The Research On Digital Transformation Strategy Of W Rural Commercial Bank

The Internet,big data,cloud computing,5G and other emerging technologies led by the new generation of information technology are changing with each passing day,bringing new momentum to the technological revolution,industrial transformation,and economic growth.In 2005,the scale of China’s digital economy reached 2.6 trillion yuan,and in 2020,it has grown significantly,reaching 39.2 trillion yuan.In this context,banks are about to enter the "stock era" of long-term low growth,the stickiness of customers will become weaker and weaker,the cost of attracting customers by banks will continue to grow,the risk control ability will become lower and lower,and a series of problems will be more obvious.2020 is the first year of digital currency,and as the use of digital currency becomes more and more widespread,the intermediary role of commercial banks has been impacted to a certain extent.So as to resolve the current problems and better cope with new challenges,commercial banks must further improve their digital operation capabilities,transform in the direction of digitalization,study digital currencies in depth,and establish a new development model.A new round of scientific and technological revolution has emerged,mainly represented by cloud computing,big data,artificial intelligence,and 5G,which will promote the subversive changes in financial services and operation management of commercial banks.Outline of the Fourteenth Five-Year Plan for National Economic and Social Development of the People’s Republic of China clearly states that the level of financial technology should be improved.With the development of the industry,the process of interest rate marketization will be faster,and the same is true for financial disintermediation,which will further intensify the competition in the banking industry.In this thesis,the author firstly analyzes the background of W Rural Commercial Bank’s digital transformation,and clarifies the definitions of related concepts such as digitalization and digital transformation.As a local rural commercial bank,W Rural Commercial Bank is restricted by its own business scope and nature of operation,compared with other larger or joint-stock commercial banks,its business model has more problems.In addition,W Rural Commercial Bank’s own technological strength is not strong enough.In the early stage,it mainly adopts the strategy of learning by doing and imitation.The acquired development is weak,which leads to the lack of top-level design and transformation in the digital transformation of W Rural Commercial Bank.The path is not clear,and the transformation is only at the stage of "concept first".Then,through the analysis of the five forces model and the external environment of the digital transformation of W Rural Commercial Bank,this thesis proposed the problems existing in the digital transformation of W Rural Commercial Bank,including the incomplete top-level design of the digital transformation strategy,the lack of characteristics of digital products,and the phenomenon of data islands.Severe,branch transformation is in its infancy,digital transformation lacks operational support and so on,analyzes the reasons of the question.Finally puts forward its digital transformation from the aspects of building a differentiated digital transformation overall framework,branch transformation,product design,and operation system construction.The optimization suggestions provide valuable reference for W rural commercial banks and banks with similar business models,management,and development scales to designate and implement digital transformation strategies.