Abstract
In recent years, thanks for stable economic development in China, the residents have growing demand for financing services because of the rapid growth of their financial assets. At the same time, banks have innovated their financial products and services greatly .In the global financial crisis, financial service markets in China also suffered a great test, which raises the significance of research on financial product innovation in commercial banks of China. This article describes the overview of personal financial products in commercial banks of China; gives analysis of the characteristics of product innovation; points out the problem in product innovation through a comparison with foreign financial products and put forward countermeasures for a reference in domestic financial product innovation and development.
Highlights
In recent years, thanks for stable economic development in China, the residents have growing demand for financing services because of the rapid growth of their financial assets
Chinese commercial banks had launched 2404 kinds of personal financial products in full-year of 2007, the number of which reaching to 3664 in 2008; and it was followed by the total sales amount of 1.5 trillion yuan RMB in 2009
Financial business in commercial bank is divided into financial consultancy services and synthetic financial services according to the different style of management and operation
Summary
China Banking Regulatory Commission defined "Financial Business" as the commercial banks to provide customers with financial analysis, financial planning, investment advisers, assets management and other professional services. Financial business in commercial bank is divided into financial consultancy services and synthetic financial services according to the different style of management and operation. We normally refer Bank Financial Products to synthetic financial services in practice. Bank financial products are capital investment and management plans designed and sold to some specific target customers after further analysis on the potential customers. Designed and issued by commercial banks, the funds collected will be invested into the related financial markets to buy related financial products based on the contract, the yields from which will be allocated to the investors according to the stipulations in the contract. Investment returns and risks are undertaken by customers or client mode in accordance with agreement, which indicates existence of risks in financial product investment
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