Competition and Development of Internet Finance to Traditional Commercial Banks

With the rapid development of modern network technology, many new technologies have sprung up in the era of big data, which means that Internet finance has been an indelible trend from its appearance to its gradual maturity. Of course, Internet finance has developed to the present, behind not only the efforts of the people, but also the continuous support and encouragement of the government and the state in policy. As a result, the “financial + Internet” model in the public unremitting exploration and innovation, showing an increasingly vigorous face. However, this has caused some conflict and competition to the development of traditional commercial banks. Based on the concept, characteristics and models of traditional commercial banks and Internet finance, this paper studies the competition and development of Internet finance to traditional commercial banks from the aspects of online payment, customer lending, personal finance and so on. It can be seen from this study that traditional commercial banks can make a better transformation with the help of the Internet, and at the same time, Internet finance can better solve their own risks and further improve the service system with the help of traditional commercial banks. This shows that there is a mutually reinforcing and mutually restricted relationship between the two.