Transformation Program And Its Implementation Of The Retail Banking Business In China CITIC Bank

With the Internet banking,third-party payment,non-bank financial institutions and consumer finance booming,commercial banks regard the healthiness and sustainable development of retail banking,as the focus of development and direction of the business.As the core subsidiary of China CITIC Group,China CITIC Bank ranks the top in business background,market share,profitability realization among the UN joint-stock banks In recent years.China CITIC Bank retail business has made achievements with the business income accounting for 25%,profits accounting for 10%,meanwhile,compared with joint-stock banks whose retail business run well,such as China Merchants Bank,China CITIC Bank has a disadvantage in running the retail business.The development of retail business is regarded as the "short board" in the line of business development,and draws a common attention from the China CITIC Group,regulators and the inter-bank market.To this end,China CITIC Bank proposed the developing requirements of strategic transformation of retail business.This paper analyzes the "eight development dilemma" that the China CITIC Bank retail business confronts in organization system,channel system,team system,products system,customer system,service system,operational processes and supporting mechanism,and it points out the strategic and practical significance of the implementation of retail strategy.By integrating the "eight development dilemma," this paper clarifies the goal of retail business development in building the best customer experiencing bank,and the core transition guiding concept,i.e.achieving the sustainable rapid development of the retail business.It proposes “the eight transition idea”,i.e.strengthening the retail sector management,hard-mounted blowing red Tornado,soft turning off outlets to achieve enhancing market competitiveness,completing customer management system,encouraging development through resource allocation,improving efficiency and creating passionate retail banking culture.And it also clarifies the principle of adhering to develop the scale and efficiency simultaneously,hard and soft turn mounted in parallel,paying attention to basis and innovation,expanding business assets,managing assets and private banking,strengthening customer running system and ‘3-3-4' strategic transition in network capacity and retail team.The paper proposes the ‘1-2-3-4-5-6' strategic transformation project management ideas by building a platform,opening two channels,consolidating the three strong foundations,servicing four kinds customers,strengthening the five mechanisms,developing of six single product and which in turn subdivided into 8 programs and 19 transformation projects.Finally,targeting the transformation strategy implementation of China CITIC Bank retail business,this paper puts forward the implementation proposal and policy suggestions in organizational leadership,critical path analysis,project implementation and supervision,as well as the construction of the security mechanism.By summarizing the China CITIC Bank retail business strategic transformation program,fully applying of theoretical knowledge of project management and operations management and etc.,this paper provides suggestions for the promotion of strategic transformation and the implementation of project management,which is of practical significance,not only for the current China CITIC Bank retail business development,but also for strategic transformation of other commercial banks' retail business.