New Retail Business Development Of Commercial Banks In China In The Context Of Financial Technology Research On Countermeasures For Business Development

Under the impact of multiple factors such as the slowdown of macroeconomic growth,the spread of the new crown epidemic,interbank regulation and interest rate marketization,the development of commercial banks has encountered great challenges.On the one hand,the rising cost of funds of commercial banks and the entry of Internet retail giants have escalated the battle for deposits,the traditional model which mainly relies on deposit and loan spreads is unsustainable,the competition model which mainly relies on laying outlets and personnel is unsustainable,and the transformation of retail business of commercial banks is imminent.On the other hand,with the development of artificial intelligence,big data,cloud computing and other financial technologies,people pay more attention to the timeliness,personalization and convenience of services,and customer habits have also changed.Commercial banks urgently need to strengthen product and service innovation,establish differentiated competitive strategies,use digital,diversified and scenario-based data to enhance their business models,and find important directions for change in the new retail business.The emergence of the new crown epidemic in early 2020 has further promoted the online development of banking business,facilitating the formation of people’s zero-touch habits and accelerating customers’ pursuit of more convenient,simple and personalized service requirements.Commercial banks need to meet people’s needs of "anytime,anywhere,thousand people",which urgently needs to further improve the integration and development of retail business online and offline.This paper analyzes the current situation through horizontal comparison and vertical analysis,and points out the possible problems and the necessity and feasibility of new retail development by combining the background environment and development data of retail business of commercial banks in the past ten years.At the end of 2016,Ping An Bank proposed to build a "finance+technology" bank,and through the construction of humanized online channels for customers and the deep exploration of multiple customer segments,it has greatly promoted the development of new retail and achieved the initial goal of three years.The bank has achieved its three-year goal.This paper analyzes the development status,problems and transformation practices of its new retail business in the smart era,and explores its development path of "technology empowerment,retail quality improvement and public refinement".At the same time,it proposes countermeasures for the development of commercial banks’ new retail business by combining theories of bank reengineering,financial innovation,financial intermediation,and customer relationship management.