The Era Of Internet Finance: Research On Innovation And Development Of The Retail Business Of Commercial Banks

On March 5th, 2014, "Internet Finance" was first mentioned in the government working report. Prime Minister Li Keqiang said in the report that for its prosperous development, internet finance should be supported and promoted. Currently in China, internet finance developed fastly and has become valuable supplement to traditional finance. Moreover, because of its unique operating pattern and the way how its value is created, internet finance has not only greatly challenged but might even replace the traditional business of commercial banks. Combining the development of internet finance, this article discussed that in the situation of daily-new financial service mode, the chances and challenges that the retail business of commercial banks would face. Besides, this article also analysed how Wells Fargo in America revolutionized its traditional commercial banking system and made its comeback in the era of internet finance. Drawing lessons from Wells Fargo, how it took the chance in the era of internet finance and successfully transferred itself from a traditional commercial bank to an e-bank, the article summarised the new structure and new trends of financial service in the era of internet. The analysis part also introduced the experience of the e-bank development of an A bank in China. At the end, some suggestive thoughts have been put forward on accelerating the development of the retail business of commercial banks in China.