Research On Factors Affecting Customers'Involvement In Personal Banking Services In Commercial Banks Of China

In western countries, personal financial business has developed into the mature period, while this kind of business in the commercial banks in our country is just getting started. Personal financial business possesses several characteristics including better business growth, wide range of business activities, relatively low business risk and the stable business income, therefore gradually becoming an important source of profits and a significant part of modern commercial banking system. At present, with the reform and opening of financial market along with the rise of Internet finance, personal financial business is facing a series of new opportunities as well as fierce challenges. On the one hand, with our country residents' life standard making rapid progress, their wealth accumulating at a significant rate, the policy of the state to encourage personal consumption has created enormous demand potential for personal financial services,which leaves great development space for our country's personal financial business. As far as the international experience is concerned, when GDP per capita reaches 4000 dollars, resident consumption structure will shift from survival type to developmental type. The upgrade of consumption structure will further create even greater opportunities for personal financial services. On the other hand, after China's accession to the WTO, with the financial sector door opening continuously, personal financial business in our country's commercial banks will face fierce competition from both inward and outward. Foreign commercial banks enter the personal financial business market and invest a lot of resources. Moreover,upholding the principle "equality,opening,decentralization",Internet finance declares a war against traditional bank service in this world of interest rate liberalization along with worsening disintermediation. All will inevitably brings to the personal financial business in our commercial banks huge pressure.The development of personal financial business in our country's commercial banks cannot leave the participation of customers. It is said that the customer participation is one of the main indicators to assess the personal financial business in our country's commercial banks. At the same time, customer participation could also determine whether the personal financial business is a success or not. However at present, the customer participation of personal financial business in our country's commercial bank is still not enough. Although after nearly 10 years of development, personal financial services in country's commercial bank has made great progress in terms of quality and quantity, but problems faced by its development is still outstanding. Under this background, the research of this paper is aimed to explore the mechanism of customer participation in our country's commercial bank and tried to conclude the influence of various factors to the personal financial business in commercial banks involved in the relationship between the customers through the combination of theoretical and empirical analysis. Specifically, first of all, this paper summarizes and reviews domestic and foreign literature about personal financial banks and customers participation, so as to find the deficiencies of the current and the clear direction for further study. Secondly,this paper summarizes the relevant concepts and theoretical basis, which lays a theoretical foundation for the following research; also the role and existing problem of customer participation in the personal financial business of commercial banks. Thirdly,construct the theoretical model of customer participation, and put forward the relevant research hypotheses, through the analysis of the influencing factors of customer participation in the commercial bank's personal financial business, including antecedent variables, mediating variables and regulatory variables. After, the theoretical model and research hypothesis are designed, including the design of the variables and the questionnaire, the pre survey and data collection. Then, the author carries on the descriptive statistical analysis on the basic information and the structure variable of the customer participation questionnaire of the personal financial business of commercial banks, analyze the questionnaire with exploratory factor analysis, reliability test,validity test, and carry out the confirmatory factor analysis of the theoretical model; the moderating effect of demographic variables on customer participation and the mediating effect of customer perceived value on customer participation are analyzed. Next, the history of development of China Merchants Bank personal financial services were introduced, describes the development of personal financial business of China Merchants Bank as well as the main characteristics, and summed up the enlightenment of the customer participation of the personal financial business of China Merchants Bank on the development of personal financial business of commercial banks in China.Finally, based on the above research, this paper puts forward the strategy of promoting the development of personal financial business of commercial banks based on the view of customer participation.Through theoretical and empirical research, this paper draws the following conclusions: first, customer factors have a positive impact on customer participation.This shows that the stronger the ability of the customer's perceived risk, the more financial knowledge, the greater the financial needs, the higher the enthusiasm of customers to participate in the personal financial business. Second, commercial banks factors have direct positive effect on customer perceived value, commercial banks factors, the bank brand, financial products, physical environment, promotion behavior and staff behavior are positively affects the customer participation, and the better these bank factors are, the higher the enthusiasm of customers to participate in the personal financial business. Third, Customer perceived value plays a partial intermediary role in the relationship between customer factors, bank factors and customer participation.Perceived value includes customer perception of service quality, brand trust and identity,loyalty to the brand and satisfaction with service quality. Fourth, demographic factors play an important role in the regulation of customer participation, and the age distribution, educational background and occupation distribution play a moderating effect on customer perception and customer participation. Fifth, through the case study of the personal financial business of China Merchants Bank, further verify the theoretical assumptions.