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THE STATE BANK OF VIET NAM MINISTRY OF EDUCATION & TRAINING BANKING UNIVERSITY HO CHI MINH CITY LE THI YEN LINH THE IMPACT OF SERVICE QUALITY ON CUSTOMER SATISFACTION IN ELECTRONIC BANKING AT VIET NAM[.]
THE STATE BANK OF VIET NAM MINISTRY OF EDUCATION & TRAINING BANKING UNIVERSITY HO CHI MINH CITY - LE THI YEN LINH THE IMPACT OF SERVICE QUALITY ON CUSTOMER SATISFACTION IN ELECTRONIC BANKING AT VIET NAM PROSPERITY BANK HO CHI MINH CITY GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 734021 HO CHI MINH CITY, JANUARY - 2021 THE STATE BANK OF VIET NAM MINISTRY OF EDUCATION & TRAINING BANKING UNIVERSITY HO CHI MINH CITY LE THI YEN LINH THE IMPACT OF SERVICE QUALITY ON CUSTOMER SATISFACTION IN ELECTRONIC BANKING AT VIET NAM PROSPERITY BANK HO CHI MINH CITY GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 734021 SUPERVISOR NGUYEN THI MY HANH, PhD ABSTRACT Information technology advancements have been rapidly implemented in the banking industry to increase bank performance and productivity "Electronic banking", with the help of information technology, allows conducting retail transactions at a high and continuous speed Banks are racing to modernize their information systems, and launch a series of new services such as "phone banking"; "Internet banking", automatic money transfer and withdrawal make banking services popular and widely available Therefore, for a bank to get closer to customers, the bank itself must improve and apply e-banking to its obvious products and services To serve the demands of customers promptly, regardless of time and space, banks must constantly be updating consumer reviews and improve products and services in the best way Since VPBank recognized the value of e-banking for its services and clients, it introduced an electronic application (VPBank Online) to link banks and consumers Besides, the society and the demands of customers will be higher, the bank should pay attention to how satisfied customers are when using VPbank Online The author made the decision to investigate “The impact of service quality on customer satisfaction in electronic banking at Viet Nam Prosperity Bank Ho Chi Minh City” to find out factors affecting customer satisfaction In terms of the quality of e-banking services offered by VPBank in Ho Chi Minh City, there is a foundation for the bank to steadily increase operational quality and customer satisfaction The structure of the thesis is divided into five chapters: Chapter 1: Introduction; Chapter 2: Literature review; Chapter 3: Research methodology; Chapter 4: Research results; Chapter 5: Conclusions and recommedations The research utilizes qualitative and quantitative approaches to assess the variables impacting e-banking satisfaction, focusing on a database of surveys of 385 consumers using power banking services using the service level assessment model that provided by Sakhaei, et al (2014) According to Sakhaei, et al (2014) described factors: reliability, efficiency, responsiveness, fulfillment, security/privacy, and website design as internet banking service quality dimensions were identified and proposed indicators to measure customer satisfaction with service quality customer surveys confirmed Construction survey: developed from an analytical framework with a 5-level Likert scale to evaluate the impact of service quality on customer satisfaction in iii electronic banking at VPBank Ho Chi Minh City (1) Strongly disagree, (2) Disagree, (3) No idea, (4) Agree, (5) Strongly agree Sample selection: Respondents are based on a convenient, non-probabilistic method because this is an easy sampling method, which means that clients who agree to be interviewed can be survey samples Methods of processing and analyzing data including descriptive statistics are used for statistical purposes; Cronbach's Alpha's confidence coefficient method: to test the reliability of the scale; Exploratory factor analysis (EFA): to determine observed variables as well as test the scale based on the Extraction coefficient of the variables; Multi- variable regression analysis: Evaluate the suitability of the model and explain the effect of variables in practice ANOVA analysis: The average bottle test of two separate samples to compare the average outcomes of the variable age, gender, average monthly salary, and time using personal Internet Banking service of VPBank customers According to the findings of the report, there are six factors shaping individual customer satisfaction with the current level of e-banking services at VPBank, and the degree of impact of those factors varies The scale in the building model illustrates 66.6 percent of customer satisfaction by using e-banking services There are six factors: EF (Efficiency), RE (Reliability), RES (Responsiveness), PR (Privacy/Security), WD (Website Design), and FU (Fulfillment) In which the following regression equation is used to measure the strength of the factors' influence: CS = 0.427RE+0.354EF+0.208RES+0.202PR+0.089FU+0.080WD Reliability has the strongest influence on satisfaction, followed by Efficiency, Responsiveness, Privacy/Security The element that has the least effect on satisfaction are Fulfillment and Website Design This result would serve as the framework for the author to provide specific and realistic ways to boost customer satisfaction by using VPBank HCMC's e-banking services From the above research results, the author also gives some suggestions for administrators in completing policies to improve the quality of e-banking services at VPBank the coming time (1) Recommendations for the element of Reliability The number of customers signing up for VPBank's e-banking services is growing everyday New electronic banking products must still be checked, as there may be many errors during operation VPBank must closely scrutinize the commodity before releasing it to consumers Information management teams and counter tellers can organize and answer requests efficiently and easily (2) Recommendations for the element of Efficiency VPBank should invest in its technological resources to help address the demands of its customers VPBank must adopt a long-term plan for investment and new technology growth in order to achieve high efficiency and cost savings (3) Recommendations for the element of Responsiveness VPBank should train and enhance bank employees' knowledge of psychology so that services are continuously managed during the e-banking service delivery process (4) Recommendations for the element of Privacy/Security VPBank must audit and refresh the IT system on a regular basis in order to find security vulnerabilities Customers should be informed as soon as possible, and functional officials should still put their customers' needs first VP bank should strengthen its implementation of international security requirements such as ISO 27001 and PCI DSS It is important to direct and encourage consumers to increase awareness while using online services (5) Recommendations for the element of Fulfillment VPBank need enhance the usability of mobile banking services so that they are easy, safe, and fast, with reasonable transaction costs VPBank should take more care to upgrade network infrastructure, update and expand transmission lines The management department must create and perfect a legal document structure to solely administer internet operations and facilities (6) Recommendations for the element of Website Design Attracting consumers is still a high priority for banks in e-banking services since it is the basis for increasing earnings A tidy, elegant, and simple-to-use can put consumers at ease and make their choices simpler The bank's website interface should be built in a stunning manner, gaining interest so that customers not feel bored when surfing this website Services should be organized scientifically and easily, and each usage should be simple and easy to understand The research aided the VPBank Ho Chi Minh City in determining factors influencing customer loyalty by using e-banking services However, the analysis has certain drawbacks, which are as follows: To begin with, the analysis was only performed for individual customers who used e-banking services at VPBank Ho Chi Minh City, so generalizability is restricted Secondly, since the analysis only reports on individual consumers using their own satisfaction appraisal requirements, the test findings cannot be applicable to all customers at the same time Since business customers have different performance requirements than andividual customers, this analysis cannot be used by corporate clients Thirdly, since the analysis was performed using a convenient approach (one of the non-probability sampling methods), the representativeness, uniformity, and generalization are poor Fourthly, the research did not investigate several groups of variables such as gender, age, salary, and so on to decide if the above factors influence consumer loyalty while using the service Keywords: Service quality, e-banking, Service quality model by Sakhaei, et al (2014), customer satisfaction, VPBank in Ho Chi Minh City STATEMENT OF AUTHORSHIP I hereby promise that the study is my original work, not replicated by others, with the instructor's help is Ms Nguyen Thi My Hanh, and that it was produced by my own study, reading, translation, synthesis, and implementation Theoretical material in the study I drew from a variety of sources, which are mentioned in the references The records, software program, and findings in the thesis are accurate and have not been published elsewhere HCMC, April 8th 2021 Author’s signature Le Thi Yen Linh ACKNOWLEDGEMENT First of all, I would like to express my thanks to the teachers and Banking University Ho Chi Minh City, for helping me to have basic knowledge of the banking field In particular, I would also like to thank Ms Nguyen Thi My Hanh for her continuous support of my study Besides, I want to sincerely thanks for customers that using the e-banking of VPBank, for their enthusiastic cooperation in helping me complete the article in the best way Finally, I am deeply grateful to my family and friends for supporting and encouraging me to complete this thesis Author’s signature Le Thi Yen Linh CONTENTS ABSTRACT i STATEMENT OF AUTHORSHIP v ACKNOWLEDGEMENT vi CONTENTS vii LIST OF ABBREVIATIONS ix LIST OF TABLES x LIST OF FIGURES xi CHAPTER 1: INTRODUCTION 1.1 The necessity of the subject 1.2 Research objectives 1.2.1 Overall objectives 1.2.2 Specific objectives 1.3 Research questions 1.4 Research subject and scope 1.5 Research methods 1.6 Research contributions 1.7 Thesis structure CHAPTER 2: LITERATURE REVIEW 2.1 Conceptual framework 2.1.1 Electronic banking 2.1.2 Some types of e-banking services 2.1.3 Advantages and disadvantages of e-banking services 2.1.4 E-services quality 2.1.5 Customer satisfaction 10 2.1.6 Relationship between Quality of Service and Customer Satisfaction 11 2.2 Previous research models on factors affecting satisfaction 12 2.2.1 Model service quality distance – SERVQUAL 12 2.2.2 The model E-S QUAL 15 2.2.3 Other models 16 2.3 The results of previous studies 17 CHAPTER 3: RESEARCH METHODOLOGY 20 3.1 Research model 20 3.2 Methods of data collection 21 3.2 Methods of processing and analyzing data 25 CHAPTER 4: RESEARCH RESULTS 27 4.1 Overview of Vietnam Prosperity Joint Stock Commercial Bank 27 4.2 Overview of electronic banking services at Vietnam Prosperity Joint Stock Commercial Bank 28 4.2.1 VPBank Online 28 4.2.2 The results of e-banking at VPBank in 2019 30 4.3 Research results: The impact of service quality on customer satisfaction in electronic banking at Viet Nam Prosperity Bank Ho Chi Minh City 31 4.3.1 Sample description 31 4.3.2 Check the reliability of the scale with Cronbach Alpha 33 4.3.3 Explore factor analysis EFA 36 4.3.4 Pearson test of correlation coefficient 42 4.3.5 Multi-variable regression analysis method 43 4.3.6 Evaluation of customer satisfaction on e-banking services through the servey results 48 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 51 5.1 Conclusions 51 5.2 Recommedations 51 5.2.1 Recommendations for the element of Reliability 52 5.2.2 Recommendations for the element of Efficiency 52 5.2.3 Recommendations for the element of Responsiveness 53 5.2.4 Recommendations for the element of Privacy/Security 53 5.2.5 Recommendations for the element of Fulfillment 54 5.2.6 Recommendations for the element of Website Design 54 5.3 Limitations and future research directions 55 REFERENCES 57 APPENDIX: Survey questionnaires 60 ... electronic banking at Viet Nam Prosperity Bank Ho Chi Minh City? ?? to find out factors affecting customer satisfaction In terms of the quality of e -banking services offered by VPBank in Ho Chi Minh City, ... study the topic "The impact of service quality on customer satisfaction in electronic banking at Viet Nam Prosperity Bank Ho Chi Minh City" to find out factors affecting customer satisfaction in. .. the bank should pay attention to how satisfied customers are when using VPbank Online The author made the decision to investigate ? ?The impact of service quality on customer satisfaction in electronic