Customer relationship management in securities company the case of bao viet securities company

VIETNAM NATIONAL UNIVERSITY, HANOI SCHOOL OF BUSINESS Nguyen Thu Trang CUSTOMER RELATIONSHIP MANAGEMENT IN SECURITIES COMPANY - THE CASE OF BAO VIET SECURITIES COMPANY Major: Business Administration Code: 60 34 05 MASTER OF BUSINESS ADMINISTRATION THESIS SUPERVISOR: DR VU XUAN QUANG Hanoi – 2008 ACKNOWLEDGEMENTS During my study, I have received many helps from my supervisors, my family, my colleagues and my classmates Firstly, to my supervisors, I would like to give my deeply thanks to Dr Vu Xuan Quang for his time to instruct me, give me valuable suggestions and encourage me during the study I would like to express my sincerely thanks to Ms Nguyen Thi Thanh Van, project manager of CRM project in Bao Viet Securities Company for her suggestions and supports I also would like to other colleagues at Bao Viet Securities Company, especially Marketing – PR Department for their advices and contributions to my thesis I also would like to thank Ms Le Thi Thu Trang, Ms Nguyen Hong Ha, Ms Nguyen Hong Giang and others HSB faculty members for their helps and supports Finally, I would like to send my heartfelt thanks to my family members, my classmates for their supports and encouragements Nguyen Thu Trang ABSTRACT CUSTOMER RELATIONSHIP MANAGEMENT IN SECURITIES COMPANY – THE CASE OF BAO VIET SECURITIES COMPANY Nguyen Thu Trang MBA Candidate, 2005-2007 Vietnam National University, Hanoi School of Business (HSB) 10.Supervisor: Dr Vu Xuan Quang 11.October 2008, 80 pages 12 13.As we all known that customer relationship management (CRM) is essential and vital function of customer oriented marketing Its function include gathering and accumulating customer related information in order to provide effective service CRM The aim of CRM system is to improve customer service, develop a relationship and retain valuable customer CRM is a concern for many organizations especially financial sector The purpose of this study is to gain a better understanding of the benefits CRM to customers and organization in financial industry To justify the purpose two research questions have been addressed and on the basis literature review was developed which helped us to answer the research questions and collect data Empirical data was collected through in-depth interviews and questionnaire survey was conducted with Bao Viet Securities Company and a group of its customers In the last chapter research result and conclusions were drawn on the basis on research questions My findings indicate that Bao Viet Securities Company is well aware of the benefits and applications of the CRM and use the system to maintain good relationships with its customers We found that Bao Viet Securities Company has maintained good relationships with customers due to the usage of CRM My finding indicates that with the implementation of CRM and the latest technologies have ensured full security for the transactions of its customer’s CRM facilitates the organizations to provide one to one services and also maintain the transaction security of the customers Finally, the research was figure out some recommendations for implement CRM and improve its customer service in order to improve the relationship with its customers 14.TÓM TẮT 15.NGHIÊN CỨU VỀ QUẢN TRỊ QUAN HỆ KHÁCH HÀNG TRONG CƠNG TY CHỨNG KHỐN – TRƯỜNG HỢP CƠNG TY 16.CHỨNG KHOÁN BẢO VIỆT 17 18.Nguyễn Thu Trang 19.Sinh viên MBA, 2005 – 2007 20.Khoa Quản trị Kinh doanh, Đại học Quốc gia Hà Nội 21 22.Giáo viên hướng dẫn: TS Vũ Xuân Quang 23.Tháng 10 năm 2008, 80 trang 24 25.Như biết, quản trị quan hệ khách hàng (Customer Relationship Management – CRM) công cụ hữu ích cần thiết hoạt động marketing lấy khách hàng trung tâm hoạt động doanh nghiệp Công cụ bao gồm việc thu thập tổng hợp liệu khách hàng nhằm mục tiêu đem lại cho doanh nghiệp dịch vụ quản trị khách hàng cách hiệu Mục tiêu hệ thống CRM nâng cao chất lượng dịch vụ, phát triển trì mối quan hệ với khách hàng mang lại hiệu kinh tế cao CRM mối quan tâm lớn nhiều tổ chức, đặc biệt lĩnh vực tài Mục tiêu nghiêm cứu để hiểu rõ lợi ích mà CRM đem lại cho doanh nghiệp cho khách hàng ngành tài Để trả lời cho hai câu hỏi nghiên cứu đặt lý thuyết nghiên cứu CRM giúp việc trả lời câu hỏi nghiên cứu thu thập liệu Dữ liệu nghiên cứu thực nghiệm thông qua vấn sâu bảng hỏi điều tra tổ chức Cơng ty Chứng khốn Bảo Việt (BVSC) hướng đến khách hàng Công ty Trong phần cuối cuối trình bày kết điều tra kết luận tập trung vào việc giải đáp câu hỏi nghiên cứu Những kết luận Công ty Chứng khốn Bảo Việt Cơng ty có nhận thức tốt lợi ích việc ứng dụng CRM hoạt động nhằm trì mối quan hệ tốt với khách hàng Tôi nhận thấy Bảo Việt bước đầu ứng dụng CRM hoạt động Nghiên cứu tơi việc ứng dụng CRM công nghệ tiên tiến đảm bảo an ninh giao dịch khách hàng Các tiện ích CRM cho phép doanh nghiệp mang lại cho khách hàng cá nhân hóa dịch vụ tới khách hàng đảm bảo an ninh giao dịch họ với Công ty Cuối cùng, nghiên cứu đề đề xuất việc ứng dụng CRM hoạt động Bảo Việt nhằm mang lại cho khách hàng dịch vụ tốt hơn, trì mối quan hệ với khách hàng 26 27.TABLE OF CONTENTS 28 29.ACKNOWLEDGEMENTS .i 30.ABSTRACT .ii 31.TÓM TẮT iv 32.LIST OF ABBREVIATIONS .viii 33.LIST OF FIGURES ix 34.INTRODUCTION 35.1 .Research Problem 36.2 .Objective and aim of thesis 37.3 Scope and Scale of thesis 38.4 .Methodology 39.5 Data and data analysis method 40.6 Hypothesis and Anticipate Results 41.7 Significance of thesis 42.8 .Thesis limitation 43.9 .Structure of thesis 44.CHAPTER 1: LITERATURE REVIEW 45.1.1 .Customer Relationship Management 46.1.1.1 Definition of CRM 47.1.1.2 The goal of CRM 48.1.1.3 Important of CRM 49.1.1.4 PACT model in Customer Service 50.1.2 .Benefit of CRM 12 51.1.2.1 CRM – Benefits to Securities Company 12 52.1.2.2 CRM-Benefits to Customers 15 53.1.3 .CRM in financial industry 18 54.1.3.1 Literature of the survey 21 55.1.3.2 Customer Relationship Management in Service Industries 25 56.1.3.3 Relational Benefits to Services Industries 26 57.1.3.4 The Case of Financial Services Industry 28 58.CHAPTER 2: THE CASE OF BAO VIET SECURITIES COMPANY .34 59.2.1 Introduction about Bao Viet Securities Company 34 60.2.1.1 Overview about stock market 2007 34 61.2.1.2 About Bao Viet Securities Company (BVSC) .37 62.2.2 Brokerage Service of BVSC 43 63.2.2.1 BVSC Credentials in Brokerage Activity 43 64.2.2.2 Brokerage Service in 2007 46 65.2.2.3 SWOT of Brokerage Service 48 66.2.2.4 Customer Service in the present 50 67.2.3 Findings 51 68.2.3.1 Service Convenience 51 69.2.3.2 Speed of feedback 52 70.2.3.3 Trust .53 71.2.3.4 Service quality 56 72.2.3.5 Customer communication and satisfaction 58 73.2.4 Discussion 61 74.2.4.1 Service Convenience 61 75.2.4.2 Speed of feedback 61 76.2.4.3 Trust .62 77.2.4.4 Service Quality .62 78.2.4.5 Customer communication and satisfaction 63 79.CHAPTER 3: CONCLUSION AND RECOMMENDATION .65 80.3.1 .Conclusion 65 81.3.1.1 CRM is very important in financial service 65 82.3.1.2 CRM reality in BVSC 65 83.3.1.3 How to apply CRM in BVSC .66 84.3.2 .Other Recommendations 73 85.3.2.1 Recommendations for Theory 73 86.3.2.2 Recommendations for Further Research 74 87.APPENDIX 75 88.APPENDIX 78 89.REFERENCE 80 90 LIST OF ABBREVIATIONS CRM Customer Relationship Management BVSC Bao Viet Securities Company EC Electronic Commerce B2C Business to Customer IMP Industrial Marketing and Purchasing CLV Customer life time value WTO World Trade Organization IPO Initial Public Offering HoSE Ho Chi Minh Stock Exchange HaSTC Hanoi Securities Trading Center FDI Foreign direct investment OTC Over the counter market LIST OF FIGURES Figure 1.1: PACT Model .10 Figure 2.1 Brokerage market-share in 2006 36 Figure 2.2: Brokerage market-share in 2007 37 Figure 2.4: Total Revenue in the last year 40 Figure 2.5: Net income in the last year 40 Figure 2.6: Business Activities in Total Revenue of 2007 43 Figure 2.7: Brokerage Revenue in the last year 48 Figure 2.8: Service Convenience 52 Figure 2.9: Speed of Feedback 53 Figure 2.10: Reasons for account open 54 Figure 2.11: Belief at BVSC 55 Figure 2.12: Attitude of Brokerage Staff .56 Figure 2.13: Ability of Brokerage Service 56 Figure 2.14: Brokerage and Service Price Policy 57 Figure 2.15: The source of information make customer comes to BVSC 58 Figure 2.16: Information from BVSC to customers 59 Figure 2.17: Customer Service of BVSC 60 Figure 2.18: Total Satisfaction for Brokerage Service at BVSC 60