Research On The Transformation Strategy Of Commercial Banks Under The Background Of Fintech Development

Commercial banks are the oldest and most basic form of the financial industry chain.In the new era,with the continuous breakthroughs in mobile Internet,blockchain,big data,cloud computing and artificial intelligence,financial technology is the development of the financial industry.Infused with new vitality.Financial technology is reshaping the customer experience,breaking the industry pattern dominated by traditional commercial banking financial services,and forcing the transformation and transformation of commercial banks.At the same time,under the impact of financial technology,as non-bank financial institutions and non-financial institutions have sprung up,market competition has become increasingly fierce,and commercial banks have gradually recognized the subversive forces from outside the industry.In the face of such an environment,commercial banks themselves are also eager to seek transformation.However,financial technology innovation is not in contradiction with the development of commercial banks.Commercial banks are taking the opportunity to actively embrace financial technology,use financial technology to actively explore models suitable for their own transformation,and actively seek change and transformation.It is of great theoretical and practical value to study the transformation strategy of commercial banks under the background of financial technology.This paper starts with the definition of the core concepts of financial technology and commercial bank transformation,introduces the development process of financial technology and its development trend,and analyzes the theoretical basis of long tail theory,financial innovation theory and financial intermediary theory.It uses SWOT method to analyze the background of financial technology.The opportunities,challenges,advantages and disadvantages of the transformation of commercial banks;introduced the current status of commercial bank transformation,and analyzed the main problems in the transformation process of commercial banks and the difficulties of commercial bank transformation;detailed analysis included A typical case of the transformation of Bank of America,Czech Air Bank,JPMorgan Chase,Industrial and Commercial Bank of China and Minsheng Bank's domestic and foreign commercial banks,and a summary of the experience of domestic and foreign commercial banks transformation;finally,the main problems in the transformation process of commercial banks and Difficulties,based on the experience of domestic and foreign commercial banks transformation,put forward the transformation strategy of commercial banks under the background of financial technology.This paper argues that the opportunities faced by commercial banks in the context of financial technology are: opportunities to improve their own data analysis and processingsystems,opportunities to optimize organizational structure and business processes,opportunities to accelerate their business and product innovation,and opportunities to learn advanced experience and reduce operating costs.The challenges are : financial disintermediation,industry competition and management are challenged;commercial banks' advantages include: high-quality customer resources,asset strength and reputation advantages and financing channel advantages;commercial banks' disadvantages include:customer experience There is still a need to improve,slower response to the market and cross-industry exchanges and cooperation.Afterwards,the main problems and difficulties in the transformation process of the former commercial banks were discussed.This paper believes that the transformation strategy adopted by commercial banks in the context of financial technology should be,but is not limited to,accelerating the top-level design of financial technology;building an integrated“cloud ecosystem”;establishing data thinking,improving data analysis capabilities;and building agile organizations;The self-service channel creates a contact point for accessing the customer's life scene;the "customized system" is efficient and hierarchical positioning.This paper studies the transformation strategy of commercial banks from the perspective of financial technology,which not only enriches the theory of commercial bank transformation,but also has certain reference value for commercial banks to formulate transformation strategies under the background of financial technology.The paper transforms strategies of commercial banks under the background of financial technology Two viewpoints:one is to build an integrated“cloud ecosystem”based on the“ecological circle”;the second is to propose online in the contact strategy of self-service channels to access the customer's life scene.In the self-help channel,the addition of“social elements”and “pan-financial elements” has been innovated.