Research On The Development Strategy For Jilin Yillion Bank

As the main part of financial system,commercial banking is important propellant in financial innovation and crucial power in serving the development of economy.The outbreak of the novel coronavirus pneumonia,shrinking of domestic demands,external regional conflict and trade friction within countries have slow down the growth of economy since 2019,which also brought heavy losses to small and micro enterprises and individual business.In such context,financial system especially commercial banking has launched a series of polices such as delayed repayment of capital and interest supporting small and medium-sized enterprises to resume production and work.As the first private bank in Northeast China,Jilin Yillion Bank carrying out the conception of inclusive finance from the beginning,has explored different ways in the area of consumer finance,inclusive finance and rural finance carrying out the conception of inclusive finance from the beginning.Its exploration facilitated the financing of small and medium-sized enterprises,which highlight the unique important role of private banking.Jilin Yillion Bank has made great achievements since it’s establishment,but there are still some problems laying shadow to its future development.The reasons of the these development problems are tightly related to the exising development strategy of Jilin Yillion bank,which is hardly to satisfy the needs of market competition and future development.Therefore,on the base of development status of Jilin Yillion Bank,with the analysis of internal and external development environment of Jilin Yillion Bank,this paper try to help Jilin Yillion Bank to chooses its development strategy for the next period.This paper chooses the new development strategy for Jilin Yillion Bank with the methods of documental analysis,case study and comparative analysis.Jilin Yillion Bank has developed rapidly since its establishment from 2017.Its consumer finance has achieved remarkable results,and micro-finance and financial market business also witnessed fast development;However,there are still some problems such as single business structure,insufficient brand image and market influence,lacking of driving force for future development;The reasons of these problems are lie in the constraints of the exsiting development strategy,lacking methods of supplementary capital,insufficient competitiveness and weak internal control management.With SWOT analysis,Jilin Yillion Bank witnesses its development opportunities suchs as the improvement of supervision mechanism,the increase income of urban residents,the fast development of technology innovation and high barriers for banking entry;the development threats of Jilin Yillion Bank include the deterioration of asset quality,the fierce market competition,poor bargaining power and homogenization of products and services;Its development advantages are consist of technical resources and developing capacity,strong ability of R& D and innovation,high-quality of human resources,more freedom in operation.Its development threath is reflected in the lack of brand awaerness and market influence,the slowing down in profitability,the lack of development ability and the bussiness structure needs to be diversed.On the base of SWOT analysis,this paper uses the environment factors evaluation matrix to judge the internal environment factors and external environment factors of Jilin Yillion Bank.The internal envoriment factors weighted score of Jilin Yillion Bank is in the midst level,while the external environment factors weighted score belongs to high level;The composite situation of Jilin Yillion Bank should be in the first quadrant,the opportunities faced by Jilin Yillion Bank outweigh those threats,and its advantages are more than disadvantages.Therefore,Jilin Yillion Bankthe should choose growth development strategy.To implement its strategy,Jilin Yillion Bank should speed up the pace of forging digital,open and inclusive bank at company level;At the business level,Jilin Yillion Bank should expand its objects,scope and pattern of business ccooperation.At the functional level,Jilin Yillion Bank should strengthen its capability of scientific innnovation,intelligent risk control,operational management and data governance,and take corresponding safeguard measures.