Research On Retail Business Transformation Strategy Of ZX Bank NY Branch

The business of modern commercial banks can be divided into two types: retail and wholesale.The wholesale service is provided to corporate clients and companies while the retail focused on individual residents,involving every aspect of everyday life,including small investments,loans,and others.The retail services has broad prospect for development and innovations.Most importantly,its profitability is keeping increasing within commercial banks.When compared with foreign investment in domestic banks,the retail business showed many unique features.For example,branch network,customer base and good brand reputation.But there are also significant inadequacies in making strategies,service provisions and internal controls.Under the current large scale economic system,the proportion of retail service is increasing in bank profit.And it becomes the support for banks to confront the challenges from newly emerging with ease.Retail business' s advantages such as broad prospect and enormous scale have gained attention from many banks.Since 2002 China's bank retail business gradually developed new strategies,many banks had innovation in their ideas,changing from traditional conceptions,especially in service and channel management.The operation channel of bank is like a route where products and services are transferred to clients.Furthermore,the mode of operation no only delivers products and services but also are tasked to influence the customers with new ideas,to service scale transition,advertising and to improve operation skills.It is concluded that the mode of operation is very important for the positive development of retail business.In this paper,branch NY and bank ZX are taken as examples.They provided advanced conceptions,and have studied thoroughly on commercial bank retail business and made summaries and inductions for many concepts and plans.The banks with typical retail business are listed.The challenges and opportunities that banks will face are also analysed.This paper also detailed on the import theories on the development of bank retail business.Based on defination of bank retail business,the feature of bank retail business and the meaning of its transition is concluded.The problems in the development of bank retail business are also analysed.Brand theory,financial innovation,risk management and client-relation management are also discussed.Then,surveys were conducted on the marketing channel of ZX bank NY branch's retail business.The current situation and problems in debt,assets,investments,agent services are listed in this paper.Then,the challenges confronted by ZX bank NY branch were summarized.The strategies for future transition are made in four aspects:advantages,disadvantages,opportunities and challenges.With this study,it is hoped that directions can be provided on methods of management and operations for China's bank retail business,especially for ZX bank NY branch.Also to provide detailed information on market resources,diversified channels and marketing strategies.