Improving customer service quality management at tien phong commercial joint stock bank TPBank

MASTER IN FINANCIAL MANAGEMENT IMPROVING CUSTOMER SERVICE QUALITY MANAGEMENT AT TIEN PHONG COMMERCIAL JOINT STOCK BANK - TPBANK Graduate student: NGUYEN THI HONG Supervisor: DR NGUYEN THI HONG HANH HANOI, 2021 ABSTRACT Thesis Title:Improving customer service quality management at Tien Phong Commercial Joint Stock Bank - TPBankPages: 81 University：International school - Vietnam national university, Hanoi Graduate School：Master in financial management Degree：Master Graduate Student:Nguyen Thi Hong Your advisor‟s name: Dr.Nguyen Thi Hong Hanh The study is developed with the main objective of enhancing the customer service at TPBank‟s Live Bank The customer service quality is measured through five factors, namely tangibles, reliability, responsiveness, staff quality, and easy to use The author collects the data from 140 Live Bank customers and they provided the assessment related to each aspect of customer service quality as well as their satisfaction and loyalty The author proposed 11 hypotheses and they validate the effects of these five factors on customer satisfaction and customer loyalty as well as the effect of customer satisfaction on customer loyalty The author performs multiple linear regression and it is identified that these five factors significantly explain for 45.6% of variance of customer satisfaction and 55.1% of variance of customer loyalty However, the effect of each factor is different In the causal relationship between customer satisfaction and factors, it is identified that all factors have positive and significant impacts on customer satisfaction However, reliability and easy to use not have significant impact on customer loyalty ACKNOWLEDGEMENT I would like to thank the Board of Directors, the training department of the International Faculty, Hanoi National University for creating all conditions for me in the process of studying and completing this thesis I would like to express my gratitude to the teachers and ladies who have dedicatedly taught MFM2 master class I would like to express my deep gratitude to my teacher, D.r Nguyen Thi Hong Hanh who wholeheartedly helped and guided me during the process of writing this thesis I would like to thank all my friends, colleagues and family who have always supported, encouraged and created the best conditions for me to complete this thesis Thank you! Author TABLE OF CONTENTS ABSTRACT ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF TABLES CHAPTER 1: Introduction 1.1 Background of the study 1.2 Rationales 1.3 Research objectives and research questions 1.4 Scope of the study 1.5 Significance of the study 10 1.6 Structure of the study 11 CHAPTER 2: Literature Review 2.1 Customer service 13 2.2 Service quality 14 2.3 Factors of customer servicequality affecting customer satisfaction and customer loyalty in banking services 15 2.3.1 Tangibles 16 2.3.2 Reliability 17 2.3.3 Responsiveness 18 2.3.4 Staff quality 20 2.3.5 Easy to use 21 2.4 Customer satisfaction and customer loyalty 22 2.5 Research model and research hypotheses 23 CHAPTER 3: Methodology 3.1 Research approach 25 3.2 Research method 26 3.3 Data collection 27 3.3.1 Primary data 27 3.3.2 Secondary data 30 3.4 Sampling procedure 31 3.5 Data analysis techniques 31 CHAPTER 4: Research Results 4.1 Overview of TPBank 34 4.2 Descritive analysis 38 4.2.1 Tangibles of Live Bank of TPBank 38 4.2.2 Reliability factor of Live Bank of TPBank 39 4.2.3 Responsiveness of Live Bank of TPBank 41 4.2.4 Staff quality of Live Bank of TPBank 42 4.2.5 Easy to use of Live Bank of TPBank 44 4.3 The evaluation of customer satisfaction and customer loyalty of Live Bank of TPBank 46 4.4 The reliability test analysis 49 4.5 The validity test analysis 52 4.6 Correlation analysis 54 4.7 Multiple linear regression analysis 55 CHAPTER 5: Conclusion and Recommendation 5.1 Conclusion 61 5.2 Recommendation 64 5.3 Limitations of the study 66 REFERENCES 67 APPENDIX 1: Survey of Questionnaire 79 LIST OF TABLES Table 3.1: Items used in the questionnaire 28 Table 4.2: TPBank‟s Business Performance 34 Table 4.3: Evaluation of tangibles of Live Bank of TPBank 38 Table 4.4: Evaluation of reliability of Live Bank of TPBank 39 Table 4.5: Evaluation of responsiveness of Live Bank of TPBank 41 Table 4.6: Evaluation of staff quality of Live Bank of TPBank 42 Table 4.7: Evaluation of easy to use of Live Bank of TPBank 44 Table 4.8: Evaluation of customer satisfaction of Live Bank of TPBank 46 Table 4.9: Evaluation of customer loyalty of Live Bank of TPBank 47 Table 4.10: Reliability test of tangibles factor 49 Table 4.11: Reliability test of reliability factor 49 Table 4.12: Reliability test of responsiveness factor 50 Table 4.13: Reliability test of staff quality factor 50 Table 4.14: Reliability test of easy-to-use factor 51 Table 4.15: Reliability test of customer satisfaction factor 51 Table 4.16: Reliability test of customer loyalty factor 51 Table 4.17: EFA result for customer satisfaction 52 Table 4.18: EFA result for customer loyalty 52 Table 4.19: EFA result for tangibles, reliability, responsiveness, empathy, easy to use 53 Table 4.20: Pearson‟s correlation analysis 54 Table 4.21: Multiple linear regression analysis (Model 1) 55 Table 4.22: Multiple linear regression analysis (model 1, model 2, model3) 58 Table 4.23: Multiple linear regression analysis (Model 3) 60 Table 5.1: Result of Hypothesis Test 61 Chapter Introduction 1.1 Background of the study Customers are considered as the key successful factor in every business, including banks and it is even more critical in case of the banks face poor customer database management, lack of sufficient infrastructure and technologies to improve customer experience (Amoako, 2012) By providing high-performance in customer service, the banks are able to achieve and to enhance customer satisfaction since the customer expectation is well-fulfilled (Sakwa & Oloko, 2014) Customer service is important context in banking and finance industry Modern and large banks today have millions of customers and they have to interact with different customers‟ requests and queries every day Understanding the importance of customer service, many banks in Vietnam have initiated their customer service process such as the establishment of call center with hotline services so that the customers are able to call and to meet the banks‟ staffs for a particular problem Behind of that, the banks in Vietnam also creates communication portals such as through email, social networking services (e.g Facebook) in order to create a quick connection with their customers Few banks such as Viet A Bank has adopted new technology to create a chatbot based on artificial intelligence and machine learning to provide the interest rate, exchange rate, product features, and banking service fees to the customers 1.2 Rationales Customer service quality is important context in service area Given to the fact that, the commercial banks are providing services to the clients such as deposit services, lending services, payment services, customer service quality must be taken into account The study is about customer service quality at TPBank Live Bank Live Bank is a service initiated by TPBank since 2016 and now the bank successfully opens 150 transaction points nation-wide, with million customers Live Bank services which are offered by TPBank are innovative banking services in Vietnam It is described like a small bank‟s branch but without the employees Instead of that, the bank relies on the new technologies to further improve customer experience and customer self-services Moreover, the customers who transact through TPBank‟s Live Bank are not able to complete banking transaction in 24 hours and it is not limited by normal working times A competitive advantage of TPBank‟s Live Bank is that it allows the customers to open new ATM card, current accounts immediately through the computer screen The customers are able to receive new physical ATM card after inputting all required information Currently, TPBank‟s Live Bank has million customers and it is continuously increasing in coming years Beside of that, the customers need to conduct the services by themselves In this context, customer service is important The bank needs to provide adequate customer service performance to assist the customers and therefore leveraging positive customer experience After more than years of doing business, TPBank does not develop any assessment of customer service performance and quality for Live Bank Behind of that, Vietnamese banking system consists of 31 commercial banks and the competition is happened not only in the area of competitive interest rate but also those who are able to deliver excellent customer service quality to the customers The banks with low customer service quality receives adverse impacts such as lowered customer satisfaction and loosing current customer base Customer service is considered as important component in any business model and it gains increasing attention from the banks TPBank has been positioning its business and services based on the understanding of the customers‟ needs as well as building a strong portfolio that meets various demands from the customers In this context, the bank understands the importance of collecting information related to the customer satisfaction on the bank‟s services in general and in Live Bank services as particular, contributing to the enhancement of the banks‟ overall service performance and service quality to the customers It is denoted that the nature of the customer service is about the customers‟ feeling and perception of the service performance Different customers may have different feeling and perception and therefore they have different assessment of customer service Customer service is the way that the organizations to meet the customers‟ needs and demands and the higher the customer satisfaction, the better the customer service In this context, the customer assessment of customer service is subjective matter and different services may have different customers‟ expectation of the service performance 1.3 Research objectives and research questions Main objective of the study is to enhance customer service at TPBank‟s Live Bank This research objective is fulfilled by following research questions:  What are the factors of customer service quality affecting the customer satisfaction and customer loyalty with TPBank‟s Live Bank services?  Which factor of customer service quality has highest effect on customer satisfaction and customer loyalty with TPBank‟s Live Bank services? To answer the main objective and the research questions, the study follows the R.A.T.E.R model with five components, namely reliable, assurance, tangible, enthusiastic, and responsive 1.4 Scope of the study The study is developed within predefined timeframe It requires months to fulfill the main part of the study, including the literature review, data collection, and data analysis This time also covers the process of receiving comments from the tutor and correcting the written statements The location of the study is in TPBank Live Bank located in Hanoi City 1.5 Significance of the study By conducting this study, the responsible persons in TPBank understand current performance of customer service designed for Live Bank services Behind of that, they get update with the performance of factors represented for total service quality, including tangibles, reliability, responsiveness, assurance, and empathy The combination of these factors results the overall performance of customer service quality Other researchers can utilise the research results to make relevant discussions of their owned findings Along with the development of the society, there are more and more enterprises to be established To survive and to develop, the enterprises today need to identify the proper way to retain their customers It is denoted that the customers select and purchase a product and service from a company based on their own rationales and their choice is influenced by other competitors who have similar products and services Under this circumstance, the enterprises are hard to control the customers mindset but they attempt to retain their customers throughout better customer service quality or how the customers‟ requests are handled Thus, the enterprises must ensure that their customers must be treated superiorly and their services must be a touchpoint to generate the customers‟ satisfaction and happiness In fact, the marketing theory points out the importance of four traditional marking mix factors, including product, price, place, promotion However, the information transparency and the development of the Internet makes the enterprises to access required information, leading to the fact that the marketing programmes are very similar Therefore, the enterprises who want to compete better with other competitors need to leverage the strength from their human resources that address the importance of people With high customer service brought by the enterprises‟ employees, it can bring uniqueness to them and create a competitive advantage against other competitors in the market In the case study of TPBank, this context is so-called 10 REFERENCES Adjei, N D (2016) Effects of service quality delivery on customer satisfaction in the banking sector: A study in the cape coast metropolis Thesis University of Cape Coast Afthanorhan, A., Awang, Z., Rashid, N., Foziah, H., & Ghazali, P L (2019) Assessing the effects of service quality on customer satisfaction Management Science 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https://www.sciencedirect.com/science/article/abs/pii/S0969698920314314?dgc id=rss_sd_all Accessed on 8th March 2021 78 Appendix I: Survey of Questionnaire Dear Sir/Madam, I am a student of a university in Vietnam My thesis topic is about the enhancement of customer service at TPBank‟s Live Bank It requires me to develop a survey with relevant questionnaire to capture your evaluation since you are a customer of the bank‟s services I assure that all your information is only used for studying purposes and not used for commercial purposes If you have further questionnaire, please contact me via: Gender  Male  Female  Others Age  Less than 30 years old  31-35 years old  36-40 years old  41-45 years old  46-50 years old  Over 50 years old Education  Post-graduate  Graduate  Below (high school, technical college) Frequency of using TPBank‟s Live Bank services  One time per month  Several time per month  One time per week  Two times per week 79  More than two times per week Length of the service relationship  Just new customer  months  6-12 months  12-18 months  Over 18 months The most exciting products provided by TPBank‟s Live Bank services  Open saving account  Open current account  Receiving ATM cards  Cash machine Please provide your evaluation based on following items and scales: – Strongly Disagree, – Disagree, – Neither agree nor disagree, – Agree, – Strongly Agree Factors Tangibles Reliability Responsiveness Items The assets used in TPBank‟s Live Bank are visually appealing TPBank‟s Live Bank services are delivered with up-to-date technological equipment The statement issued by TPBank‟s Live Bank is visually clear TPBank‟s Live Bank services are wellrecovered from the errors I satisfied with the problem handling in TPBank‟s Live Bank TPBank‟s Live Bank operates well in 24 hours per day TPBank‟s Live Bank has response servicing time TPBank‟s Live Bank has short turnaround time The time to resolve my problem in TPBank‟s Live Bank is quickly 80 Staff quality Easy to use Customer satisfaction Customer loyalty TPBank‟s employees provides Live Bank services to me best interest at heart The employees provide promptly notice in case of operational errors The employees help me to get out of problem quickly It is easy to learn how to use TPBank‟s Live Bank services I not need to put a lot of metal effort when interacting with TPBank‟s Live Bank screen The instruction in TPBank‟s Live Bank screen is clear and understandable TPBank‟s Live Bank was satisfying me TPBank‟s Live Bank services are good as I expected I felt comfort when using TPBank‟s Live Bank services I am likely to continue to use TPBank‟s Live Bank in the future I will recommend TPBank‟s Live Bank to my peers TPBank‟s Live Bank is the best interest in mind 81 ... Title :Improving customer service quality management at Tien Phong Commercial Joint Stock Bank - TPBankPages: 81 University：International school - Vietnam national university, Hanoi Graduate School：Master... Live Bank of TPBank 41 Table 4.6: Evaluation of staff quality of Live Bank of TPBank 42 Table 4.7: Evaluation of easy to use of Live Bank of TPBank 44 Table 4.8: Evaluation of customer satisfaction... service quality at TPBank Live Bank Live Bank is a service initiated by TPBank since 2016 and now the bank successfully opens 150 transaction points nation-wide, with million customers Live Bank services