Research On The Development Of Pension Financial Business Of China CITIC Bank

According to the statistical data of the seventh census and relevant institutions,China’s population aging is becoming more and more serious.Although the state has adopted relevant policies such as opening birth to alleviate the aging problem,the deepening trend of China’s aging is difficult to reverse in a short time,and the resulting financial pressure urgently needs the support of the financial industry,At the same time,the new opportunities related to pension have also become the focus of competition among financial institutions.In this situation,commercial banks shoulder the important responsibility of financing funds and have unique credibility and radiation in the development of pension financial business.Studying the development of pension financial business by commercial banks can not only bring new development breakthrough to commercial banks themselves,but also help to properly solve the pension problems faced by contemporary people and alleviate various social contradictions caused by aging,which is related to national development,It is inseparable from the well-being of the people.This paper takes China CITIC Bank,which developed the pension financial business earlier,as an example.Firstly,it analyzes the background and development of the pension financial business of China CITIC Bank.When clarifying the business development background,it is found that China CITIC Bank is mainly based on the macro situation of China’s aging population,the continuous release of pension related policies,and the needs of China CITIC Bank’s own strategic transformation,Decided to raise the pension financial business to the strategic level of the bank,and then made a detailed analysis of the development of China CITIC Bank from the perspective of pension finance,pension service finance and pension industry finance.After that,the strengths,weaknesses,opportunities and threats of China CITIC Bank’s pension financial business are analyzed through SWOT analysis,and the SWOT model analysis matrix is listed to clarify the basic direction for the subsequent strategy.In view of the inevitable limitations of China CITIC Bank’s pension financial business model,this paper makes a comparative analysis of China Construction Bank,industrial bank and Bank of Shanghai,which have developed well in the field of pension finance in China.It is found that China CITIC Bank lacks certain foresight in pension financial business,and has some problems,such as low participation in pension industry and incomplete pension related qualifications;In addition,by analyzing the main contents of American housing reverse mortgage loan,Japanese enterprise annuity and German "Liszt plan",and combining with the situation of domestic commercial banks,it is considered that we can innovate the mode of housing reverse mortgage loan business,increase the participation of commercial banks in enterprise annuity,and encourage commercial banks to launch more innovative pension financial products.By expounding the advanced practices of pension financial business at home and abroad,and drawing feasible advanced experience,it is conducive to provide constructive suggestions for the development of pension financial business of China CITIC Bank.Finally,according to the above comprehensive analysis,in view of the imperfections of China CITIC Bank’s pension financial business,in terms of pension finance,it is suggested that China CITIC Bank should try to obtain relevant financial licenses,establish a pension management company to strengthen pension participation,strengthen coordination with the government and peers,and make preparations for individual pension accounts in advance to improve the professional operation ability of pension;In terms of pension service finance,China CITIC Bank should speed up the optimization and improvement of pension finance related products from the aspects of types and pension specificity,improve the relevant service level by optimizing the setting of outlets,and pay attention to strengthening the education of financial knowledge of elderly customers.At the same time,it can promote the transformation of pension financial organization and talent construction from two aspects:organizational structure optimization and talent recruitment and cultivation;In terms of pension industry finance,it is suggested that China CITIC Bank give full play to the advantages of bank customer resources and try to obtain high-quality customer resources to promote the docking of pension industry,strengthen industry coordination,expand pension industry channels with the help of science and technology,integrate pension industry resources,and promote the development of supply chain finance of China CITIC Bank’s pension industry in both depth and breadth.