Development Strategies On Internet Financial Business In Shanghai Pudong Development Bank Changsha Branch

At the end of the 20^thcentury,Bill Gates,the co-founder of Microsoft,predicted that traditional commercial banks would be extinct like dinosaurs in the 21st century.Along with the further development of Internet Technology in recent years,the traditional business model in commercial Banks is facing the trend of upgrade.To avoid being marginalized,traditional commercial Banks have begun to lay out Internet finance.It is worth studying how traditional commercial Banks should seize opportunities,promote the development of Internet financial business,and take the path of sustainable development in the context of current economic environment.Changsha Branch,Shanghai Pudong Development Bank?SPD Bank?is facing a series of problems brought by the development of Internet finance,the traditional business model which is based on The Pareto principle?also known as the 80/20 rule?,could not adapt to the development requirements of Internet finance.With the impact of the Internet finance,SPD Bank Changsha Branch has initialed several small-scale Internet financial products,and its traditional business also has an urgent need to transform for the development of Internet financial business.This article investigated the current development of Changsha Branch,SPD Bank in the context of Internet Financial business through literature study,integrating theory with practice,including the theory of enterprise strategic management,the long-tail theory of the Internet,the qualitative and quantitative analysis,and combining SWOT analysis.This article aims to identify current problems and challenges in the Internet financial business of Changsha branch SPD Bank and provides a theoretical basis for the strategic transformation and innovation of the Internet finance business through careful analysis and in-depth study.At the same time,this article is intended to shed light on some new ideas and new models for innovative business development and transformation through in-depth analysis of the current development of the entire Internet finance,which would provide reference for the innovative transformation of commercial banks in the industry.To a certain extent,Internet financial development is a challenge for Changsha branch SPD Bank,as it not only distributes customers,diverts deposits and reduces the Banks'earnings,but also weakens the Bank's role as a payment intermediation.There is an urgent need for Changsha Branch SPD Bank to transform its traditional management model and service philosophy,and take adjustment to the challenge of Internet financial development as a daily essential task.On the other hand,Internet financial also brought opportunities for Changsha Branch SPD Bank,it developed the"long-tail groups on the Internet"which has been ignored by traditional commercial banks,and thus the"The Pareto principle"is no longer the primary management law of the traditional commercial banks;it also developed a new product market,reduced the operation cost of the banks.It is suggested that Changsha branch SPD Bank should give full play on its own advantages to adjust to the Internet financial development,minimize the disadvantages of traditional business and improve it,seize the development opportunity brought by the Internet financial,strengthen product innovation,value emerging markets,enhance technology innovation,recognize the importance of network channels,and strive to improve service quality and risk management,as well as strengthen risk control,to contribute to a stable and long-term development of Internet financial business in SPD Bank Changsha Branch.