Study On The Differential Competitive Strategy Of Private Banking Services Of ICBC

Private banking services are high-end,comprehensive,and personalized financial services for the financial institutions for the special target population,the wealth management program provided by the high net worth asset groups.The development of economic stability has promoted the steady rising trend of the number of high net value population in China,thus promoting the effective strategic transformation of the domestic banks' business to the target population.Private banks have become an important direction for domestic banking industry to compete for gold and strategic transformation.All the domestic banks have gradually formed their own private banking service development model,starting from the existing resources,positioning the target group,providing special services to them,and attracting high net value groups from the depth,breadth and personality.In the process of rapid development,private banking services in China have gradually exposed a series of bottleneck problems,especially in the process of domestic private banking services in the process of providing products and services for customers,showing a serious homogeneity phenomenon.This problem also restricts the further development of private banking services of ICBC.Faced with huge wealth market space and peer pressure,industrial and commercial bank should conform to the needs of the times to formulate the differential competition strategy of private banks,integrate the internal and external resources,create the core competitiveness,and be in an invincible position in the future market competition.This paper summarizes the theories of competitive strategy and private banking services,including domestic and foreign scholars' research results on private banking services.The present situation and characteristics of industrial and commercial bank,China Merchants Bank,China bank and CITIC Bank Private bank service development are summarized and analyzed.Secondly,the situation of competitive advantages and disadvantages of the private bank service for industrial and commercial bank is summarized and analyzed by the SWOT analysis method.The strategic direction that the industrial and commercial banks can seek in thedifferentiation competition of private banking services,and through a questionnaire survey,a questionnaire survey was conducted on the target customer groups of the private bank of the industrial and commercial banks to analyze the five trends in the characteristics and needs of the customers,and to select a number of banks' private banking services.Comparative analysis,such as the comparison and analysis of the private bank products and services represented by Citibank,and the successful advantages of foreign banks' private banking products;the comparison of the organizational framework of the private banking services of China Merchants Bank and CITIC Bank,the ratio of product supply channels,the contrast of value-added services and the service mode,It provides a scientific basis for the establishment of ICBC's private banking service competitive strategy.Finally,this paper puts forward specific content from the five dimensions of the organizational framework of private banking services,financial products,advisory value added services and service models to establish the competitive strategy of the ICBC private banking service.This paper holds that the ICBC private banking service is a differentiated competition strategy.From the organizational framework,we should combine the advantages of the integrated business department system and the retail model to set up a general private banking division center and adopt the headquarters vertical management and the general division management.The product competition strategy should establish the product's independent research and development,diversification and global development.The strategy of consulting and consulting competition should establish the specialized and efficient service from three aspects of the law,tax and comprehensive financial management of the private bank customers with the highest degree of attention;the competitive strategy of the value-added service should be the characteristic of the future retirement life that the private bank customers are most concerned about;the competition strategy of the service mode should be Redefine the concept of "1+1+N".