The Research On The Internet Finance Business Development Strategy Of WeiHai City Commercial Bank

Since the beginning of the 21st century,the rapid development of Internet technologies such as big data,information transmission and block chain technology has led to the continuous innovation of financial products and models.The influx of Internet enterprises into the financial market and the rapid popularization of new Internet financial models such as P2P online loans,third-party payments,Internet crowdfunding,supply chain finance have brought a huge impact on the traditional financial industry.Mobile phone banks,direct selling banks,E-commerce service platform have become the directions of business transformation for traditional financial institutions.When the small and medium-sized city commercial banks are faced with the deficiency of their own scale and strength,how to carry on their Internet finance transformation has become the key point for their current strategic development.At present,scholars at home and abroad have relatively mature research on the theories of Internet finance of state-owned banks and joint-stock banks.Comparatively speaking,there is less theoretical and practical research on the development strategy of Internet finance of commercial banks in small and medium-sized cities.On the basis of theoretical research on strategic management and Internet finance,and by taking Weihai City Commercial Bank as a concrete case,its internal and external opportunities,threats,strengths and weaknesses were sorted out,and the analysis,selection and implementation of its Internet financial strategy were explored and studied.Meanwhile,feasible safeguard measures were put forward.The PEST analysis and "five forces model" were adopted to analyze the external macro-environment and industry environment of Weihai City Commercial Bank,which pointed out that the external opportunities for the development of Internet financial service in the current period outweigh its challenges.Then,through the analysis of the resources ability of Weihai City Commercial Bank,its resource endowments were sorted out,and its current internal advantages and disadvantages were listed,indicating that the internal weakness of the current Internet financial development of Weihai City Commercial Bank is greater than its advantage.Based on the analysis of the corporate mission,vision and strategic objectives of Weihai City Commercial Bank,SWOT analysis tools were used to sort out the alternative strategies that can be adopted in its current internal and external environment and it was clearly pointed out that it should adopt "WO(weakness and strength)expansion strategy" at present,that is to say,it should first carry out internal adjustment and optimization,exert its advantages to make up for disadvantages,then carry on business expansion and seize market opportunities.The strategic path to implement the "WO expansion strategy" from the aspects of internal enterpreneurship and technology outsourcing were clarified,and the strategy implementation phases were divided into three phases:adjustment,expansion and optimization.Finally,from the six perspectives including strategic adjustment,equity structure,technology implementation,product innovation,branch office transformation and platform construction,the implementation measures of the development strategy of Internet finance of Weihai City Commercial Bank were formulated,and the safeguard measures in the five aspects covering safety management,talent introduction,assessment and motivation,cultural construction and organizational structure were put forward.The research of this paper has both theoretical and practical significance,which can be used to provide reference value for the formulation of the development strategy of Internet finance of similar commercial banks.