The Development Of Personal Financial Services Of Commercial Bank In China

With the development of national economy, the residents'income increased and savings enlarged year by year. However, in recent years, the annual CPI has risen year by year and we have faced at the overwhelming inflation.The datas released from the National Bureau of Statistics showed that, as of the end of 2010, China's financial institutions totaled 73.34 trillion yuan deposits, with increase of 19.8%, while full-year 2010 CPI rose 3.3%. On the one hand we have the amount of high savings, on the other hand we must face at the low interest rates and even negative interest rates which is affected by the inflation.AT this situation the simple savings can not meet the hedging needs of residents.With the growing consumer population, children's education, retirement and other financial requirements, commercial banks are more and more concerned at the personal financial services.In 2008, with the influence of the international financial crisis, China's commercial banks went into the winter of Personal Financial Services, many financial products had zero income that year, and because of the credit expansion in early 2009, the potential increased risk of financial products and other reasons, the CBRC issued a series of personal financial services for the commercial banks called the New Deal in 2009 to straighten out the personal financial market, and promote the healthy development of this markets.With the basis of this background, the paper introduces the development status of Personal Financial Services, getting the result that although China's commercial banks started the personal financial services late, but access to certain accoplishments, the existing financial market has been gradually out of the shadow of the financial crisis,and the Financial sub-grid is robust. With the reference to the advanced development experience of the United States, Switzerland, Japan and Hong Kong,and ,the paper proposed some major problems like the low quality financial products in China, the lack of customer-centric service and so on , and at last proposed some strategies from two aspect,that is improving the external environment and enhance the ability of commercial banks'management and operation .