Research On The Effect Of Retail Business Transformation Of Industrial Bank Under The Background Of Fintech

As an important part of the national financial system and an important strategic support for the implementation of innovation-driven development,fintech has played a pivotal role in the country’s modern economic construction.In the context of the rapid development of fintech,the transformation of financial institutions is an internal requirement for accelerating the development of digital economy.The integrated application of fintech can effectively improve the overall efficiency of financial services for the real economy.In 2022,China Banking and Insurance Regulatory Commission issued the Guiding Opinions on the Digital Transformation of the banking and insurance Industries,which clearly pointed out that "high-quality development of the banking and insurance industries should be promoted through digital transformation,and a new pattern of digital finance adapted to the modern economy should be created".Small and medium-sized banks should further clarify the transformation objectives and positioning,and better serve the real economy through fintech strategy.Industrial Bank is a strong representative in the transformation of commercial banks’ retail business driven by fintech.First of all,Industrial Bank has a deep fintech gene.It put forward the development strategy of "rejuvenating banking with science and technology" very early.It is the first joint-stock bank to realize the data collection of the whole bank.It was the first bank to set up its financial technology subsidiary,Industrial Digital Fund,which led the industry trend.Secondly,Industrial Bank retail business transformation is more successful.Therefore,this paper takes Industrial Bank with better effect of retail business transformation under the background of fintech as an example.First,it introduces Industrial Bank itself and its retail business development;Then,it gives a case description of Industrial Bank’s retail business transformation under the background of fintech,summarizes the macro environment,micro environment and medium environment of Industrial Bank’s retail business transformation,and expounds the transformation measures implemented by Industrial Bank in the aspects of retail business development strategy,retail product projects,retail customer acquisition channels and retail risk control ability with the help of fintech enabling.Then,it focuses on the analysis of the effect of retail business transformation of Industrial Bank under the background of fintech and performance evaluation;Finally,based on the overall case summary,it gives inspiration to the retail bank transformation cases,and puts forward useful suggestions for Industrial Bank to complete the retail business transformation more smoothly in the future under the background of fintech.The results show that:(1)Against the background of the rapid development of fintech,Industrial Bank actively carries out the transformation of retail business.The process is divided into four parts: fintech leads the strategic goal of transformation,fintech promotes the upgrading of customer channels,fintech promotes retail product innovation,and fintech enhances the risk control and management ability.Highlight the enabling role of fintech for Industrial Bank in these aspects.(2)Industrial Bank retail business transformation under the background of fintech excellent results.First,the customer base of sales business of Industrial Bank has been continuously expanded,the scale of core products of retail business has been expanded,the risk control ability of retail business has been effectively enhanced,and the operating efficiency of retail business has been continuously improved.Second,the performance evaluation of the overall transformation effect of Industrial Bank’s retail business ranks relatively high among joint-stock banks.Through the factor analysis method of SPSS software,the performance evaluation of the retail business transformation effect of nine joint-stock banks is conducted,and it is found that Industrial Bank ranks the third among joint-stock banks after the transformation,indicating that Industrial Bank has a good transformation effect.(3)Under the background of fintech,Industrial Bank’s retail business transformation has some successes but also shortcomings,including insufficient supply of fintech composite talents,homogenization of retail products and underestimating potential risks.(4)Industrial Bank’s successful experience in retail transformation gives inspiration to other commercial banks in retail business transformation.Among them,a clear oriented transformation strategy is the premise of retail business transformation,customer-centered concept is the basis of retail business transformation,and emphasis on fintech power is the key to retail business transformation.