A Study of the Strategic Transformation of State-owned Commercial Banks in the Internet Finance Age

With the continuous infiltration and development of a series of new generation of internet-based information technologies such as mobile Internet, cloud computing, the Internet of things, and big data in various social areas, the model of "Internet plus fmance" has gradually exerted a great impact on traditional business of state-owned commercial banks, further accelerated the process of market-oriented financial industry, and promoted changes in the resource allocation of the whole financial system. Therefore, to gain a firm foothold in the increasingly fierce competition in the market, it is necessary for the state-owned commercial banks to transform their strategies. This paper starts with a detailed introduction of the main business model of the "Internet plus finance", which points out its specific impact on state-owned commercial banks in terms of the three basic operations including assets business, liabilities business, and payment business. And then this article carries out the SWOT factor analysis and the SWOT matrix analysis of the strategic transformation of state-owned commercial banks. Finally, this paper provides some suggestions for the strategic transformation of state-owned commercial banks to continually meet customers' growing demands for banking services, so as to ensure their dominant position in financial industry.