The Opportunities And Challenges Of Internet Finance For The Chinese Commercial Banks

In recent years, with the development of Internet technology and theelectronic commerce, the Internet technology has been completely integrated intothe financial industry. The Internet technology accelerated the development of thefinancial industry, expanded the financial service market, and also greatlyreduced the time and cost of financial transactions.In this paper, the Internet finance is considered as a study object. This paperfocuses on the status, and the development of the Internet finance. In addition, italso explored the development of the Internet finance market in a foreseeablefuture, and the opportunities of Internet finance business in China’s commercialbanks. Based on the analysis above, this paper provided some effectiverecommendations to China’s commercial banks as developing strategies. China’scommercial banks should consider the Internet finance services as a key point ofthe innovation in the future, and traditional business networking, internal systemtransforming, external cooperation enhancing should be the three importantpoints to promote the development of Internet finance business. At the same time,we should speed up the product innovation and the personnel training, build ourown electric business platform, and improve data processing ability.