Research On The Marketing Strategy Of Personal Financial Management Of ICBC XX Branch

In recent years,the development of domestic commercial banks has become so hard,as the shrinking of interest spreads of deposit and loan the rise of operating cost.It is attributed to the advancement of interest rate marketization,the continuous influx of foreign banks and the great impact on traditional banks from the rise of Internet Finance.Commercial banks urgently need to transform from the traditional model of interest spreads of deposit and loan to retail business,in order to excavate richer and stabler business growth points.Since 2017,the scale of personal wealth management business of Industrial and Commercial Bank of China XX branch has continued to shrink,and the operating profit from by it has been declining year by year.In view of this,this article uses the PEST analysis method to thoroughly analyze the marketing environment of personal financial services of ICBC XX branch macroscopically and microscopically.There are 6 elements included : the better political environment;the more strict regulatory policy;the declining external economic environment,the fewer profit;the low-level investors' risk appetite;and the rapidly developed financial technology investment.Through the construction of Porter's five-force model analysis,the reasons were found out.The relevant departments with the personal wealth management business of Industrial and Commercial Bank of China XX branch have their own policies,.The product design is insufficient,.the customers are seriously old-aged.and the competition between banks and third-party financial institutions in XX region is fierce.As well as the following factors: seriously homogenized,products,low efficiency of sales,insufficient,sundivision on customers,single distribution channel,lack of professionalism,backword marketing concept,and lack of competition awareness,the scale of personal wealth management business of ICBC XX Branch has continued to shrink in recent years,and marketcompetitiveness has declined.Combining all the situation,based on the STP theory,and ideas of the 7Ps theory,this article put forward the ICBC XX branch personal finance business transformation strategy with the life-cycle theory as the starting point: to formulate precise product marketing programs,to innovative product sale channels,to differentiately design product prices,to increase the promotion of high-net-worth customers,to hierarchically manage sales,and to display products through multiple channels,.Given this the competitiveness of the personal financial services of ICBC XX Branch can be improved.