Research On The Coping Strategies Of Traditional Commercial Banks' Consumer Finance Business Under The Impact Of Internet Finance Shocks

The internal and external environment for Chinese economic development has changed greatly in recent years.Consumption is playing more important role in the economic growth.Affected by marketization of interest rate,diversification of investment channels and financial disintermediation,the traditional commercial banks have faced an immense challenge,the strategic transformation of Chinese traditional commercial banks is imminent.At the same time,a rapid development of Internet finance in the field of consumer finance business have making an impact on traditional commercial banks,drawing a wide public attention.Although Internet finance enterprises have involved in the field of consumer finance business only for a short time,yet the new business has displayed a rapid development momentum.Through the analysis of Internet consumer finance to find out the reasons for its rapid development has guiding significance for traditional commercial banks to develop consumer finance business,not only impelling traditional commercial banks to transform service ideology and improve service levels,but also offering a guidance to the development of products in the field of consumer finance,realizing inclusive finance and benefiting the customers.This paper firstly makes a brief introduction of the concept,feature and developmental situation of Internet finance and consumer finance.Then by using the statistics of the finance field in recent years,the paper demonstrates an impact of the Internet finance on traditional commercial banks in consumer finance business.Based on this,the study takes M bank as an example to describe its development of consumer finance business at first.Then the study uses the SWOT analysis to explore the strategy for M bank to develop consumer finance business.And finally the study puts forward the suggestions for the traditional commercial banks which have the same features of M bank: improve service,change marketing methods,carry on the product innovation,expand business,apply new technology and practice specification operation.