A Comparative Analysis Of Integrated Marketing Communication Of Western And Chinese Commercial Banks

5 years after China's entry into WTO, Chinese government, as promised, finally lifted its restrictions on the financial industry. Without administrative regulations, foreign banking giants are free to enter this promising new market which poses a great challenge as well as opportunity to Chinese local commercial banks.Firstly, the paper presented a general review of current banking industry and put forward the idea that domestic banks shall use new ways of marketing communication to compete with foreign banks which are more competent and experienced. Secondly, the paper gave an introduction of marketing trends and Integrated Marketing Communication. Then detailed comparison and analysis were carried out and original suggestions were put forwarded and verified mainly in three parts:1. BrandingForeign banks have already realized that they should combine all the current marketing methods and tools with bank's brand to present a unified voice and concept to the customers. Chinese banks, therefore, shall integrate both internal stakeholders and products and external partner's brand or advertising representative's influence as well and at the same time, cultivate a branding concept for their staff2. Customer-orientationIt is not 4Ps that can decide a marketing communication strategy. A more suitable 4Cs approach is now available. Domestic banks shall classify customer market properly, focus more on customer's needs and then adjust their products and service accordingly.3. Database MarketingForeign banks have already possessed powerful database and analyzing system to manage, analyze and predict customer's activities. Chinese banks should learn from their foreign counterparts' experience to construct a complete back-office system.