Research On Financial Product Innovation Of ABC Bank SC Branch Based On Information Technology

At present,Chinese economy enters into the New Normal with the acceleration of the adjustment of its industrial structure.Besides,competition among banks is more intense with the marketization and the internalization of RMB.Cross-border competition,the financial disintermediation as well as stiffer regulation,have brought serious challenges to the development of commercial Banks.Commercial banks are forced to “innovate” in their stage of development under the upgrading of financial customers' needs and the rapid development of international finance.In the face of the profound change of the internal and external operating environment,it has become a realistic choice for commercial banks to improve its ability in product innovation.With the rapid development of international finance and financial progress,information technology has not only become the foundation of business operation of banks,but becomes the big driving force of the innovation of bank financial products.It is significant to study information technology to improve commercial banks' ability in innovationThe SC branch of ABC bank is a domestic state-owned commercial bank at a provincial level.For about three years,the SC branch of ABC bank,which is based on information technology,has done many financial products innovation.The public section,the retail sections,agriculture section and the backstage management section are four sections which has finished product innovation projects with a total of 516 items,including 219 product research and development projects,123 product promotion project items,102 product training projects and 72 after-evaluation projects.All of these items have effectively promoted the SC branch in the financial product innovation aspects.But compared with the same industry,there still exist shortcomings of the SC branch in using technology for innovation.Based on this,the author chose the SC branch of ABC bank via using information technology as the main focus of research on financial product innovation.The present paper uses literature analysis as one method at the beginning.to study about innovation,financial innovation and financial product innovation as well as some relevant concepts and their achievements home and abroad.At the same time,the author also analyzed the commercial banks' financial products innovation at present situation and discusses the information technology's impacts on the commercial banks' financial products innovation.On this basis,this paper adopted the methods of case analysis,to analyze the usage about the SC branch of ABC bank's information technology at the current situation.Also,the paper from human capital,organizational system,system support,technology and corporate culture angles to offer some improvement measures.This study improves the SC branch of ABC bank's usage of information technology of product innovation ability,and has a certain practical significance.Some main research conclusions of this paper are as follows.First,in the current era of the International finance,domestic commercial banks' businesses have also been affected.However,it is not the heel of Achilles for those banks,it is opportunities instead.Traditional banks should use information technology to speed up the pace of product innovation,leading the peers in the wave of reform;second,through the case of the SC branch of ABC bank,the present paper analyzed the present situation of financial products innovation,and found that the current use of information and technology in innovation is far from sufficiency.Also,its innovation level is not high and lacks of an innovation promotion and evaluation system.Third,it is based on the information technology concrete strategy of SC branch in financial product innovation and help promoting financial product innovation speed for SC branch,Building a scientific innovation system,an innovation product service system,offering some feasible strategies.Limitations of this article are as follows.First,for the achievements of the paper,it only focused on influence of information technology on financial products innovation of commercial banks,and the role of the general argument,analysis and description.We also merely use the SC branch of ABC bank as an example to discuss.The results of the study on the SC branch of ABC bank has some certain feasibilities and the applicability is yet to be fastidious for other commercial banks;Second,For the methods adopted in the paper,it is based on the author's own jobs and experience.The authors,as graduate students,chose data based on their experience.Because of the limitation of the authors' academic level and their immature use of the research methods,the quality of the paper is,to some degree,heavily affected.