Research On The Development Of Digital Transformation Of Payment And Settlement Business Of Z Group Finance Company

The digital economy is becoming the core and core driving force of global development in the future.Under the strategic background and trend of comprehensive digitalization in China,the competitive environment faced by many industries is becoming increasingly complex,and the demand for innovation and transformation is imminent.Among them,the informatization construction of the financial industry started early and has a high degree of maturity,because the financial industry includes non bank financial institutions,such as large group financial companies.Under the influence of Internet finance and the COVID-19 epidemic,digital transformation has become an important strategic deployment to deal with the pressure of the external competitive environment and respond to customer needs.Especially in the context of the tightening of external supervision,the launch of the new Financial Company Management Measures and the transformation of the competition pattern,the profit space of the Group’s financial companies has been further compressed;at the same time,focusing on the requirements of "accelerating digital development and building a digital China" proposed in the "Fourteenth Five-Year Plan",group financial companies should seize the opportunities brought by digital transformation in the face of surging financial changes.At present,Z Group Finance Company has gradually realized the importance of digital transformation,and began its digital transformation step by step in 2018.This paper adopts the case study method,taking Z Group Finance Company as the research object,and adopts the logic main line of "raising,analyzing and solving problems" to study the digital transformation and development of its payment and settlement business.Z Group Finance Company has carried out a series of digital transformation operations in the settlement business,but the effect is not obvious,the labor cost is still high,and there is no clear direction for the next step.To this end,this paper combs the latest research results of domestic and foreign financial companies and banks in digital transformation,analyzes and studies the digital development path of financial institutions,especially payment and settlement business,and provides a feasible development strategy for the digital transformation of payment and settlement business of Z Group Finance Company through horizontal,vertical and internal comparison.First of all,this paper uses PEST model to analyze the political,economic,social,technological and other macro-environment of Z Group Finance Company,and combines the specific situation of its payment and settlement business and the digital status quo,according to the digital maturity evaluation framework of PricewaterhouseCoopers and the I-P-O theoretical framework of digital transformation,The interview survey method is used to deeply explore the management problems and causes in the digital transformation of payment and settlement business of Z Group Finance Company.Secondly,in view of the current situation of digital transformation,the paper puts forward the "three modernizations" goals for the digital transformation and development of payment and settlement business of Z Group Finance Co.,Ltd.,namely,the digitalization of payment scenarios,the platformization of business processes and the ecologicalization of financial services.Research the corresponding strategies around these three goals.Finally,in order to ensure the smooth implementation of the strategy,in view of the management problems and causes in the above analysis,we put forward accurate security measures in five aspects.The most important thing is to improve the company’s strategic plan for the digital transformation of payment and settlement business to lead the overall development.On this basis,we should improve the business organization structure,build a digital business platform,attach importance to talent training and performance guidance,and strengthen external cooperation to explore ways of sharing internal and external data.The purpose of this study is to determine the development direction for the digital transformation of payment and settlement business of Z Group Finance Company,clarify the development goal,grasp the characteristics of payment and settlement business including information flow and capital flow,make it fully integrated with digital technology,break through the bottleneck on the road of transformation,find strategies and safeguard measures suitable for its actual situation,and give play to the differential advantages of settlement products and settlement services,Improve the development potential of Z Group’s payment and settlement business through digital transformation,and strengthen the integration of payment and settlement business with other businesses such as deposit and loan in the process of digital transformation,break business barriers,develop in a coordinated way,rebuild the closed loop of settlement account funds,and consolidate the market position of Z Group Finance Company.The innovation of this paper is to propose the development goals and corresponding strategies of digital transformation for payment and settlement business,and use the I-P-O framework of digital transformation to deeply analyze the iterative process of digital transformation of financial companies,hoping to provide transformation ideas and certain reference significance for the development of other financial companies through the research and analysis results of this paper.