Research On Financial Product Innovation Strategy Of China GS Bank

Since the 1980 s,China has established four state-owned commercial banks,and the financial industry has entered the era of marketization.However,until the end of the20 th century,China's financial industry was still in a semi-closed and semi-regulated state.In 2001,when China joined the WTO,it promised to gradually open up the financial industry to foreign capital after the transition period of five years.The competition in the banking industry has become increasingly hot after 2006.Facing the advantages of foreign banks in financial products and financial services,China's commercial banks are trying to maintain themselves.To be competitive,we must continuously strengthen our product and service innovation capabilities.Especially after the global financial crisis in 2008,in order to maintain the stability of China's banking industry,the country began to implement interest rate liberalization.Commercial banks have gradually reduced interest rate income due to interest rate control.In the face of fierce market competition,they rely on tradition.The deposit and loan products have been difficult to meet the requirements of the bank's own development.Domestic commercial banks have accelerated the pace of financial product innovation and strengthened the management of financial product innovation.However,GS Bank's financial product innovation capabilities are still weak.Based on the purpose of commercial bank financial product innovation,this paper analyzes the motivation of bank financial product innovation by using the financial product innovation driver theory,and analyzes the current status of GS Bank's current financial product innovation with GS Bank as an example.This paper finds that GS Bank has problems in product innovation process and system unscientific,market and target customer analysis is not perfect,product innovation related guarantee mechanism is not perfect,product innovation technology level is low,product risk management system is lacking,etc.Competitiveness,the author believes that GS Bank should establish a unified product innovation management department,improve the internal guarantee mechanism,and improve its product innovation management capabilities by building a unified data management platform and actively utilizing innovative technologies.