Improving Internet Banking services at Vietnam Bank for Agriculture and Rural Development (Agribank) Thang Long Branch Tay Son Transaction OfficeProfessional bachelor degree in Finance Banking Insurance (Customer relationships management) WORK PLACEMENT REPORT Company Vietnam Bank for Agriculture and Rural Development Project title Improving I.
Professional bachelor degree in Finance-Banking-Insurance (Customer relationships management) WORK PLACEMENT REPORT Company: Vietnam Bank for Agriculture and Rural Development Project title: Improving Internet Banking services at Vietnam Bank for Agriculture and Rural Development (Agribank) - Thang Long Branch - Tay Son Transaction Office Names of student: Nguyen Thi Thanh Ngan University year: 2019-2022 Tutor at TMU: Ms.Dang Thi Minh Nguyet Tutor at USTV: Marie-Josée Cambreling Tutor at (Company): Ms.Nguyen Thi Thom 1 Hanoi - 2022 2 TABLE OF CONTENTS LIST OF TABLES LIST OF CHARTS LIST OF FIGURE INTRODUCTION Agribank has always been considered as one of the largest banks in Vietnam in terms of total assets, capital, staff system, facilities and operating network of the business, especially the size of customers Vietnam bank for Agriculture and Rural Development is constantly developing and has achieved remarkable achievements in the growth of Vietnam's economy With these achievements, Agribank has maintained its position as the top commercial bank in Vietnam Internet Banking services in Vietnam are currently developing strongly, especially in cities and urban areas The benefits of Internet Banking services for users, banks and the economy are great thanks to its convenience, convenience, speed, accuracy and security This service has contributed to promoting economic and trade activities, services, tourism development, facilitating the expansion of economic and trade relations with the region and the world Its advantage is that it has the ability to attract a wide range of customers at any time of the day with all distances in space and time This helps banks to approach customers better, save transaction costs, Aware of this, Agribank is also trying to gradually improve and develop Internet Banking services With the rapid development of science and technology, many people are still concerned about the security and safety of using this service, especially when there are many security issues that cause information leakage customer Therefore, bank need to take measures to improve and develop services, utilities as well as absolute security, creating peace of mind for customers when using, helping the bank reduce costs, risks, save money and time for both the bank and the customer PART 1: OVERVIEW OF VIETNAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT, AGRIBANK - THANG LONG BRANCH AND THE INTERNSHIP 1.1 Information of Agribank - Name: Vietnam bank for Agriculture and Rural Development - Location: Lang Ha, Thanh Cong Ward, Ba Dinh District, Ha Noi - Slogan: Bring prosperity to customers - Logo: - The letter S is the shape of the country of Vietnam - Website: www.agribank.com.vn - Geographical development: Agribank is the largest bank in Vietnam in terms of capital, assets, staff, network of operations and number of customers By March 2007, Agribank's leading position was still confirmed in many aspects: Total capital reached nearly 26,700 billion VND, own capital was nearly 15,000 billion VND; Total outstanding loans reached nearly 23,900 billion VND, the bad debt ratio according to new standards, in line with international standards is 1.9% In 2007, Agribank had more than 2,200 branches and transaction points nationwide with nearly 30,000 employees In 2020, Agribank is the leading state-owned commercial bank in Vietnam in terms of charter capital, total assets, network size, staff and number of customers with nearly 40,000 employees; 2,300 branches and transaction offices in the whole system - Number of employees: 40.000 - Date of creation: March 26,1988 - Activity: + Range of product: Personal account, Business account, Saving account, Card service, International payments, E-Banking Services + Target: Possessing the largest network in the system with over 2,300 branches, now with the support of technology, Agribank hopes to expand its financial services to people in remote areas With specific programs, Agribank is trying to bring banking services closer to customers, contributing to the success of the agricultural industry, changing farmers' lives, changing the face of agriculture, contributing to the success of the agricultural sector contributing to the impetus for the country's economic growth, creating favorable conditions and supporting people and businesses to access loans and use banking services 1.2 Information of Agribank - Thang Long Branch - Tay Son Transaction Office - Location: 111 Thai Ha, Trung Liet Ward, Dong Da District, Ha Noi - Number of employees: - Date of creation: March 6, 1991 - Phone number: 0984968261 - Activity: + Range of products: Personal account, Business account, Saving account, Card service, International payments, E-Banking Services + Target: Try to complete all the targets set by the branch Help to slap the desires that customers make Improve service quality and attract customers - Transaction office organiazation structure: + Director and deputy director + The head of the accounting team + Treasury accounting department + Credit department Figue 1: Pictures of Agribank, Thang Long Branch, Tay Son Transaction Office 1.3 Introduction of my internship 1.3.1 The reason to choose the topic Today, information technology is developing rapidly, which has brought us a lot of conveniences in all areas, especially in the field of Banking Concepts of e-banking, online transactions, online payments Internet, etc has started to become a development and competitive trend of commercial banks in Vietnam Internet Banking service now occupies an important position in the bank's business activities, it is a solution for fast, modern payment, competitive in cost and service quality Banks can increase revenue, gain customer attention and engagement, and facilitate customer service across the country At the same time, this is also a service that brings strategic competitiveness to banks today, is a particularly important tool that banks need to grasp, improve, and apply creatively to improve efficiency business work The development of Internet Banking service is one of the most effective solutions to increase the bank's competitiveness, diversify products, increase convenience and speed Grasping that trend, Agribank, including Thang Long Branch, Tay Son Transaction Office, are also making constant efforts to catch up with the 10 maturity) at any time Techcombank - Receive and transfer money from abroad via Western Union - Pay customs duties - Transfer money to another bank via card number => In general, Agribank's Internet Banking service does not have too many outstanding points compared to other banks Vietcombank's strength is its association with many different organizations to provide services to customers Techcombank and Vietinbank also offer more products to better suit customers' needs 2.3.3 SWOT analysis Table 4: SWOT analysis Strengths Weaknesses - Brand is considered a strong point that Agribank has compared to other banks in the country Today, brand is considered as one of the important tools in establishing relationships and building trust with domestic and foreign customers using services - Marketing is not really effective, many people still not know and use Internet Banking service of the bank - Service quality is not high due to network quality, transmission speed, technical errors The infrastructure is not synchronized (due to the wide network of - Wide network of branches and branches and transaction offices) so it is diverse distribution channels difficult for the process of improvement and investment in high technology - Access at any time - Products and services and fee schedule are not competitive with other - Agribank has applied advanced banks in the same area, so they have not technologies and new solutions to attracted many customers to use the service payment activities to increase payment - The level of technology, experience, speed, enhance service safety and security, and increase customer and business management skills is limited, and the staff is not uniform experience and satisfaction - Faster transaction with lower costs Opportunities Threats - The covid-19 pandemic is an - Risk of fraud to steal customers' opportunity to increase transactions and personal information before high-tech payments via Internet Banking criminals - The 4.0 technology revolution - The increase of competitors in the makes customers' habits change, future with modern technology, strong including the use of digital banking financial capacity, professional management - People's awareness has gradually skills from abroad poured into Vietnam 25 increased, the demand for quality and use - As technology and technology of banking facilities is greater, so the develop, the costs for e-banking services also opportunity to develop technological increase products is promising - The economy is in the stage of - The financial market develops development and integration, not really quickly, e-commerce becomes inevitable sustainable and easily broken when there are and more popular, creating favorable fluctuations conditions for bank to develop different types of services 2.4 KPI and KPR 2.4.1 Key performance Indicator – KPI - Customer retention rate > 80% - Rate of customers leaving the business < 10% - Rate of customer sympathy > 90% - Customer satisfaction index 9/10 points - Rate of customer complaints < 10% - Problem solving rate from the first call > 80% - Rate of resolved issues/backlogs > 70% 2.4.2 Key performance results – KPR - Customer retention rate = 80% - Rate of customers leaving the business = 9% - Rate of customer sympathy = 91% - Customer satisfaction index 9/10 points - Rate of customer complaints = 10% - Problem solving rate from the first call = 75% - Rate of resolved issues/backlogs = 75% 2.4.3 Host firm assessment and recommendation - For Internet Banking service of Agribank, marketing activities are not really effective, still many people not know and use the service Tay Son Transaction 26 Office, Thang Long branch needs to raise awareness and increase people's understanding through the mass media because most people know and use the service because of their relatives, introduced by friends and advised and persuaded by bank staff - The security of a banking service is an important factor in a customer's decision to use that service Risks and privacy issues are major obstacles for customers when using Internet Banking services In addition to the benefits that the service brings, Agribank needs to offer solutions to protect customers' personal information in the best way to protect the interests of customers Agribank needs to develop and improve its ability to protect customers' information against the current development of high-tech criminals - Currently, the registration form for Internet Banking service is quite complicated, under the guidance of bank staff and must be done at the transaction counter This is quite limited with a part of customers with busy work, not much time to go to the bank to register or learn about the service Agribank should learn, develop, and offer solutions to help customers register for the service online to save time, or call the bank to register for the service - The outstanding development of the internet, mobile technology, etc is now a premise for Internet Banking services to make leaps and bounds However, in reality, the bank's Internet Banking service has not yet brought about all the needs and best experiences for customers, but only provides basic needs such as transfer, checking account balance, etc Agribank should improve, develop, increase other utilities for customers, develop and perfect the available utilities of the service: Improve the quality of the system, transmission lines, It is necessary to continue to develop and perfect the transmission line system and network to be able to develop even in remote and isolated areas with strong networks like big cities In addition, the transaction office needs to train and improve the capacity of employees Training, setting standards, ability to handle situations and ability to persuade, communicate with customers of tellers Encourage customers to give their opinions, feedback, requirements and expectations about service quality 27 PART 3: INTERNSHIP ASSESSMENT 3.1 The difficulties encountered During my internship at Agribank, Thang Long Branch, Tay Son Transaction Office, I encountered some difficulties At first, when I first arrived, I was quite new to the working environment, it took a while to get used to and gradually adapt to the people and work here When I have to work in a serious environment, I feel quite lost, timid and afraid of not communicating with people skillfully Due to the difference in age, work experience and expertise, I find it difficult to mingle with people However, I need the help of a banker to better understand the job and gain more experience In my spare time, I try to communicate, open up, talk to people more so that I can quickly integrate and get used to the working environment The second difficulty is that it is difficult for me to apply what I have learned in university to real work When performing the task of supporting bank staff, I was quite embarrassed because I still lacked skills and experience Sometimes the requests and questions of customers are beyond my ability, I need more time to learn more knowledge, improve my ability to handle situations and work experience I have tried to observe other colleagues communicating with customers to draw experience for myself, and at the same time learn more experience and professional knowledge from colleagues In order to overcome the difficulties, I tried very hard to get used to the pressure and amount of work of a bank employee Listen, learn and carefully record the instructions of those who have gone before as well as try to understand and handle situations more skillfully with customers 3.2 Internship gained - Knowledge gained: During my internship at the transaction office, I have learned a lot of knowledge about the field of finance - banking, especially better understanding of Internet Banking services I have also acquired a lot of knowledge about office computing, and have known and mastered more computer operations 28 - Experience gained: I have built better relationships with colleagues They helped me a lot during my internship I learned to participate, socialize, learn more, and confidently voice my views I also learned to be proactive in any situation - Skills improvement: By interacting with others in the work environment, I have improved my communication skills I have learned to communicate more skillfully with colleagues, and especially customers I have improved my ability to handle situations, know how to talk to customers in the most polite way so that I can make a good first impression when convincing customers to use their services Besides, my office computer skills have also improved clearly I know more computer operations to serve work when needed 3.3 Career plan - Short-term: + Complete and defend the internship report in the best way + Graduated from college with a desired degree + Spend more time with family and friends + Try to learn more languages, especially improve and develop in English, get IELTS 6.0 and computer certificate to develop and improve yourself, improve your chances of applying to many good jobs, big banks in Vietnam - Medium-term: + Find a job that suits me After graduation and graduation, it will be quite crisis and difficult, but I will accept and try many other jobs so that I can improve myself and gain more experience - Long-term: + Do a stable job that is true to my profession and field of study I want to work at a big bank or maybe at a financial company + Financially independent, constantly trying to improve and develop yourself, take care of your family 29 CONCLUSION Currently, socio-economic life and information technology are developing more and more, so in order to stand firm in the market, banks in general and Agribank, Thang Long Branch, Tay Son Transaction Office in particular need to constantly develop, innovate and improve the service quality of the bank After many years of implementing Internet Banking service, Vietnam Bank for Agriculture and Rural Development has made great progress However, in the face of increasingly fierce competition from domestic and foreign banks, Agribank in general and Thang Long branch, Tay Son transaction office in particular need to constantly improve and develop service quality to limit minimize possible risks I hope that through this thesis, the ideas and solutions given can help Agribank, Thang Long branch, Tay Son transaction office overcome the existing limitations and improve service quality for customers 30 APPENDICES Survey form of customers' evaluation of Internet Banking service quality at Agribank, Thang Long Branch, Tay Son Transaction Office Hello, I am currently a final year student at the Faculty of Finance - Banking Insurance of the University of Commerce I hope you will take a moment to help me complete this survey Thank you very much! Part 1: GENERAL INFORMATION Gender : Male Female Age : 18- 25 years old 25- 35 years old 35- 50 years old Over 50 years old Current job : Public servants Student Housewife Officer Retire Have you used Agribank's Internet Banking service ? Yes No 31 From what information source did you know about Agribank's Internet Banking service ? Website Teller At the bank's counter Relatives, friends, colleagues Advertising in mass media What utilities you often use when using Internet Banking services ? Checking account balance Pay the bill Update information on fee schedule, exchange rate, interest rate Transfer Loans 32 Part 2: SERVICE QUALITY RATING (Please tick x before the answer you choose) Totally agree Agree Beautiful, attractive design Provide complete user manual Easy-to-use utility tools Website works fine, no crashes Quick and accurate registration process Transactions are done quickly and accurately Financial information is highly confidential Stay up-to-date with service-related information as well as other services Services that satisfy the needs of customers 10 The personal information is updated completely and accurately 11 Services create trust from customers 33 Norma l Disagre e LIST OF REFERENCES https://www.agribank.com.vn/ https://thuthuat.taimienphi.vn/so-sanh-phi-dang-ky-internet-banking-giua-cacngan-hang-59076n.aspx 34 INTERN ASSESSMENT FORM (To be completed by the Intern Supervisor) Student Intern Name: Date of Internship: The purpose of this form is to provide the intern with feedback about the intern’s work and professional skills and competencies Please be objective and candid in your assessment and discuss this with the intern The assessment ratings ranges from to are as follows (circle the appropriate number): 1= Unsatisfactory Never demonstrates this ability / does not meet expectations 2= Needs Improvement Seldom demonstrates this ability / rarely meets expectations 3= Fair Sometimes demonstrates this ability / meets expectations 4= Good Usually demonstrates this ability / sometimes exceed expectations 5= Excellent Always demonstrates this ability / consistently exceeds expectations 35 Student Intern assessment (Circle the appropriate number) A Ability to Learn Observes and/or pays attention to others Asks pertinent and purposeful questions Seeks out and utilizes appropriate resources Accepts responsibility for mistakes and learns from experiences 5 Open to new experiences; takes appropriate risks B Reading / Writing / Computation Skills Reads, comprehends and follows written materials Communicates ideas and concepts clearly in writing Works with mathematical procedures appropriate for the assigned duties C Listening and Oral Communication Skills Listens to others in an active and attentive manner Comprehends and follows verbal instructions Effectively participates in meetings or group settings Demonstrates effective verbal communication skills D Creative Thinking and Problem Solving Skills Seeks to comprehend and understand the “big picture” Breaks down complex tasks/problems into manageable pieces Brainstorms/develops options and ideas Respects input and ideas from other sources and people 5 Demonstrates an analytical capacity 5 E Professional and Career Development Skills Seeks to understand personal strengths and weaknesses Exhibits self-motivated approach to work 36 Overall Performance Would you supervise this intern again? Yes No Uncertain Yes No Uncertain Yes No Uncertain If no, please explain: ………………………… ………………………… Would your organization host this intern again? If no, please explain: ………………………… ………………………… Would you recommend this student to other organizations? If no, please explain: ………………………… ………………………… Overall performance of this intern Additional Comments (Please list any additional comments here): ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… _ I have _ I have not discussed this assessment with the intern Intern Supervisor Name: Signature: 37 Date of Assessment: ... quality Internet Banking services - Compare banks, of Agribank, Tay Son branches or transaction Transaction Office offices located near - Competitor analysis Agribank, Thang Long Branch, Tay Son Transaction. .. understanding Son transaction office of Agribank, Tay Son - Learn about Agribank transaction office and and Tay Son transaction Internet Banking service office From: 9/3 To: 25/3 - Learn, communicate... money and time for both the bank and the customer PART 1: OVERVIEW OF VIETNAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT, AGRIBANK - THANG LONG BRANCH AND THE INTERNSHIP 1.1 Information of Agribank