最大“顽疾”，且在行业大环境下呈现出愈演愈烈的态势。招行副行长王颖曾直言，零售信贷风险上升趋势未见拐点，而信用卡客群对风险更敏感，成为零售信贷风险的“先导指标”。2025年前三季度，招行信用卡不良率达1.74%，虽较上年末微降，但仍远超公司整体0.91%的不良率水平，较2018年更是攀升超60个基点，不良贷款余额突破161亿元。更值得警惕的是，招行零售贷款不良率的整体抬升，背后是消费贷、小微贷不良率的大幅上涨，信用卡业务的风险防控压力，与其他零售信贷业务形成叠加效应，进一步加剧了资产质量管控难度。为了化解风险，招行选择了“快速出清”的方式，成为信用卡不良资产处置最为激进的银行之一。2019至2024年，招行发行的信用卡不良资产支持证券数量和规模均居行业首位，六年累计发行超百亿元；同时，信用卡个人不良贷款批量转让规模也在两年内近乎翻倍，这种“甩包袱”式的处置方式，虽能在短期内降低不良率，却无法从根本上解决风险生成的问题，反而推高了处置成本。而在行业层面，信用卡不良资产的处置效率正持续走低，2025年一季度信用卡不良批量转让本金回收率仅5.8%，为各类个贷资产最低，招行的激进处置，实则是在承担更高的成本换取短期的资产质量稳定。业务的衰退与风险的高企，最终直接反映在用户口碑与品牌形象上，招行信用卡的投诉量居高不下，成为行业内的“投诉大户”。2024年招行信用卡相关投诉超5.5万笔，占全行总投诉量的近三成，在黑猫投诉等第三方平台，累计投诉量超3.6万条，远超中信、光大等同行。消费者的投诉焦点集中在未经授权扣款、不当催收、虚假宣传等方面，这些问题不仅暴露了招行信用卡在客户运营、合规管理上的漏洞，更反映出其在规模收缩背景下，为了追求业绩而采取的激进经营手段。客户体验的持续恶化，进一步加剧了优质客群的流失，形成“投诉增加-客群流失-业绩下滑-经营激进”的恶性循环。此番厉明东接掌信用卡中心，招行寄望于其财富管理领域的经验，深化零售+财富+信用卡的协同战略，打破业务壁垒。但从现实来看，这一战略落地面临着多重现实梗阻。一方面，厉明东虽具备丰富的财富管理与风险管理经验，但信用卡业务的场景化运营、客群精细化管理与财富管理业务存在显著差异，跨界管理能否适配仍有待检验；另一方面，招行内部的业务协同早已存在机制性问题，信用卡中心作为独立板块，与零售、财富板块的资源整合、数据打通仍不充分，此前提出的“场景化联动”更多停留在理论层面，未能转化为实际的经营成效。更重要的是，招行信用卡面临的困境，并非单纯的内部经营问题，而是整个信用卡行业步入“缩量淘汰赛”的必然结果。央行数据显示，全国信用卡数量已连续12个季度下滑，较峰值减少近1亿张，行业不良率攀升至2.40%，多家银行的信用卡分中心关停、产品停发，粗放扩张的时代早已落幕。在这样的行业背景下，招行信用卡不仅要面对内部的经营沉疴，还要应对互联网信用支付的冲击、居民消费意愿的低迷、监管政策的趋严等外部挑战，其所谓的“协同战略”，缺乏与行业趋势相适配的场景创新与客群运营能力，难以形成新的竞争壁垒。从刘加隆的“精耕细作”到厉明东的“协同破局”，招行信用卡的战略思路始终在调整，但始终未能找到真正的增长突破口。换帅只是招行信用卡业务变革的开始，而非结束，厉明东若想真正打开业务增长的“天花板”，不仅需要打破内部的业务壁垒，实现零售与财富资源的真正融合，更需要直面客群质量下滑、风险防控薄弱、客户体验不佳的核心问题，回归信用卡业务的消费本源。但在行业风险未见拐点、内部沉疴已久的现实下，这位财富老将的接棒，更像是一场艰难的“救火”，招行信用卡能否走出困局，仍是一个巨大的未知数。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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