Research On Marketing Strategy Of The Private Banking Business Of Bank Of China,Jilin Branch

Private banking business in foreign countries has been a hundredyears of history, but for China, it is still a new thing. In recent years,China’s economy has maintained rapid development, the residents ofprivate wealth is growing. A huge number of wealthy people increasinglyneed wealth management services, which makes private banking businessin the country is showing increasing growth potential. Foreign banks arevery optimistic about the Chinese market, have locked China’s high networth clients, private banking has become the focus of competition inthe financial institutions. For the continuous improvement of thecustomer’s financial needs, China’s commercial banks need to develop theprivate banking business to meet customer demand for high-end. Faced withforeign banks entered China, to seize private end customer resourcecompetition, Bank of China, the first to set up China’s first domesticprivate banks. As a leader in the private banking business and acentury-old state-owned commercial bank having the largest number ofoverseas branches, strategic positioning of private banking, which canrapidly enhance the profit contribution of private banking business tothe Bank of China, is a topic worth studying.According to the feature of private banking, the private bankingclients, products and content, we described the main features and theoverall development of the private banking business development in thispaper. Currently, in the case of strong competition on the private banking business among various financial institutions, there are many problemson the private banking business of Bank of China Jilin Branch, such asirrational scale structure, a single species of financial products, lowdegree of electronic and network, the lack of professionals, not perfectmarketing system and after-sales service.These have restricted the development of the private banking businessof Jilin Branch and the further expansion of the entire regional market.According to the marketing situation of private banking business ofJilin Branch, by using the method of PEST analysis, we analyze andsummarize the macro environment that the private banking business faced，such as political, economic, social, cultural, technical factors. Usingcomparative analysis method, we analyze the development of the industrycompetitors, potential competitors, the bargaining power of high-endcustomers and cooperation channels. We analyzed the advantages anddisadvantages，potential threats and opportunities of the developmentof private banking business of Jilin Branch of Bank of China by the methodof SWOT analysis. We provide some reference in the strategic development,customer care, enhancement of the core competitiveness and so on forprivate banking business of Jilin Branch of Bank of China.Based on the results of internal and external environmental analysis,we subdivided the private banking market, selected and located the targetmarket by STP model. Then a wealth management business model and profitmodel is built up, the core of this model is the proxy asset management.According to the characteristics and the present situation of theunique private banking business of Jilin Branch of Bank of China, we putforward an effective strategy to solve the current difficulties,including product strategy, pricing strategy, channel strategy, marketing strategy, information technology strategy, human resourcesstrategy. We also provided a guarantee scheme to make the policy can beimplemented. We expect that these studies can provide some help for thedevelopment of private banking business and the enhancement of the corecompetitiveness of Jilin Branch of Bank of China. We also want to providesome experience and reference for the development of private banking ofother domestic commercial banks.