Research On The Marketing Strategy Of ICBC NX Branch Private Banking Business

Private banking is an institution that provides comprehensive financial services and comprehensive non-financial services for high net worth clients,mainly for clients with financial assets of more than 6 million yuan.The establishment of commercial banks is mainly in our country.With the continuous development of China’s economy and society and the continuous improvement of people’s living standards,private banking has become an important pillar of the transformation and development of commercial banks,especially state-owned commercial banks,and its role in the future corporate profits will be more significant.In today’s highly competitive senior wealth management field,only financial institutions with customers can win more opportunities for future development and market discourse power.The competitive landscape of the senior wealth management business will change significantly due to the changing age structure of private banking customers and changing financial needs,especially the liberalization of online fintech and domestic banking.In order for state-owned commercial banks to become the first choice of local high net worth customers,and to continue to expand customer groups and resources under the current complex international economic situation,they must seriously think and reform to meet the needs of customers.Therefore,it is of great value to study and analyze the current marketing strategy of private banking.Based on the development of private banking business in succession,this paper adopts various theoretical tools to investigate the private bank of NX branch of Chinese industrial and commercial bank.The purpose is to analyze the environment,competitive intensity,advantages,limitations,possible opportunities and possible threats faced by the private banking business of ICBC NX Branch,and to clarify the marketing environment of ICBC NX branch.First of all,using the PETSEL model and the five forces model,this paper analyzes the external environment of the development of the private banking business of ICBC NX Branch,and expounds the current market situation and competitive pressure.Secondly,it analyzes the internal environment,including the organizational structure,group strategy,the current situation of enterprise resources and the effectiveness of digital transformation,reveals the internal situation,and makes the basic demonstration of optimization.Again,SWOT analysis is used to determine the strategic orientation of development.Finally,through the analysis of the current marketing strategy,supplemented by the conclusion of the customer satisfaction questionnaire,elaborated the existing problems in the current marketing strategy.It includes the inflexibility of operation and management mode to cope with market changes,imperfect construction of professional team,poor linkage between branches and departments,insufficient innovation of product system,single channels for obtaining customers through marketing,and imperfect non-financial service system.This paper aims to deeply explore the development status of ICBC NX Branch’s private banking services,and how to exploit its advantages in customer scale,fintech and other aspects to further tap its potential in private banking services,so as to enhance customer service level and value creation ability.Therefore,based on relevant theoretical discussion,this paper makes a systematic analysis of the private banking business of ICBC NX Branch and draws the following conclusions:Firstly,due to the development of economy and society,the total number of rich people in various countries is increasing year by year,and the banking work in China is in a transition stage.Therefore,we should take the initiative to develop private banking services;Secondly,ICBC NX Branch also faces some practical social problems in the process of private banking services,such as the lack of high-level complex personnel and specialized teams,the defects of marketing system,no corresponding regulations and so on.Finally,in order to best meet the needs of customers,we should strengthen the regulation of private banking services to ensure compliance and sustainability;Although the development of China’s private banking business started late,we should draw on the international advanced successful experience,formulate a more scientific and reasonable development strategy according to our own actual national conditions,policies and geographical characteristics,lay emphasis on the digital transformation of private banks,and realize development by using digital technology,so as to solve the problems encountered in the development of domestic private banks.This paper puts forward some useful suggestions for the vigorous development of private banking business of domestic commercial banks,and also puts forward the solution strategy and safeguard measures.