Volume 11, Number 2, December 2016
| An Innovation Diffusion Perspective to Establish a Business Strategy Model for Wealth Management Banking Based on the MCDM Model Combining DEMATEL and ANP |
Abstract
Nowadays, financial liberalization has eliminated the clear differentiation between the various types of financial institutions, thus, traditional banking has no choice but to sell many other financial products, and shift to the wealth management business model in order to provide customized financial planning for different customers. In Taiwan, the number of banks has increased greatly since private funds were allowed to invest the banking system, which has aggravated competition among banks, causing the financial institutions to provide more financial products to satisfy the needs of customers. Thus, the banks have paid more and more attention to the relevant wealth management business. Wealth management banking is an institution that provides financial service in response to the development of the financial market. It features independence, comprehensiveness, customization, and continuity, and has become a powerful competitor of banking, insurance, and securities industries in the financial market. However, how operators create win-win situations between enterprises and customers is an important factor to ensure the sustainable development of the financial management market in the future. Domestic and overseas wealth management banks offer a range of financial products for customers to select. In the past, scholars explored the businesses of wealth management of banks and consumers' preference for wealth management banks, but seldom discussed the critical success factors and strategies for wealth management banks. Thus, this study interviews experts from wealth management banking in order to understand acceptance of customers and the market, constructs success factors and a business strategy model for wealth management banking, and combines EMATEL with the ANP method to analyze the results.
Keywords: Wealth Management Banks, Innovation Diffusion, Key Success Factor, Business Strategy
JEL Classification: O33, F65