Research On The Transformation And Upgrading Of Bank Outlets Under The Great Changes Of Financial Technology

Fin Tech is the abbreviation of Financial Technology,which refers to the new application technology that integrates advanced technology into the traditional financial industry.With the rapid development of science and technology,start-up companies in financial industry have been born.They take the posture of new emerging financial practitioners,use new science and technology as a means,leapfrog service efficiency.Taking mobile payment as an example,Fin Tech makes use of the advantages of mobile terminals such as: convenient,fast,safe and efficient,and quickly and comprehensively enters the payment field,which has a substitution effect on traditional payment methods in multiple application scenarios.Therefore,Fin Tech is also considered to be one of the driving forces for the promotion of traditional financial services reform from the outside to the inside.As the traditional main force of the financial industry,the banking industry is also suffering from the impact of Fin Tech.While the traditional banking faces many challenges such as the interest rate marketization reform and the implementation of the new capital management measures,Fin Tech has further reduced the profitability of the traditional banking.In the face of market share being squeezed and customer groups being seized,the “monopoly” status of traditional commercial banks has been threatened in the context of the financial and economic changes.2016 is known as the first year of China's Fin Tech.In this year,domestic Fin Tech has achieved a large degree of breakthrough in technological innovation,system exploration and compliance development.The application of innovative technologies such as artificial intelligence,big data,cloud computing,and blockchain has promoted deep interaction between finance and technology.With the in-depth integration of finance and technology,the way customers access financial products and services is changing like never before.The background of the times has inspired the creation of new financial models,scenarios,businesses and products.Fin Tech has shortened the distance between financial services and customers from the last mile to the inside and outside of the mobile terminal screen,while at the same time the lower barriers and faster processes make financial consumers who were outside the margins of traditional financial institutions feel more convenient.Providing financial services have never been felt like this before.All of these have brought enormous challenges and impacts to the development of traditional commercial banking business.Financial industry challengers with innovative technologies and flexible mechanisms use the cluster effect generated by the Internet to capture the market share of traditional commercial banks in the retail sector,while breaking the traditional profit model of traditional commercial banks.Commercial banks are faced with the situation of "sailing against the current,not just retreating".At the same time,the development of Fin Tech has also provided large commercial banks with the possibility of creating higher quality financial services.With the in-depth development and wide application of science and technology in various industries,commercial banks have gradually realized that simply pursuing the upgrade and optimization of traditional financial products may further aggravate the serious homogenization competition among traditional banks,and utilizing the technological advantages of Fin Tech,to explore emerging markets in order to obtain breakthrough capital in the original business dimension.Therefore,commercial banks will combine and consider the questions of “how to deal with new competitors in the financial industry” and “how to use Fin Tech to empower themselves according to their own development background and advantages” together.How to realize the transformation and upgrading of banking is the most important question of commercial banks in current and future period.Based on the background of the great changes in Fin Tech,this paper briefly analyzes the historical evolution of Fin Tech and the general characteristics of Fin Tech companies,and extends the inevitable trend of the birth and development of Fin Tech and the current application areas,showing the breadth and depth of the scope of Fin Tech development.Then,based on the impact of commercial banking business outlets under the development of Fin Tech,analyze and compare the differences between financial services provided by Fin Tech and traditional banks.And combine domestic and foreign commercial banks' coping strategies under the Fin Tech competition to propose the direction of transformation and upgrading of commercial bank outlets.Taking the branch office of Chengdu Branch S of Agriculture Bank of China for example.Analyzing the comparison of business data,development status,analysis of development trends and deep internal reasons.Focus on the research of the shortcomings of the current business model of bank outlets in the context of the Fin Tech changes.Finally,on the basis of the above research,according to the future development trend of Fin Tech,in connection with the operation characteristics of ABC's business outlets propose the specific paths and the measures with operability of the transformation and upgrading of outlets.