Research On The Impact Of Third-party Payment Platform On Personal Financial Services Of Commercial Banks

Due to the progress of science and technology and the rapid popularization of the Internet,the position of the third-party payment platform in China is gradually rising,and it has been rapidly popularized.Based on the characteristics of the third-party payment platform design networking and service convenience,once the third-party payment platform enters the financial market,it has a significant impact on the traditional banking financial industry.At first,commercial banks occupy a monopoly position in the financial market.It is the best choice for people to go to bank outlets to select and buy financial products that meet their needs.However,with the popularity of the Internet,the third-party payment platform has broken the unique pattern of banks.The third-party payment platform has a good user base,convenient operation,low access threshold,and has the advantages that banks do not have in the sales of financial products,which obviously has more core competitiveness,leading to a significant impact on the financial services of commercial banks.Based on the above background,this paper aims to explore the impact of the third-party payment platform on the financial management business of commercial banks,and put forward some suggestionsFirstly,this paper selects literature analysis and comparative method to study the third-party payment platform,financial management business of commercial banks and the relationship between the two,establishes the theoretical basis of the third-party payment platform's impact on the bank's financial management business through the analysis of platform economic theory and destructive innovation theory,and then enumerates data and charts to analyze the third-party payment platform's impact on the personal financial management business of commercial banks from a macro perspective Through the comparative analysis of the advantages and disadvantages of the two,we can draw a preliminary conclusion that with the growth rate of the third-party payment platform increasing,the growth rate of bank financing is decreasing year by year,and elaborate the specific performance of the impact.Next,an empirical analysis is carried out to establish a time series model for impulse response,the conclusion shows that in the short term,the third-party payment platform has a negative impact on commercial banks,which affects the growth of bank financial services,but in the long term,banks will be positively motivated by the third-party payment platform,and financial services will get better development.Finally,XX Bank was used as a case to carry out detailed analysis.From the inside of the bank,through specific investigation,the third-party payment platform was evaluated to influence its impact,and the countermeasures after XX Bank was affected by the third-party payment platform were discussed.At last,according to the case study,the paper discusses and concludes that the third-party payment platform has changed the bank's monopoly of personal financial services,occupied the market share of some commercial banks' personal financial services,and posed a challenge and threat to the banks.However,the emergence of the third-party payment platform has also accelerated the reform of the personal financial services of commercial banks,making the personal financial services of commercial banks respond to the market changes vigorously,which is conducive to accelerating the business transformation,improving the service quality,further improving the market competitiveness of commercial banks,and achieving sustainable development.Based on the above research results,this paper gives some suggestions to commercial banks: first,strengthen the cooperation with the same industry,and strengthen the cooperation with the third-party payment platform to learn from each other's strengths and complement each other's weaknesses for win-win cooperation.Second,in terms of business philosophy,we must update our business philosophy,adhere to the customer-centered and market-oriented.Third,in terms of business,we should reform and innovate the traditional business,with the help of internet technology,the financial management business will be more suitable for the requirements of the times.At the same time,we should attach importance to the development of e-banking,improve competitiveness and achieve sustainable development.Fourth,cultivate Internet + financial talents.It is hoped that this study can play an enlightening role in how to deal with the impact of the third-party payment platform for the personal financial services of commercial banks,and has certain reference value.