Case Study On Marketing Innovation Of Bank Of Chinas' Wisdom Transformation

In recent years the wisdom transformation has become the development trend of China's bank outlets.Its business model has been innovated and changed in all aspects from online to offline,and it has become intelligent in hardware,more digital in software,and the service process has become self-service.The transition of bank outlets from transaction-oriented to marketing-based services is also a process in which the service marketing strategy should be based on the “customer-centered” concept.As one of the first banks to develop smart banking strategies,Bank of China has achieved advanced experience and innovation in the intelligent transformation trend.Baoding's future bank flagship store has also become a model for the transformation of bank outlets throughout the country.This article aims to summarize the valuable experiences of bank transformation strategy and explore the marketing innovation direction of future bank entity outlets through the research on marketing and services of this network.This article first identifies the important role of physical outlets for commercial banks in the development and competition,and the necessity of network transformation.Afterwards,it introduces the long tail theory and the 7Ps marketing theory,and then leads to the case of the Bank of China's Baoding future bank,which introduces its strategy innovation and marketing strategy in the transition.The fourth chapter analyzes the decision,selection and implementation of China's Bank of wisdom strategy in the transformation,starting with the long tail theory,promoting transformation with large data strategy and reversing the 20/80 law in the Baoding Future Bank outlet.The fifth chapter analyzes the marketing innovation of the Bank of China Baoding Branch from seven aspects: product,price,place,promotion,participant,physical evidence and process.Baoding Future Bank has created a smart service environment through the transformation of outlets,and strengthened the internal marketing and service culture's construction.It synthetically combined network marketing,interactive marketing,precision marketing and other marketing strategies,cooperatively developed multi-channel intelligent service applying the big data.And the bank branch released more human resources to save material costs,constantly enriched and improved the financial products by first-line feedback.The last chapter proposes the combination of big data strategy and service marketing innovation to satisfy the demands of the bank's long tail customers and summarizes the enlightenment of the successful transformation of the Bank of China.