Commercial Banks In China Personal Financial Services Research

With the opening up of the banking industry, Chinese government has granted permission to foreign banks to conduct foreign exchange and RMB businesses. Competition among foreign banks and Chinese local banks turns to be more and more intense. Personal financial services, especially wealth management, with good profit prospect, become the focal area where both foreign banks and Chinese local banks are competing for quality customers.After a couple ofll in the infancy stage. The impending topics for the banking industry of China is to study how to further develop personal financial services in China and how to enrich and deepen the content, to provide more tailor-made services, retain and attract quality customers, so as to enlarge the market share, to make more profit and sharpen the core competitive edge of commercial banks.Based on the theories and contents of personal financial services, this paper compares the mature models and experience of commercial banks in the US, Europe and the Asia Pacific. In light of the current status of personal financial service of Chinese commercial banks, the paper presents in-depth analysis on policy environment, service model and mindset, product innovation, talent nurturing and training, technology competition, market segmentation, brand marketing and risk monitoring, etc., to identify the underlying problems and summarize the reasons for those problems. From the trial-and-run practices of Chinese banks, this paper probes how the Chinese commercial banks can develop personal financial services and make corresponding proposals on the topic. It provides valuable reference and guidelines on how to uplift the service level of personal financial services in China and to bring forward breakthroughs in the development of personal financial services rendered by commercial banks in China.