Study On M Bank's Retail Business Channel Marketing Strategy Under The Background Of Fin Tech

In recent years,retail service is growing prominent status in commercial banks and becomes the "profit stabilizer" in the new era of commercial banking.The characteristics of retail service in commercial banking lead to high dependency on its channel.Channel marketing of retail service is critical as the engine of the repositioning and progress of commercial banking,and as the priority of keeping sustainable competitiveness for commercial banks.Represented by Internet,AI,big data and cloud computing,Fintech is developing at a remarkable pace and powers the revolution of customer behaviors and financial needs,generating significant influence on channel marketing of retail service for commercial banks.Facing the change of preference for marketing channel and fast growing new competitors under the development of Fintech,the study of channel marketing strategy for retail service of commercial banking plays an important role in customer acquisition and taking the lead in the new round of competition for commercial banks.Based on channel power,customer perceived value,the long tail and 4C marketing strategy,this paper analyzes and comments on related studies on the evolution of channel marketing strategy for retail service and its development direction under the impact of Fintech.Furthermore,this paper clarifies Fintech's significant impact on the current situation of retail business channels in commercial banking and the bottleneck of channel marketing strategy.It also profoundly analyzes the characteristics of current state retail business of M bank facing Fintech impact,concludes the incompatibility between M bank's current channel marketing strategy and Fintech environment,and proves the necessity of M bank practicing 4Cs-customer-centric channel marketing strategy.At last,within the four dimensions established in 4Cs marketing strategy,i.e.Customer,Cost,Convenience,and Communication,the paper proposes the design of M bank's channel marketing strategy under Fintech impact and suggests outcome expectations and guaranteeing measures.Based on above analysis,the paper draws following conclusions.(1)In the times of Fintech,the behavior preference of how retail customers engage with financial services has been changed considerably and traditional channel marketing strategy can no longer adapt to the financial needs of customers.Optimizing channel marketing strategy will be inevitable.(2)Customer is the key factor impacting the channel marketing strategy for retail service of commercial banking.The direction of optimizing channel marketing strategy should be geared towards customers.(3)4Cs-customer-centric channel marketing strategy is effective strategy formulation in the background of Fintech.Under such circumstance,there are numerous innovations around distribution channel marketing strategy.However,with gradual progression of supervision and regulation for Fintech,there is uncertainty around the trend of Fintech development.Facing complex and dynamic environment,management of retail business channel and optimization of channel marketing strategy for commercial banks ask for innovation with caution and risk prevention,which requires further research and discussion.