The Research For Marketing Strategy Of Citibank Domestic Retail Business Based On Data Mining

The further deepening of China’s financial reform is attracting more and more foreign banks coming into the Chinese market. Accompanied by the appearance of private commercial banks and the rapid rise of the Internet banking model, domestic commercial banks are facing increasingly fierce competition. The gradual promotion of market-oriented interest rate generated enormous challenge for traditional bank which long-term mainly depended on the deposit and lending interest rate differential. In order to gain more market share and more profit, commercial banks began the transformation of competing strategic:the traditional business mode of "product-centric" will be replaced by "customer-centric"; the marketing model with high-cost, large scale, extensive multi-channel is abandoned, "precision marketing" will gradually be accepted; the "standard service" of traditional enterprises has been difficult to meet the market, "personalized service" will match customer’s expect. The rising of data mining techniques can effectively promote commercial banks to achieve transformation, by mining customer’s behavior, they can grasp customer’s spending habits, get their individual needs, and then provide timely, comprehensive, effective products and services, which help to reduce the marketing costs and improve customer satisfaction.This paper mainly researches for the marketing strategies of Citibank domestic retail business and the effect of data mining which applied in the commercial banks precision marketing. Firstly, by analyzing characteristics and marketing situation of Citibank domestic retail business, identify the precision marketing strategy can help competition and upgrading. Secondly the study of data mining technology applications and utility problems in the precision marketing provided a logical basis for its application in Citibank’s marketing strategy. Finally, do the detail analysis for data mining technology applications on Citibank domestic retail business. In this study, the problems of target market strategy unclear, customer understanding incomplete and propagate target inaccurate are resolved, which can be referenced by other commercial banks when regarding data mining in the precision marketing. Precision marketing based on data mining focus on the analysis of customer needs and motivations, emphasis on customer behavior mining, grasp the real needs, which can promote the business interests of limited resources to maximize.