Research On Strategic Transformation Of Wealth Management Business Of ZJNB Bank Ningbo Branch

In the past decade,China’s economy has achieved significant development,and residents’ wealth has continued to accumulate.The demand for wealth appreciation and preservation has been continuously released.According to the latest statistical data released by the National Development and Reform Commission,the middle-income group in China has exceeded 400 million people in 2022,of which more than half of households have wealth management needs.With the concept of asset allocation deeply rooted in people’s hearts,wealth management business has become an important way for banks to meet diverse customer needs,enhance stickiness,and enhance profitability.It has also gradually developed into an important core business for major commercial banks to participate in competition,and is also an important source of intermediate business income for banks.In the new normal of slowing down economic growth in China,the competition for wealth management business among financial institutions is becoming increasingly fierce.Commercial banks have many bottlenecks such as limited customer base and homogeneous consignment products.Therefore,how to take the lead in competition and seek differentiated strategic paths has become the key to improving competitiveness for commercial banks.This article takes ZJNB Bank Ningbo Branch as the research object,sorts out relevant literature,and has a solid theoretical foundation in wealth management abroad.There is a case study on the transformation of wealth management in commercial banks.However,research on the transformation of wealth management business for specific commercial banks in China has not yet been systematized.Therefore,this article is of great significance for the research on the Ningbo Branch of ZJNB Bank,a leading city commercial bank.This article conducts research based on the overall analysis of the current situation,identifying deficiencies and reasons,and proposing solutions.Specifically,first introduce the overall overview,point out the important position of Ningbo Branch in the organizational structure of wealth management business throughout the bank,and clarify the importance of the research object of this article.Subsequently,based on the current strategic model and its implementation effectiveness evaluation,it was found that in the comparison between urban commercial banks,ZJNB Bank’s overall ranking and scale are still steadily increasing.However,Ningbo Branch has two major problems: rapid asset loss and low customer quantity and quality,which urgently require internal transformation.At the same time,this article uses tools such as PEST and Porter’s Five Forces to further analyze environmental changes.Through the EFE matrix,it is found that Ningbo Branch has a positive response to external changes and can seize opportunities for transformation.Next,an analysis of internal resource capabilities was conducted,and through the construction of the IFE matrix,it was found that internal advantages outweigh disadvantages,which can support transformation.Then,combining SWOT for four strategic combinations,construct a QSPM model,and combine the goals and principles of strategic transformation to choose a strategy with SO as the main focus and ST as the auxiliary.Finally,specific operational paths are provided,pointing out that Ningbo Branch should concentrate its advantages to expand its scale,do a good job in the three major operations to increase revenue,improve performance evaluation mechanisms,and build a strong talent team.At the same time,provide three major guarantees: compliance,system,and architecture.Provide ideas for the transformation of wealth management in other small and medium-sized banks in China,and provide reference for relevant scholars to study related topics in the field of wealth management.