Strategy For The Development Of Personal Financial Product Of Industrial And Commercial Bank Of China

With the development of financing concepts and financial management business in China, financial product of commercial bank has become the major competitive market. Industrial and Commercial Bank of China, the world's largest commercial bank, faces both opportunities and challenges. Meanwhile, it has both advantages and disadvantages. This article utilizes the knowledge of economics, finance and management to research the financial product development strategy of Industry and Commercial Bank of China. Compared with other commercial banks, this article finds the difference to summarize the development strategy of Industrial and Commercial Bank of China. The financial product in this article refers to the financial product issued by commercial banks.Firstly, this article begins with the background, process, concept and classification of financial product. Secondly, it compares with other commercial banks and then finds some problems such as lack of innovation, single function, homogeneous, issue of low frequency, lack of accurate market position and low profit for per capita. Thirdly, this article puts forward the solution and strategy by SWOT analysis.This article suggests that Industry and Commercial Bank of China should change the operational mechanism and conception. Also, it should complete the motivation, market position, customer stratification, innovation and training to promote positive development of financial products.