The transformation of banks to cope with the impact of Internet finance in the era of big data

Abstract

In the era of big data, the financial industry has gradually entered the state of information, data and network development, and realized the transformation to form a new model of Internet finance, which not only brings new opportunities and challenges to banks, but also has a huge impact on the transformation and development of banks, so in order to promote the transformation and healthy development of banks, we must combine the new trends and requirements of the development of Internet finance to develop new strategies for bank transformation. In this regard, this paper discusses in depth the transformation of banks in the era of big data to cope with the impact of Internet finance based on relevant literature. Since the reform and opening up, China has made great progress in economy and technology, and the level of social economy and science and technology has been improved, so that China has entered the information network and big data era in advance. In the context of the big data era, China's financial industry has gradually transformed into Internet finance with the support of Internet and big data technology. According to the literature, the formation of Internet finance not only brings many opportunities to banks (a representative industry in the financial sector), but also brings many challenges and impacts to banks. In order to cope with the impact of Internet finance, as a relevant staff, not only should we have an in-depth understanding of the considerations for the transformation of Internet finance, but also need to develop a transformation strategy on how banks can cope with the impact of Internet finance according to the development needs of banks and the transformation requirements of Internet finance, so as to promote the healthy and sustainable development of banks.