Development Of Private Financial Planning Business Of Commercial Banks

As the expansion of globalization,internet and financial liberalization,the private financial planning business has been recognized as a potential field in the industry of international banking. China is experiencing accelerative economic transformation,fast development of capital market and increase in the people's private wealth. Meanwhile, the private financial planning business brings great Profit for the banks. In view of China's present situation of economy,finance and banking operation,it is necessary for the commercial banks in China that they treat the business of Personal financial planning as the new growth point of benefit and key strategy of development. This is also where the significance of this article lies. This paper is divided into five parts:The first part is the production and role of the private financial planning business. Include: 1, Causes 2, the role of personal financial management; 3, the personal financial business environment for development in China.The second part of the essay is meaning of the private financial planning business and its operational characteristics. First of all, the private financial planning business is products promoted by financial institutions to meet needs of customers. Its characteristics are: (1) the private financial planning business is a major service products; (2) the private financial planning business should meet individual customer's needs, (3) the private financial planning business should meet the individual needs in financial services. Then I compare the the private financial planning business with other Banking business, particularly with credit business.The third part is the design of the private financial planning business, brand development and innovation. In Section I, it's said that design of financial product is the premise of customer segmentation. The importance of customer segmentation, method and subdivision cases is introduced. When it comes to the brand, the bank should take the advantage of resources and highlight the differentiation of financial products and their brand and features. The current profit of the private financial planning business in China is not high, due to the identical problems. Section III is about product innovation and integration which is the soul of constant development.The fourth part is the strategy of the private financial planning business. Good service concept and strategy are of particular importance. Only by establishing and perfecting the services strategy to meet customer demand for services, can the bank enhance customer's loyalty to bank. While the private financial planning business abroad is in advance, this paper attempts to compare the gap between domestic business with Western advanced experience, and establish concepts such as marketing concepts, customer satisfaction concept, the difference of marketing, and internal marketing concept.The fifth part is the development of the private financial planning business model and the development strategy. Banking personal finance business development can be divided into the several types of patterns: financial management franchise model, model large room service, financial management center model, finance and investment center model, the financial supermarket model, financial model club, the financial department store model banks and private financial management model. A comprehensive service model can be created to meet customer's demand.The innovation in this paper is as follows:First, from the perspective of financial products, the private financial planning business should emphasize product design, brand of service and the innovation. Second, comparison between the services in China and some Western countries is made, and strategies are proposed to narrow the gap.