A Study On The Strategic Transformation Of Commercial Banks Under The Background Of Interest Rate Marketization

Since 1996, China has started the process of interest rate marketization. After nearly 20 years of development, China’s interest rate market reform has made significant progress. June 2,2015, the people’s Bank of China promulgated the "Interim Measures for the administration of certificates of deposit receipts". June 15, 2015, first phase of large deposit certificate issued. October 24,2015, the people’s Bank of China decided to no longer set up a floating ceiling for commercial banks and rural cooperative financial institutions, etc. These marks the basic realization of the interest rate market reform in China.Mainly on Interest rate marketization, and under the joint action of many factors, such as Economic new normal, Internet financial rise and WTO protection period end, China’s commercial banks are facing a major change in the external environment, the market environment and the technology environment. Profitability continues to decline, the rate of non-performing loans has been rising, the business is lack of growth point, and the development losses stamina. In order to cope with the new environment and competitors, to break the bottleneck of development, and to ensure long-term survival, sustainable and development, we must make a major adjustment in the business, product, profit structure and resource allocation through strategic transformation. Commercial banks in the current implementation of the sales priority strategy is clearly not enough to deal with the interest rate market under the background of many challenges, so the strategic transformation is a commercial bank’s own needs and only way out. In the the network era of almost transparent market, all of the products are being put into the spotlight by the Internet, which is being commented on by all consumers, the competitiveness of the product is fully reflected, and the importance of the product is far more than the sale, so the strategic transformation of commercial banks is the transition from a marketing strategy to product priority strategy.In this paper, we used three research methods, such as the combination of theoretical analysis and empirical analysis, qualitative analysis and quantitative analysis, and literature research. From the point of view of the demand for commercial banks to adapt to new environment, new competitors and breakthrough development bottleneck, this paper demonstrated the necessity of strategic transformation, and from the perspective of the survival and development of commercial banks, we summed up "coping with change control risk and realize sustainable profit realization" was the purpose of the strategic transformation of commercial banks. This paper summarized the experience and lessons of domestic and foreign commercial banks to deal with the interest rate market. Through the comparison of the sales priority strategy and product priority strategy, this paper cleared the product priority strategy was the direction of the transformation of commercial banks, and proposed the theories on transition:improving the operating system of commercial banks to improve the product development and innovation ability and providing the ability to ensure the smooth implementation of product priority strategy. From the two aspects of the organizational structure adjustment and the establishment of sound system, the specific measures for the transformation of the commercial banks from the sales priority strategy to the product first strategy were described in detail.