A Study On Personal Financial Business Marketing Strategy For Hunan Branch Of Bank Of China

In recent years, the personal financial business market has become the focus of domestic banking industry. ICBC, CMB, CMSB, CEB launched their own financial products which provide different service for different-income customers one after another, as a result, the overall personal financial service level has improved a lot. At the end of2012, there are more than18commercial banks in Hunan Province, including foreign banks. We can obviously know how fierce the competition is. The Bank of China Hunan Branch (referred as Hunan BOC below) is in the transition period after the bank restructuring. As a new profit growth point, personal financial business gains great attention which is not less than the traditional bank business. What’s more, the personal financial business has become the core and focus in the financial field on the basis of market occupation and development. It’s necessary for Hunan BOC to consider how to stay ahead in the personal financial business market.The article discusses the development and historical background of personal financial business and introduces the related theory and ideas at first. Then, it tries to explain the internal and external environment and industrial outlook of Hunan BOC through the investigation of all the commercial banks in Hunan Province. Next, the advantages and disadvantages of Hunan BOC, opportunities and threatens are evaluated by using SWOT analysis method. Furthermore, the article will set up the strategies and goals in three aspects: the market segmentation, strategic positioning and product designing, according to the characteristics and advantages, the personal finance business strategy and objectives of Hunan BOC. Finally, in order to guarantee the effective implementation of the personal finance strategy, the article will put forward several relative suggestions and solutions, including marketing communication, organization and coordination, personnel training and the allocation of resources etc, which are expected to help Hunan BOC survive in the fierce market competition and develop its own competitive advantages.