A Case Study On The Implementation Of Internet Financial Development Strategy Of ICBC

Yu’e Bao of Alibaba Financial Corporation officially appeared in the eyes of the world.Afterwards,Yu’e Bao grew up quickly through the e-commerce platform of Alipay,which marked the arrival of the era of Internet finance represented by Alibaba on June 7,2013.The Internet financial model has brought about tremendous changes in the domestic financial system.The emergence of new models,which is more convenient than traditional commercial finance model,such as crowdfunding model,third-party payment,and P2 P network credit has rapidly changed the market of commercial banks.To cope with this threat and adapt to the development of internet finance quickly,traditional commercial banks have launched internet financial products.In June 2012,CCB pioneered the launch of e-commerce platform “good financial business”;in October 2013,BOC launched “China Bank Easy Business” layout Internet Banking.In this wave,although the ICBC’s Internet development strategy was not the earliest,it was the first to complete the strategic layout of the Internet finance and reached the leading position in the industry.The paper takes a case study of ICBC’s internet finance strategy as its theme,and uses the relevant strategic management theory model as an analytical tool.It conducts research through literature review,field research,and experience learning and so on,summarizes its experience,and proposes corresponding proposals for future development.The specific results achieved are as follows:First,based on the PEST analysis,ICBC’s implementation strategy for the development of Internet finance is adapted to the political,economic,social and technological environment under the new situation and has a good development prospect.Second,according to the SWOT analysis,ICBC’s implementation strategy mainly includes three parts: growth strategy(SO),reverse strategy(OW)and diversification strategy(ST).Through the combination of the three strategies,ICBC has achieved rapid development in Internet finance.Third,by analyzing the case of Developing Internet Finance Strategy in ICBC,the inspiration can be included as conforming to the trend,improving the core competitiveness by innovating the product relying on advantage,establishing Internet thinking such as platform thinking,user thinking,integration of online and offline and big data thinking..Fourth,as ICBC started the development strategy later than other banks,it has to face the reality of various competitive environment.This paper’s suggestions are as follows.Building a comprehensiveness e-commerce platform,cooperating with the third party platform,establishing a learning organization,supporting internal innovation,reconstructing the operation flow to customer-centered,paying full attention to the construction of Internet finance talent,and strengthening risk precaution.