An Empirical Research Of Influencing Factors Of Commerical Bank Wealth Management Product Sale

With constant development of wealth management product and market of domestic commercial banks, wealth management products have become an important component of domestic asset management market and a major asset management tool as well in current financial market. Increased rate of return and diversified varieties of wealth management products have enhanced its appeal to customers. The intermediate orientation of wealth management product between low-risk low-yield ordinary deposits and high-risk high-yield stock investment can greatly satisfy customers’demand for investment and wealth management. Also, the low investment threshold makes it a major choice of many customers in view of asset management. As far as banks are concerned, wealth management product is an innovative act in response to diversified financing and customer asset management. In addition, it helps banks improve liquidity management, promotes the liquidity and depth of banking financial market, as well as accelerates the transformation of domestic commercial bank management philosophy and management behavior.In previous studies, scholars primarily analyzed factors affecting wealth management product purchase in view of bank image or reputation, wealth management product brand, customer satisfaction, customer relationship management, buying situation and demographic characteristics such as customer gender, age, income and occupation, combined with customer’s energy and time input in information search, product engagement, financial maturity and the complexity of wealth management products. Few studies were based on customer portfolio data from actual management and analyzed factors affecting wealth management product sales from the perspective of bank management and customer characteristics. For this reason, the present author thinks it necessary to analyze factors affecting wealth management product sales based on key retail business indicator in actual operation, customer demographic characteristics and features of customer’s financial assets, get to know factor influencing mechanism and degree, guide banks with more scientific and reasonable wealth management business based on analysis results, promote the rapid and healthy development of wealth management product and market, provide a scientific basis for marketing decisions or market strategy, help banks establish core competitiveness in wealth management market, expand market shares in competition, and lay the foundation for business transformation and scientific development.This paper focuses on three aspects. The first one is analysis of the impact of key retail business indicators upon the number of customers who buy wealth management precuts. The second is analysis of the impact of personal characteristics upon the purchase amount of wealth management product. The third is analysis of personal characteristics upon repetitive and sustained purchase of wealth management product. This paper contains five chapters.The first chapter is the introduction that provides the research background, objective, content and significance, together with research method, structure and technical route. The second chapter reviews relevant literature and discovers the deficiency of previous studies by sorting, inducing and summarizing previous research findings so as to provide a theoretical basis for hypothesis in this paper.The third, fourth and fifth chapters are the core contents. Based on key retail business indicators, the third chapter analyzes the impact of these indicators upon the number of customers who buy wealth management products. The findings suggest that SMS marketing frequency, management span of customer manager as well as product coverage produce a significant positive influence on the number of customers who buy wealth management products while customer financial asset balance produces a significant negative influence on the number of customers who buy wealth management products. In accordance with customer’s personal characteristics, the fourth chapter analyzes how personal characteristics influence risk, amount and repetitive behavior of wealth management purchase. It is found that customer’s gender, age, number of capital flows and average daily asset balance produce no significantly impact on risks in wealth management product purchase. Customer gender, number of capital flow, average daily asset balance and bank product quantity produce significant positive influence on purchase amount of wealth management products. Customer gender, average daily asset balance and bank product quantity produce significantly positive influence on the possibility of sustained purchase of wealth management product. Among them, average daily asset balance and bank product quantity produce significantly positive influence on times and amount of repetitive purchase of wealth management products.Finally, on the basis of research findings, the author proposes three suggestions for wealth management product sales. It is hoped that these suggestions can facilitate banking business and promote the development of wealth management business and sales of wealth management products.