Research On Impact Of Fintech On The Transformation Of Retail Business Of Commercial Banks

The People’s Bank of China released the "Financial Technology Development Plan(2022-2025)" in January 2022,which points out the direction for the development of fintech in the new era and will enable fintech to enter a new stage of high-quality development,better play the empowering function of fintech and enhance the ability and efficiency of financial services in the real economy.In this policy context,the retail business of commercial banks is also deepening the use of technology,using financial technology to carry out services in order to provide customers with more convenient and smarter services,and the transformation of retail business has ushered in new opportunities and new challenges.Based on the background of the integration of finance and technology,this thesis firstly conducts an extensive search and collation of relevant literature to summarize the current situation of the development of commercial banks’ retail business,summarizing the research methods and findings of previous scholars,accessing the official websites of major banks for data collection,and on this basis,uses factor analysis to study the retail business of commercial banks in China,and draws out the effect of financial technology on the retail business of commercial banks in China,and proposes countermeasures and suggestions for the transformation of commercial banks’ retail business,which can serve as a reference for commercial banks that are or will be transforming.The study also proposes countermeasures and suggestions for the transformation of commercial banks’ retail business,and provides reference for commercial banks that are or will be transforming.After analyzing the effect of financial technology on the retail business of commercial banks,the following findings are obtained:(1)In recent years,it is necessary to transform the retail business of commercial banks.At the same time,competition in the same industry is fierce,while all major commercial banks have developed on top of their respective retail business scale,but they still have deficiencies such as insufficient retail awareness,few types of products and services,lack of professional talents,and inadequate supervision and risk control.(2)In the evaluation of the performance of financial technology for the transformation of commercial banks,a factor analysis of eight indicators of nine banks concluded that China Merchants Bank,Ping An Bank,Industrial Bank and Everbright Bank are at the forefront of the development of retail business,and the transformation effect is more significant compared with other banks in the same industry.(3)In the process of retail business transformation of commercial banks,recommendations are made through a comparative analysis of major joint-stock banks,which should be improved in terms of improving retail awareness,increasing technology investment in products and services,using technology to improve customer relationship management,marketing models,and increasing the use of technology in risk prevention and control,to provide reference for the development of commercial banks that are or will be undergoing retail business transformation.