Research On The Development Strategy Of Wuxi Rural Commercial Bank Under Internet Background

With the gradual entry of foreign financial institutions into China's financial market and the reform trend of state-owned joint-stock banks,the business competition among banks in China has become increasingly fierce.The rise of Internet finance has had a huge impact on the banking industry,and the impact on rural commercial banks is particularly great.Internet finance,represented by Alibaba,Baidu and Tencent,is rapidly taking advantage of its platform to cross the border into the financial service area,and gradually rises from traditional financial services such as payment and settlement to credit financing,wealth management and other commercial banks.The advantages of the field,and there is a great trend beyond the existing commercial banking model level.As a small-scale,single-product,and geographically-constrained rural commercial bank,the challenges are very serious.Economic,financial and other external environmental factors and their strategic positioning are getting more and more attention.Rural commercial Banks have actively explored and achieved good results between these developing rural commercial banks.This paper takes Wuxi Rural Commercial Bank as the research object,focuses on its development strategy,and provides ideas for the innovative development of rural commercial banks in China.First of all,the external macro environment faced by Wuxi Rural Commercial Bank is generally beneficial to the development of Wuxi Rural Commercial Bank.The national policy supports the rural commercial banks to carry out small and micro enterprise loans.The stable development of the economy also promotes the development of the rural commercial bank business.On the technical level.The booming of Internet banking and mobile banking has provided new opportunities for rural commercial banks.The stable development of the financial market in Wuxi provides a convenient condition for the development of Wuxi Rural Commercial Bank,although Internet finance may have a substantial impact on it.Second,Wuxi Rural Commercial Bank has certain resources and capabilities.In terms of ordinary financial resources,the lack of capital of Wuxi Rural Commercial Bank restricts the development of certain specific businesses;while in terms of Internet financial resources,although Wuxi Rural Commercial Bank has certain development,the overall number of users is low,and the actual usage rate of users is also Very low.Wuxi Rural Commercial Bank has different levels of management capability,marketing capability,risk control capability and Internet management capability.Among them,the business of Wuxi Rural Commercial Bank is mainly based on personal business,Sannong small and micro enterprise business,and the overall operation is better.The marketing ability is poor,and the marketing activities mainly rely on the promotion of profit promotion.The risk control system was initially formed,but due to the concentration of business,it faced high systemic risks.Internet management lacks the necessary organizations and teams and does not demonstrate the capabilities it deserves.Thirdly,Wuxi Rural Commercial Bank has certain advantages and disadvantages in the competition.Based on this,the SWOT analysis of Wuxi Rural Commercial Bank was constructed.Finally,according to the overall development goals of Wuxi Rural Commercial Bank,we will determine the “Internet Finance” strategy at the company level,“expanding the scope of business,improving the profit base,using big data to improve marketing capabilities and strengthening the risk management system.At the business level,Wuxi Rural Commercial Bank needs to rebuild a new value system based on the needs of Internet finance,optimize and improve the service level of traditional businesses,and innovate existing financial products and financial services.At the functional level,Wuxi Rural Commercial Bank needs to adjust its organizational structure according to the Internet development strategy,use Internet information technology to comprehensively strengthen risk management,and strengthen the introduction and cultivation of Internet financial talents.