Case Analysis Of China Merchants Bank’s Intermediate Business Transformation Under The Background Of Financial Technology

With the continuous advancement of financial technology in China,the application of various innovative technologies has injected new vitality into the development of the financial industry,and the industry pattern dominated by traditional commercial banks and financial services has gradually been broken.Financial technology continues to be applied to industry development,and business expansion continues to enrich.Due to its low operating and customer acquisition costs,as well as intelligent and efficient characteristics,it quickly accumulates a wide range of customers through the long tail effect,which has had an impact on the development of intermediate business in commercial banks.In addition,the traditional growth model of commercial banks,which mainly focuses on credit asset expansion,continues to face pressure,and due to the impact of fee reduction and profit sharing policies,industry competition is constantly intensifying.It is imperative for commercial banks to transform and develop their intermediary business.In the current critical period when the real economy is recovering its vitality,the increase in intermediary business income can help commercial banks reduce business costs and risks,bringing a relatively stable and safe income flow.After defining and clarifying the concepts and meanings of financial technology and commercial bank intermediary business,this article briefly describes the development process and research status of both.Then,19 major domestic commercial banks were selected as samples to conduct a comparative analysis of state-owned commercial banks,joint-stock banks,and urban commercial banks.After sorting out the intermediate business income and business breakdown income of various types of banks through data such as the annual reports of commercial banks,the horizontal and vertical comparative analysis found that the intermediate business of Chinese commercial banks presented problems such as unreasonable income structure and low proportion,insufficient customer stickiness,and the urgent need for development of financial technology innovation capabilities,and explored the necessity of improving the quality and efficiency of asset light business and promoting the transformation and development of intermediate business.At the same time,select the case of China Merchants Bank’s intermediary business transformation and development for specific analysis,respectively compare China Merchants Bank’s intermediary business development in the past decade and other comparable commercial banks’ intermediary business,explore its main work line of creating a large wealth management value cycle chain,promote the business quality and transformation effect of the entire bank’s digital transformation and development and 3.0business model upgrade,and summarize its transformation and development experience.Based on the successful experience of China Merchants Bank’s intermediary business transformation in the context of financial technology and the problems encountered during the transformation process,this paper proposes countermeasures and suggestions for the development and transformation of intermediary business in commercial banks: firstly,continuously strengthen financial technology innovation,and promote the "asset light" transformation of intermediary business;The second is to strengthen the application of financial technology and enable the "intelligent" upgrading of intermediary business;Third,consolidate the foundation of business content and promote the "refined" development of intermediary business.Accelerate technology applications from a comprehensive business perspective,assist in user acquisition and business growth,and improve customer stickiness and service satisfaction.At the same time,we will ensure the steady development of traditional businesses,improve the development scale of emerging businesses,accelerate the development of key products such as wealth management,consumption scenarios,custody,and settlement,promote the transformation of commercial banks’ intermediary businesses,make the financial services more quality and efficiency,and enhance the high-quality development of the domestic economy.