Research On The Transformation And Development Of China Merchants Bank’s Retail Business Under The Background Of Fintech

The "13th Five-Year National Science and Technology Innovation Plan" proposes that innovation of science and technology financial products and models is an important impetus force for the sustainable development of China’s commercial banks in the future.Fintech is essentially financial innovation,a tool that uses science and technology to promote that financial industry complete the financial model and financial service transformation and innovation.Fintech provides opportunities for the development of commercial bank,but the challenges associated with them also follow.Fintech companies entered the field of traditional finance one after another,launched cross-border competition to the traditional retail market,attracted the attention of retail customers,weakened the stickiness of retail customers of banks,and ultimately reduced the profitability of traditional commercial banks.This is undoubtedly a huge challenge for China Merchants Bank,which uses retail business as its main source of profit,and may even affect the long-term and stable development of China Merchants Bank.At the same time,the homogenization of retail products in traditional commercial banks is getting worse.Facing the challenges of cross-border operators and its own development bottlenecks,China Merchants Bank seize the opportunity of financial technology development to carry out retail business transformation and upgrade is an inevitable move to strengthen its own competitiveness.Based on fintech,this article takes China Merchants Bank as the research object,and based on absorbing relevant literature,conducts a case study on the transformation of China Merchants Bank ’s retail business in the context of fintech.First,introducing the relevant content of the case of this article: including the overall situation of China Merchants Bank and the retail business transformation of China Merchants Bank,foucusing on the two retail business transformations of China Merchants Bank before 2017,and draws out the necessity analysis of China Merchants Bank’s retail business 3.0 transformation in the context of fintech.Finally,the article analyzes the case of retail business transformation of China Merchants Bank under the background of financial technology: from the overall goals measures and effects of transformation of China Merchants Bank,focusing on the transformation measures of product system,operation system,management system and technology system of China Merchants Bank.This article concludes that the retail business transformation case of China Merchants Bank under the background of fintech is relatively successful and typical in the entire banking industry.The online retail business has provided a strong impetus for the overall retail business transformation.The success of this transformation mainly benefits from the following four points: The first is to attach importance to financial technology and define its own development strategy.The second is to expand channel construction and realize lightweight development.The third is to focus on customer needs and innovate their own retail products.The fourth is to attach importance to scientific and technological talent reserves and improve their own risk control.In addition,in the context of the booming development of financial technology,this article believes that China Merchants Bank should pay attention to potential scientific and technological risks in the future development process and avoid excessive dependence on technology.Other commercial banks,while drawing on the transformation experience of China Merchants Bank,should further explore their own advantages,not blindly follow,and formulate a more targeted retail transformation plan in order to achieve more results with less effort and achieve more stable and long-term development.