Research On The Development Strategy Of Robo-Advisor In Chinese Commercial Banks

In 2011,robo-advisor originated in the United States after the financial crisis,and then entered the Chinese market in 2015.Although robo-advisor started late in China,it develops rapidly and has a large market potential.At first,the Internet financial companies create their own robo-advisor platforms to seize the market.Domestic traditional financial industries such as security companies,commercial banks and other financial institutions have also begun to launch robo-advisor services.But China's robo-advisor industry,in general,is still in its infancy,and is still facing many challenges while developing vigorously.This paper first introduces the definition,characteristics and basic theories of roboadvisor,and then briefly describes its history and market status.After that,the paper analyzes five domestic commercial banks' robo-advisor products,and other institutions' robo-advisor products in China,to compare,analyze and summarize experiences and problems of China's commercial banks entering the robo-advisor industry from aspects such as the internal design of products,external marketing and internal management of banks.In addition,from the perspective of bank internal personnel by taking the interview,this paper comes out some ideas of developing robo-advisor products of domestic commercial banks,and puts forward strategies of robo-advisor industry which fit Chinese commercial banks.Since the launch of Yu'ebao in June 2013,Internet finance has brought a shock to China's financial industry.The continuous rise of Internet finance has aroused widespread concern in China.Subsequently,a series of new information technologies such as big data,blockchain,mobile internet,artificial intelligence,and machine learning have also begun to develop rapidly.The financial industry has moved from "ITFIN" to "FINTECH" in China,that is,these emerging information technologies are no longer only a medium for financial product transactions,but also begin to participate in the core links of financial product development,design,marketing and so on.The deep integration of finance and technology not only improves the service efficiency and risk control ability of the financial industry chain,promotes the development of new production capacity,but also remolds the productivity system of the financial industry.In China,in order to adapt to new technology development and Internet enterprise cross-border competition,the commercial banks should keep pace with the times,take the initiative to change their business philosophy,then,actively explore and apply FinTech means and technologies in marketing,customer service,risk management and other aspects.At the same time,they need to promote the transformation and achieve comprehensive upgrading of financial services.By research on the principles,theoreticalmodels,present status,current obstacles and prospects of robo-advisor,we can find a way to promote the commercial banks to a fundamental change and produce the leap from quantitative change to qualitative change.