Research On The Development Strategy Of China CITIC Bank Yulin Branch Under The Background Of Mobile Payment

Influenced by mobile payment and Internet finance,the business model of traditional commercial banks has been unprecedentedly impacted,and the long-term dominance of banks in the financial industry has been unprecedentedly challenged.In the operation of commercial banks,the habit of customers handling business at the counter and the profit model of relying on credit to create revenue have been difficult to meet the needs of the new situation.The transfer of people’s preferences and the reform of financial supervision mechanism have led to the more and more obvious impact of mobile payment and online finance on traditional commercial banks,which makes commercial banks have to change their operation mode and development thinking to adapt to market changes,and determining a correct and practical development strategy is very important for the future transformation and development of banks.The purpose of this paper is to try to find a suitable development strategy for Yulin Branch of China CITIC Bank and help the bank regain its competitive advantage.This paper uses PEST analysis method to analyze the current macro environment faced by Yulin Branch of China CITIC Bank,analyzes its internal advantages,disadvantages,external opportunities and threats through SWOT analysis method,and effectively analyzes the competitive environment of commercial banks by using the five forces model.Combined with the current actual situation of Yulin Branch,this paper puts forward the reform strategy that should be carried out under the background of the current carpet popularization of mobile payment,and provides specific implementation planning and development strategy for its business promotion.Based on the SWOT analysis matrix and combined with the overall development trend of domestic commercial banks,this paper puts forward the overall strategic direction of"intelligence,electronization,digitization and differentiation" to improve existing business and accelerate product innovation.In terms of strategy formulation,six strategic measures were defined,including "Accelerate the intelligent transformation of branches,accelerate the laying of mobile payment platform;Accelerate the transformation of electronic service and innovate mobile payment service business;Build a digital financial data platform and rely on social media to enhance customer engagement;Enhance product characteristic innovation,expand the potential market space of small and medium-sized enterprises;Based on mobile payment and mass distribution,layout of county branches and small and micro branches;Promote intelligent transformation with mobile payment and facilitate the growth of diversified businesses in the future".The research results of this paper can point out the direction and strategic objectives for the development of Yulin Branch of China CITIC Bank,make the bank more competitive in dealing with the horizontal competition of Yulin commercial banks,and gradually build it into the best comprehensive financing bank in Yulin.