Strategic Transformation Of YB Rural Commercial Bank Under The Background Of Internet Finance

China’s economic and financial situation is in a stage of rapid development and change.The original extensive economic development model that relies on input from production factors has been replaced by intensive and efficient development,which has also brought significant changes to the operating environment of rural commercial banks.Especially under the impact of the rich and convenient use of Internet financial products,rural commercial banks need to transform and develop to cope with the current business crisis.In recent years,with the increasing focus of the central government on the issues of agriculture,rural areas,and farmers,the development of rural markets has become a must for the current development of financial institutions.Under the plan proposed by the State Council,rural commercial banks have also ushered in a new era of development,with the number of institutions rapidly increasing from 337 in 2012 to 1539 in 2020.However,it is precisely during this period that Internet finance has witnessed explosive growth,rapidly changing people’s lifestyle and social interaction,as well as their habits of using financial products.In addition to the impact of the COVID-19 since 2020,customers of traditional commercial banks have been constantly diverted by online financial products.The advantages of offline outlets of commercial banks are being gradually eroded.The deposit taking function of traditional financial institutions represented by offline outlets has been continuously compressed,and the deposit space has also been declining.Therefore,it is necessary for commercial banks to study how to implement the transformation in the context of Internet finance to alleviate the current development difficulties faced by commercial banks.In this context,this article conducts research,taking YB Rural Commercial Bank as an example,to analyze the external environment,industry environment,and internal environment of the operation and transformation,and comprehensively analyze the competition and challenges,threats,and opportunities it faces;Subsequently,a survey was conducted in conjunction with YB Rural Commercial Bank.Through the current situation survey,it was found that its existing problems include: a single business and few profit channels;Single product,insufficient differentiation transformation strategy,etc.And analyzes the opportunities and threats faced by YB Rural Commercial Bank,including the opportunities under the impact of Internet finance,and the threats posed by the impact of Internet finance to YB Rural Commercial Bank;Then,based on SWOT analysis,it analyzes the strengths,weaknesses,opportunities,threats,etc.of YB Rural Commercial Bank,and builds a SWOT matrix on this basis.Combining the matrix,it analyzes the advantages of various strategies.Finally,it selects the S+O strategy(growth oriented strategy)for YB Rural Commercial Bank,and sets short-term,medium-term,and long-term strategic development goals based on this strategy;Finally,based on the above analysis,specific implementation strategies for strategic transformation of YB Rural Commercial Bank are proposed,including accelerating business transformation,deepening platform cooperation,and promoting structural adjustment.It has certain reference significance for the development of YB Agricultural Commercial Bank and similar commercial banks.