Study On The Marketing Optimization Strategy Of Private Banking Business Of Bank Of Communications

With the rapid development of China’s economy, the personal wealth of our residents has gained a substantial increase by upgrading the awareness of management and growing of the actual needs. So the private banking business which has gained the reputation of a "Crown Jewel" is mushrooming in China’s commercial banks to flourish. Although Bank of Communications is one of the banks who carry out private banking business earlierly in China, developed so far, in the aspect of interbank business, it has still been surpassed by five state-owned banks led by the China Merchants Bank not only in the scale of assets but also in the number of customers. It is also facing challenges from other small and medium-sized banks behind. In the other aspect of financial market, it is necessary to face the rapid growth of demand of wealth management requested from the customers as well as the challenges brought by financial disintermediation, marketization of interest rates, Internet finance and so on.This paper takes the marketing strategy of private banking of Bank of Communications as the research object. First of all, the background and significance of research and the literature reviews will be introduced which include the concept of private banking, customer classification, business type and characteristics. It also introduces the theories of bank marketing, the current situation of foreign private banking marketing and the enlightenment to the Bank. Secondly, it introduces the current situation of the Bank of Communications’private banking business. Some problems in business strategy, service mode and support of products will be pointed out, too. Thirdly, SWOT analysis is used to analyze the advantages, disadvantages, opportunities and threats of the Bank of Communications’private banking business. By focusing on the analysis of the previous few chapters, on the basis of perfecting the organizational structure and risk management mechanism, we find it necessary not only to improve the competitiveness of the product on the market in order to provide customers with comprehensive asset allocation, but also to strengthen the maintenance of customer relationships, and to attract high-quality customers by the use of fine products and services. Full advantages of platform resources of the Group should also be taken to cultivate business characteristics. Moreover, to improve the performance of enterprise, incentives should be provided so that the value of human resources can be exerted. Finally, the summary and the prospect are concluded.By analyzing and thinking of the shortcomings and problems of marketing strategy of private banking business from the perspective of the management, this paper discusses how to develop a practical optimization strategy in five dimensions of management model, product innovation, customer relationship, operating characteristics and employee incentives. The development of the private banking business of Bank of Communications is being looked forward with the real practice of the concept of corporate culture "Building China’s Best Wealth Management Bank".