Research On The Development Strategy Of Zhejiang MYbank In The "Internet+" Context

Currently,with the promotion of the "Internet +" program and rapid development of the Internet technology,the banking system has been gradually integrated with the Internet.Besides,the internet bank also becomes the internet-only bank in real sense from the so-called bank that offers and handles the service online,and grows constantly in recent two years.MYbank emerges by relying on Alibaba which features a profound background of Internet finance.Due to its special Internet gene,it has drawn extensive attention from people,as a new thing in the financial system.This paper takes the representative MYbank as a case,analyzes its current operating state,business mode and development strategies,discovers existing problems in the process of development,and finally makes suggestions suitable for the development of MYbank.This paper introduces theories including the long tail theory,bank reconstruction theory,financial exclusion and inclusive financial theory,and blue ocean strategy theory at first,analyzes the necessity of Internet banks in China.Afterwards,it introduces the current operating status and business mode of MYbank,and analyzes the development strategies of MYbank specifically from various aspects,such as the market orientation,customer orientation,cost operation orientation,organizational structure orientation,etc.and further analyzes the existing problems in the development process,for instance,remote account opening and payment problems,homogenization of online financial products,low degree of trust and recognition of Internet banks,single marketing and promotion channels,credit risk of long-tail customers and network safety risks.Moreover,it also analyzes the operating experience of American ING Direct Bank,compares the Chinese and foreign Internet banks,and finally puts forward the development countermeasures for MYbank.It is insisted in this paper that MYbank should pay attention to the technological development of remote business mode,make use of big data to explore customers'demands and optimize their experience,expand the marketing channels in "online +offline" methods,and strengthen the credit risk management of long-tail customers to improve the payment and transaction network.