| The business mind-set of commercial bank under the restriction of traditional economics should be changed to adapt to the transformation from industrial age to information age of our society, and the key to this change is to find out the interlink of mind-set and organizational structure. With the development of relationship between bank and customer focusing on the clients, globalization of finance, the forwarding of the WTO schedule, the increasing challenge of foreign banks, traditional industrial model and theories is becoming more and more frail with the coming of information age, and the limitation of rigid bureaucratic structures is emerging. And reengineering of the bank is right an important tool for improving the competency advantage of the bank.To discuss the problem from the general to special, this paper make a try to outline the theory of bank reengineering which is by far not mature and systematic, including the implication, evolvement, basic contents and tactic for reengineering. Innovation, especially value innovation is essential to bank reengineering, while reengineering of the mind-set is the central precondition, which is shown by the course of the evolution of bank reengineering. Key to bank reengineering, process reengineering should be supported by reengineering of the bank management. It is reengineering of the organizational structure, virtual business, activity-based cost management, customer relationship management that constitute to the systematic engineering, which is the extending of management mind-set, of which change of values is the important precondition. This paper discussed the reengineering experience of the bank at three angles. The first is evaluating of reengineering project by either financial means or non-financial indexes, that is, time-based evaluation method. The second is analyzing of actual effect of reengineering practice in the USA in length and breath by examples of some USA banks' reengineering. The third is comparative analysis of bank reengineering in different countries, which concludes the important effect of values on reengineering practice via analysis of difference in culture and management in the course of reengineering. Afterwards, it discussed the systematic engineering of bankmanagement reengineering, in which it tends to form an overall framework for the employees, customers, shareholders and managers in the super stage of bank management reengineering, that is, customer relationship management. And it's concluded that maximization of customer values and the growth opportunities of the bank is the precondition of maximization of bank values.This paper has a case study of a five-year reengineering of the Royal Scotland Bank that discussed issues such as the satisfaction of employee, satisfaction of customer, relationship between technology and reengineering in the course of the reengineering. It affords some personal thinking about the reengineering of the banking and the bank in China according to our current reform of banking. In the end, it has a vision for the future of the banking, and it concludes that bank reengineering is just a kind of innovation of the bank in the coming age of information.This paper makes the following creative thinking: First, it splits reengineering into two kinds, that is, the inward reengineering and outward reengineering, and regards it as the reference of the partition of reengineering theory. Thus the first generation of reengineering theory is inward reengineering and the second is outward reengineering. It's clear that outward reengineering is more suitable in the information age cause the limitation of inward reengineering is emerging. Second, it points out that reengineering the bank is better a kind of innovation in management than in process, and it's the central precondition as well as start for the reengineering of the bank to reengineering the mind-set. Third, it's a new kind of value that integrates the paper into a whole structure, which acknowledges the value of customers.
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