Research On Strategy Transformation Of Z Consumer Finance Company Under The Background Of Fintech

The fourth industrial revolution characterized by digitization is sweeping the world,and the financial industry stands in the breach.The speed of information technology change is accelerating based on the Moore’s Law.Financial technology is represented by mobile Internet,big data,cloud computing,artificial intelligence and blockchain,which has become the only way for economic transformation and financial upgrading,and also led to the subversion and reconstruction of financial system.Consumer finance integrates two hot spots of consumption and finance,which is characterized by “Consumption financialization and Financial living”.Under the inclusive policy of consumption upgrading and stimulation of domestic demand,it’s committed to meeting the “people’s growing needs for a better life”,promoting efficient and high-quality economic development,which is widely concerned at home and abroad.Licensed consumer finance companies in China have only been established for 10 years in a period of growth,and they are in a period of transformation under the context of rapid iteration of financial technology.Taking Z Company as an example,which is a representative bank consumer finance company,the paper grasps the characteristics of strategy transformation,including systematic,overall,long-term,holistic and dynamic.It demonstrates the rationality of Z company’s initial transformation measures by analyzing driving factors of strategy transformation,the selection and implementation of strategy transformation,and the performance evaluation of strategy transformation.It points out the transformation plan of the next stage,and explores the complete transformation path of bank consumer finance company under the background of fintech.Firstly,the paper expounds the theoretical basis of strategy and the research status of consumer finance and financial technology,and clarifies the strategic impact of financial technology on consumer finance companies.Secondly,based on the macro and micro environment,internal and external opportunities and challenges,PEST and five-forces analysis are used by the paper to reveal the unsustainable transformation background of Z company.Thirdly,Z company has tried to carry out digital,scene-based,online and offline integration transformation relying on the strategy transformation led by the holding bank in 2019.In this study,the preliminary transformation project was evaluated by the dimension of BSC.By using data analysis,questionnaire survey and other methods,the deficiencies in four aspects of finance,customer,internal process,learning and growth are summarized.The problems and causes of low performance are analyzed.Finally,with the aid of strategic theory,value chain analysis,fintech application examples,customer preference survey results of Internet consumer financial products,guided by the overall problems of the preliminary transformation plan and the specific problems of the balanced scorecard,the strategy transformation suggestions of Z Company are put forward,which include multi-layered strategy to expand the scope of transformation,gradual and progressive strategy at corporate-level,differentiation strategy at business layer to enhance the depth of transformation,optimization and integration measures of value chain at functional layer to improve the accuracy and integration of transformation,and relevant legal and regulatory suggestions.