A Research On The Strategies To The Development Of Personal Financial Services At Qiqihar Branch Of Bank Of China

It has been a trend that the allocations of individual and family assets arediversified accompanied by the demands for wealth management increased andpersonal finance businesses deliberated on with the rapid economic developmentand continuous improvement of peoples’ living standards since China reformedand opened up. Commercial banks have accelerated management transformationdue to social economic restructuring in recent years. It has been an indispensiblealternative for commercial banks to expand their businesses and improveprofitability through developing retail businesses greatly. Consequently, thestrategy of personal financial services at commercial banks has becomeincreasingly prominent with previous background discussed. This study’s mainpurpose lies in that how banks at basic levels can focus on the specific facts oflocal areas responding to the general economy and finance and meanwhile canexpand their management spaces through developing largely the PersonalFinancial Services.In this paper, the author analyzes the current situation and problems ofpersonal financial businesses at Qiqihar Branch of Bank of China andfurthermore proposes the solution on the basis of the truth of p ersonal financialservices at Qiqihar Branch as well as the references to the advanced theoriesconcerned at home and abroad and mature business experiences in addition. Firstof all, definite the strategic position of Personal Financial Services, hencedevelop appropriate strategies and goals. Secondly, develop a working patternthat is favorable to businesses through perfecting organizational structures,integrating business processes and expanding sales. Meanwhile, adopt adiversified marketing strategy therein the important role of marketing is playedby way of accurate business idea and subdivision of the target market segments.In terms of risk management, a sound internal control system should beestablished, and risks should be supervised. Apart from that, the education of theinvestors and staff’s professional ethics should be made actively. Meanwhile inthe perspective of personnel training, incentive and restraining mechanismsshould be strengthened and talents should be introduced actively so that the finance professionals could be enriched through the establishment of ahierarchical and multi-channel training system. Moreover, the security ofinformation and science and technology is to be enhanced, and the systematicresearch and development is to be strengthened in order that the support topersonal finance businesses could be provided.