The Research On Marketing Of Bank Financial Products Strategy

The income of Chinese people has been growing alongside economic development, which constantly reinforces their awareness of wealth management, and brings into being various bank financial products. Compared with fixed time deposit, stock investment and insurance products, bank financial products feature a higher profit, a lower risk and a flexible duration. They are currently being accepted by an increasing number of people, and becoming a growing trend for the household investment. Linzi District, Zibo City enjoys high economic vitality and abundant financial resources. However, there are more than 150 branches of 15 banking institutions, making the horizontal competition extremely fierce. Besides, with the lessening of interest spreads of deposit and loan, commercial banks have gradually shifted their reliance on traditional asset operations to wealth management and other emerging intermediate business.Agricultural Bank of China Linzi Branch is one of the main financial players in Linzi District. To compete for markets, market shares, and customer maintenance, it has since 2009 quickened the transformation and upgrading of retail business, and paid special attention to financial services, thereby continuously improving the marketing mechanism of bank financial products. As a large bank, however, it has not yet brought its superiority into full play in Linzi District because of inexperience in marketing bank financial products, low average personnel quality, lack of understanding about customers’ consuming behavior, demand preference, etc., and the severity of product homogeneity in the same trade or business. That, to a certain extent, has resulted in the loss of some customers, especially the high-end customers, and the weakening of its competitiveness in the retail business market. It is therefore a crying need for Agricultural Bank of China Linzi Branch to come up with ways of promoting bank financial products, improving the profitability of intermediate business, keeping better customer maintenance and finally standing out in the horizontal competition.In the beginning, this paper summarized the development and marketing of wealth management products offered by China’s commercial banks, based on which the marketing of bank financial products provided by Agricultural Bank of China Linzi Branch was analyzed in detail. The main analytical method used herein is SWOT analysis, along with the professional knowledge and theories of macroeconomics, microeconomics, marketing, banking, etc. Based on the characteristics of regional economic development, improvement measures and competitive strategies were proposed for such aspects as customer segmentation, product innovation, channel building and talent cultivation to deal with the main problems or deficiencies in the marketing of bank financial products, in a bid to promote the steady and healthy development of financial services in Agricultural Bank of China Linzi Branch, finally stabilize the VIP customer group and improve the comprehensive strength of its retail business.