Research On The Digital Marketing Of Retail Business In NB Bank

In 2020,the COVID-19 pandemic swept across the globe,impacting traditional industries and offline transactions while witnessing a surge in online demand.The service industry accelerated its digitalization and intelligent processes."Contactless" transactions became a new trend in the service sector.Cutting-edge technologies such as big data,artificial intelligence,the Internet of Things,and blockchain gradually gained popularity across various industries.Emerging formats like unmanned retail,digital marketing,and smart cities flourished.The expectations for financial services also increased significantly.Traditional commercial banks faced challenges with physical branches,including reduced customer engagement,high customer attrition risks,and low customer reach efficiency.Therefore,the banking industry had to undergo a digital marketing transformation for retail business.NB Bank has consistently regarded retail business as a core profit center.Since proposing the "Big Retail" transformation in 2017,NB Bank has been committed to increasing the proportion of its retail business.In 2020,building upon its existing digital infrastructure,NB Bank further focused on digital operations and financial technology,launching the "i SMART+" smart banking strategy,aiming for systematic,digital,and intelligent digital transformation.However,compared to nationally recognized commercial banks with successful digital retail development,NB Bank still has a considerable gap to bridge.Therefore,based on a review of existing research literature,this article focuses on the digital marketing of NB Bank’s retail business,conducting an in-depth study of its digital marketing development.The article first introduces the basic situation of NB Bank’s retail business and its digital development.Through in-depth interviews with NB Bank’s retail business line,the study identifies the existing problems in NB Bank’s digital marketing.By analyzing the macro environment of NB Bank’s digital marketing for retail business,utilizing the PEST model,Porter’s Five Forces model,and SWOT analysis tools,the current development environment of NB Bank is analyzed,and a basic framework for strategic analysis is constructed.Combining the 7Ps Marketing Mix theory,digital marketing strategies for NB Bank’s retail business are proposed.Finally,the article summarizes the digital marketing strategies for NB Bank’s retail business and proposes four aspects of guarantee for implementing these strategies.This study on the digital marketing strategy of NB Bank’s retail business aims to help the bank identify its shortcomings and propose implementation strategies and safeguards,providing guidance for its retail business marketing activities.Moreover,it contributes to the research on digital marketing strategies for retail banking in China to a certain extent.