Research On The Path Of Digital Transformation Of China Bohai Bank

At present,the impact of novel coronavirus(hereinafter referred to as "COVID-19")on China has not completely faded,the war between Russia and Ukraine has reached an impasse,and the inflation pressure caused by the continuous interest rate hikes in the United States and other western countries has caused multiple factors.The global political and economic situation is still unclear.In the past,COVID-19 is classified as a Class B infectious disease but subject to the preventive and control measures for a Class A infectious disease in China.After three years of prevention and control of the COVID-19 epidemic,China will manage COVID-19 with measures against Class B infectious diseases,instead of Class A infectious diseases,in a major shift of its epidemic response policies on January 8,2023.The most difficult time for China’s economy has passed,and China’s economy has begun to rebound,showing strong vitality and tenacity,and promoting green,healthy and high-quality development in the social,economic,cultural,and consumer fields.In the digital era,digital technologies represented by blockchain technology,artificial intelligence,big data,cloud computing,5G technology,and the Internet of Things are breaking the original social and economic institutions.The digital economy has reached a broad consensus in all areas of China.In the future,enterprises need to develop,the country needs to develop,and the nation needs to develop.The development of the digital economy is urgent.At the same time,the close combination of finance and technology has brought unprecedented challenges to the businessprocess,service model,management mechanism,use value transmission chain and industry pattern of traditional banks,and also provided sufficient space for the digital transformation of traditional banks,and bred more new business opportunities.The digital transformation of banks is not only a response to the challenges of cross-border financial technology companies,but also an inevitable result of conforming to the laws of economic development and seeking their own development.The digital transformation of banks has become an inevitable trend,promoting the transformation and renewal of the banking industry and even the entire financial industry,and giving a strong role in promoting the development of China’s real economy.This paper analyzes and discusses the concept of digitalization and digital transformation through the perspectives of consulting companies,technology enterprises,commercial banks and academic circles,and summarizes and analyzes the outstanding practical cases of digital transformation of banks in the world,integrating the second curve theory,the long tail theory,the dynamic capability theory and the strategic coherence theory.To provide theoretical research support for the importance and necessity of bank digital transformation.In this paper,Bohai Bank is selected as the research object.As a national joint-stock commercial bank,its development is in the middle and lower reaches,whether compared with large and medium-sized state-owned banks or other national joint-stock commercial banks and city commercial banks.Choosing Bohai Bank as the research object has reference significance for other banks in the country.First of all,this paper applies PEST analysis method and Porter’s Five forces analysis model to analyze the external environment and industrial competition environment of Bohai Bank,and analyzes the necessity and urgency of digital transformation of Bohai Bank at the present stage.Then,combining the current development status and challenges of Bohai Bank’s digital transformation,the internal analysis of Bohai Bank is made,and the transformation approach is proposed for the digital transformation of Bohai Bank:strategic transformation→structural transformation →technical transformation→business transformation.Finally,it is proposed to strengthen credit construction,improve data security and strengthen infrastructure in order to better promote the development and implementation of the digital transformation of Bohai Bank.This paper draws the following conclusions:First,through the external analysis of Bohai Bank,the development of digitalization has indeed created opportunities for Bohai Bank.Meanwhile,the rapid development of other domestic banks and fintech has also brought huge challenges to the future development of Bohai Bank.Secondly,through the internal analysis of Bohai Bank,Bohai Bank,as a young joint-stock commercial bank,has the advantage of technological backwardness.However,there are some problems,such as the low level of digital application,the low proportion of scientific and technological personnel and the aging of organizational structure.Thirdly,it puts forward the practical transformation approach for the digital transformation of Bohai Bank,and puts forward the external security system for the digital transformation of Bohai Bank from three aspects:credit construction,data security and infrastructure construction.