Research On Developing Personal Financial Products In Bank Of China Jilin Branch

With the development of financial markets and interest rate marketization, thetraditional Chinese commercial bank’s net interest margins are shrinking fastly, andit is quite urgent for commercial banks to find new profit growth points; at the sametime, the rise of small and medium-sized banks and foreign banks is breakingmonopoly situation of the state-owned banks, customer market is being segmented,and due to the serious problem of homogeneity in business it is even harder forbanks keep their customers’ loyalty. Under such circumstances, in order to stoplosing more customers to the competitors, all the banks should spend every effort ondeveloping different and novel products. And low risk financial products are appealto more and more bank customers.Comparatively low for starting amount of subscription, extensive investmentdirection, high security, and a considerable payback are the advantages ofcommercial banks’ financial products. Based on that, the financial products sales hasan explosive growth during recent years, more customers are attracted by higher rateof return on investment attracts, and flexible in time limits and investment direction.Financial products have become the preferred selling point for commercial banks. Itis very important for commercial banks to think about how to use financial productsto attract high net assets clients, and to enhance the intermediate business income. For the Bank of China, Jilin branch, financial products showed an explosivesales growth both in quantities and in scales. During the process of such adevelopment, Bank of China’s financial service has adjusted its designing, salesstrategy issues according to the development of markets.According to the development situation of personal financial services in Bankof China, Jilin branch, based on deep analysis of the causes of existing problems,and combined with the external environment of Jilin Province, the bank personalfinance service development strategy and internal environment, the SWOT analysis,comparative advantage, inferior position, looking for opportunities and threats, onthis basis, put forward to promote personal finance service development strategy.First, the Jilin branch of Bank of China personal finance service strategy planningobjectives for the perfect product line, create own brand; second, clear strategyshould adopt differentiation strategy, overcome the status quo the homogenization ofproducts and sales channels homogenization; third, put forward through theintegration of product R&D department to enhance product innovation speedoptimize the sales process, improve sales efficiency, improve customer informationto promote customer differential maintenance, opening up new channels ofmarketing to promote the differentiation marketing scheme; finally, the need tocontrol risk effectively, improve the complaints mechanism to promote compliance,enhance the professional sales personnel quality, improve the incentive mechanismand evaluation system security design and through that to improve the developmentof financial services.