Practice And Thinking Of Digital Transformation Of Commercial Banks Retail Business

With the increasing development of fintech and the continuous upgrading and iterative development of information technology,financial business scenarios are constantly innovating,and traditional commercial banks are facing severe challenges.More and more traditional commercial banks are joining the process of digital transformation.How do commercial banks seize development opportunities?As for the current economic situation,the global economic downturn,the frequent occurrence of COVID-19 and the frequent occurrence of other uncontrollable factors,the external environment we faced is more complicated and more severer.The domestic economic development is still unbalanced,and the economic stability needs to be strengthened.Meanwhile,China’s economic structure continues to optimize and adjust,and the supply-side structural reform continues to advance,bringing opportunities for the development of the financial industry.However,with the strong leadership of the CPC and the Chinese government,the overall domestic economy has been steadily improved,the level of household income still maintains steady growth,the level of consumption increases accordingly,the retail business developmental market is broad.At the same time,the bank has put forward a higher demand for products and services.In addition,national policies encourage the development of the digital economy,promoting the deep integration of the digital economy and the real economy,and fostering stronger industries such as cloud computing,blockchain,big data,and emerging industries such as artificial intelligence.In specific retail business practices,banks can give full play to the advantages of massive data,tap more diversified consumption scenarios in line with social development,promote the transformation and upgrading of traditional financial businesses,and promote economic development.Based on typical cases of Ping An Bank’s digital transformation in retail sector,combined with relevant theories,this paper comprehensively uses PEST and SWOT analysis methods to sort out and introduce the transformation process of Ping An Bank’s retail business one by one.By introducing the organizational structure of Ping An Bank and the development status of Ping An Bank’s retail business,the internal and external environment,advantages and disadvantages of Ping An Bank’s retail business with the digital transformation are analyzed,at the same time,analyze the path and effectiveness of the digital transformation of its retail business.The specific transformation path can be summarized as follows:cloud network architecture of comprehensive database,establish data application platform,operation model with digital business,to achieve six goals:customer acquisition ability improvement,profitability enhancement,risk control level improvement,operating cost reduction,inclusive finance is expected to be implemented,and development potential can be demonstrated.Secondly,through data analysis and peer comparison,the paper reveals the deficiencies in the digital transformation of Ping An Bank.By analyzing the causes,the paper finally draws inspiration from the typical digital transformation of Ping An Bank and puts forward reasonable suggestions for its transformation.Meanwhile,it hopes that to help other banks to gain valuable experience in case research and enlightenment in the process of promoting digital transformation.