Research On The Marketing Strategy Of Bank Inclusive Finance In The Era Of Digital Economy

In recent years,China has actively promoted the development of inclusive finance.The Third Plenary Session of the 18th CPC Central Committee promoted the"development of inclusive finance" as a national strategy.With the outbreak of COVID-19 in 2020,banks’ inclusive financial services have become an important tool to support the steady economic development in China.It plays a positive role in helping small and micro businesses solve difficulties,ensuring people’s livelihood,and stabilizing employment.China is in an era of booming digital economy.With the development of economy and technological innovation,digital transformation has become a consensus and the direction of development for all industries.The digital development of the financial industry is also accelerating.Based on the case study of the Bank of Beijing,this thesis analyzes the marketing dilemma and related problems of inclusive financial products in the era of digital economy.Some marketing strategies are proposed according to related marketing theories and the reality.They are expected to help the Bank of Beijing to improve its marketing skills of inclusive financial products.Through research,the following problems are found in the marketing of Bank of Beijing’s inclusive financial services.Firstly,in terms of products,the procedures of offline small and micro loans are complicated,the materials needed are complex,and the guarantee method of "heavy mortgage" is highly required.Its digital inclusive financial products are with low credit line,short repayment period,and high interest rate.And the variety of pure online products is extremely limited.At the same time,a majority of inclusive financial products are less used.Secondly,in terms of pricing,the Bank of Beijing has no obvious advantage.On the one hand,due to the low R&D level of the cost FTP system,the FTP pricing is affected;on the other hand,the preferences of small and micro enterprises are not fully considered.Thirdly,in terms of sales channels,digital marketing channel launched of the product "Little Giant of Beijing Bank" has poor user experience.The product also has problems to insufficient expansion of digital marketing channels and narrow digital channels.Fourthly,in terms of promotion,its digital promotion strategy is limited and carries a narrow range in its target audience.The function of its digital platform is imperfect and inefficient.Fifthly,in terms of sales personnel,the R&D personnel are lack of grassroots work experience.And the corporate client managers have low enthusiasm in marketing.Sixthly,in terms of tangible display,there are no corporate client managers to provide exclusive service for inclusive financial products in the bank lobby.And the exhibition of inclusive financial products lacks digital carriers.Finally,in terms of service process,the approval process of offline business is inefficient and is facing low customer satisfaction.Meanwhile,the approval process of digital business is not convenient enough.More effort needs to be made to give buyers a more user friendly experience.Finally,based on my work experience at the Bank of Beijing and the 7Ps theory,I put forward some suggestions to optimize its inclusive financial products’ marketing strategy.