The Impact Of Internet Finance On Commercial Banks And Countermeasures

In recent years,the field of financial technology has been constantly updated and iterated for the rapid development of network technology.At the same time,with the continuous development of the national economy,the spending and saving habits of Chinese residents have changed dramatically.Under this circumstance,the traditional banking industry is facing various unprecedented pressures and challenges,among which the direct impact and threat of the internet finance are the most obvious and immediate impact.Internet finance usually refers to financial service platforms or financial service systems which involve users,products,data processing and other aspects,and is generated by the corporation between the internet enterprises or traditional financial institutions by taking the advantages of the core competencies.It can internetize the financial products utilizing big data concept.Since 2013,internet finance has had a giant effect on traditional financial industry,especially traditional banking industry.A major landmark was the appearance of Yu’ebao which was launched by Alipay and Tianhong Fund.Once launched,it was rapidly favored by the market,and its net asset value reached 1093.6 billion yuan at the end of 2019.After the technology industry giants such as Alibaba and Tencent focused their attention on internet finance,traditional financial institutions including banks,insurance,funds,and securities industry also embarked on the road of technological innovation and enterprise transformation one after another.The era of internet finance officially kicked off,and 2013 is also known as the "first year of internet finance".Both the innovative financial products launched by the internet enterprises and the financial product internetized by the traditional financial institutions can be regarded as internet finance,and they are crossing and integrating more and more.Affected by internet finance,the product designation,organization structure,business management and service mode of traditional commercial banks are undergoing changes and innovations,but they are still greatly impacted and influenced by the internet finance.This article mainly discusses the impact of the development of internet finance on traditional commercial banks,analyzes the influence factors by using CCB Jilin Branch as a reference model,and tries to provide coping ways and strategies.In this article,the first chapter is the introduction,which describes the research background and the significance of the research,and briefly explains the main content of the research,the research method and the latest development in overseas and domestic.The second chapter is the concept and the theoretical basis including the definitions of international finance and commercial bank,enterprise strategic management theory and SWOT analysis model.The third chapter is the introduction of the current development of CCB Jilin Branch.The fourth chapter takes CCB Jilin Branch as an example to analyze the influence of Internet finance on the business of traditional commercial Banks.Chapter five analyzes the development countermeasures of CCB Jilin Branch under the influence of Internet finance.Chapter six briefly describes the conclusions and shortcomings of the thesis.The main conclusions of this article are as follows: First,traditional commercial banks represented by CCB Jilin Branch are in a disadvantaged position under the impact of Internet finance,and they are under tremendous transformation pressure.Second,traditional commercial banks are competing with Internet finance,and must pay attention to the maintenance of existing customers and businesses,and carry out innovative transformations on the original customer base and competitive advantages;Third,the current cooperation between traditional commercial banks and Internet finance has been carried out in multiple ways through multiple levels.Competition is only a process that development must go through,and integrated development should be the final solution.