Study On The Service Innovation Of Commercial Banks

The advent of Internet technology and the big data have led to a great The advent of Internet technology and the big data have led to a great development of the Internet Finance,which has brought a great convenience to people's life and a huge challenge to commercial bank service as well.This paper sums up the reasons for the rapid development of Internet Finance via introducing and analyzing from the bellow three aspects: the background of the rise of Internet Finance,its main models and the financial services innovation.Comparing the service of conventional commercial banks to current Internet Finance,we can fairly see that the Internet Finance is superior to commercial banks service,such as reducing operating costs,improving service efficiency and enhancing customer satisfaction.It has changed the fact that people were used to relying too much on commercial banks service via changing peoples' habits of consumption,investment and payment channel;It has accelerated the process of financial disintermediation;It has weakened the commercial bank profitability.Accordingly,Internet Finance has brought a huge impact and challenge to conventional commercial banks.While in another way,the commercial banks still hold their own defects,such as the inherent outdated mode of thinking,the organizational structure is not reasonable,the business process is complicated,and the talent system needs to be improved.Therefore,under these circumstances,commercial banks should really carry out the transformation of financial service in response to the severe challenges from Internet Finance.Through comprehensive analysis,this paper puts forward some ideas and suggestions on the innovation strategy of commercial bank financial services.Generally,the commercial bank needs to develop the internet banking service strategy,keep sustainable investments,rationally layout the business organizations and lay the direction of service innovation.In the aspect of the organizational structure,it should adapt to the flattening of the development mode,rationally set up departments and clear scope of responsibilities to improve service efficiency;for financial products,research and development need to be taken more and more seriously;for the service channel,smart banking,direct banking,and mobile payment means have to be promoted to reduce service costs;for innovative performance,product and system innovation are highly thought to improve the competitiveness of commercial bank.From the concept of talent,it is necessary to attach importance to human resources training and development.In view of the above analysis,the development of Internet Finance is not just a great challenge but also brings tremendous opportunities.Only by striving to explore and attempt financial services innovation under the age of Internet Finance,can the commercial bank obtain the success of service innovation.