Research On The Competitive Strategy Of Inclusive Financial Business Of ICBC

The report of the 20th National Congress of the Communist Party of China pointed out that building a modern industrial system and sticking to the focus of economic development on supporting the real economy,while data and facts have proved that the development of inclusive finance can significantly improve the efficiency of financial services for the real economy.Finance is the lifeblood of the real economy,and it is the bounden duty of finance to serve the real economy.At present,the development of inclusive finance by financial institutions is not only an external requirement for the implementation of the national policy of supporting the development of the real economy and promoting rural revitalization,but also an internal need for their own transformation and development.In recent years,while inclusive finance is developing at a high speed,the contribution of small and micro businesses to bank profits is gradually increasing,but it has brought problems such as homogeneity of credit products,fierce competition,and excessive financing of small and micro enterprises.In this case,it is increasingly difficult for financial institutions to expand new customers of small and micro enterprises,while at the same time preventing their own customers from being exploited by the same industry.In order to realize the high-quality development of inclusive financial business,the author believes that the research on competition strategy of inclusive financial business of YQ Branch is not only of practical significance,but also of certain reference significance for interbank institutions.Based on the origin and development significance of the existing literature on inclusive finance theory,combined with the development background and current situation of inclusive finance business of ICBC YQ Branch,through PEST analysis and its own internal value chain analysis,we can see that ICBC YQ Branch has good conditions and prospects for the development of inclusive finance business.By comparing the development of inter-bank inclusive finance in YQ region,the main small and micro credit products,and using the SWOT analysis method,it is found that ICBC YQ Branch has the advantages of good brand effect,multiple types of online products,high market recognition of innovative products and low product interest rate in its business development;The business starts slowly,the product threshold is high,the process is complex,the customer service ability is weak,and the quality of the professional line team is poor;At the same time,there are threats of increasingly fierce horizontal competition and gradually exposed risks,as well as development opportunities of policy support and technical support.Based on the above analysis results,it is proposed that YQ Branch can adopt three common competitive strategies,namely,cost leading strategy,differentiation strategy and concentration strategy,and carry out feasibility analysis on the above three strategies in combination with the actual situation,select the competitive strategy that is in line with the current development as differentiation strategy,and propose that it can start with product differentiation,marketing differentiation,service differentiation,etc,So as to improve the recognition and brand influence of YQ Branch in the small and micro enterprise market,as well as its competitive advantage in the industry,and realize the long-term and rapid development of inclusive business.What needs to be put forward is that when making interbank comparison,taking into account the rationality of "comparison",this paper selects China Construction Bank,Agricultural Bank of China and Bank of China branches in YQ region,which are state-owned commercial banks with ICBC,for main comparison.At the same time,in the development of inclusive finance,this paper will compare the main business indicators,marketing strategies,business development models and other aspects in the past three years.