Research On Competitive Strategy Of Mobile Payment Business Of BZ Rural Commercial Bank

In recent years,with the popularization of Internet infrastructure and mobile smart devices,China’s financial industry has gradually stepped into the Internet era,and Internet finance has developed rapidly.Among them,mobile payment has become the most popular payment method due to its convenient and efficient.The emergence of mobile payment has not only changed the way of payment,but also changed people’s lifestyle.Under the guidance and support of national policies,the third-party payment platforms,led by Alipay and We Chat Pay,occupy a dominant position in the mobile payment market early.In order to maintain its dominant position in the financial industry,banks have launched corresponding mobile payment products to meet the challenge,and telecom operators are also not to be outdone,join the competition one after another.Based on the fierce competitive environment,this paper aims to analyze and solve the problems of BZ Rural Commercial Bank in developing their mobile payment business,select appropriate competitive strategies for it and implement them,so as to achieve the purpose of promoting the mobile payment business of BZ Rural Commercial Bank.Based on the theory of strategic management,this paper makes an in-depth study of the resources and capabilities of BZ Rural Commercial Bank to analyze the advantages and disadvantages brought to its mobile payment business,and uses PEST analysis method and Porter’s five Forces model to analyze the macro environment and industry environment of mobile payment business,and concludes the opportunities and threats brought by the external environment of mobile payment business of BZ Rural Commercial Bank.Draw IFE,EFE and SWOT matrix.Analyze the feasibility of the implementation of three basic competitive strategies combined with SWOT matrix,and finally conclude that the mobile payment business of BZ Rural Commercial Bank is more suitable for differentiation competitive strategy through quantitative analysis of QSPM matrix.After choosing differentiation competitive strategy and clarifying the market positioning and target customers of BZ Rural Commercial Bank,the implementation of differentiation competition strategy is promoted from the aspects of service,marketing and mobile payment scene construction.Finally,optimizing the allocation of resources,improving the system and mechanism,strengthening the risk management and using other auxiliary measures to effectively provide security for the implementation of differentiation competitive strategy.It is hoped that this paper can provide reference for BZ Rural Commercial Bank’s strategic choice of mobile payment business in the future,and also provide reference for rural commercial banks in other areas to develop mobile payment business.