Research On The Development Strategy Of Payment And Settlement Business Of ICBC S Branch Under The Background Of Mobile Payment

In recent years,with the rapid growth of mobile phone users and the popularity of the Internet,mobile payment has become a new way of payment instead of the traditional payment channels such as cash and credit cards,and has been rapidly grows because of its convenient operation and high credibility.The development of mobile payment conforms to the inexorable trend of settlement and payment in the new era.While providing convenience to the public,it also brings great challenges to the traditional payment and settlement business of commercial banks.As of the end of April 2019,the number of POS consumption pens of ICBC S branch under the bank-linked line was 23.8%lower than that of the same period last year,and the number of ATM withdrawals was 30.6%lower than that of the same period last year.The sharp decrease of traditional payment and settlement business directly leads to the decrease of settlement profits of S branch,and the phenomenon of financial disintermediation is becoming more and more prominent.How to promote the sustainable and advantageous development strategy of ICBC S Branch's payment and settlement business under the background of the vigorous development of mobile payment is the focus and difficulty of S Branch's development in recent years.According to the current situation of payment and settlement business of ICBC S Branch,this paper summarizes the difficulties and reasons of business development from the internal and external environment of payment and settlement business of ICBC S Branch.Using the PEST analysis theory and the Michael Porter five forces model,aiming at the development problems of the current payment and settlement business,such as the problem of insufficient innovation ability,complicated payment process,poor customer experience,complex competition environment and fierce competition in the industry.Then we combined with the relative advantages of the S branch of ICBC,such as abundant resources of its own merchants,many entity service outlets,and early exploration in the payment field,ICBC S Branch should choose the Growth Strategies and Differentiated Competition Strategies.On this basis,through the analysis of service marketing mix,the payment and settlement business strategy of S Branch is formulated from four aspects:expanding service channels,strengthening product innovation,optimizing service process and promoting service display.From the perspective of commercial banks,this paper makes a strategic analysis of payment and settlement business.It not only pays attention to the disadvantage and challenge brought by mobile payment development to S branch,but also pays attention to the opportunities brought by market changes,and formulates feasible development strategy,which has guidance and reference significance for S branch and other commercial banks.