Transformation of Retail Banking with the Internet Finance Disruption

Abstract

The emergence of new technologies, such as the Internet and big data, has brought about significant changes in people's daily consumption and investment habits. This has led to the rise of Internet finance, which has penetrated into all aspects of life, including the retail business of banks. However, the COVID-19 epidemic has dealt a severe blow to the physical industry, including the retail business of banks. This paper examines the impact of the COVID-19 epidemic on the retail business of banks and explores how commercial banks can take advantage of the opportunities presented by the current situation. Specifically, the paper discusses the importance of launching new products that cater to the changing needs and preferences of customers in the digital age. The paper also highlights the need for banks to improve their service efficiency through the use of technology. In addition, this paper provides insights and recommendations for commercial banks on how to transform and develop their retail business in the post-pandemic era. To survive and thrive in the post-pandemic era, commercial banks need to launch new products, improve service efficiency, and leverage the long tail effect to transform and develop their retail business.