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UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM NETHERLANDS PROGRAMME FOR M A IN DEVELOPMENT ECONOMICS THE DETERMINANTS OF CUSTOMER SATIS[.]
UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM- NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS THE DETERMINANTS OF CUSTOMER SATISFACTION ON BANKING SERVICES: THE CASE OF COMMERCIAL BANKS IN HO CHI MINH CITY By NGUYEN THANH NIEN MASTER OF ARTS IN DEVELOPMENT ECONOMICS HO CHI MINH CITY, MAY 2011 - 1- UAN VAN CHAT LUONG download : add luanvanchat@agmail.co UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM INSTITUTE OF SOCIAL STUDIES THE HAGUE THE NETHERLANDS VIETNAM- NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS THE DETERMINANTS OF CUSTOMER SATISFACTION ON BANKING SERVICES: THE CASE OF COMMERCIAL BANKS IN HO CHI MINH CITY A thesis submitted in partial fulfillment of the requirements for the degree of MASTER OF ARTS IN DEVELOPMENT ECONOMICS By NGUYEN THANH NIEN Academic Supervisor: Dr CAO HAO THI HO CHI MINH CITY, MAY 2011 - 11- UAN VAN CHAT LUONG download : add luanvanchat@agmail.com CERTIFICATION "I certify that the substance of this thesis has not already been submitted for any degree and has not been currently submitted for any other degree And to the best of my knowledge and belief it does not contain any material previously published or written by another person except where due reference is made in this thesis" Ho Chi Minh City, May 2011 NGUYEN THANH NIEN - ·~- - 111 - UAN VAN CHAT LUONG download : add luanvanchat@agmail.com ACKNOWLEDGEMENT I would like to express my gratitude to all people who gave me the support to complete this thesis First, I would like to show my sincere and deep gratitude to my supervisor, Dr Cao • Hao Thi who gave me valuable guidance, comments, advice for the success of my thesis Second, I would like to thank to all lecturers and staffs of the Vietnam- Netherlands Programme Third, I also send my gratefulness to my colleagues in the Department of Individual Customer Relationship, Bank for Investment and Development of Vietnam Transaction Center Branch for their supports during my study Especially, many thanks are respectfully sent to my parents for motivating me to I complete the thesis Finally, I give my special thanks to my wife who is always supporting me to finish this re~earch -IV- UAN VAN CHAT LUONG download : add luanvanchat@agmail.com ABSTRACT Nowadays as globalization and liberalization of financial institutions accelerate, competition among banks becomes more intense Therefore, in order to face with , that fierce competition, commercial banks in Vietnam in general and Ho Chi Minh City in particular always strive to improve access through expansion of Automatic Teller Machines (ATMs) and branch network; introduce new features for both deposit and loan products at attractive rate; and develop new electronic banking facilities like telephone banking, home banking, SMS banking and Internet banking However, in reality, there are so many complaints of customers related to the products and services of banks Those show the dissatisfaction of customers, lead to losing customers and cause negative effect on the market share and the profitability of commercial banks The purposes of this research are to determine the main factors affecting customer satisfaction on banking services including basic facilities, convenience, employee competence, the environment of bank, transaction cost; and the relationship between these factors and customer satisfaction The research is carried out by using questionnaires, designed according to five-point Likert scale It is based on a survey of245 customers in Ho Chi Minh City Data obtained from the customers were used for conducting reliability, factor and regression analysis through SPSS software Research findings show that the most important factors influencing customer satisfaction on banking services are the environment of bank and employee competence, convenience and transaction cost However, this research still has some limitations First of all, data collection is restricted within a few commercial banks in Ho Chi Minh City only Secondly, according to the result of survey, majority of respondents are only from 30 to 50 years old, may be fail to represent for total the actual situation Finally, this research determined the basic factors affecting customer satisfaction on banking services, but there are still lacked of other factors not be identified -v- UAN VAN CHAT LUONG download : add luanvanchat@agmail.com TABLE OF CONTENTS CHAPTER 1: INTRODUCTION ! , I 1.1 1.2 1.3 1.4 1.5 Problem statement I Research objectives Research questions Research scope Research structure CHAPTER 2: LITERATURE REVIEW 2.1 Conceps 2.2 Literature review of customer satisfaction 2.3 Overview of commercial banks in Ho Chi Minh City and the present main banking services 11 2.4 Summary 14 CHAPTER 3: ANALYTICAL FRAMEWORK AND METHODOLOGY 15 3.1 Analytical framework 15 3.2 Research methodology 18 2.1 Research approach 18 3.2.2 Research process l9 3.2.2.1 Step I: Generation of items 19 3.2.2.2 Step 2: Pilot survey 19 3.2.2.3 Step 3: Survey 20 3.2.3 Measurement scales of the questionnaire 20 3.2.4 The components of questionnaire 22 3.2.4.1 Open letter 23 3.2.4.2 Specific questions 23 3.2.4.3 Demographic questions 23 3.3 Sampling 24 3.4 Data collection 24 Statistical methods 24 3.6 The scale testing 25 3.7 Assessment of scale's uni-dimensionality, discriminant validity and convergent validity 25 3.8 Multiple regression analysis 26 3.9 One-way ANOVA 26 3.10 Summary 27 CHAPTER 4: DATA ANALYSIS AND RESEARCH RESULTS 28 4.1 General information of respondents 28 4.1.1 Type of contact with the bank 28 1.2 Age group of customers 29 4.1.3 Gender of customer 30 1.4 Type of ownership of the bank 31 -VI- UAN VAN CHAT LUONG download : add luanvanchat@agmail.com ~I 4.1.5 The number of bank's operation year from the foundation day 32 4.2 The results of pilot survey ~ 33 4.2.1 Descriptive statistics 33 4.2.2 Results ofthe scale testing 35 4.2.3 Factor analysis 36 4.2.3.1 Criteria of factor analysis 36 4.2.3.2 Results of factor analysis (pilot survey) 37 4.3 The results of main survey 39 4.3.1 Reliability analysis 39 4.3.2 Factor analysis 40 4.4 Hypothesis testing 45 4.4.1 Adjusted measurement scales 45 4.4.2 Regression model 45 4.4.3 Hypotheses testing 47 4.5 Hierarchical regression analysis 49 4.6 Summary 52 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 53 5.1 Conclusions 53 5.1.1 Main findings 53 5.1.2 Managerial implications , 53 5.2 Recommendations 54 5.3 Limitations 55 REFERENCES 57 APPENDICES 6·0 LIST OF FIGURES Figure 2.1 Capital mobilization status of commercial banks from 2005 to 2009 12 Figure 2.2 Credit operation status of commercial banks from 2004 to 2009 13 Figure 3.1 Research model 18 Figure 3.2 Research process 19 Figure 4.1 Relative frequency of respondents' type of contact 29 Figure 4.2 Relative frequency of respondents' age group 30 Figure 4.3 Relative frequency of respondents' gender 31 Figure 4.4 Relative frequency of banks' type of ownership 32 Figure 4.5 Relative frequency of number of bank's operation year from the foundation day 33 - Vll- UAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF TABLES , Table 2.1 Literature review summary on customer satisfaction 10 Table 3.1 Measurement scales 21 Table 4.1 Frequency of respondents' type of contact with the bank 29 Table 4.2 Frequency of respondents' age group 29 Table 4.3 Frequency of respondents' gender , 30 Table 4.4 Frequency ofbanks' type ofownership 31 Table 4.5 Frequency of number of bank's operation year from the foundation day 32 Table 4.6 Descriptive statistics 34 Table 4.7 Summary of the Cronbach's alpha result (pilot survey) 36 Table 4.8 Factor analysis of independent variables Table 4.9 Factor analysis of customer satisfaction on banking services 39 Table 4.10 Result of reliability analysis 40 Table 4.11 Factor analysis of independent variables (EB5 excluded) .41 Table 4.12 Factor analysis of independent variables (EB5 and TC2 excluded) .42 Table 4.13 Factor analysis of the customer satisfaction criteria .44 Tabie 4.14 KMO and Bartlett's Test of independent variables 44 Table 4.15 KMO and Bartlett's Test of customer satisfaction on banking services .45 Table 4.16 Adjusted measurement scales .45 Table 4.17 Model summary 46 Table 4.18 ANOVA 46 Table 4.19 Result of coefficients 47 Table 4.20 Summary of hypotheses testing 49 Table 4.21 Determinants of customer satisfaction on banking services 49 Table 4.22 Hierarchical regression analysis of customer satisfaction 50 Table 4.23 Coefficients of independent variables and moderate variables 51 " - Vlll - UAN VAN CHAT LUONG download : add luanvanchat@agmail.com ABBREVIATIONS Agribank : Vietnam Bank for Agriculture and Rural Development BIDV : Bank for Investment and Development of Vietnam MHB : Housing Bank of Mekong Delta VietinBank :Vietnam Joint Stock Commercial Bank for Industry and Trade Vietcombank :Joint Stock Commercial Bank for Foreign Trade of Vietnam Eximbank :Vietnam Export- Import Commercial Joint Stock Bank ACB :Asia Commercial Joint Stock Bank Sacombank : Sai Gon Thuong Tin Commercial Joint Stock Bank MB :Military Commercial Joint Stock Bank Techcombank :Vietnam Technological and Commercial Joint Stock Bank SeABank :Southeast Asia Commercial Joint Stock Bank LienVietBank : LienViet Commercial Joint Stock Bank Oceanbank :Ocean Commercial Joint Stock Bank HSBC : HSBC Bank Vietnam Limited ANZ : Australia and Newzealand Bank Shinhan : Shinhan Vietnam Bank Limited Hong Leong : Hong Leong Bank Vietnam Limited IVB : Indovina Bank Limited VIDPB : VID Public Bank I~ SVB : ShinhanVina Bank I~ VSB : Vinasiam Bank VRB :Vietnam-Russia Joint Venture Bank I _ I • •• i - lX- UAN VAN CHAT LUONG download : add luanvanchat@agmail.com ATM : Automatic Teller Machine SMS : Short Message Service POS : Point of Sale VND :Vietnam Dong L/C : Letter of Credit CAD : Cash Against Documents KMO : Kaiser-Meyer-Olkin CFA :Confirmatory Factor Analysis SPSS : Statistical Package for Social Science i ~ rr 'J- :J ~~ I._ -X- UAN VAN CHAT LUONG download : add luanvanchat@agmail.com II ... The determinants of customer satisfaction on banking services: The case ofcommercial banks in Ho Chi Minh City staff, quality of the facilities, communication with patients, the demeanor of the. .. - - The determinants ofcustomer satisfaction on banking services: The case ofcommercial banks in Ho Chi Minh City '' and Ho Chi Minh City in particular to produce important policies to consolidate... satisfaction, banking services Secondly, literature review of customer satisfaction is introduced Thirdly, the overview of commercial banks in Ho Chi Minh City and the present main banking services