The latest strategy of banks to raise revenues via one-stop, across-the-board financial service shops is doomed to fail, the chief of online securities firm Matsui Securities Co. said Wednesday.

"One-stop shop? What in the world is that?" Michio Matsui asked the media during a speech in Chiyoda Ward, Tokyo.

"Customers can design their own one-stop financial shop and carry it around," through Internet access on their cell phones, he said. "Why should they buy at (the banks') one-stop shop?"

A ban preventing banks from taking orders for stocks and bonds from customers was lifted at the beginning of this month. Banks hope to cash in, but expansion without discarding anything will only make banks more bloated, Matsui said.

"Banks have not conducted real, material restructuring," he said. "They think two plus one will equal three, when they'll get less than one, because they're losing efficiency."

Matsui has transformed a small offline securities firm into an online securities company that, thanks to low rates, projects trading volume of between 24 trillion yen and 25 trillion yen in fiscal 2004. In the July-September quarter, the company achieved twice the trading volume of Nomura Securities Co., Japan's largest securities firm.

"The empowerment of individuals by information technology is a huge change, and banks aren't positioned yet to keep up."