The formation and development of CRM system at BIDV bank in vietnam

Himalayan Economics and Business Management Open Access Research Article The Formation and Development of CRM System at BIDV Bank in Vietnam Nguyen Minh Ngoc1, Nguyen Hoang Tien2 and Dinh Ba Hung Anh2 Van Hien University, Vietnam Ho Chi Minh City University of Finance and Marketing, Vietnam Abstract: This study aims to introduce the formation and development of CRM system at *Corresponding Author Nguyen Minh Ngoc Article History Received: 11.04.2021 Accepted: 22.04.2021 Published: 10.05.2021 Citations: Nguyen Hoang Tien, Dinh Ba Hung Anh, & Nguyen Minh Ngoc (2021); The Formation and Development of CRM System at BIDV Bank in Vietnam Hmlyan Jr Eco Bus Mgn; 2(4) xx-xx BIDV This is a new topic and there is not a single article that covers it or is available The research has selected a number of articles related to the CRM system to collect data, then analyze and predict the situation and give specific factors for the research paper The research results show that promoting and exploiting the strengths and overcoming the weaknesses of the CRM system at BIDV bank In particular, the factors of developing the CRM system are extremely important to face future business challenges at BIDV Not only mentioning CRM at BIDV, the research also highlights the strengths and weaknesses of CRM at BIDV compared to other Big4 banks From the assessment of strengths and weaknesses, the study has also provided a number of solutions and recommendations that can help BIDV bank to consult and provide orientations and policies for the development bank not only present but also in the future Keywords: CRM, BIDV, Big4, CRM system at BIDV I I NTRODUCTION Overview of the research problem BIDV in recent years has had many successes, but to satisfy the needs of customers, it is necessary to have reasonable methods in customer relationship management (CRM) CRM helps businesses manage customers, listen to customers' opinions, easily manage and compare the business situation and development of the business in the past, present and predict the future CRM also helps businesses promote products and brands quickly, easily and cost-effectively CRM provides managers with many powerful statistic support tools Enterprises can easily detect potential difficulties and risks to promptly offer appropriate solutions CRM also helps businesses assess the business situation and work efficiency of each employee Urgency of the research problem With trade liberalization taking place all over the world, businesses realize that customer satisfaction is a decisive strategic weapon that gives businesses increased market share and profits Understanding the importance of customer satisfaction, successful businesses in the global economy realize that understanding customers and always satisfying customers has been and still is a key issue in their operations action of businesses One of the systems that is widely applied to manage customers is the CRM system Banking is one of the most exciting and fiercely competitive sectors in Vietnam today, not only from domestic banks but also from competitors who are commercial banks foreign products with capital potential, experience and especially in applying science and technology in their business activities Therefore, commercial banks are increasingly interested in CRM system Therefore, in order to build relationships and turn those customers into loyal customers, loyal customers are one of the top priorities for banks in general and BIDV in particular Objectives of the study The objective of this research is to understand how to operate and manage the system administrator CRM customer at BIDV Methods of collecting and processing customer information at BIDV before and after applying the CRM system Understand the situation of business activities of the bank BIDV during the last years from that orientation to the future, and understand the issues of the role, function, the steps apply CRM in sales now say in general and at BIDV in particular Find out the actual operation of the CRM system that BIDV is applying, then give general assessments of the problems that BIDV has achieved as well as the shortcomings, measures to improve the management process customer service CRM and improve the quality of customer care services of BIDV 24 Nguyen Hoang Tien, et al., Jr Eco Bus Mgn; Vol-2, Iss- (July-Aug, 2021): 24-31 T F 2.2 The role of the CRM system in the business strategy of banks From a technology perspective, CRM in banks with supporting software is now divided into basic parts: Marketing, sales and service For the Marketing department, CRM is a lead management tool (Lead Management), a tool to help analyze customer profits, a tool to manage marketing campaigns, an email marketing tool, and to automate marketing campaigns other For the sales department: CRM is a tool to help automate sales force (Sale Force Automation), help answer customers (Call Center) and is a supply chain management tool For customer support services: CRM is a support service administration tool, a hotline tool and an on-site service management tool II HEORETICAL RAMEWORK 2.1 Overview of the CRM system CRM stands for Customer Relationship Management It is the strategy of companies in developing close relationships with customers through research, thoroughly understanding the needs and habits of customers, approaching and communicating with customers systematically and effectively, manage customer information such as account information, needs, contact in order to better serve customers Through the customer relationship system, the customer information will be updated and stored in the database management system Thanks to a special data detection tool, businesses can analyze and form a list of potential and long-term customers to devise reasonable customer care strategies In addition, businesses can also handle customer problems quickly and effectively Establishing good relationships with customers is especially important to the success of every company A CRM system is simply the application of software to keep track of customer data However, a more complex system requires a combination of factors: information, people, policies and the company's efforts to attract and retain customers It is possible to imagine the operating mechanisms of CRM systems in banks as follows: CRM will help customers of commercial banks to exchange information easily by various types of interaction form The information that the bank brings will be focused on the database system created by the CRM Some banks have initially implemented customer data warehouse support programs, focusing mainly on developing information about corporate customers In addition, these facilities will be analyzed, evaluated and gathered at the operation and processing center to, with the support of the marketing department, help identify and classify the importance of customers goods are faster, more accurate With the maximum exploitation and continuous updating of customer information, the application of CRM in banks is now one of the powerful tools to support sales staff in finding, updating and unifying data CRM originated from the idea of helping businesses use resources (human and technology) to thoroughly understand customer attitudes and habits, and evaluate the value of individual customer segments With the help of an effective CRM program, businesses can: Provide customers with better services; Improve the efficiency of the customer support center; Help sales staff to fulfill orders in the fastest way; Simplify the marketing and sales process; Discover new customers; Increase revenue from customers Not only that, customer relations staff can completely search and exploit relevant information, historical information between businesses that has been stored by the system For managers, customer information updates such as meeting schedules, weekly plans, etc will support the work control of junior credit officers From there, the person in charge of directly will know what his employees are doing, where and how effective each job is CRM provides a comprehensive view of each customer, through which it is possible to classify customers into groups with different criteria, and define separate policies for each of those customer groups With CRM, you can know when a customer has purchased from you, how much money has spent buying your goods, whether they are satisfied with your products and services, whether they want CRM will establish communication channels with customers such as email, phone calls, reminders of customer anniversaries as well as provide tools for you to control the execution of the department sales department, from which your customers will always receive the best care, the best satisfaction Automate business processes: CRM is not only about recording information about customers, but also acting as your online business office Thus, the implementation of CRM in banks is very necessary in the current context This is considered one of the effective tools for commercial banks to improve their competitiveness in the context of integration and globalisation 2.3 Features of CRM in banks On the basis of awareness of the business environment, plan and control resources and activities and make the bank adapt to the business environment, satisfy customer needs and bring profits to the bank CRM in banks has distinct characteristics: 25 Nguyen Hoang Tien, et al., Jr Eco Bus Mgn; Vol-2, Iss- (July-Aug, 2021): 24-31      R CRM of the service industry: the process of producing and consuming banking services takes place simultaneously with factors: capital, equipment and customers Service quality is both a goal and an operational result of a banking CRM, which is the sum total of benefits and conveniences that banks bring to customers Business object of a commercial bank is the main asset, the dic h financial services currency Money is both a raw material for both input and output factors and is subject to many impacts from objective factors such as economy, politics, society, etc Therefore, it is necessary to determine and forecast the influence of each currency factor Banking business takes place in a very diverse and complex relationship Therefore, banking marketing activities are also very diverse and complex, especially dealing with the relationship between banks and customers A customer can be both a supplier of the starting material (savings deposit…) and a consumer of that material (borrowing money) A commercial bank is a business entity in the financial market Bank commercial activities are mainly borrowing to lend to the banking business at risk CRM activities must have measures to control the situation to limit risks Commercial banks operate in a separate financial market from other economic sectors Banking activities are subject to regulations on management of special commodities that are money Commercial banks are subject to strict state management Therefore, CRM in the bank must pay attention to legal factors to ensure effective business operations M ETHODS III ESEARCH 3.1 Sources and methods of data collection The data sources are taken from reports, records, and internal data related to BIDV's business activities such as annual financial statements, annual reports, customer data information and other information other relevant reports External data such as documents, research results, information from research information, departments, newspapers, magazines and sources from the Internet Data collection plays an important role in the process of researching To collect primary data, assess the results of the management activities of the bank, the subject used the survey method primary information Through the use of questionnaires, surveys are supported to evaluate the performance of BIDV's branches 3.2 Research Methods The research uses different methods, in which mainly approaches to analyze and systematize the phenomena of objects such as statistical tools, extrapolation analysis, qualitative comparison methods, quantitative and inductive methods, factor analysis methods through the use of programs and software With the results obtained from the survey, the customer survey conducts analysis, descriptive statistics by tabulation technique, compares the obtained data, arranges according to the collected data, draws the purpose and Research significance has collected and drawn conclusions for research problems and methods as a basis for solutions 3 Research Process Step Scope Identify research issues on the formation and development of CRM at BIDV Research related theories and evaluation models Set up a research model Building scales and questionnaires for researches Investigate research data collection Research data analysis Presenting research results Conclusions and recommendations BIDV is a special class state-owned enterprise , organized in the form of a State Corporation BIDV cooperates with more than 800 banks around the world BIDV has a branch system in most of the provinces and cities, in which the transaction network is quite thick in developed areas such as Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Phu Quoc, Nha Trang and Can Tho IV RESEARCH RESULTS AND DISCUSSIONS 4.1 History and characteristics of CRM system at BIDV Bank for Investment and Development of Vietnam was established on April 26, 1975 with the name of Vietnam Construction Bank, under the Ministry of Finance In 1981, changed its name to Vietnam Construction Investment Bank, under the State Bank of Vietnam In 1990, changed its name to Bank for Investment and Development of Vietnam (BIDV) Icon logo BIDV launched at JVB icon in talks date 09/25/1991 and also solemn memorial ceremony on established years 26/04/1992, logo of BIDV is 26 Nguyen Hoang Tien, et al., Jr Eco Bus Mgn; Vol-2, Iss- (July-Aug, 2021): 24-31  made up of two main parts: the text of the BIDV brand name and the symbol part The text of the BIDV logo is designed using bold, vertical fonts to create a sense of certainty, strength and robustness, symbolizing the strength and sustainability of the brand Not a setting is room working at marketing professi onal, has not responded to was the need to compete today 4.3 Promoting and exploiting the strengths of the CRM system at BIDV BIDV must regularly have seminars to meet and discuss with individual and institutional customers about the bank's policies and incentives for customers, through which BIDV also helps customers solve problems on difficult issues, ready to listen to suggestions at the seminar to continuously improve the quality of customer service BIDV logo uses three color tones: blue, red and white In which blue is a symbol for the future, hope and development Red is the color of the national flag, of strength, enthusiasm, passion The meaningful symbol combined with the brand name text certainly brings a strong and healthy appearance to the BIDV logo and at the same time creates sustainable values and strength for the brand Customer care department via phone (contact center) has always been considered the "face" of BIDV The bank has a well-trained staff in customer service over the phone Customers can contact the bank by phone permanent corporations or contact BIDV branches locally to get the best care nh  t The customer care department will help the bank operate more efficiently, professionally and economically BIDV builds its own contact center offices, a team of telemarketers and managers for corporate customers Therefore, Customer care over the phone is not simply answering phone calls, but it is a standard and professional service culture that greatly contributes to BIDV's brand During its operation, BIDV has many times welcomed Party and State leaders to visit and work (such as General Secretary, President of the National Assembly, President, Prime Minister, Deputy Prime Ministers, Russian President, ) The bank was ranked 13th (3rd among banks after Vietcombank and Techcombank ) in the list of best places to work in Vietnam in 2018 In November 2018, Mr Phan Duc Tu took over the position of Chairman Board of Directors The bank is associated with the life and career of Mr Tran Bac Ha (who was arrested by the Vietnamese government at the end of 2018) with corruption scandals, abuse of position and power while in office to profit benefit himself, his relatives and family in Binh Dinh as well as in some other places Some relatives and close people of Mr Tran Bac Ha are holding many key positions in the bank Advising customers on the selection and use of products and services of the bank, and at the same time disseminating, guiding and answering questions for customers about the process of using the bank's products and services with high professionalism Contact with customers, find out needs and receive loan documents to collect information, analyze customers, loans, make appraisal reports 4.2 Strengths and weaknesses of CRM system at BIDV compared to other Big4 banks  Strengths:  Being a state-owned bank with a long history of operation with solid financial potential always creates peace of mind for customers  Continuous achieve margins higher profit, grew steadily over the years from 2010 to 2012 and received the title leaf flag area BIDV Mekong Delta, ranked first in the banking sector scale clusters throughout the province  Always have the picture mode donated gifts Promotion rich, compelling customer  The functions of the meetings of exchanges, can now take care of exclusive original customer  Weaknesses:  There exists many products with characteristics in common agreement with other banks on the local market  The form of advertising marketing was simple tune just stop at the effective means such as hanging banners have not really impressed strongly against the prospect The interaction channel with CRM departments is the main channel of interaction between customers and the bank, but in addition, customers can also interact directly with the planning and capital department as shown in the diagram above, especially the for business organizations, this interaction channel is quite important, they can use it to form a long-term association between businesses and banks in terms of depositing and borrowing as well as some other related issues This interaction will help BIDV maintain and develop relationships with its customers 4.4 Overcoming the weaknesses of the CRM system at BIDV  Finalize generation system muscle basis of data whether customers a full enough and the physical and technological management of information to determine to be the group of customers and respond to the needs of their best  Raise the agreed complacency of customers using the service 27 Nguyen Hoang Tien, et al., Jr Eco Bus Mgn; Vol-2, Iss- (July-Aug, 2021): 24-31      Generate price value relationship customers and enhance the quality of service for customers It is necessary to open some other forms of information income such as fax, through websites to attract more information about customers from many different sources Look up the routine to learn the needs and behavior using the service of the customer Feedback from active marketing: storing the feedback of customers Tracking information on the request of customers who not get the decisions and ensure the requirements of customers V CONCLUSIONS AND RECOMMENDATIONS 5.1 Conclusions Thus, in the context of increasingly fierce competition between commercial banks in the city in general and the country in particular In order to maintain and develop customers, customer relationship management is one of the solutions that need to be set out for BIDV Results tubers a CRM is of enormous benefit for both the supply of products, services and customers During the past time, no one can deny the great and continuous efforts of BIDV in establishing, maintaining and developing customer relationships Initially, BIDV has achieved encouraging results, t ow ever remain some limitations Therefore the next time, BIDV need further efforts in governance customer relationships, overcome weaknesses exist to meet better customer needs now and in t ă ng amenities other interests in credit services Research has shown thirst extensive qu she n value relationship customers in BIDV, on the basis of the causes exist, the study identified a number of solutions in order to improve governance customer relationships welding in BIDV Hopefully these solutions have been proposed, if deployed application will maintain and develop new customers, thereby promoting the operation of business of the branch increasingly ph t grow in the coming period Although there have been many efforts to be able to achieve the research results as presented However, due to the limited qualifications, it is inevitable that shortcomings Therefore, it is expected nh é n are input to the Master's study is completed Management should use a combination of methods such as: Through n monitoring transactions, customer surveys These works are meant to send to a client message that BIDV always interested customers, to their expectations and to the quality of the products and services they receive This method should be conducted on a regular basis, oriented, conducted with many different types of customers Raising the level and capacity of staff, their qualifications and a sense of responsibility, a lot of experience to the position k Score is controlled, to ensure the quality of the deposit is no wrong omission Promote creativity, appreciate the initiative, proposed with home values Put those initiatives into practice and give timely rewards to motivate and encourage morale However, banks also need to have strict handling measures such as administrative fines, assigning material responsibility to employees who intentionally violate the deposit process and regime in order to eliminate professional ethics risks Propose preferential policies to attract good employees to make bank customers or collaborators For the marketing, sales and customer service departments at BIDV Expand, improve marketing activities, propaganda and promote the image of BIDV on all media th cell ng mass and advertising, content needs to appeal, impressed, billboards, banners should be located in the city center, densely populated areas, focusing on developing electronic distribution channels Organize learning about CRM for all employees, especially emphasizing the importance of CRM for BIDV's operations Implementing measures to communicate directly to customers, sales promotion needs to be improved and implemented in a more practical way At the same time, it is necessary to pay attention to giving gifts to customers on special occasions such as birthdays, grand opening, free service fee reduction Next, strengthen propaganda activities, raise the image of the bank through activities of giving gifts to the poor, awarding scholarships to poor students who overcome difficulties, sponsoring physical training and sports activities at the bank 5.2 Recommendations and Suggestions For BIDV bank leaders In order to develop the CRM system at BIDV, the improvement and improvement of product quality is a decisive matter for the existence and development of BIDV banks The study proposes the following recommendations: Upgrading computer systems THOAN needs of VIP customers Leaders need to build a CRM vision for BIDV and make every effort to spread and promote it to BIDV's employees, current and potential customers For individual and institutional customers of BIDV Increase advertising activities with leaflets, outdoor advertising, promotional activities, carry out care activities, combine gift giving, apply preferential interest rates and fees according to each type of guest Holding customer conferences, direct marketing with target customers, direct contact will help BIDV's staffs explain in detail, the advantages of each product, suitable to the needs of each customer, guest type 28 Nguyen Hoang Tien, et al., Jr Eco Bus Mgn; Vol-2, Iss- (July-Aug, 2021): 24-31 Besides, BIDV actively implements many promotional gifts for customers who come to deposit money Can be in-kind gifts such as helmets with BIDV logo, books, pens, health care vouchers, beauty cards, English learning cards; Implement lucky draw programs Solution to develop CRM system to confront BIDV's future business challenges Solutions to monitor and quantify customer satisfaction include building a complaint and feedback system; Investigate customer satisfaction; Analyze the causes of customer loss; Encourage customers to complain Solutions to restore relationships with customers when there is a mistake, including solving customer problems immediately after the incident; Empower employees to contact; Set up a customer service department Expanding the product portfolio, increasing the diversity and richness to help customers have more choices, in order to satisfy the 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Ha are holding many key positions in the bank Advising customers on the selection and use of products and services of the bank, and at the same time disseminating, guiding and answering questions... commercial banks to improve their competitiveness in the context of integration and globalisation 2.3 Features of CRM in banks On the basis of awareness of the business environment, plan and control