Research On Transformation Of Traditional Financial Institutions Under The Background Of Mobile Payment

The development of mobile payment services began in 2010.Subsequently,Alipay,WeChat payment,Jingdong payment and other mobile payment services developed rapidly on a large scale.According to China Media's third-party mobile payment market research report released by iiMedia Research,the number of mobile payment users in China has exceeded 560 million by the end of 2017.The market size has exceeded 100 trillion yuan,and it is still accelerating in the past two years.China has become the world's largest undisputed mobile payment market.The new mobile payment model not only injects fresh blood into China's financial payment market,but also has a strong impact on traditional commercial banks' card-based media and cash-based payment models.In this huge mobile payment market,Alipay and WeChat pay more than 90% of the market share,the duopoly market has been formed,and gradually extended to the financial sector through the payment of the tentacles,cross-border competition has entered a white-hot stage.In such a new financial market environment,as the main force of China's local financial services,rural commercial banks must actively explore research and coping strategies,constantly self-innovation,and explore sustainable development models.Based on the rural commercial banks(hereinafter referred to as rural commercial banks),this paper studies how to realize the transformation of commercial banking business under the new mobile payment environment.Firstly,according to the current market situation,the two modes of mobile payment mainstream,namely,the third-party payment and the development of bank payment mobilization are analyzed,and the various impacts and impacts brought by mobile payment to rural commercial banks are analyzed.The opportunities brought by the development of commercial banks,and the management data of mobile payment services of rural commercial banks in Guangdong Province in recent years.The vector autoregressive method is used to construct an empirical model for the practice data of rural commercial banks in the mobile payment business in Guangdong Province.The actual impact of two mobile payment models on the business performance of rural commercial banks.Based on the analysis results,the strategic measures for the transformation and development of rural commercial banks are proposed from the perspective of creating payment scenario ecosystem and layout big retail transformation.