Research On The Digital Transformation Strategy Of F Rural Commercial Bank’s Retail Business Under The Background Of Financial Technology

With the rapid development of fintech technology and industries,the market environment and customer demand of commercial banks have undergone tremendous changes.Promoting the digital transformation of business has become the only way for commercial banks to enhance core competitiveness.In recent years,the fintech platform has continuously snatched the retail customers and businesses of Federation of Rural Commercial Bank.The bank needs to use the cost advantage of digital transformation to find new profit growth points.However,during the transformation process,the bank encountered the problem of excessive expansion of overall strategic planning,uncomfortable organizational structure,data system closed,and insufficient channel utilization.On this basis,this paper uses the PEST analysis method and Porter’s five forces analysis method to analyze the external environment of F Rural Commercial Bank,and summarizes its internal environment according to the survey results,and then uses the EFE and IFE matrix to analyze the internal and external key strategies Based on the evaluation of these factors,it is concluded that the bank’s digital transformation of retail business faces more opportunities than threats,and internal environmental factors have more negative impacts on the transformation than advantages.Then use the SWOT matrix analysis method to analyze the overall strategy of F Rural Commercial Bank’s retail business digital transformation,and conclude that the overall strategy should choose the WO reversal strategy,and further formulate the positioning and goals of the digital transformation strategy.Finally,plan the future competitive strategy and corresponding functional strategy according to F Rural Commercial Bank’s own capabilities and development goals,and put forward corresponding safeguard measures in combination with the needs of the next stage of strategy implementation.Through the analysis of the digital transformation cases of the retail business of F Rural Commercial Bank,it was found that although the bank faced good external opportunities,its internal ability did not have a competitive advantage compared with other advanced commercial banks.Therefore,the bank should give full play to its own characteristics,increase investment in fintech,improve the transformation strategy,thereby improving its core competitiveness and the development of the digital transformation of retail business.This study is of guiding significance for improving the digital transformation strategy of retail business in F Rural Commercial Bank.At the same time,it also has certain reference value for other rural commercial banks to carry out digital transformation of retail business.