THE BASIC THEORY OF COMPETITIVENESS IN BANK
Competition and roles of competition
The term competitive in the economy can be derived from commodity production, but it is more evident when the capitalist commodity economy emerges and develops to this day According to Karl Marx (1978):”
Competition is the intense battle and fight amongst the capitalists to scramble for favourable conditions in goods productions and consumption to gain the excess profits”
According to the British Business Dictionary (1992): Competition is " the intense battle, rivalry between business people fighting for the same kind of resources or the same kind of customer on their side."
In compliance with Vietnamese dictionary (2002):” Competition can be construed as using endeavours to gain the better and winning to their side amongst the operating individuals and organization towards the same benefits”
According to many researchers, competition is a process in which one party strives to perform better than the others One side can be an individual, a business or a country Although the main purpose of competition is to win, in a civilized world, competition always has cooperation factors towards competitive activities for the reasonalble benefit of all participants and related parties
Economic competition emerged from commodity production but so far there are still many different notions of competition From the above concepts, the competition is generally broadly defined as "the intense competition between actors who are operating in the market, doing the same type of product or similar products in order to gain market share, increase revenue and profit "
With the constant change in demand and the greedy nature of human, competition in the market economy has brought about the leaps and bounds of human society
Competition has some basic roles as follows: a Roles on national economy
Competition is the environment and the driving force to accelerate the development of every economic components in the market economy, contributing to the elimination of monopoly, irrationality and inequality in business Competition ensures the acceleration of the development of science and technology and the labour allocation will deeper Competition promotes the diversification of products in order to meets the higher requirements of society, exciting the development demand, creating new demands, contributing to raising the social life quality and develop the economy
Besides the positive impacts, competition also creates negative issues including fake goods, trafficking and tax evasion etc leading to the instability of the market, lost to the state and consumers b Roles on the enterprises
Competition is regarded as “a colander” to select and eliminate the enterprises Consequently, it can promote the competitiveness of the enterprise As a result, it plays an significant role Competition determines the existence and development of an enterprise Competition creates the driving force for the development of the enterprise, accelerates the enterprise to find the solutions to raise the production and business efficiency Competition requires the enterprise to develop marketing from the initial market research in order to define the demand of such market so that the enterprise can make the decisions on production and business to meet such demands Besides, enterprises must improve the service activities as well as promote the advertisement, promotion and guarantee of activities etc
Competition forces enterprises to launch the products with higher quality to satisfy the frequently changed demands of the consumers In order to do so, enterprises should apply new scientific and technological achievements into production and business process, improve the management activities, and improve the levels and the skills of the workers etc From that, make the enterprise more developed c Roles on products
Competition creates driving force for the enterprises to cut down the expenses in order to reduce the product prices, to actively apply science and technological advances to raise the labour productivity, perform research pro manufacture the products that can meets the requirements of the consumers
Thanks to competition, production quality is becoming better and better, product types and models are various, results in more and more profits to both consumers and enterprises Because of the motivation in competition, enterprises will be active in researching and developing new products including Domestic Debit card, International Debit Card, International credit card, ATM service, POS service etc to meet the higher and higher demands of the consumers d For the needs of consumers
Where there is demand and can make a profit, there are entrepreneurs
The interaction between consumer demand and the ability of the business to respond in a competitive environment makes prices of goods and services reach the lowest possible level The demand of the consumer will orient the business activities of the business
With competition, the goods will have better and better quality, more beautiful models, more diverse and better meet the requirements of consumers in society Consumers can easily and comfortably choose the right products for their wallet and preferences The benefits that they gain from the goods are increasingly enhanced, better satisfying their needs with prior, during and after-sales services, which are of greater interest These are the benefits that consumers get from competition e T o promote the application of scientific and technical advances in business
The demand for profit will encourage enterprises to apply advanced scientific advances to improve product quality and reduce production costs in order to better meet market demands The constant change and development of the information technology system clearly shows the role of competition in promoting scientific and technical progress
In accordance with Hoang Trung (2015a), based on the different concepts and roles of competition, competition can be classified into various form: a Based on the subjects participating competition Competition between the buyer and the seller: This is the competition happens according to the law of cheap purchase and expensive sales, both sides wish to optimize their benefits The sellers wish to sell at the highest price to optimize profit whilst the buyers wish to buy at the lowest price with ensured quality and the final price level is the price agreed between two sides
Competitiveness and the necessity to promote the competitiveness
1.2.1 Concept of competitiveness of the enterprise
Theoretically, Vietnamese scholars still have not agreed on the use of any of the terms "competitiveness", "competing capability" or "competing power" It can make it difficult for many people to use a consistent and accurate concept
However, in management science it is difficult to have a concept that is absolutely precise, so one can use one of these concepts with a common purpose to describe the competitiveness of individuals, businesses or nation Using the term "competitiveness" is more accurate both in terms of language and reasoning, because: firstly, a business can have many different kinds of competencies such as: production capacity, marketing capacity and when combined to a certain extent and for a specific purpose, they will create competitiveness; Secondly, in most competing research works, international organizations and well-known scholars use the term "competitiveness", which, according to most dictionaries
Competitiveness is the degree to which individuals, businesses or countries use the capacities needed to achieve the desired results
Businesses typically compete through the specific products and services they create But the competitiveness of the product is different from the competitiveness of the business, because their goals and development cycle are not the same A product may be out of competition after a development cycle, but a business can not lose its competitive edge if it still has the potential, such as factories, capital, technologies and leaders who still have the will and talent
The competitiveness of enterprises is the strength and advantages of enterprises compared with competitors in meeting the needs of customers to get higher and higher profit and improve its market share compared to competitors in the market
Competitiveness is reflected in the evaluation criteria in terms of technology, finance, human resources, corporate governance, when compared with competitors operating in the same market In fact, no business can satisfy all the requirements of the customer, usually the business has advantages in this and other restrictions
Competitiveness is therefore a dynamic concept, made up of many factors and influenced by both micro and macro environments Based on an analysis of the theoretical perspectives on national competitiveness and through the lively observation of entrepreneurial business processes, Dr
Hoang Dinh Phi presented the basic concept of competitiveness of the business as follows:
“The competitiveness of a business is the level at which, in conditions of free and fair markets, it can produce products and services with high productivity, Competitive pricing, meeting the challenges of market and customer demand, while growing market share and increasing profitability”
(Source: Study and technological innovation, Hoang Dinh Phi, 2009)
The author also presents the following enterprise competitiveness pyramid model with four parts, identifying four sets of internal factors that merit the competitiveness of the enterprise This tower has a new message that the competitiveness of enterprises is built firmly from the ground foundation of efficient management of investments towards the goal of building and developing the necessary capacity It has the capability to produce products and services that meet the increasing demands of customers
Figure 1.1: Enterprise competitiveness pyramid model
The concept of competitiveness was first introduced in the USA in the early 1980s According to Aldington Report (1985):”The enterprise with competitiveness is the enterprise which can produce the products and services of outstanding quality and lower price than the local and international competitors Competitiveness also means the achievement of long term benefit of the enterprise and the ability to ensure the incomes of the employees and the owners” This definition was mentioned again in the White book on the Competitiveness of England (1994) In 1998, Ministry of Commerce and Industry (England) provided the definition: “ For the
Investment in production and business (factory, technology, human resources, training, )
Products and value for customers
Market share Market share enterprise, competitiveness is the ability to produce the right products, determine right the price at the right moment This means that satisfying the customers’ demands with greater output and effect than other enterprises”
1.2.2 Concept of competitiveness of the product
The pyramid model (as above) shows "competitiveness of product" is one of internal factors that merit the competitiveness of the enterprise
Competitiveness of products can be understood as superior to other products of the same type The competitiveness of the product is composed of many factors, such as: product quality, price factor, design, product design, consumption, advertising, sales,
The competitiveness of products is a complex characteristic which takes into account a large number of interrelated factors The companies requires continuous improvement of products competitiveness, increase of sales volumes in the market segment by improving the quality of existing, or issuing new products that meet the needs of consumers at a higher competitive level
Thus, there are different views on the competitiveness of enterprises, but generally the views on the competitiveness of enterprises are closely tied to the competitiveness of the products of enterprises Businesses typically compete through the specific products and services Therefore, in the scope of research of the thesis, the author will select, use the appropriate criteria (product competitiveness, enterprise competitiveness) to assess competitiveness for card products of BIDV
1.2.3 Criteria to evaluate competitiveness of enterprise/product a Group of criteria reflecting business results and efficiency:
This is a Group of quantitative criteria , including:
Revenue is the amount of money the enterprise earns when selling products or services Therefore, revenue can be considered as the most powerful index to assess the competitiveness of enterprises (based on the revenue targets through different periods or years, we can evaluate the business result to grow or decline, in a good or bad trend) But, topic
"Enhancing competitiveness of BIDV's card services in the digital era" actually is the application of digital technology to enhance the competitiveness of card services of BIDV (only one product group) compared with other banks in Vietnam Therefore, the author does not use this criterion
Market share is the portion of market that the business holds in the total market size
Bank Cards and Bank Card Services
Bank cards are a means of non-cash payment, arising from the mode of retail purchase and development associated with the application of information technology in the sectors of banking and finance They are the payment instruments issued by the issuing bank for customers to pay for goods or services or to withdraw cash within the limits of their balance or the credit limit granted at the ATM
From the viewpoint of the State Bank of Vietnam in the Regulations on the Issuance, Payment, Use and Support of Banking Card Operation, issued in conjunction with Decision No 20/2007/QD-NHNN dated 15/5/2007 of the Governor of the State Bank: "Bank card is a means issued by the card issuer to carry out card transactions in accordance with terms and conditions mutually agreed upon by the parties."
Depending on their nature, bank cards can be classified into several categories, such as:
+ Classification according to the territorial scope of card use, including: domestic card (domestic card is a card issued by a card issuer in
Vietnam for transaction within the territory of Vietnam) and international card ( issued by a card issuer in Vietnam for transactions inside and outside the territory of Vietnam, or a card issued by a foreign organization and transacted within the territory of a State of Vietnam);
+ Sort by financial source to ensure the use of the card, including: Debit card (Card allows cardholder to carry card transactions within the amount on the deposit account of the owner a card issued by a payment service provider authorized to accept demand deposits); Credit card (a card that allows cardholders to carry out card transactions within the credit limit granted); Prepaid card (A card that allows the card holder to carry out card transactions within the value of money deposited in the card corresponding to the amount paid by the card holder for card issuers, prepaid cards have different characteristics than debit cards and credit cards that card holders do not need have bank accounts)
The banking card service is a whole or a combination of services provided by a commercial bank that allows customers of a commercial bank to use the card as a replacement for payment facilities and satisfy other financial services needs (such as cash withdrawal, balance inquiry, transfer)
Banking card services are one of the most popular services in the world and growing strongly in Vietnam Card products are diversified, including card products (such as debit cards, credit cards, prepaid cards), POS payment services and ATM value-added services Card products and services are highly customizable for each customer and are often high-tech, always requiring changes, improvements, upgrades, and updates with the rapid changes in technology of the market
1.3.3 The Role of Bank Card Service a For the Bank
In terms of banks, card services firstly bring in cheap deposits The bank will always have a huge source of deposits from the client's trading account that has to pay a very low interest Increase the number of trading accounts, allowing for non-cash payment expansion
Generating income from services: When providing card services, card issuers have revenues from fees, such as issuance fees, annual fees, transaction fees, credit granting fees, foreign exchange money, interest from credit card or debit card overdrafts, etc The payment bank can increase the profit from the commissions paid to intermediaries, new payment services are available to serve existing customers, contributing to maintaining customer loyalty
Modernizing banking technology: When deploying card services, banks must upgrade and modernize their IT systems and payment systems, thus enabling banks to have access to advanced technologies in the world and contribute to improve the level of card professional in particular and the bank in general
Increase distribution channels of banking products: The development of
ATM / POS systems is the development of distribution channels for banks
This distribution channel is not limited to working hours and can provide 24/24h banking services, helping customers to trade quickly, reducing transaction at bank counters
Help save time and effort in tallying, sorting, storing and shipping cash
Avoiding mistakes in counting money, distinguishing real money from counterfeits and being more transparent in financial transactions
Expanding the market and customer relationship: Participating in bank card payment helps diversify bank services, attract new customers to use card services and other banking services, contributing to creating long-term, stable partners
Create invisible values for the bank such as enhancing the position, prestige of the bank, promoting the brand image, raising the level of banking brand b For the Customers
Helping create convenience and flexibility for customers in domestic and overseas payment: Bank cards allow cardholders to purchase goods and services through a wide network of card acceptance points, or withdraw cash as needed Set up and perform other services such as account inquiries, bank transfer, etc at ATMs everywhere with no time limit
In terms of security, bank cards are a convenient and safe means of transportation because cardholders are the only holders of the card In addition, bank cards are always used in high tech production, creating smart cards with increasing safety
Compact, fast and efficient: When shopping for goods and services, consumers do not have to carry cash, do not have to spend time counting money because there are cards with compact size, easy to carry, make you feel comfortable when shopping even with large payment volume On the other hand, customers can approach indirect purchase methods such as telephone orders, online purchases, etc c For the Economy
Positively contributes to changing the habit of non-cash payment by the public, reducing the amount of cash in circulation, speed up the flow and payment in the economy
Since most card transactions are made via electronic systems under the control of banks, facilitating the control of trading quality, payment quality of the population and the economy as well such as facilitating the effective implementation of monetary policy of the SBV and facilitating the transparency of economic transactions, helping the State Bank as well as financial agencies to prevent money laundering, virtual transactions, ghost companies,
In the current period, when the State is encouraging the population to increase consumption, the card is one of the effective tools contributing to the implementation of measures to "stimulate demand" of the State In addition, accepting card payments has created an environment that attracts tourists and investors, improves the commercial and commercial environment, and promotes consumer goods, increase knowledge of the people about the application of information technology in life
1.3.4 Criteria for assessing the competitiveness of bank card services
Concepts of digital technology, capacity of technology and digital
Technology is solutions, processes, know-how (with or without attachments to tools, means) used to transform resources into products (according to the Law on Technology Transfer 2006 of Vietnam
Today, in the world and in Vietnam, the term "technology" is used in a wide range of fields, from politics to economics To simplify and conclude the term technology in every field, we should use the definition: "Technology is the rational use of machinery with scientific knowledge and operational skills to produce a product or provide a service on the market "(Source Hoang Dinh
Digital refers to all forms of electronics and the use of information technology The scope of Digital is broader than the definition of traditional enterprise information technology because it includes technologies used outside of the control of the business such as: Intelligent devices used by objects outside the enterprise use (customer, employee); Social Network;
Embedded technology in the product (for example, cars); Integration of information technology and operational technologies such as telecommunications networks, energy networks); Internet of Things (IoT);
1.4.2 Digital Capability a Capacity of Technology
Technological capability can be explained by the ability to effectively use technology, including the selection of technologies, the implementation of processes, the production of internationally competitive products
Ramanathan, K (1995) (60), a prominent professor at the Asian Institute of Technology (AIT), analyzed, synthesized and distributed technology capabilities into four groups with four components: Trading capabilities (ability to manage technology purchasing mechanisms), operational capability, innovative capabilities (ability of enterprises to innovate and innovate technologies) and support capabilities (the ability of the enterprise to develop, integrate, and improve its purchasing, operating and creative capabilities) From the fact that only the ability to create new technology can help businesses create and maintain sustainable competitiveness (Source Hoàng Đình Phi, 2009) b Digital Capability
Digital technology is the technology of digital resources, which began in the middle of last century, has been changing many areas There are two aspects of digital technology, one is digitization and the other is the management and processing of digitized data Digital technology is very common to information technology, which is the management and processing of data is digitized
Digital capability can be understood as the ability to effectively use digital technology to create and maintain a competitive edge in the digital era c The role of Digital Capability in building and maintaining the competitiveness of enterprises and banks
Figure 1.1: Comparative competitive model (to illustrate and analyze, clarify the role of technology capacity):
Mitchell (1985) argues that businesses that connect technology strategies and business strategies will become more competitive in the global marketplace Business owners must be able to combine good business strategies with technological strategies to focus on achieving their goals
Technology strategy is an integral part of overall corporate strategy This demonstrates the important role technology plays in the competitiveness of enterprises
In line with international economic integration, our world is becoming more flat, where nations, businesses and individuals can easily cooperate and compete for both vertical and horizontal development Foreign companies
TRADING CAPABILITY often use core technology capabilities to enhance the competitiveness of their products in particular and of the enterprise in general
The above model shows the importance of Innovatives capabilities (in which digital technology with intelligent devices, the connection regardless of distance is typical of technological innovation capacity) in lifting High competitiveness of enterprises If a business does not have the capacity for technological innovation, that enterprise lacks an important step and its competitive house will not be higher This is also evident in the digital era because of the constant change of technology, the competitive pressure of competitors in the market increasing, threatening the survival of enterprises
In the digital era, the competitive pressure of competitors on the market is increasing, threatening the survival of the business Customers increasingly demand better quality products and cheaper prices In order to survive, enterprises must continue to apply measures to improve production, renovate processes, design and manufacture new products that bring higher value, at lower cost / most suitable for customer Digital products are considered to be more advantageous than traditional products because of their low cost, customer service time can be continuous 24x7 due to no restrictions on administrative boundaries Therefore, the enterprises need to know how to apply digital technology in order to maintain their competitiveness
From the perspective of the knowledge economy, technology capacity plays the most important and decisive role Technology and, in particular, digital technology has a very important role in determining the existence and competitiveness of enterprises
1.4.3 The concept of digital banking and digital banking trends
Digital banking, defined as an easy-to-understand is business of banking in the digital era, is business of banking with the customers who uses more technology tool, connect more
Internet and connect more chanel via Digital Technology
According to Chris Skinner, president of the European Financial Services Club, author of "Digital Banking", writes about digital banking as follows: Firstly, digital banks are built with a vision of continuity Reach customers through enhanced digital technology, based on core digital technology Second, digital banks create customer access through access, which can be either at the counter or via digital technology, but basic customer access options are met and consistent Third, digital banking has an organization that is geared towards digital technology, the way to reach customers is through online social media, through video consulting, and focus on relationships with customers in their daily lives Fourth, digital banks have innate knowledge about customers, understanding the feelings of customers
And finally, digital banks will have a board that regards digital business as the culture of the business
From the viewpoint of the State Bank of Vietnam: “Digital Banking is a Banking model which works based on technology platform, to provide all banking services via digital devices on Internet, telecomunicaiton network or self-service branches (Source: Decision no 488/QD-NHNN dated 27/03/2017 of the Governor of the State Bank about Information Technology Application Plan of Credit Institutions 2017-2020)
Digital Banking Trends, with the strongly transformation from product- centric to customer-centric Accordingly, changing the behavior of customers in the digital area requires changes to be made to the bank There are four main trends in Asia in changing this behavior
Firstly, customers are increasingly using digital technologies through the Internet and smartphones It changes the habits of customers such as the habit of shopping online, using social networks for looking, exchange, evaluation of banking products
The Content Research of Thesis
According to American economist Michael Porter, Harvard University (USA), economic competition is gaining market share, the essence of competition is maximizing profit M.Porter especially emphasizes the ability to make a difference, meet the needs of consumers and considers it a prerequisite to compete in the current context In order to dominate the market (market share) and profit growth, the competitiveness of enterprises derives from the quality of products -distributed services, distribution networks, product-service support, financial strength, technological level, labor skills, enterprise management capacity and effective combination of resources to create different products or have reasonable cost, high quality
“Enhancing competitiveness of BIDV's card services in the digital era”
Thesis with the main purpose is research and apply digital technology to improve the competitiveness of BIDV's card services in comparison with other banks in Vietnam
The content research of Thesis, accordingly, the author based on evaluation criteria, the factors affecting the competitiveness in bank card service sector (as mentioned in Chapter I), the author focuses only on some basic criteria to assess the competitiveness of BIDV's card service, such as: market shares, quality of products and services, brand, Marketing and sales of Product, networks system, technology capacity, labor skills) Conducts Analysis of strengths, weaknesses, opportunities and challenges and propose solutions to apply digital technology to enhance the competitiveness of BIDV card services
This research uses the data from 2016 up to now; based on such information, analyze the current situation and provide the solution (focus on digital technology) to promote competitive advantages from the present to 2020.
CARD SERVICE OF BIDV AND COMPETITIVENESS OF
About BIDV and Card Services of BIDV
2.1.1 BIDV’s General information a General information
- Full name: Joint Stock Commercial Bank for Investment and Development of Vietnam
- Address: BIDV Tower, 35 Hang Voi Street, Hoan Kiem District, Hanoi
+ Credit activities (lending, discount, guarantee, credit card issuance, etc) + Fund mobilization (savings, bond, debenture)
+ Trade finance services + Payment services (domestic and international payment) + Account services
+ Other services under the Certificate of Business Registration, etc
BIDV is leading the way in the Vietnamese banking system in the application of modern technology Since 2007, the bank has ranked first in terms of readiness for IT implementation among Vietnamese commercial banks b BIDV - History and Development
BIDV is one of the first banks established in Vietnam The history and development of the Bank can be summarized as follows:
- For the period from 1957 to 1981: Bank for Construction of Vietnam
Founded on 26 April 1957, when the country was active in the period of economic recovery, under the name of Bank for Construction of Vietnam, the Bank for Construction of Vietnam made important contributions to the management and allocation of capital for construction Right from the first year, the bank provided capital for hundreds of works, contributing to balance accounts, facilitating market management and price stability
In the period 1975 – 1981, the Bank joined to renovate economic facilities in the South and develop new infrastructure after the war The bank provided capital for industrial, agricultural, transportation, public welfare projects, and key projects critical for the national economy
- For the period from 1981 to 1990: Bank for Investment and Construction of Vietnam
In 1981, renamed Bank for Investment and Construction of Vietnam In the period 1981 - 1990, the Bank gradually overcame difficulties and improved operational mechanism for continued development This was also the period when the bank made strong movements in line with the national renovation in general and the banking sector in particular, progressively becoming one of the leading specialized banks in the country
- For the period from 1990 to 2012: Bank for Investment and Development of Vietnam
In 1990, It renamed Bank for Investment and Development of Vietnam (BIDV)
In the period 1990 – 2000, BIDV made positive developments, such as:
It was proactive and pioneering to employ ways to mobilize capital denominated in VND and foreign currencies
The Bank made strong IT developments during the period 1990 – 2000
Many new products and servives have been developed and received positive feedbacks, such as Home Banking, ATM,
BIDV has sustained high, safe and effective growth In the period 2006 -
2010, total assets increased more than 25% per year on average, capital mobilization up 24% per year, outstanding loans up 25% per year and pretax profit up 45% per year
BIDV has pioneering to apply international standards Since 1996, BIDV has been audited by independent international auditors In 2006, BIDV was the first bank to have Moody's investor’s services implement credit rating
BIDV continuously expanded its network to serve business activities
As of 25 November 2015, the bank had 180 branches, 780 transaction offices and thousands of ATMs and POS in all 63 provinces and cities across the country
BIDV always pays attention to people development BIDV continued to recruit young human resources with knowledge and skills to meet the integration requirements
- For the period from 2012 to Present: Joint Stock Commercial Bank for Investment and Development of Vietnam
BIDV was equitized according to the direction of the Government, ensuring the harmony in the interests of the State, enterprises, investors and employees
On 27 April 2012, BIDV officially transformed into the Joint Stock Commercial Bank for Investment and Development of Vietnam and has been listed on the stock exchange since January 2014
On 25 May 2015, BIDV officially merged with Mekong Housing Bank (MHB), marking a milestone in the network expansion
As the pioneer in foreign operations, by the end of 2014, BIDV established correspondent relationship with over 1,700 banks and bank branches in 122 countries and territories around the world
As of 31 December 2017, BIDV had total assets of more than VND1.176 trillion (~USD51.9 billion), making it the country’s largest commercial bank in Vietnam BIDV has a wealth of experience in Vietnam, providing a full range of modern and convenient banking products and services including deposits, loans, trade finance, payment and account services, and card services and among others
According to BIDV annual report 2017, BIDV has expanded its wide network across Vietnam as of 31 December 2017, BIDV’s network consisted of:
- 190 branches in Vietnam and 01 branch in Myanmar (Yangon)
- 02 subsidiary units (IT Center, BIDV Training School)
- 03 representative offices in Vietnam (Ho Chi Minh city, Da Nang and Can Tho)
- 06 representative offices in foreign countries (Cambodia, Myanmar, Laos, Czech Republic, Taiwan (China), Russian Federation)
Wide operating network helps BIDV to access a large customer base nationwide; to provide various services for diverse customer segments from individuals, households to different types of enterprises and organizations
Diagram of BIDV’s Organizational Structure
Besside, BIDV have 11 subsidiaries (BIDV Asset Management Company (BAMC), BIDV Securities Company (BSC), BIDV Insurance Corporation (BIC), BIDV International Company Limited (BIDVI), Mekong Housing Bank Securities Company (MHBS), International Investment and
Representative offices (local and abroad)
Vietnam-Russia Joint Venture Bank
BIDV Tower Joint Venture Company
BIDV MetLife Life Insurance Limited Company
Vietnam Aircraft Leasing Joint Stock Company
BIDV-SuMi TRUST Leasing Company Ltd
Other subsidiaries in Lao, Cambodia
BIDV Asset Management Company Ltd
BIDV Insurance Joint Stock Corporation
BIDV Securities Joint Stock Company
Joint Stock Commercial Bank for Investment and
Development Company (IIDC), Cambodia Investment and Development Company (IDCC), Bank for Investment and Development of Cambodia Plc (BIDC), Lao – Viet Insurance Joint Venture Company (LVI), Lao-Viet Joint Venture Bank (LVB), BIDV-SuMi TRUST Leasing Co., Ltd (BSL)
Credit Committee Board of Management and Chief Accountant
2.1.3 BIDV’s Card Center Organization Structure a At the Head Office
Card Center is a division of the retail banking The head office carries out functions such as business administration, product development, risk management and centralized management This model is similar to banks of the same size as Vietcombank, Agribank, Vietinbank
With the objective of enhancing product research and development, dividing card business activities into product lines to ensure the responsibilities of each level of staff in promoting the card business, The Card Center at the Head Office is divided into 13 groups: (1) Strategic Group; (2) International Card Group; (3) Domestic card and ATM group; (4) Credit Card Acceptance and Partner Management Group; (5) Marketing and Communications Group; (6) Credit Management and Collection Team; (7) Trading Licensing and Fraud Control Group; (8) Complaints Review Group;
(9) Settlement group; (10) Card Support Group; (11) Card issuance group;
(12) Development Research Group; (13) Card Center in the South b At the branch
Currently, BIDV has completed the arrangement of the Card Sales Department and the orientation of selling card products in all departments with business functions Sales of card products mainly concentrated in the branch and the evaluation of card product managers at some branches was conducted through the KPIs assigned to each staff.
The current status of BIDV's card service competitiveness in Vietnam 45 1 General assessment of card business activities in Vietnam
2.2.1 General assessment of card business activities in Vietnam
According to the data of the Vietnam Bank Card Association, by 2017, there are more than 60 banks participating in the card market in Vietnam, with the total number of issued cards reaching more than 132 million cards of all kinds total population reaches 95 million people, thus the total number of cards issued in the market exceeds the population size), of which 90% are domestic debit cards; more than 4,5% are international debit cards; more than 4% are international credit cards and about 1,5% are other cards In fact, the number of active cards may be lower than the number of issued cards by about 30% due to the reported data of many banks including closed / canceled cards Of the 70% of cards in circulation, there are also a large number of non-active cards or non-transactional transactions in the long run
According to this data, on average, a Vietnamese citizen aged 15 or over owns over 1,5 cards The average card growth rate from 2014 to 2017 is nearly 19% In particular, domestic debit cards continued to account for the highest proportion of about 88%, followed by international debit cards and international credit cards accounted for 4% of the proportion Card revenue grew at an average of 24% per annum
On the network of accepting cards on ATM until 2017, in Vietnam there are more than 17.500 ATMs with average cash withdrawal of more than 82.000 billion / machine / year In the period 2013-2017 witnessed a significant decline in ATM open rate of banks with average growth rate of 3% per year, much lower than 22% of 2009 -2012 This proves that the digital banking trend, as well as the alliance and linkage between banks, has strongly influenced the decision to invest and expand the ATM network of banks, Banks leverage the Alliance's network to reduce their ATM network investments
According to the report of the Banking Association, there are about 270.000 POS machines in the market, the annual growth rate of POS from
2013 to 2017 is high, reaching over 26%, with average payment volume 900 million / machine / year This proves that banks are actively promoting the expansion of POS networks to promote non-cash payments
In 2017, the value of ATM / POS transactions will increase by 34% compared to 2016; The rate of cash withdrawal at ATM continues to decrease from 15,7% (2016) to about 7% In 2017, the number of POS transactions reached nearly 136 million transactions (an increase of 40% compared to 2016); Trading value reached over 318 trillion dong (about 27% increase compared to 2016) The number of bank cards issued and the value of card transactions increased rapidly
Credit card products are increasingly diversified Most international brands such as Visa, MasterCard, American Express, JCB, Diners Club, Discover, UnionPay are present in Vietnam This shows that the card market is increasingly competitive with the number of banks involved in issuing more and more diverse card products
2.2.2.Evaluating competitiveness of BIDV's card services in comparison with competitors in Vietnam market a Overall rating, comparable to competitors
With the objective "card business strategy based on the development of hi-tech card", from 2017 BIDV's card operation has gradually deployed many products, services with new features and get some awards from reputable organizations in the country and abroad However, BIDV's card services are still modest compared with three similarly sized banks in Vietnam (Vietcombank, Vietinbank, Agribank)
By 2017, BIDV’s card will continue to grow in both quantity and quality Card payment growth of 25% was higher than that of the market (21%), with 40% growth in credit card sales over the same period of 2016
But, according to the report by Vietnam Bank Card Association, on the card market, BIDV ranked fourth, but still far away from the top 3 banks (Vietcombank, Vietinbank and Agribank) With the current card growth rate, BIDV's ability to improve its short-term rating is quite difficult
Considering each line of card products, in 2017, BIDV overtake Techcombank and Sacombank in order to take second position in International Debit Cards, third position for International Credit Cards
Domestic Debit Card in 4th position and hardly able to improve rankings in the next 5 years as the top banks are having more than BIDV from 1 -2 times the number of cards
Regarding the brand name, BIDV's portfolio of international card products is less competitive than its counterpart in comparison with other banks (Vietcombank, Vietinbank)
In terms of card class and customer segment, with 5 categories of Classic, Gold, Platinum, Signature / World, Infinite / WorldElite, BIDV has developed four classes of cards, Classic, Gold, Platinum and products for the rich and super-rich (Infinite)
In terms of POS card payment, BIDV more than 44.000 POSs, currently holding the third position in terms of scale with a growth rate of 28%, equal to
4 times that of the top banks of Vietcombank and Vietinbank If BIDV continues to maintain this growth rate, it can surpass Vietinbank to occupy the second position in 5 years In terms of turnover, POS has a high growth rate of 60%, however, the gap is quite far to catch up with the top two banks namely Vietcombank and Vietinbank
In terms of ATM card acceptance, BIDV hold 4th place with more than 1.800 ATMs No new ATMs in 2016 and little increase in 2017, as BIDV aims to increase its ATM capabilities, leverage its network of alliances and move ATMs to more efficient positions to improve the ranking of transactions on ATM b Analyze, compare with competitors according to each card product
Table 2.1: BIDV’s Competitiveness - Compared to total number of
(source: Vietnam Bank Card Association, 2017)
Vietinbank has E-Partner card with major features: Payment for goods and services at Merchants; Payment of goods and services via the Internet;
Cash withdrawal at ATMs; Wire transfer, 24/7 money transfer; Bill payment services on ATM: electricity, air tickets, telecommunications, insurance;
Check account balance, print the latest transaction statement; receive overseas remittance from overseas into E-partner card account; Purchase prepaid cards at ATMs; Withdraw money without a card
Vietcombank has Connect24 card (divided into standard, gold grade, special class), with major features: Payment of goods and services at Merchants; Payment of goods and services via the Internet; Cash withdrawal (VND) at ATM (from VND, USD account); Wire transfer, 24/7 money transfer; Bill payment services on ATM: electricity, air tickets, telecommunications, insurance; Check account balance, print the latest transaction statement; Enjoy preferential policies from brand partners
BIDV has a variety of cards including Harmony, Etrans, Moving, Student Links, BIDV - Coopmart, BIDV - Satra The features of BIDV's domestic debit card products are available at ATMs and POSs (including 03 debit card products for the general market and card products associated with partners such as schools, businesses salaries), generally similar to other banks
However, BIDV Domestic Debit Card does not have ATM transfer features (Vietcombank, Vietinbank already have this service), Internet payment (E- Merchant), withdrawals at ATMs without card , non-contact card payment, authentication by fingerprint
Review: Growth over the same period in 2016 is 23% In terms features of Domestic debit card, BIDV similar as competitors, such as:
Basic features: Account balance inquiry, summary statement, withdrawal, transfer, PIN change
Request for account statement, checkbook issuance request, transfer money to term deposit account, pay invoice, print transaction invoice at ATM
Payment for goods and services, withdrawal, balance inquiry at POS, Online payment (E-commerce)
SOLUTIONS TO ENHANCE BIDV’S CARD SERVICES
Digital banking trends in Vietnam, the impact on the overall
3.1.1 The trend of digitilation and digital banking
In the digital era, with the digital economy that has influenced the manufacturing and service industries such as Uber overtaking conventional taxis, Kodak was founded in 1888, in the 20th century as the prominent name in The photographic industry, but unfortunately when Kodak did not catch up with the development of digital photography and bankruptcy in 2012 Fixed- line sales of the period 2000-2010 decreased by 50%, 2010-2016 continues to decline Traditional tapes have disappeared due to internet and internet entertainment companies like Netflix, Youtube
In the banking sector, by cutting staff, closing down some branches in some countries and a major reform of banking information technology, Deutsche Bank's strategy until 2020 is to hopefully bank for the future and in April 2015 the bank announced plans to close 200 branches and invest an additional 1 billion Euros in the next three to five years to create a "more digital bank"
Digital banks have become an irreversible business trend, with Asian consumers increasingly fond of Internet Banking and Mobile Banking, the use of these channels has grown on average by over 35% in last year The use of traditional affiliates respectively fell by over 35% Across Asia, on average 25% of decision making and 40% of after-sales services are made via the Internet and Mobile Most banks have admitted that this is a great opportunity to meet the needs of inquiries, registration and use of products and services on many different channels of customers, including card services ( such as POS, ATM, card payment, )
AT Kearney and Efma's global survey shows that mobile banking is changing the game with a growing number of customers, since 2007 mobile banking has been introduced By 2014, mobile banking accounts for 50% of customers and is expected to account for 80% of mobile banking customers by 2020
DBS has invested heavily in finance and human resources for the development of digital banking Accordingly, DBS is aiming for total digital banking solutions in overseas markets such as India and bringing digital banking successes to market in other markets and in the country (Singapore)
DBS launched its first digital bank in India with just the mobile banking channel, the process of providing services to paperless customers, no signatures and no branches, support for customers with artificial intelligence
Digital banking is not only the trend of leading banks in the world but also the inevitable trend of Asian banks and banks in Vietnam The evolution of technology, the change in consumer habits and consumer behavior, is a key factor in determining the digital tendency of banks According to a survey conducted by a global consultancy PWC, conducted with the participation of
157 senior IT managers, CIOs, digital banking is a big business trend in banking sector to 2020 Digital Banking is considered a win-win method in next generation financial services
3.1.2 The trend of digital banking and card service in Vietnam
“Banking is necessary, bank are not” – Quote of Bill Gates at Sibos Conference in July 2014 Thus digital banking is a mandatory requirement of banks across the globe and in Vietnam to ensure their viability and competitiveness in the digital era
According to statistics of the We are Social company in 2016, Vietnam has 47.3 million Internet users (50% of the population), 35 million social network users (29 millions mobile users),143 milions phone (152% of the population) In the mature age, 55% of people use smartphones, 46% have computers, 12% have tablets, and 78% use the Internet every day
For the majority of businesses in general, as well as Vietnamese banks, learning to understand and apply information and knowledge in a timely manner to manage digital innovation is difficult However, the promotion of digital banking in Vietnam is a clear trend, considered by many banks as a strategy to bring about differentiation and increase competitiveness Some typical examples are:
Banks such as Vietinbank, Vietcombank, and Eximbank through the selection of new Corebanking solutions show that they have also paid attention and selected corebanking solutions that can support the digital banking business, especially Supports multi-channel management (Omni- Channel) and customer experience, including card services
In March 2016, Vietcombank launched the digital transaction space in Hanoi and Ho Chi Minh City, where customers can experience a self-service trading area within the bank The space of digital technology transactions is in the whole project of building a modern branch model of Smart Branch under Vietcombank's digital banking development strategy, with the biggest target is to satisfy customers when unified service experience across all banking channels, from traditional to modern, including card service channels
Identifying Digital Banking as a strategic objective and competitive advantage, Tien Phong Bank (TPBank) has taken a pioneering step in affirming the direction of bankingless transactions (branchless banking) To create a competitive advantage for the bank, TP Bank digitizes counter channels with automatic 24/7 account system TPBank LiveBank was launched in February 2017 built VTM machine system to automate parts Large counter transactions (customer manipulation on the machine instead of interacting with the transactor), including card transactions
At BIDV, the BIDV Smartbanking system was launched on 15/12/2015 providing many features such as information at banking, network transaction, ATM by map, transfer money in BIDV, transfer money fast 24x7, online savings, card features, bill payment for a variety of services similar to BIDV Online, purchase phone cards, airfare, chat until the end of 2016 system reached 353 thousand guests; Trading volume reached VND 55 trillion with more than 6 million financial transactions Smartbanking also allows customers to subscribe to the service without going to the counter In July
2018, BIDV has launched BIDV Pay + application that allows customers to perform card transactions via phone application without using physical card, this is an innovative product of Application of digital technology
Objective of card business and requirements to enhance the
3.2.1 Demand for enhancing the competitiveness of BIDV's card services in the digital banking trends
By the end of 2016, the Prime Minister has approved the project of developing non-cash payment in Vietnam in the period of 2016-2020, aiming at the ratio of cash to total liquidity of less than 10% To achieve these goals, one of the solutions proposed by the Government is to build and develop retail payment systems and services The Project also offers new solutions to create favorable conditions for electronic payment in general and card payment in particular, such as: (i) Research and application of new modern payment technologies at reasonable cost, fast, simple, convenient and high quality; (ii) Encourage the development of multi-purpose cards, non-physical cards, non-contact cards (tolls, gasoline, bus tickets, taxi, social insurance , collect tuition fee…); (iii) Develop electronic payment for e-commerce such as finalizing and enhancing connection of electronic payment infrastructure of banking system with payment infrastructure of units to better meet requirements electronic payment in e-commerce, at retail points and payment of goods and services online; (iv) Encourage the use of electronic devices for payment of goods and services on various electronic payment channels and (v) Implement measures to improve the quality of e-commerce services
Establish the foundation for the development of electronic payment services
Thanks to the economic development, the average income of the people gradually improved, as well as improving the intellectual level, gradually changing the perception as well as the psychological payment of non-cash society Compared to the previous time, the trend of non-cash transactions is positive According to the National Payment Corporation of Vietnam (NAPAS) in 2016, the total transaction value through this system reached 320,000 billion, up 50% over 2015 This shows that people have gradually reduced money from ATM to transfer, non-cash payment, so the application of digital technology more urgent to enhance competitiveness in card services business
Technically, card payment is a modern payment method, so the advanced technology platform, modern, stable, international standards is one of the prerequisites for business development card In the digital age, banks also have to change their products and services to meet customer needs Banks must actively increase the features of card issuance and payment, such as recharging ATMs, withdrawing money from ATMs without cards, paying via MPOS mobile payment devices, deploying tests non-contact card payment,
In the digital age, along with the growth of many Fintech companies (companies applying advanced technology in the Financial Services industry) is the rapid development of products replacing bank cards In terms of Vietnamese market, Fintech Vietnam is considered as a promising sector that will create many points, step by step expanding not only the field of payment but also many financial services.t but also many financial services attached
In the market, the competition is becoming increasingly apparent not only among card products but also with similar products (internet banking, mobile banking, e-wallet ), which makes finding and attracting customers more difficult Alternative card products from the Bank such as (Internet Banking, Mobile Banking have recently been equipped with many features such as e- commerce payment, payment for administrative services, 24/7 bank transfer, );
Alternative card products from Fintech included: Electronic wallet companies, money transfer services, or strong e-commerce, payment of bills, virtual cards, )
Thus, to achieve great business results from the card products business in the next period, banks pursuing the top retailing target must invest in big systems to catch up with The trend is to digitize, pay to attract customers to occupy the retail market, as well as card services, create a solid foundation and create momentum
3.2.2 BIDV's card business orientation for the period of 2019-2025 with a vision to 2030
With a focus on business efficiency, BIDV Card Services strives to be one of the four banks with biggest card sales in Vietnam by 2020, thereby increasing the competitiveness in terms of rankings
Select the card development strategy from the number of cards to sales transactions to ensure the pursuit of business efficiency goals and help calculate and determine the position of BIDV in the card market in Vietnam
Speed up sales growth and accept payment cards; Increase market share of card usage by 2020 to 11% market share
To develop card products and services using digital technology, leading the market, creating competitive advantages for BIDV card services
Specific objectives: To focus on developing hi-tech products with good profitability In order to increase card sales, it is necessary to promote the development of the customer base by enhancing the development of domestic debit card products, thus exploiting the development of international card products and other retail products Simultaneously, the comprehensive digitization of card activity from feature development, multi-channel integration, operational operation and risk management to experience the customer and reduce costs for BIDV.
Major solutions to enhance the competitiveness of card services for
3.3.1 Improvethe organizational model and renew the business operation in cards sector in line with Digital banking trends a At the Head Office
To consolidate the organization model of the card center in line with the strategy of banking development at BIDV, thereby enhancing the research and development of innovative products and products
Grouping business management teams by product lines, ensuring the responsibilities of each level of staff in promoting the card business, specializing in supporting the branch, supporting customers to Towards the best service provided to customers
Changing the way of assigning plans and evaluating the results of implementing card business targets to affiliates associated with the development of card products to 2020 b At the branch
Based on the standard retail business model, setting up card key business teams at individual customer departments to advise and propose to promote the scale of customer base, increase sales crosses other digital products
3.3.2 Research and development of innovative products, application of digital technology for card services
Planning and standardizing the card payment technology infrastructure, thereby modernize the systems to fully support the features and payment methods of modern cards, easy to upgrade, fully integrated with Systems outside the card system (such as Corebanking, IBMB, BIDV payment systems) to extend new features, products and services, and automating these processes
Using open APIs and architectures to integrate and deliver multi- channel delivery to meet the fast and flexible requirements of connecting and integrating with external systems (such as international card payment organizations or outsourcing systems of partners, ), third parties
Enhancing the use of large data analysis (bigdata) applications, artificial intelligence and advanced data analysis in: (i) supporting data structure analysis; (ii) support for real-time and daily data analysis; (iii) provide complete and accurate data; (iv) support forecasting in a flexible manner
Strengthen the research, application and deployment of new card issuance and payment technologies, especially mobile payment card technologies based on payment technology platforms: (i) card issuance prepaid and virtual card using CVV / CVC dynamic encoding; (ii) issuing contactless cards; (iii) implementing payment technology HCE, OEM (Apple Pay, Samsung Pay, Android Pay, ); payment technology QR Code;
Integrated payment cards with social networks such as: Facebook, Wechat, Zalo,
Promoting coordination and cooperation with Fintech companies to bring into full play the strengths of the bank and Fintech companies (Fintech companies have the strength to bring new technologies together with new experiences, performance and convenience, while the bank has strengths in terms of reliability, solidity, customer base
Research and develop card acceptance services using new technologies such as Mobile Payment (Mpay, MVISA, MasterPass, QR Code, SamsungPay, Wechat, Alipay) to diversify services
Launch new services such as Multi Currency Acquiring, Multi Currency Pricing for MERCHANT on internet to take advantage of the tremendous growth opportunity of the global e-commerce market (2020-2030)
Deploying multi-function POS devices: wired, wireless, compliant with EMV and PCI DSS standards Diversify payment methods (magnetic stripe, chip, PIN, NFC and other forms of mobile payment) Step by step to digitize the registration process of MERCHANT and deploy POS equipment to MERCHANT
Research and develop new ATM lines with facilities such as cash deposit, ATM video support lines to diversify products and serve the requirement of channel switching to automatic channels Study new ATM cards on BIDV ATMs (such as Diner Club Cards) to be the market leader in ATM services Research and deploy ATM withdrawals on mobile devices and
QR codes to increase utility for debit card holders
Transform the new Corebanking Project (in line with the digital banking plan) in accordance with the plan and meet the requirements of converting domestic debit cards to chip cards to ensure cardholder safety and SBV orientation
3.3.3 Apply digital technology to promote marketing and communication
Diversifying sales channels through digital channels such as internet, mobile; Allowing customers to register card, register additional products and services on the application of Internet banking / mobile banking / ATM of BIDV (via App / Website)
Continuously update and capture digital technology advances, apply the latest marketing tools / trends to marketing, and optimize digital marketing communications
Creating website to provide complete information to customers, ensuring modernity, aesthetics, so that customers can actively monitor the card transactions and interact directly with the bank 24/7
Improving customer care, reducing customer complaint handling time, and expanding customer care channels on the mobile app (such as receiving and responding to customer requests via mobile phones app)
3.3.4 IT application solutions for card fraud risk management
In order to enhance the security of card payment and card data security, speeding up the deployment of 2-factor authentication system for transactions via 3D Secure network in order to create peace of mind for cardholders
Providing Internet access control for cardholders (OTP passwords sent to email / e-mail), minimizing fraudulent transactions through increased security in card authentication, as well as helping BIDV dramatic increase in card transaction turnover
Standardize credit card management reports on the MIS / Master Report system so that Branches can easily look up for customer development and management
Synchronize deploying the Ascore and Bscore credit scoring systems to support customer risk assessment
Developing RLOS (Personal Loan Management) to automate the credit process and customer risk assessment (with functions such as online management in full process for customer contact, customer risk premium, credit approval) In addition, the system should be linked to customer credit information systems (CICs, PCBs) to increase efficiency and minimize time spent on customer evaluations
Implementing plan of accepting domestic chip cards in accordance with the strategy and direction of the State Bank up to 2020 to increase the safety of card payment at ATMs
Developing tools that allow customers to actively manage cards such as PFM (Personal Financial Management) as well as card management features on Mobile app, Internet banking
BIDV would like to thank you for using the card products and services of BIDV in recent years In order to improve the quality of products and serve customers, we would like to evaluate the card products and services of BIDV
The cooperation of customers will help BIDV have solutions to improve the quality of card products and services of BIDV
- Time for comments (Date/Month/Year): ……… /…………/ 2017 Please tick "X" in the box you agree
II Content of the survey
1 What type of card service is BIDV currently using? o Domestic Debit card o International Debit Card o International credit card o Not yet used
2 The other bank card product that you currently using? o Domestic Debit card o International Debit Card o International credit card o Not yet used
3 Do you need to use card products? o Yes o No
4 If you have a need, what type of card service would you like to own? o Domestic Debit card o International Debit Card o International credit card
5 What are your priorities when using card products?? o Cost (issue fee, annual fee) o Utility / Product Features o Application of technology o Brand of the bank o Network of banks o The care of the bank
6 If yet What is the source of information that you have access to BIDV?? o Website o Press o Via company headquarters, branches o Referral from friends o Through television, radio
7 Do you have any requirements on card products that BIDV provided? o Reduce costs o Increase utility / product features o Applying technology o Expand banking network (increase ATM, POS) o The care/concern of the bank o Other (comment): ………
8 Please give assess the competitiveness of BIDV card products with other Bank (similar size, like as Vietcombank, Vietinbank, Agribank)? (Please give your opinion as 1, 2, 3, 4) o Domestic Debit card: o International Debit Card: o International credit card: o ATM: o POS:
9 Other comments for our company: ……… ………
To assess the competitiveness of BIDV against other competitors in the market, Please participate in the survey through the answers to the questions below Your cooperation will help BIDV properly assess its competitiveness in the market and propose suitable solutions to help BIDV improve its competitiveness in the future
- Place of Work(at the department / center): ………
II Content of the survey Questions 1: In your opinion, which of the following factors most important (about affect level) the current card service competitiveness?
(Please give your opinion as 1, 2, 3, 4 in the box next to you, and you can add other elements from your point of view The score ranges from 1 to 4, of which 1 is very low, 4 is very good or very high)
Impact on the competitiveness of card services
4 Cost (issue fee, annual fee)
Questions 2: Please give comments on the competitiveness of BIDV card products with the Bank's card following factors?
(Please give your opinion as 1, 2, 3, 4 in the box next to you, and you can add other elements from your point of view The score ranges from 1 to 4, of which 1 is very low, 4 is very good or very high)
Competitiveness compared to 03 similar banks (*)
1 Organizational Model fit in the digital age today
2 Assessment on the responsiveness of BIDV's
IT system to serve card business
Research and development of innovative products, application of digital technology for card services
4 Apply Technology to promote marketing and communication
5 IT application solutions for card fraud risk management
6 Training to Improve the quality of the human resource
Questions 3: Please give assess the competitiveness of BIDV card products with other Bank (similar size, like as Vietcombank, Vietinbank, Agribank)? (Please give your opinion as 1, 2, 3, 4, of which 1 is very low, 4 is very good or very high) o Domestic Debit card: o International Debit Card: o International credit card: o ATM: o POS:
Questions 3: Direct interviews with relevant BIDV leaders?
3.1 How do you assess the strengths of BIDV's card services compared to its competitors? (maximum 5 comments required)
3.2 Do you assess the limitations of BIDV card services today compared with competitors? (maximum 5 comments required)
3.3 Please tell us the development direction of BIDV to 2020 for card services?