Research On The Development Strategy Of Y Bank’s Credit Card Business

With the development of the economy,the increasing consumption level of residents,credit card products are more and more accepted by the public,ushering in a stage of rapid development.Since the launch of the credit card business in 2009,Bank Y’s credit card business has developed strongly,and by the end of 2020,Bank Y’s credit card balance reached 36.8 million,the overdraft scale was 144.6 billion yuan,and the consumption scale reached 987.2 billion yuan that year.Since the beginning of the establishment of the Bank’s credit card business,the business scale has achieved obvious growth results,the development prospects are eye-catching,and the scale growth rate and income improvement degree are in the forefront compared with the same industry.Although the development speed is relatively fast,the overall business scale of Bank Y’s credit card business is still far from that of other mature banks.At the same time,as more and more competitors enter the market,the competition in the credit card market is becoming more intense.The rapid development of Internet finance has also brought a huge impact on the banking industry,and homogeneous products such as Huabei and white strips have also become strong competitors.In this situation,in order to continue to compete for more market share,Bank Y should formulate a suitable competitive strategy according to its own situation.In terms of external environment,PEST and Five Forces Model were used to dissect and analyze the internal environment of Bank Y from the perspective of resources,capabilities,advantages and disadvantages from the current situation of Bank Y,the competitive strategy applicable to Bank Y was studied by SWOT analysis,and the quantitative analysis was carried out by QSPM matrix,and finally the differentiated competitive strategy of Bank Y’s credit card business was determined.Finally,for the implementation of Bank Y’s differentiation strategy,four starting dimensions of differentiated customer acquisition channels,differentiated product research and development,differentiated customer service and differentiated brand promotion are proposed,and the implementation methods and details are introduced,and in terms of safeguard measures,they are implemented from four aspects:corporate culture,human resources,system guarantee and risk control,and these four aspects are analyzed and implemented respectively to achieve practical operation.