financial panies, consider the wide range of responses firms have developed to two critical challenges facing the industry today: strategic scope and the evolution of the payments system. A TALE OF TWO STRATEGIES In the United States, a number of products lines e increasingly to be dominated by divisions of diversified financial panies, a trend that belies the received wisdom concerning the power of focus. As shown in Table 1, in credit cards, mortgage origination, equity underwriting, and insurance industries, monoline firms, or firms that derive the majority of their revenue from a single line of business are not as prominent among the largest players as they were 10 or even five years ago. Nevertheless, with the exception of credit cards, monoline firms remain a significant presense.
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