Luận văn thạc sĩ UEH determinants of customer satisfaction on mortgate service, a case study of anz bank vietnam limited

INTRODUCTION

BACKGROUND

With the characteristic of young population and high urbanization, Vietnam has high demand in accommodation, especially in big cities such as Ho Chi Minh City and Ha Noi City Each year, thousands of immigrants from other provinces come to Ho Chi Minh City and Ha Noi City for working and studying while just a small part of them come back to the hometown Some recent studies have predicted that in 2020, urban population will come up to 70 million Besides that, the young occupies bigger portion in the existing population of Ho Chi Minh City and Ha Noi City which also push the occupation demand higher Yearly increasing construction projects in

Ho Chi Minh City and Ha Noi City is an obvious evidence for the occupation demand of urban people As statistics, in 2009, the average urban living area in Vietnam is 12.5 m2 per head, Ha Noi City is 8 m2 and Ho Chi Minh City is 13.6 m2 This is a very low rate in comparison with the world’s average rate, in which Ha Noi City has the smallest living area per head in the country The Construction Ministry has planned to increase the average living area in Ha Noi City up to 12 m2 per head and 14 m2 for Ho Chi Minh City and therefore, 30-32 million m2 living area need to be constructed each year With the above reasons, mortgage loan in Vietnam in general and big cities such as Ha Noi City and Ho Chi Minh City in particular is very potential In truth, not many people can purchase a home whether it is a house, flat, apartment or penthouse without taking a mortgage loan

A mortgage loan is a loan secured by real property through the use of a document which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan (source: Wikipedia) Mortgage is one of long standing products in Vietnam banking, however, for above reasons, it has never been unessential

Mortgage has grown rapidly for recent years in Ho Chi Minh City and Ha Noi City As per Dr

Le Xuan Nghia, Vice President of National Finance Supervisor Committee, in 2009, banking capital invested in real estate market is around VND 200,000 billion, equivalent to USD 10.1 billion which occupies 14.5% total outstanding loan of banking and 11.76% which of the economy, in which, Ho Chi Minh City holds 51% and Ha Noi City holds 14.5% For recent years, competition in mortgage lending among banking become more fiercely than ever before

Banks traditionally have relied on differentiation in product category and service to attract and retain customers However, it’s not easy as it’s quickly replicated by competitors and often fails to directly address customer needs The most critical solution for banks in the violent competitive and rapidly changing environment of mortgage lending is the deep understanding of customer and gaining their trust Customer satisfaction now becomes the determining factor in mortgage competition among banks in Vietnam and Ho Chi Minh City in particular.

PROBLEM STATEMENT

The fast growing-up progress of banking industry in Vietnam has accompanied with the economic development since renovation and reform for 20 years ago The most prominent aspect during this progress is the loosening of market entry restrictions After two decades since

“Banks and banking, cooperative – Law and legislation – Vietnam” (1991), now Vietnam banking sector comprises five state-owned commercial banks, thirty-nine joint stock commercial banks, forty foreign bank braches, five 100% foreign owned banks, five joint venture banks and two development and policy banks established The establishment and operation of many foreign banks has also brought a new face to Vietnam banking industry, especially when foreign banks not only concentrate in wholesales banking, but introduce many retail products such as HSBC, ANZ, Standard Chartered Bank, Commonwealth Bank of Australia… In which mortgage is one of their most important target products to occupy retail market which is considered very potential in Vietnam

ANZ was one of the first foreign banks setting up business in Vietnam with the first branch in

Ha Noi City in 1993 At that time, it was “the first English-speaking bank in Vietnam” In 1996, the second branch in Ho Chi Minh City went into operations and in 2004 business was expanded to Can Tho Province with a representative office due to the limitation on permitted branches number After 15 years in Vietnam, in October 09 th , 2008, ANZ was granted the license of the bank with 100% foreign capital which brings much advantage to its long-term development in Vietnam Beginning with 28 staff only, now it has more than 400 employees and five branches and transaction offices in Ho Chi Minh City, six branches and transaction offices in Ha Noi City Targeted to be the best foreign bank in Vietnam, ANZ is trying its best to build up the bank’s image as well as a sufficient product portfolio Instead of focusing in wholesale banking products and corporate customers as in the past, now ANZ has built up a new strategy for occupying retail lending market Their retail lending product portfolio is diversified with many products such as auto finance, mortgage, credit card… In which, mortgage is considered the most important product in the portfolio It was firstly introduced in the end of 2007 with four sub-products: Home loan, Investment loan, Equity loan and Line of Credit Since then, mortgage has grown fast and reached more than 2,300 customers in 20 December 2010

Although being granted many awards such as “The Best Retail Bank in Vietnam”, “The Most Favorite Bank” or “The Best Customer Oriented Bank” by popular magazines like Vietnam Economics Times, The Asian Banker and Finance Asia, ANZ has no official research on customer’s satisfaction on its services, what is the key factor mostly effect customer’s satisfaction and what to improve to increase the mortgage service quality Meanwhile, as above mention, increasing competition in mortgage lending has made the bank’s knowledge on customer’s need and demand the most importance and challenge Managing customer satisfaction is therefore indispensable for management of the banks, to see if they are doing the right things and if they are doing things right

For the above reasons, the study on “Determinants of customer satisfaction on mortgage credit service: A case study of ANZ” has conducted to understands the factors and the key factor having effects to customer’s satisfaction and recommend for the better customer’s satisfaction management to the bank as well.

RESEARCH QUESTIONS AND OBJECTIVES

- How satisfied are customers who are using mortgage lending service of ANZ?

- What determinants effecting customer’s satisfaction on ANZ’s mortgage lending service?

- How can these determinants be evaluated and influenced to customer’s satisfaction?

- What solution and recommendation to ANZ to improve customer’s satisfaction on mortgage loan?

- To study about the importance of customer satisfaction on mortgage product

- To analyze satisfaction level of customer on mortgage product of ANZ

- To study the effect of main determinants on customer’s satisfaction on mortgage lending service at ANZ

- To give out appropriate comments and recommendation to improve customer satisfaction on mortgage product of ANZ

RESEARCH METHODOLOGY

Necessary data and information for this study could be collected from two main sources:

- Primary data: o In-dept interviews and discussion with Head of Mortgage, Regional Manager of Mortgage, Customer Lending Managers and other relevant departments of ANZ o Feedback from customers who are having mortgage transactions with ANZ This will be processed with survey questionnaire It could be obtained through many different channels such as telephone, e-mails, fax, posted mail or face-to-face interviews The main method will be face to face survey to explore as many feedbacks from customers as possible

- Secondary data: o Statistic reports on the social, economic data and figures from the General Bureau of Statistic o Annual reports of The State Bank of Vietnam and ANZ o Statistic report of ANZ on mortgage lending status o Relevant articles, newspapers, books and websites

SCOPE AND LIMITATION

As limited on time and resource, the study focuses in individual customers having mortgage transactions with ANZ in Ho Chi Minh City and Ha Noi City.

THE STRUCTURE OF THE STUDY

LITERATURE REVIEW

OVERALL ON CUSTOMER SATISFACTION IN

1.6 THE STRUCTURE OF THE STUDY

Chapter 1: Introduction This chapter includes the research rationale, the problem statement, research questions, research objectives and research methodology

Chapter 2: Literature review This chapter gives an overview on relevant theories Based on that, the final research model and hypotheses was developed

Chapter 3: Research methodology This chapter describes the operational process of this research in order to approach target respondents and find out the required data

Chapter 4: Data analysis and findings The chapter presents outcomes throughout data processing and analysis Finally, model and hypotheses tests were conducted to confirm whether they can be applied to predict the behavior intention as this research expected

This chapter summarized not only the main findings and implications but also the possible limitations and further research suggestions

What constitute satisfaction? The word "satisfied" itself had a number of different meanings for respondents, which can be split into the broad themes of contentment/happiness, relief, achieving aims, achieving aims and happy with outcome and the fact that they did not encounter any hassle

There are also many approaches to the customer satisfaction explanation It is generally described as the overall attitude of customer towards a service provider (McDougall and Levesque, 1996, p.14) or an emotional reaction to the difference between what customers anticipate and what they receive (Zineldin, 2000) regarding the fulfillment of some need, goal or desire (Oliver, 1999) A similar definition is provided by Gerpott (2001) who proposed that satisfaction is based on customer’s estimated experience of the extent to which a provider’s services fulfill his or her expectations Specifically, customer satisfaction is the feeling or attitude of a customer towards a product or service after it has been used (Oliver, 1980)

Customers purchase goods and services with pre-purchase expectations about anticipated performance Once the purchased goods and services have been used, the outcomes are compared with the expectations Customers are satisfied when the perceived service meets or exceeds their expectations They are dissatisfied when they feel the service falls below their expectations (Levy and Weitz, 2005)

Customer satisfaction is an important theoretical as well as practical issue for most marketers and consumer researchers (Churchill and Suprenant, 1982; Moutinho and Goode, 1995; Naser et al., 1999; Piercy, 1994) It is a major outcome of marketing activity whereby it serves as a link with various stages of consumer buying behavior Customer satisfaction is widely recognized as a key influence in the formation of consumers’ future purchase intensions (Taylor and Baker,

1994) For instance, if customers are satisfied with a particular service offering after its use, then they are likely to engage in repeat purchase and try line extensions (East, 1997) Satisfied customers are also likely to tell others of their favorable experiences and thus engage in positive word of mouth advertising (File and Prince, 1992; Richens, 1983) This positive word of mouth advertising is particularly useful in collectivist Asian cultures where social life is structured in a way to improve social relationships with others in the society (Hofstede, 1980; Hall and Hall,

1987) Dissatisfied customers, on the other hand, are likely to switch brands and engage in negative word of mouth advertising

Customer satisfaction can be considered as the key point of success in the highly competitive business world today Customer satisfaction is increasingly becoming a corporate goal as more and more companies strive for quality in their products and services (Bitner and Hubbert, 1994)

Ensuring customers experience satisfaction during their interactions with our business is an essential part of building a sustainable business of many firms They continually try to investigate how to serve the customers better, to implement initiatives to improve the customer’s experience and to increase customer satisfaction more and more

2.2 OVERVIEW OF CUSTOMER SATISFACTION IN MORTGAGE LENDING

Banking is a service industry where customer satisfaction has been the research focus (Holliday,

1996) This is mainly because of the fact that the banking industry is increasingly experiencing a high level of competition, not only competing among each other, but also with non-banks and other financial institutions (Kaynak and Kucukemiroglu, 1992; Hull, 2002) Banks used to rely on the product category to increase the competition However, as Ioanna (2002) has further proposed, product differentiation is impossible in a competitive environment like the banking industry Most bank product developments are so easy to duplicate that now banks everywhere are delivering the same products For example, there is usually only minimal variation in interest rates charged or the range of products available to customers When banks provide nearly identical services for nearly the same price, they can only distinguish themselves on the basic of price and quality Therefore, banks today have moved away from a transactional-based marketing approach to a relationship based approach that has at its core the recognition of the lifetime value of the customer Bank management tends to differentiate their business with others through service quality Customer satisfaction becomes an effective tool that banks can use to gain a strategic advantage and survive in today’s ever-increasing banking competitive environment The trend is clearly observed in retail banking service, especially in lending section which is usually thought to be so intimidated to customer The research is conducted in mortgage lending which is a big section of retail banking in Vietnam.

DETERMINANTS OF CUSTOMER SATISFACTION IN

The working of the customer's mind is a mystery which is difficult to solve and understanding the nuances of what customer satisfaction is therefore, a challenging task There have been many researches on determinants of customer satisfaction Work done by Berry, Brodeur between

1990 and 1998 defined ten “Quality values” which influence satisfaction behavior, further expanded by Berry in 2002 and known as the ten domains of satisfaction include: Quality, Value, Timeliness, Efficiency, Ease of Access, Environment, Inter-departmental Teamwork, Front line Service Behaviors, Commitment to the Customers and Innovation These factors are emphasized for continuous improvement and organizational change measurement and are most often utilized to develop the architecture for satisfaction measurement as an integrated model

In 1996, Mc Dougall and Levesque conducted a research about customer satisfaction in retail banking and found out that there are some determinants driving customer satisfaction in retail banking, including service quality (core, tangible and relational) and service price These factors, in turns, are affected by customer’s expertise in banking and socio-demographic factors like age, gender, education, occupation The affection of socio-demographic and expertise factors to satisfaction are also suggested in a research by Bettman and Park in 1980

This study, with the research scale of investigate customer satisfaction in mortgage lending which is an important part of retail banking, will conduct with conceptual framework basing on the suggested models of customer satisfaction in retail banking

There is a great deal of discussion and disagreement in the literature about the distinction between service quality and satisfaction The service quality school view satisfaction as an antecedent of service quality, which means satisfaction with a number of individual transactions

"decay" into an overall attitude towards service quality The satisfaction school holds the opposite view that assessments of service quality lead to an overall attitude towards the service that they call satisfaction Obviously, there is a strong link between customer satisfaction and service quality For this reason, research on customer satisfaction is often closely associated with the measurement of quality (East, 1997)

A study conducted by Leeds in 1992 showed that increased service quality or sales and professional behaviors (such as formal greetings) improved customer satisfaction and reduce customer attrition Service quality is an imperative element impacting customers’ satisfaction level in the banking industry In banking, quality is a multi-variable concept, which includes differing types of convenience, reliability, service portfolio, and critically the staff delivering the service

Core of the service and the relational of process aspects are two dimensions of service quality which are suggested by most of empirical evidence and theoretical arguments (Grửnroos, 1985;

Mc Dougall and Levesque, 1996; Morgan and Piercy, 1992; Parasuraman et al (1991b) While the number of underlying dimensions has been shown to vary with the service setting, it appears reasonable to suggest that the service core and relational dimensions will emerge in nearly all cases as they form the basis of the service (Mc Dougall and Levesque, 1996) The first one refers to the core aspects of the service (e.g reliability) and the second one refers to the relational or process aspects of the service (e.g tangibles, responsiveness, assurance and empathy (Parasuraman et al., 1991a)) This is due to the fact that reliability is mainly concerned with the outcome of service, whereas tangibles, responsiveness, assurance and empathy are concerned with the service delivery process (Parasuraman et al., 1991a)

Due to the intangible nature of services, it is often difficult for customers to understand services (Leggand Baker, 1996) Customers thus make inferences about the service quality on the basis of tangibles (the buildings, the physical layout etc.) that surround the service environment (Bitner, 1990) Brand reputation is important as a potential competitive advantage Many financial services are looking at branding techniques to differentiate themselves Harwood

(2002) argued that branding, as a tool to build image, is critical in the banking industry where all firms offer about the same kinds of products Hence, it is critical that banks have a comprehensive knowledge of customer’s values, attitudes, needs and perceptions of various services the bank offers and the image which customers have of the bank itself (Kaynak, 1986a,

1986b) Accordingly, banks must be able to build and manage their bank’s image in order to clearly define the differences between their bank and its competitors As today customers have more choices for their financial needs than ever before, technology, globalization, increased competition and increased consumer mobility have dramatically changed the way people bank (Harwood, 2002)

Alvarez (2001) proposed that logic is no longer enough to sell the benefits of an intangible products or service, especially with commodity products and skeptical consumers This situation calls for emotion or image to change the perception of the audience in any real or profound way (Alvarez, 2001) Furthermore, both Marthur (1988) and Gronroos (1984) proposed image as an alternative to differentiate products Findings suggest that convenient location is a critical factor influencing the formation of performance expectations by customers A convenient bank location means customers can easily do business with their banks on a regular basis (Levesque and McDougall, 1996) Accessibility is also a related factor, which, while acting together with convenience, enables customers to deal with their banks more easily (Levesque and McDougall,

1996) For the purpose of current study, convenience and accessibility are treated as part of the tangible dimension of service quality

As per Abratt and Russell, 1999, the key factors influencing customer’s selection of a bank include the range of services, rates, fees and prices charged It’s apparent that only superior service is not sufficient to satisfy customers Prices are essential, if not more important than service quality (David, Christopher, Hua Hwa and Esther, 2006)

Today’s bank customers are more informed on market products due to the loan of circulating information, making them capable of directly comparing the various competitive products

Customers communicate with other customers, study brochures and receive information from television and the internet Therefore, customers are more influenced than in the past by bank pricing policies and seek low borrowing interest rates and low costs for the provision of services Today’s customers turn easily towards the service of another bank than in the past, especially when they only find little and insignificant differences among the various products and services

In mortgage lending, service price are lending interest rate and other relevant fees Although the bank price are now highly affected by market, a little difference in price between bank and its competitors will be recognized and appreciated by customers and it’s likely to bring them more satisfaction

A review of the literature indicated that formation of performance expectation during product or service evaluation can be moderated by customer’s expertise (Bettman, 1970; Fishbein, 1963;

RESEARCH MODELS AND RESEARCH HYPOTHESES

Customer satisfaction is a quite complex issue and there is a lot of debate and confusion about what exactly is required and how to go about it This exercise in the context of the mortgage lending industry will give an insight into the parameters of customer satisfaction and their measurement In many researches about customer satisfaction on retail banking service, the SERVQUAL model and the simple RATER model (developed by Zeithaml, Parasuraman &

Berry Parasuraman, 1985, 1988, 1991) are simple and useful models for qualitatively exploring and assessing customer satisfaction and have been used widely by service delivery organizations

To build up an efficient model in identifying determinants of customer satisfaction in retail banking, in 1996, Mc Dougall and Levesque used some factors like service price and service quality including core, tangible and relational which had been identified in prior SERVQUAL research The model is described briefly in the below charter

Figure 2.1 Conceptual framework proposed by Mc Dougall and Levesque (1996)

Source: Mc Dougall and Levesque (1996)

Another study of Jamal and Naser in 2002 has also confirmed that core, relational and tangible are dimensions of service quality and are likely to be antecedents of customer satisfaction

Moreover, they also pointed out that customer’s expertise is an important antecedent which has negative relation to customer satisfaction It had also been mentioned before in the research of Bettman and Park (1980) and Oliver (1980), the effect of evaluated criteria in forming performance expectations can be moderated by consumer individual differences

Figure 2.2 The conceptual framework proposed by Naser and Jamal (2002)

In Vietnam, there is a recent study about the same dependent variable of customer satisfaction It was executed by Nguyen Dinh Tung in 2009 with the topic of “Determinants of individual customer satisfaction at Maritime Bank” His research area was individual customers who had current and saving accounts at Maritime Bank After investigating, the research model was given out with four independent variables having effect on individual customer satisfaction:

Core Dimension, Relational Dimension, Tangible Dimension and Competitive Price Besides that, he also explored the influence of socio-demographic and customer expertise on these determinants His research model is described as follows

Figure 2.3 The conceptual framework proposed by Nguyen Dinh Tung (2009)

RESEARCH METHODOLOGY

QUALITATIVE RESEARCH STAGE

Basing on the previous study such as Naser and Jamal (2002), Levesque and McDougall (1996)… the initial items of determinants in the model were set out Before applying these items into research, a questionnaire was set up to get the banking expert consultancy In this questionnaire, the tentative questions are combined with open-ended questions in order to not only identify the most important factors expressing the author’s point of view but also allow interviewees to freely suggest their ideas

The interview was conducted with experts who have had at least five years of experience in banking industry Moreover, they specialize in customer service such as Customer Lending

Manager, Business Development Manager, Customer Lending Assistant … and therefore, they daily handle customer’s satisfaction There are 15 people interviewed in the survey Besides the questionnaire, face to face discussions also helped to describe clearly about the research model and criterion to experts From the interaction, the questionnaire has been amended to be clearer and some improvements in the arrangement rule have been made

3.1.1 General result of the survey

Firstly, experts’ ideas on the general framework are collected There are 5 main determinants divided into 21 items Each item was measured by a two-point scale: Agree and Disagree The simple way of selection that determinants and items with over 50% of agreement will be selected for investigation The overall result is described as follows

Table 3.1: General result of agreement on selected factors

No Determinants Number of agreement Percentage Investigated or Not

With all agreement percentage more than 50%, all selected five factors were taken into investigation In which, customer expertise got less agreement than the other ones

3.1.2 Result on Core Dimension determinant

There are five suggested items of Core dimension to get experts’ idea and the result is as follows Table 3.2: General result of agreement on Core dimension factor

No Items No of agreement Percentage

1 The bank provides mortgage lending products as announced 15 100%

2 The bank provides mortgage lending products within the committed time 15 100%

3 The bank should show sincere interest in handling customer’s issues 15 100%

4 The bank’s staff perform the service properly at the first time 15 100%

5 The bank’s staff has knowledge and skill to explain clearly to customer about mortgage lending products 15 100%

Banking experts all think that all the five items of Core dimension factor are necessary for research From the above result, all of them are taken into further investigation

3.1.3 Result on Relational Dimension determinant

Five items are taken into the election and result is displayed as below Table 3.3 General result of agreement on Relational dimension factor

1 Time of the bank transaction is convenient for customer 15 100%

2 Required documents from the bank and the lending process are not so wordy and complicated, hence customer don’t have to come to the bank many times during the loan process

3 The bank shows its care to each customer Bankers know clearly about customer’s need and ready to consult customer the most suitable product 15 100%

4 The bank gives additional service (insurance for the mortgaged property, consult about the to-be- purchased property) 15 100%

5 The bank brings the safe, trust and comfortable feeling to customers 15 100%

Banking experts all think that all the five items of Relational dimension factor are worth to be taken into research That is shown by 100% of agreement, so all the items are taken into the survey

Five items are taken into the election and result is displayed as below Table 3.4 General result of agreement on Tangible dimension factor

1 Branches of the bank have convenient locations 15 100%

2 The bank’s equipments are modern and professional 15 100%

4 The bank provides easy understood documents 15 100%

5 The bank has internet/mobile banking facilities so that customer could easily get information about their loan 13 87.7%

Agreement percentages of all the items are more than 50%, so all of them are taken into further investigation

3.1.5 Result on Competitive price determinant

Three items are taken into consideration and the result of election is as follows Table 3.5 General result of agreement on Price factor

INT1 Mortgage lending interest rate of ANZ is lower than which of other banks 15 100%

INT2 Fees that customer must pay within mortgage lending process at ANZ (security valuation fee, security management fee, early repayment fee…) are lower than which of other banks

INT3 Lending interest rate and fee are stipulated clearly and reasonably 12 80%

Three items of Price factor are highly agreed to be taken into research by banking experts

3.1.6 Result on Customer Expertise determinant

There are three items measuring the expertise of customer in banking transaction

Table 3.6 General result of agreement on Customer expertise factor

EXP1 Knowledge about banking transaction 12 80%

EXP2 Experience in mortgage lending 15 100%

EXP3 Information about mortgage lending product 9 60%

EXP3 (Information about mortgage lending product) got least support from banking experts, however the agreement percentage is still over 50% From the above result, all these items are worth to be taken into investigation

After checking the reliability of the determinants using in the models, the questionnaire to survey customer’s satisfaction was formed out Five-point Likert scale was used to measure all items in the questionnaire: (1) Strongly disagree, (2) Disagree, (3) Neither agree nor disagree,

QUANTITATIVE RESEARCH STAGE

Starting business in Vietnam since 1993, now ANZ has five branches and transaction offices in

Ho Chi Minh City, six branches and transaction offices in Ha Noi City and one representative office in Can Tho City After a long time of operation, ANZ has set up a full product portfolio and built up a successful brand name in Vietnam banking market In the product portfolio, retail banking in general and mortgage loan in particular is specially focused by the bank We can easily see their advertising on many online real estate websites such as “muaban.net”,

“batdongsan.com.vn”… with many attractive promotions or attached presents Now they have more than 2,300 personal mortgage customers in Ha Noi City and Ho Chi Minh City That’s the research area of this study

Customer Lending Managers (CLMs) of the bank were asked for help in contacting customers and delivering the questionnaires The interview was conducted mostly in email and telephone interview which are considered the most convenient way in limited time and cost

The sample size is prescribed as follows:

• According to Roscoe (1975), the sample size larger than 30 and less than 500 is appropriate for the research

• According to Hair (1998), the sample size should be at least 5 times and preferable 10 times or more as large as the number of variables in the study

The second rule is applied as common in many recent researches 168 questionnaires which are

8 times of the number of variables are delivered There were 162 results collected, in which there were 12 results rejected due to lacked information and 150 qualified were taken into analysis

Questionnaires were sent out to many CLMs of the bank who have experience in communicating and persuading customer for response Duration of the survey was nearly two months from the beginning of April 2010 to the end of May 2010 Customers are individuals in

Ha Noi City and Ho Chi Minh City who have or had a mortgage loan at ANZ The interviews are taken via email and phone call for reminding and explaining or via direct telephone interview

The questionnaire is designed with 5-point Likert scaling for all items of the research: Strongly disagree (1), Disagree (2), Indifference (3), Agree (4), Strongly agree (5) For socio- demographic measures, the items are ordinal scaled from 1 to 6 for age, 1 to 7 for income and 1 to 4 for occupation

The questionnaire is composed in two languages English and Vietnamese; including five sections and twenty five questions as detailed in Appendix The first section explore customer’s personal information like age, income, occupation The next sections in turn investigate about customer expertise, customer’s comment about the bank’s mortgage lending service quality, the bank price The last section is their overall assessment about the bank’s mortgage lending product The questionnaire was designed with selected wording which has been amended to be clearer as commented by banking experts so that professional words could be easily understood by interviewees

Qualified questionnaires are inputted into an Excel worksheet before importing into SPSS version 16.0 To have an overall view on customer characteristics, descriptive analysis was used for their age, monthly income and occupation Then, the Frequency and Descriptive statistic was executed to describe the main features of data collected Reliability with Cronbach’s Alpha was used to check internal consistency of the items Due to exploratory nature of the research, Cronbach’s Alpha was aimed at 0.6 as standard value After checking the reliability of each variable in each dimension, all dimensions will be assessed by Unidimensionality, Convergent Validity and Discriminate Validity

The statistical analysis of multiple linear regressions and bivariate correlation were used to calculate the effect of independent variables to the dependent variable and investigate the relationship among variables respectively

The descriptive is the list of summary statistic of many variables Descriptive statistic helps to give us overview about the collected data via minimum, maximum, mean and standard deviation, skewness and kurtosis calculation

As the investigated scale is interrelated assembly of items, it is required to investigate whether the items would elicit the same responses if the same questions are recast to the same respondents High reliability dimensions are those with high inter-correlated, indicating that they are measuring the same latent dimension As the reliability decreases, the indicators become less consistent and thus are poorer indicators for the latent dimension (Hair et al., 1998)

Cronbach’s Alpha measures how well a set of items measures a single unidimensional latent construct The value level of Conbach’s Alpha is 0.6 as a criterion of testing reliability Any variables result higher Cronbach’s Alpha once being deleted will be eliminated to improve reliability

3.2.4.3 Assessment of Unidimensionality, Convergent validity and Discriminant validity

To assess the unidimensionality of each dimension, the data set will be tested with the method of Principal component in Extraction, Varimax in Rotation The factor is regarded as qualified when KMO (Kaisor-Mayer-Olkin) ranges from 0.5 to 1.0 and eigenvalue is equal or over 1 (Norusis, 1993) as well as factor loading over 0.5 (Hair et al., 1998)

To evaluate the Convergent Validity, the data set will be checked with the method of Principal components in Extraction, Varimax in Rotation Similarly, the factors also pass the criteria of KMO and eigenvalue as Unidimesionality as well as factor loading over 0.4 to converge properly with the latent construct designed to measure

Multiple regression analysis is considered the general statistic technique which can be used to investigate the relationship between a single dependent variable and a set of independent variables This technique also helps us in identifying which factor is important in affecting customer satisfaction with a specified significant level.

DATA ANALYSIS AND FINDINGS

SAMPLE CHARACTERISTICS

For collecting data, there were 168 questionnaires were sent out and 162 results collected After checking carefully, 12 results were rejected due to lacked information and 150 were taken into the data analysis

The below tables help us to have an overall view about the sample’s characteristic like the age, monthly income and occupation of the interviewees:

From the above table, it’s seen that 31 – 40 year-old-customers occupy the largest part of 38%

It can be easily understood as at this age, people get married and have need of a house, besides that, most of them have stable job as well as some savings after time of working and look for a mortgage loan to support them in settling down The smaller part of 28.67% was for 21 – 30 year-old-customers These customers are young and talented people who often have quite high income than customers in other parts So they could afford the loan repayment burden earlier

Customer at 41 – 50 years old occupy 22% total investigated customers At this age, they often purchase the second or third property for investment purpose The left part belongs to customers over 51 years old Most of them need a mortgage loan to purchase a house for their children when they get married and want to live separately

Table 4.2: Monthly income of customers

While there was a research of Nielsen in 2009 revealed that most of Ha Noi City and Ho Chi Minh City urban household have income from VND 4,500,000 to VND 7,499,999; the above table shows that most customers who could afford a mortgage loan have income from VND 10,000,000 to VND 15,000,000

People who work in joint stocks companies occupy the most part in interviewee list The next is foreign companies, self-employed and state-owned companies in succession.

DATA ANALYSIS

Data analysis is the process of processing with data to get the goal of highlighting useful information, finding out issues and suggesting solutions Firstly, Cronbach’s alpha was used to eliminate unsuitable factors Cronbach’s alpha is a commonly used criterion in statistic test to verify the correlation and coherence of item measures The closer Conbach’s alpha coefficient is to 1.0, the greater the internal consistency of the factors in the scale Therefore, the standard to choose the measurement is the overall reliability must have the value of alpha above 0.6 (Nunnally & Burnstein, 1994) Besides, in a reliable scale all items should correlate with the total and it will be referred by Corrected Item-Total correlation Any of items with correlation less than 0.3 may have to be dropped Moreover, the rejection of variables with small item-total correlation will improve the Cronbach’s alpha of the scales

Next Exploratory Factor Analysis will be applied to explore the structure of remaining items of measurement scale Kaiser-Meyer-Olkin and Bartlett’s tast of sterility produces the KMO measure of sampling adequacy and Bartlett’s test KMO value should be greater than 0.5 if the sample is adequate, the numeric value of factor loading is higher than 0.4 Extraction method applied is Principal component extract with Varimax in Rotation In this extraction, variables have significant factor loading on any factor < 0.4 are considered for deletion

The descriptive statistics are used to describe the main features of data collected and give us an overall view of each variable such as minimum, maximum, mean, standard deviation, skewness… The result is displayed in below table

Deviation Skewness Kurtosis Statistic Statistic Statistic Statistic Statistic Statistic Std Error Statistic Std

Most of mean values were more than 3 but less than 4 which revealed that customer satisfaction at the above factors were more than the average rate but did not reach satisfied rate yet Mean values of core dimension were stable from 3.6 to 3.8 that were a bit higher than which of other dimensions showing that customers are more satisfied with core dimension aspect than other ones

Standard deviation helps us know about data’s dispersion, specifically how the data scatter far away from the average data values It is small when value of data point is close to mean In the above table, the standard deviation ranged from 0.568 to 1.104, but most of them were less than

The first step is to evaluate the reliability of measurement scale To determine the consistence of the scale, the most common measure is using Cronbach’s alpha Cronbach’s alpha is a measure of internal consistency, that is, how closely related a set of items are as a group A high value of alpha is often used as evidence that the factors measure an underlying construct

SPSS 16.0 was used to compute Cronbach’s Alpha of the whole model and specifically for each factor

Table 4.5: Final result of Reliability testing of the whole model

Table 4.6: Final result of Reliability testing of each factor

Scale Mean if Item Deleted

Scale Variance if Item Deleted

Cronbach's Alpha if Item Deleted Core dimension (COR) - Cronbach’s Alpha: 907

Relational dimension (REL) - Cronbach’s Alpha: 835

Tangible dimension (TAN) - Cronbach’s Alpha: 744

Customer expertise (EXP) - Cronbach’s Alpha: 911

Cronbach’s Alpha of the whole model is 0.874, well above the recommended Cronbach’s Alpha of 0.6 by Nunnally (1978), Peterson (1994) and Slater (1995) It is suggested that the factors have relatively high internal consistency

All independent factors have the high overall Cronbach’s Alpha and fulfill the requirement; namely 0.907, 0.835, 0.744, 0.640 and 0.911 for Core dimension, Relational dimension, Tangible dimension, Price and Customer expertise

However, Price (INT) has one item INT3 which does not fulfill the requirement for further analysis Their item-total correlation is lower than 0.3 and if delete it, Cronbach’s Alpha will be increased to 0.673, so it is taken out of the structure

4.2.3 Evaluation the measurement scale by using exploratory factor analysis:

The next step in evaluation and adjustment of the scales involved using the Exploratory Factor Analysis (EFA) to test the inter-correlation between variables After the deletion of INT3, the remaining variables include 20 items We look to eliminate any variables that don’t correlate with any other variables base on the requirement discussed above With the method of Principal Component Extraction and Varimax in Rotation applied for dependent variable, the result is displayed as follows

Table 4.7 The final result of Unidimensionality testing CORE DIMENSION - KMO: 0.836 PRICE DIMENSION - KMO: 0.500 Variables Extraction Eigenvalues Variables Extraction Eigenvalues

RELATIONAL DIMENSION - KMO: 0.791 EXPERIENCE DIMENSION-KMO: 0.753

Variables Extraction Eigenvalues Variables Extraction Eigenvalues

TANGIBLE DIMENSION - KMO: 0.752 SATISFACTION - KMO: 0.855

Variables Extraction Eigenvalues Variables Extraction Eigenvalues

In the above table, some variables had factor loading less than 0.4 like REL1, REL5, TAN2, TAN5 However, they contributed important role in relational dimension and tangible dimension, we should keep them for further analysis Other variables of other dimensions had factor loading over 0.5 and hence they are considered qualified enough in this test

4.2.4 Assessment of convergent validity and of discriminate validity:

The method of Principal Axis Factoring in Extraction, Promax in Rotation was employed to come up the result shown below Factors were chosen at higher than 0.4

Table 4.8 The analysis result of Convergent validity

Alpha 0.907 0.911 0.835 0.744 0.640 KMO is 0.771 proves that the factors of service quality, price and customer expertise fulfill the requirement and the score of Bartlett’s test is 0.000 which shows no correlation between them

20 variables of service quality, price and customer expertise were qualified and the analysis result extracted five factors which all the factors loading have the numeric value higher than 0.4, eigenvalue is 1.105 (over 1) and total cumulative is 72.591% (over 50%)

4.2.5 Factor analysis of dependant factor - Customer satisfaction

Customer satisfaction is the uni-dimensional concept because the factor extract into one factor when using EFA This factor is also called customer satisfaction The below result illustrated that all loading factors of this factor was over 0.5, KMO is 0.855 proves that the items of mortgage customer satisfaction fulfill to the requirement and the score of Bartlett’s test is 0.000 shows no correlations between items

Table 4.9 The result of factor analysis for Customer satisfaction

As a result of the above analysis, the result of EFA eliminated the variable INT3, others are kept the same as the first proposal Generally, after analyzing the collected data, the suggested model from literature review is kept remaining with five independent variables: Core dimension, Relational dimesion, Tangible dimension, Price and Customer expertise effecting dependent variable of Customer satisfaction as shown in the below chart

Figure 4.1 The adjusted research model

TESTING OF HYPOTHESES

All the hypotheses in the research model state the relationship between variables Testing these hypotheses means finding out the degree of correlation which the variables are related The most common measure of correlation is the Pearson coefficient Its value ranges from -1 to 1 to express the correlation from negative to positive If it lies between ± 0.25 and ± 0.75, then it is said to be a moderate or acceptable degree of correlation With the higher Pearson’s correlation coefficient value is, the stronger the correlation is (Field, 2005) The hypotheses are tested with Pearson coefficients at 0.01 level (2-tailed)

CORE REL TANG INT EXP SAF

** Correlation is significant at the 0.01 level (2-tailed).

Hypothesis H1 postulated a positive relationship between the Core dimension of service quality and mortgage customer satisfaction Results in table 4.10 confirm this hypothesis because Pearson’s correlation coefficient value is 0.729 Core dimension has a positive impact on customer satisfaction

Similarly, the expected positive relationship between Relational dimension and mortgage customer satisfaction in hypothesis H2 is proved with Pearson’s correlation coefficient value of 0.742 Relational dimension of service quality has a positive impact on customer satisfaction The hypothesis H3 expecting a positive relationship between Tangible dimension of service quality and mortgage customer satisfaction is confirmed with Pearson’s correlation coefficient value of 0.512 Tangible dimension of service quality has a positive impact on customer satisfaction

The above result also supported the hypothesis H4 which postulated the positive impact of Competitive Price on mortgage customer satisfaction with Pearson’s correlation coefficient value of 0.575

However, the hypothesis H5 stating that Customer expertise has a negative impact on customer satisfaction is not supported by the above result table as Pearson’s correlation coefficient value between Customer expertise and Customer satisfaction is 0.503 Therefore, the hypothesis H5 is amended as: Customer expertise has a positive impact on mortgage customer satisfaction That may be explained that once customers have experience on mortgage lending, they understand about the lending process and could fulfill the bank’s requirement about documents and other relevant procedures quickly, so the bank can perform the service exactly and correctly which easily leads to customer satisfaction Besides that, customers who used to apply for a mortgage loan could estimate the bank’s processing time, they will not have over expectation on the bank as those who are the first new ones So, with customer has experience in mortgage lending, the satisfaction in lending service of the bank would be higher From that fact, the bank should think more about a specific policy to attract more customers who used to have a mortgage loan because it is easier to make them feel satisfied with the service

All these values are significant at the 0.01 level (2-tailed) From these five factors, it was found that Core and Relational dimensions have the most significant influence (positive) on mortgage customer satisfaction in comparison with the others Customer expertise has the least impact on their satisfaction with mortgage service

Table 4.10 illustrated the simple bivariate correlation between the main independent variables and the dependent variable It means that mortgage customer satisfaction could be explained by the factors studied in the model.

MULTIPLE REGRESSIONS

Regression analysis was taken hierarchically to test for significant interaction effects between the dependent and independent variables in the model As a result of this section, all proposed hypotheses are verified and proved The relationship between mortgage customer satisfaction and its factors were expressed by carrying out the Pearson coefficients To concretize this relationship, the regression is used to predict the level the influence of independent variables to dependent one

Multiple regression analysis is a general statistic technique which could be used to examine the relationship between a single dependent variable and a set of independent variables In this research, all proposed factors except for INT3 are verified and approved to be taken into the regression research The dependent variable was Mortgage customer satisfaction (SAF) and five other independent variables including Customer Banking Experience (EXP), Core Dimension (COR), Relational Dimension (REL), Tangible Dimension (TANG) and Price (INT)

The regression equation is set up as follows:

Y (SAF) = b0 + b1(EXP) + b2(COR) + b3(REL) + b4(TANG) + b5(INT) 4.4.2 Multiple regression result

To explain the influence level of all independent variables to customer satisfaction, the regression analysis is used The correlation between variables in our model has been shown in the below table

Std Error of the Estimate

1 846a 716 706 5424 a Predictors: (Constant), INT, EXP, CORE, TANG, REL b Dependent Variable: SATISFACTION

Model Sum of Squares df Mean Square F Sig

Total 149.000 149 a Predictors: (Constant), INT, EXP, CORE, TANG, REL b Dependent Variable: SATISFACTION

B Std Error Beta Tolerance VIF

The significant coefficient Sig = 0.000 and Adjusted R 2 = 0.706 mean that 70.6% variation of mortgage customer satisfaction can be explained by the variation in core dimension, relational dimension, tangible dimension, price and customer expertise The result also proved that among the independent variables, the core dimension had the strongest influence on the variation of customer satisfaction The next is relational dimension, price, tangible dimension and customer expertise

VIF (Variance Inflation Factor) measure the impact of collinearity among the variables in a regression model, hence it can help to identify multicollinearity VIF is 1/Tolerance = 1/(1-R 2 ), it is always greater than or equal to 1 Values of VIF that exceed 10 are often regarded as indicating multicollinearity, but in exploratory models values above 2 may be a cause for concern about multicollinearity From the 4.13 Coefficient table, we could easily see that the multicollinearity is not a worry in this model

The regression equation will be as follows:

DISCUSSION

4.5.1.1 The relationship between service quality and customer satisfaction

As mentioned before, there have been a lot of discussions as well as researches on the relationship between service quality and customer satisfaction This research contributes to this discussion by a case study of mortgage customer satisfaction at ANZ Three dimensions of service quality showed highly significant correlation to customer satisfaction with 0.729 (Core dimension), 0.742 (Relational dimension) and 0.512 (Tangible dimension) This result is in line with many previous researches supposing that customer satisfaction is closely associated with service quality such as Anderson and Sullivan, 1993; Cronin and Taylor, 1992; Levesque and McDougall, 1996

4.5.1.2 The relationship between price and customer satisfaction

Price in mortgage includes lending interest rate and relevant fees of the loan To investigate the affect of price to customer satisfaction, correlation matrix was used to as the indicator The result revealed a significant correlation between customer satisfaction and the price of 0.575

4.5.1.3 The relationship between customer expertise and customer satisfaction

Some previous researches indicated that customer expertise could affect to their satisfaction (Bettman, 1970; Fishbein, 1963; Fishbein and Ajzen, 1975; Rosenberg, 1950) From the previous result of this research, this proposal is re-confirmed with the correlation between customer expertise and customer satisfaction 0.503

4.5.2 The result of measuring ANZ mortgage customer satisfaction

Table 4.14: ANZ mortgage customer perception

From the above table, most of customer’s choices in factors of service quality are more than 3 but less than 4 (14/15) That means mortgage service quality of ANZ hasn’t satisfied customers yet In other words, customers haven’t met their expectation in mortgage lending service of ANZ From the result of Table 4.14, item TAN1 has the lowest rate than others in service quality dimensions which shows the fact that ANZ have only five branches and transaction offices in

Ho Chi Minh City, six branches and transaction offices in Ha Noi City and one representative office in Can Tho City haven’t met customer’s requirement of easy transaction with the bank

With all mean score less than 4, the price of mortgage lending at ANZ isn’t competitive to satisfy customer enough Especially the factor INT1 which is the question “Is the lending interest rate of ANZ lower than which of other banks?” got the least score of 2.88 This means that customers are really not satisfied with the lending interest rate of the bank

As a result of low score of independent variables, the satisfaction score is from 3.0 to less than 4.0 It is obviously that customers haven’t satisfied with mortgage service of ANZ yet

The regression equation with supported significant of each factor less than 0.05:

It could be seen that Core dimension is the first key of satisfaction with B=0.348; Relational dimension is the second with B=0.330; Price, Tangible and Expertise with B=0.282, 0.091 and 0.059 occupy the next positions respectively.

CHAPTER SUMMARY

This chapter described results of data analysis methods such as Reliability, Undimensionality, Convergent Validity and Discriminant Validity After analyzing the data and testing the hypotheses, all correlation between factors of the research model including Core dimension, Relational dimension, Tangible dimension, Customer expertise and Price are verified The influence of each factor on mortgage customer satisfaction as well as the construct of mortgage customer satisfaction is determined Base on that result, the finding and recommendations are discussed in the next chapter.

CONCLUSIONS AND RECOMMENDATIONS

CONCLUSIONS

The study had some contributions to the literature It was found that there were five criteria correlated with mortgage customer satisfaction including Core dimension, Relational dimension, Tangible dimension, Competitive Price and Customer expertise All of these factors have positive impact on mortgage customer satisfaction, in which Core dimension has the most influence and Customer expertise has the least influence on mortgage customer satisfaction

Through analysis result of the collected data, Core dimension, Relational dimension, Price, Tangible dimension and Customer expertise is respectively the first, second, third, fourth and last key of mortgage customer satisfaction It means that if the bank wants to increase customer satisfaction in mortgage lending, increasing rate of Core dimension, Relational dimension and Competitive price are the three point issues that they should think about and take action

Most of mean values of these factors are more than 3 but less than 4, that imply the overall customer satisfaction about mortgage service of ANZ is over the average, but it does not reach the satisfied rate In which, the INT2 (interest lending rate of ANZ is lower than other banks) got the lowest value with 2.88 only which shows that interest rate of ANZ is totally not competitive compared to other competitors in the market during the last time.

RECOMMENDATIONS

With the analysis result basing on collected data, ANZ should revise their lending service to improve the service quality and hence customer satisfaction, especially the core and relational dimensions which occupied the first and second key of satisfaction It could be explained that

Vietnamese customers hasn’t been so familiar with banking service yet, they still have the afraid feeling when asking the bank for a service, especially a loan So, customers would be appreciated when the service quality is good at Core and Relational dimensions, even if the lending cost is bit high or the tangible of the bank is not so excellent

Core dimension is the first key of satisfaction that gives customer the impression about service quality Therefore, the bank should focus on this factor to give customer good impression and feeling Mortgage product should be delivered in proper way of products and time that has been committed by the bank The bank always shows the sincere attitude toward customer’s issues

Bank officer acts professionally and friendly

Relational dimension is the second key of satisfaction which the bank should focus on In this severe competitive context, relational dimension plays a very important role in maintain and attract more potential customers

These two factors are particularly important for Customer Lending Managers of the bank, since they primarily refer to the customer themselves and then approach to the rest Therefore, the bank could improve Core and Relational dimension by continuous and frequent internal and external training courses for the bank’s staff, frequent review lending policy and procedure to keep it update with customer’s need, as they appear to affect important decisions

Price is the third key of customer satisfaction but as shown in the analysis result with mean value of INT1 = 0.288, customers are really not satisfied with the bank’s lending price The bank should take this issue into the development strategy, especially in the current fierce competitive environment Customer could easily recognize the difference in interest rate and other fee among banks, even though it is just small, so in the short term, the bank should investigate lending interest rate and the fee schedule of other competitive banks to give out the most suitable rate as well as offer some special discount campaigns to increase customer’s satisfaction To keep profit margin, the bank should also control effectively cost, avoiding waste and inconsistent cost

Tangible is also another important dimension to be taken into consideration In the past, the bank’s offices were designed intending to convey security to its customers Big pillars and bricks in the banks implied that money of customer will be kept safe Teller lines create a safe barrier between would-be-thieves and customers’ money that also convey a security feeling to customers Today, however, with many modern security equipments such as cash dispense systems, enables the bank to maintain security while also creating an open environment to customers that would help to build customer relationship and ultimately cross sell products The bank’s offices and branches today are designed basing on three major trends: cost efficiency, environment friendliness and branch centricity Besides that, ANZ should review loan documentation that must be fulfilled by customers to keep it simplified but still safe for the bank

With respect to product distribution, bank branches seem to continue constituting the primary distribution channel for mortgage products and services This is justified by the complexity of these products and their significance for consumers Usually loan amounts are particularly high and their repayment involves many years So, customer decision is difficult, as it is thought as an extensive purchasing behavior with intense participation Customers often request information, assess all alternatives and then make decisions For this reason, bank branches play an important role, since it is the place where clients can discuss with staff and obtain information The existence of branches has an impact on the feeling of security that derives from personal contact With the branch systems of five branches and transaction offices in Ho Chi Minh City, six branches and transaction offices in Ha Noi City and one representative office in Can Tho City, ANZ do not have the strong competition compared with other Vietnamese banks

So, the bank management should build up future development plan with one of the targets is expanding the branch network, in which expanding business to other large cities rather than Ho Chi Minh City and Ha Noi City is also an important thing to be taken into the long-term development plan.

LIMITATION AND DIRECTION FOR FURTHER STUDIES 46 REFERENCE

Although the research has provided a basic understanding about the determinants of mortgage customer satisfaction and their relationships, it still has some limitations

Due to time constrain and geographical condition, the study was conducted in Ho Chi Minh City and Ha Noi City only In Ha Noi City, the questionnaires were delivered and discussed with customers by Customer Lending Managers of the bank The researcher didn’t have chance to talk to and discuss directly with customers in Ha Noi City to investigate more about their feedback

Adjusted R square of the model is equal to 0.706 (70.6%) means that 70.6% of variance in mortgage customer satisfaction could be explained by five factors (Core dimension, Relational dimension, Tangible dimension, Price and Customer expert) in the research model The remaining of the mortgage customer satisfaction may be explained by the latent factors unknown from the research

As the factors affecting customer satisfaction changes over time, so another interesting area of future research could be conducted is assessment the trend of mortgage customer satisfaction

APPENDIX 1: In-depth Interview Form in English and Vietnamese for Banking experts

Qualitative In-depth Interview form (English)

My name is ……… as partner of research team belong to University of Economics Ho Chi Minh City I am conducting a research to access some of the key determinants of mortgage customer satisfaction Would you please answer the below questions as your thoughts and beliefs? It is not the matter of right or wrong answer

We would be very appreciated your own sharing thoughts and beliefs

1/ In your opinion, do the below factors of service quality impact customer satisfaction in doing lending transaction with the bank?

No Factor Impact Not impact

1 The bank provides mortgage lending products as announced

2 The bank provides mortgage lending products within the committed time

3 The bank should show sincere interest in handling customer’s issues

4 The bank’s staff perform the service properly at the first time

5 The bank’s staff has knowledge and skill to explain clearly to customer about mortgage lending products

6 Time of the bank transaction is convenient for customer

Required documents from the bank and the lending process are not so wordy and complicated, hence customer don’t have to come to the bank many times during the loan process

The bank shows its care to each customer

Bankers know clearly about customer’s need and ready to consult customer the most suitable product

9 The bank gives additional service (insurance for the mortgaged property, consult about the to-be- purchased property)

10 The bank brings the safe, trust and comfortable feeling to customers

11 Branches of the bank have convenient locations

12 The bank’s equipments are modern and professional

14 The bank provides easy understood documents

15 The bank has internet/mobile banking facilities so that customer could easily get information about their loan

2 In your opinion, do lending interest rate and other relevant fee impact customer satisfaction in doing lending transaction with the bank ?

1 Mortgage lending interest rate of ANZ is lower than which of other banks

Fees that customer must pay within mortgage lending process at ANZ (security valuation fee, security management fee, early repayment fee…) are lower than which of other banks

3 Lending interest rate and fee are stipulated clearly and reasonably Other items (if any): ………

3 In your opinion, does customer’s expertise impact on their satisfaction in doing lending transaction with the bank?

3 Information about mortgage lending product

4 Are there any criteria and items that could influence customer satisfaction in doing lending transaction with the bank?

Thank you for your co-operation

PHI U TH M DÒ Ý KI N CÁC CHUYÊN GIA

Chúng tôi là h c viên c a Ch ng trình Cao h c Chuyên ngành Ngân hàng c a tr ng i h c Kinh t Tp.HCM Hi n nay chúng tôi ang th c hi n tài nghiên c u v các y u t nh h ng n s hài lòng c a khách hàng trong quá trình giao d ch vay v n mua nhà t i ngân hàng Chúng tôi mong mu n c anh/ch dành chút th i gian tr l i nh ng câu h i d i ây theo kinh nghi m c a b n thân trong quá trình công tác Không có câu tr l i là úng hay sai cho nh ng câu h i này

Tr c tiên, xin anh/ch cho bi t v nh ng thông tin cá nhân c a mình:

S i n tho i :……… E-mail:……… a i m ph ng v n:……… Ngày:………

Xin anh/ch cho bi t ý ki n c a mình trong nh ng câu h i sau:

1/ Theo anh ch , nh ng y u t v ch t l ng d ch v sau ây có nh h ng n s hài lòng c a khách hàng trong quá trình giao d ch vay v n mua nhà t i ngân hàng không?

STT Y u t Có nh h ng Không nh h ng

1 Ngân hàng cung c p y s n ph m cho vay mua nhà nh ã công b

2 Ngân hàng th c hi n d ch v cho vay mua nhà úng ti n th i gian ã cam k t v i khách hàng

3 Ngân hàng luôn t n tình gi i quy t các v n mà khách hàng g p ph i

4 Nhân viên ngân hàng th c hi n các nghi p v chính xác ngay trong l n u tiên

5 Nhân viên ngân hàng có ki n th c và k n ng chuyên môn có th gi i thích rõ ràng, c th v s n ph m cho vay mua nhà cho khách hàng

6 Th i gian giao d ch c a ngân hàng linh ho t thu n ti n

STT Y u t Có nh h ng Không nh h ng cho khách hàng

Các gi y t ngân hàng yêu c u t khách hàng và quy trình th c hi n kho n vay không quá ph c t p, r m rà, do ó khách hàng không ph i n ngân hàng nhi u l n trong quá trình cung c p kho n vay

Ngân hàng th hi n s quan tâm n t ng cá nhân khách hàng Nhân viên ngân hàng hi u rõ nhu c u khách hàng và s!n sàng t v n, giúp " khách hàng ch n l a các d ch v thích h p cho khách hàng nh t

9 Ngân hàng cung c p các d ch v b# tr i kèm v i kho n vay (t ng b o hi m cho c n nhà th ch p, t v n v c n nhà s$p mua, …)

10 Không khí làm vi c trong ngân hàng t o c m giác tho i mái, an toàn và tin c y cho khách hàng

11 Các chi nhánh ngân hàng t các v trí thu n ti n cho vi c giao d ch v i khách hàng

12 Các ph ng ti n v t ch t c a ngân hàng hi n i, chuyên nghi p và thân thi n

13 Ngân hàng có ch% u xe thu n ti n cho khách hàng

14 Ch ng t giao d ch ngân hàng rõ ràng, d& hi u i v i khách hàng

15 Ngân hàng có các ti n ích nh internet banking/mobile banking khách hàng có th d& dàng tra c u thông tin v kho n vay

Các y u t khác c n b# sung thêm trong ch t l ng d ch v cho vay c a ngân hàng (n u có):

2/ Theo anh ch , nh ng y u t v lãi su t cho vay và các lo i phí có liên quan có nh h ng n s hài lòng c a khách hàng trong quá trình giao d ch vay v n mua nhà t i ngân hàng không?

1 Ngân hàng cung c p lãi su t cho vay th p h n h n so v i lãi su t các ngân hàng khác

2 Ngân hàng không thu phí ho c thu r t ít các lo i phí có liên quan n kho n vay (ví d : phí th m nh tài s n,

STT Y u t Có nh h ng Không nh h ng phí qu n lý tài s n, phí thanh toán tr c h n, …)

3 Lãi su t và phí áp d ng cho s n ph m vay mua nhà c quy nh rõ ràng và h p lý

Các y u t khác c n b# sung thêm liên quan n lãi su t cho vay và các lo i phí có liên quan nh h ng n s hài lòng c a khách hàng trong quá trình vay v n t i ngân hàng (n u có):

3/ Theo anh ch , m c thành th o và hi u bi t c a khách hàng có nh h ng n s hài lòng c a khách hàng trong quá trình giao d ch vay v n mua nhà t i ngân hàng không?

1 Khách hàng hi u bi t v ngành ngân hàng, các s n ph m tín d ng ngân hàng

2 Khách hàng có kinh nghi m trong vi c i vay mua nhà ngân hàng

3 Khách hàng có y thông tin v d ch v cho vay mua nhà c a ngân hàng

Các y u t khác c n b# sung thêm trong y u t m c thành th o và hi u bi t c a khách hàng có nh h ng n s hài lòng c a khách hàng trong quá trình vay v n t i ngân hàng (n u có):

4/ Theo anh/ch , còn nh ng tiêu chí nào có th nh h ng n s hài lòng c a khách hàng trong quá trình giao d ch vay v n mua nhà t i ngân hàng không? ó là nh ng tiêu chí nào?

Xin cám n anh/ch ã dành th i gian quý báu tr l i và góp ý cho b ng câu h i này!!!

APPENDIX 2: In-depth Interview Form in English and Vietnamese for customers

My name is ……… as partner of research team belong to University of Economics Ho Chi Minh City I am conducting a research to access some of the key determinants of mortgage customer satisfaction Would you please answer the below questions as your thoughts and beliefs? It is not the matter of right or wrong answer

We would be very appreciated your own sharing thoughts and beliefs

20 years old or less From 21 to 30 years old From 31 to 40 years old From 41 to 50 years old From 51 to 60 years old More than 60 years old

4 Income: (Unit: VND million/month)

From 15 to less than 25 From 25 to less than 35 From 35 to less than 45 From 45 to less than 55 More than 55

State-owned companies Private companies

Foreign companies Self-employed II/ Your expertise:

No Please indicate the degree of your expertise in banking on the following questions by marking (X)

If you strongly agree with answer on the right, mark (X) the number 5

If you strongly disagree with answer on the right, mark (X) the number 1

If your feeling is not strong, mark one of the number in the middle EXP1 I know very little about banking 1 2 3 4 5 I know a lot about banking

EXP2 I am inexperienced in lending transaction with the bank 1 2 3 4 5 I am experienced in lending transaction with the bank EXP3 I am uninformed about mortgage lending products of

ANZ 1 2 3 4 5 I am fully informed about mortgage lending products of ANZ III/ Service quality

Please indicate the degree of your agreement on the following questions by marking (X)

If you strongly agree, mark (X) the number 5

If you strongly disagree, mark (X) the number 1

If your feeling is not strong, mark one of the numbers in the middle Mark only one (X) for each statement

St ro ng ly D is ag re e D is ag re e In di ff er en ce A gr ee St ro ng ly A gr ee

COR1 The bank provides mortgage lending products as announced COR2 The bank provides mortgage lending products within the committed time COR3 The bank should show sincere interest in handling customer’s issues COR4 The bank’s staff perform the service properly at the first time COR5 The bank’s staff has knowledge and skill to explain clearly to customer about mortgage lending products

REL1 Time of the bank transaction is convenient for customer REL2 Required documents from the bank and the lending process are not so wordy and complicated, hence customer don’t have to come to the bank many times during the loan process

REL3 The bank shows its care to each customer

Bankers know clearly about customer’s need and ready to consult customer the most suitable product

REL4 The bank gives additional service (insurance for the mortgaged property, consult about the to-be- purchased property)

REL5 The bank brings the safe, trust and comfortable feeling to customers TAN1 Branches of the bank have convenient locations

TAN2 The bank’s equipments are modern and professional

TAN3 Parking place is convenient

TAN4 The bank provides easy understood documents

TAN5 The bank has internet/mobile banking facilities so that customer could easily get information about their loan

INT1 Mortgage lending interest rate of ANZ is lower than which of other banks INT2 Fees that customer must pay within mortgage lending process at ANZ (security valuation fee, security management fee, early repayment fee…) are lower than which of other banks

INT3 Lending interest rate and fee are stipulated clearly and reasonably

V/ Your satisfaction with mortgage lending service of ANZ

1 Mortgage lending service of ANZ meet your expectations and you are satisfied with mortgage lending service of ANZ:

2 In your opinion, mortgage lending service of ANZ is better than which of other banks where you or your friends or your relatives have transaction:

3 After using mortgage lending service of ANZ, will you recommend it to your friends or relatives once they have need?

4 Will you re-use mortgage lending service of ANZ once you have need?

Strongly agree Thank you for your co-operation.

PHI U TH M DÒ Ý KI N KHÁCH HÀNG

Kính th a quý khách hàng,

Chúng tôi trân tr ng cám n quý khách ã s' d ng d ch v cho vay mua nhà c a Ngân hàng ANZ Vietnam (ANZ) trong th i gian qua giúp chúng tôi nâng cao ch t l ng ph c v , xin quý khách hàng dành chút th i gian tr l i các câu h i trong phi u th m dò này Không có câu tr l i là úng hay sai cho nh ng câu h i d i ây, chúng tôi mong i nh ng câu tr l i chân thành và nghiêm túc t quý khách

I/ Nh ng thông tin chung v cá nhân quý khách:

4 Thu nh p: ( n v tính: tri u ng/tháng)

Công ty nhà n c Công ty t nhân

Công ty n c ngoài Công ty riêng/T kinh doanh

II/ M c thành th o trong vi c s d ng d ch v vay v n ngân hàng c a quý khách:

N u quý khách hoàn toàn ng ý v i c t bên ph i, khoanh tròn vào s 5

N u quý khách hoàn toàn ng ý v i c t bên trái, khoanh tròn vào s 1

N u quý khách không ch c ch n thì khoanh tròn vào các s gi a

(Ch khoanh vào m t s trong m t câu)

EXP1 Tôi bi t r t ít v ngân hàng 1 2 3 4 5 Tôi bi t nhi u v ngân hàng

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