The Research Of China Merchant Bank's Retail Banking Business Service Strategy

With the development of the socialism market economy in China, the role of service industry becomes more and more important.Financial services are an important modern services component. In modern social services and socio-economic systems, the financial services sector, service concept, business, management level and the scale of development, is measuring of a region even a national socio-economic development of the overall level of important indicators. Therefore, any clear understanding of the nature, characteristics, and take solid measures to promote effective development, is building a unified, comprehensive system of the national economy as a major component. It is the government and the financial sector should pay serious attention to the event.The development of modern banking industry leads to economy of scale, diversification of financial services, proliferation of information technology and distribution channels, rising of a high-end market and sophistication of competition. The retail services has been transited from traditional financial products and services provider to professional institutions aiming at delivering holistic financial solution to targeted clients. With the integration of retail banking into global capital market, high net worth clients focus more on international diversification of their assets. They are looking for higher return via multi-currency and multi-asset class products, as well as efficient individual and family wealth management and dedicated tailor-made services.With the opening of RMB dominated banking services, the competition between foreign banks and domestic banks are becoming more and more intense in retail sector. The retail banking department of Merchant Banking are facing the pressure from competition and the urgency of broaden banking knowledge. As such, this article analyzed the challenges that Merchant Bank's retail department are facing and consequent solutions accordingly, in order to innovate a market-focused, client-centered, and profit-targeted corporate environment, which will ensure Merchant Bank and China's modern consumer banking to sustain the fierce global competition and win the battle.The advantage of this paper is: by comparing to foreign personal banking business, it discussed personal banking business of China Merchants' Bank, pointed its strength and weakness and provided recommendations for its service marketing strategy to develop customized personal banking service for China Merchants' Bank and to enhance bank's overall capacity of competition. The disadvantage of this paper is: because of time and location constrains, discuss was limited to personal banking business of China Merchants' Bank but not any other associated business.