Strategy Analysis Of China Modern Commercial Banks Coping With The Challenge From The Third-party Payment Industry

With the popularity of the Internet, the rapid development of e-commerce has changedthe shopping habits of consumers. More and more consumers are willing to accept andgradually favorite online shopping. One of the important factors that prompted this change isthe birth and development of the third-party payment. It is because the third-party paymenthas the function of guaranteeing transactions. However, the third-party companies, as therepresentative of Alipay, may not be able to shake though modern commercial bank in theposition of an economic center, but it is its increasingly prominent innovations and theawareness of providing payment solutions that have great influence on Internet bankingservice and even on the traditional banking business of commercial banks. Therefore, whenChinese modern commercial banks faced with threats and challenges from third-partypayment, it will be extremely valuable to research the feasible strategies of commercialbanks.This study focuses on the third-party payment and realistic payment mode of onlinebanking. And it is in order to explore the differences, which includes messaging, functionalimplementation, data acquisition, user experience of consumers and merchants, user wishesand many other aspects, between third-party payment and online banking payment. Thisstudy is supported by the research data of industry authoritative research institutions and hasused deductive reasoning, Through this process, I hope to explore the reasons for thedifferences and get some inspirations, and finally get the development strategies whichmodern commercial banks could explore and try in the futureResults of this paper indicate that, modern commercial banks need to improve from thefollowing aspects. To encourage financial innovations using the Internet’s thoughts and toexplore the way of regaining the payment system markets. To interpret user demand in a lowprofile. To attach great importance to the construction of continuous innovation team. Topromote business growth by taking full advantage of data. To seek deep cooperation with theInternet companies.