VIETNAM NATIONAL UNIVERSITY, HANOI VIETNAM NATIONAL UNIVERSITY, HANOI SCHOOL OF BUSINESS Nguyen Thu Trang 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) Supervisor: Dr Vu Xuan Quang October 2008, 80 pages 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 TÓM TẮT NGHIÊN CỨU VỀ QUẢN TRỊ QUAN HỆ KHÁCH HÀNG TRONG CƠNG TY CHỨNG KHỐN – TRƯỜNG HỢP CƠNG TY CHỨNG KHOÁN BẢO VIỆT Nguyễn Thu Trang Sinh viên MBA, 2005 – 2007 Khoa Quản trị Kinh doanh, Đại học Quốc gia Hà Nội Giáo viên hướng dẫn: TS Vũ Xuân Quang Tháng 10 năm 2008, 80 trang Như biết, quản trị quan hệ khách hàng (Customer Relationship Management – CRM) cơng 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 Công ty Chứng khoán 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 tơi Cơng 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 TABLE OF CONTENTS ACKNOWLEDGEMENTS i ABSTRACT ii TÓM TẮT iv LIST OF ABBREVIATIONS viii LIST OF FIGURES ix INTRODUCTION 1 Research Problem Objective and aim of thesis Scope and Scale of thesis .2 Methodology Data and data analysis method .2 Hypothesis and Anticipate Results .2 Significance of thesis Thesis limitation Structure of thesis CHAPTER 1: LITERATURE REVIEW .4 1.1 Customer Relationship Management 1.1.1 Definition of CRM 1.1.2 The goal of CRM 1.1.3 Important of CRM 1.1.4 PACT model in Customer Service 1.2 Benefit of CRM 12 1.2.1 CRM – Benefits to Securities Company 12 1.2.2 CRM-Benefits to Customers 15 1.3 CRM in financial industry 18 1.3.1 Literature of the survey 21 1.3.2 Customer Relationship Management in Service Industries 25 1.3.3 Relational Benefits to Services Industries 26 1.3.4 The Case of Financial Services Industry 28 CHAPTER 2: THE CASE OF BAO VIET SECURITIES COMPANY 34 2.1 Introduction about Bao Viet Securities Company .34 2.1.1 Overview about stock market 2007 34 2.1.2 About Bao Viet Securities Company (BVSC) .37 2.2 Brokerage Service of BVSC .43 2.2.1 BVSC Credentials in Brokerage Activity 43 2.2.2 Brokerage Service in 2007 46 2.2.3 SWOT of Brokerage Service 48 2.2.4 Customer Service in the present 50 2.3 Findings .51 2.3.1 Service Convenience 51 2.3.2 Speed of feedback 52 2.3.3 Trust .53 2.3.4 Service quality 56 2.3.5 Customer communication and satisfaction 58 2.4 Discussion 61 2.4.1 Service Convenience 61 2.4.2 Speed of feedback 61 2.4.3 Trust .62 2.4.4 Service Quality .62 2.4.5 Customer communication and satisfaction 63 CHAPTER 3: CONCLUSION AND RECOMMENDATION 65 3.1 Conclusion 65 3.1.1 CRM is very important in financial service 65 3.1.2 CRM reality in BVSC 65 3.1.3 How to apply CRM in BVSC .66 3.2 Other Recommendations .73 3.2.1 Recommendations for Theory 73 3.2.2 Recommendations for Further Research 74 APPENDIX 75 APPENDIX 78 REFERENCE 80 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 year - Potential customers – can be considered as Friend Class They are institutional or individual customers with trading fee below VND 100 million per year and including customers who intend to trade in stock market - Based on above criteria, and natural work of each department, we can submit the appropriate level of customer care for each class CUSTOMER CARE FORMATION With Friend Class: - Provide general market information, BVSC assessments ( in English or Chinese for foreign investors) - Provide full procedure for trading or other suitable service to customers (if requested) - Provide update information about BVSC such as: promotion campaign…, opening ceremony of received order agencies or intent executed service (for example Core & Securities Center …) - Send survey questions about BVSC products, services (by post mail, email or direct interview) - Send greeting card on their birthday, new year (by e-card or post-card – with specialty design for BVSC) 72 - Execute a accumulated score program (example: customer with trading fee up to VND million per month will receive a gift worth of VND 100 thousand or direct transfer their VND bonus to their bank account …) - With the potential customers (who intend to trade in stock market later), BVSC customer care unit will be proactive to contact and guide them the open account and trading procedure by email or post-mail if requested - Provide consultant product and service for institutional customers and enterprises who used to have BVSC consultant service (after sale service) With Golden Class - Other than interests like Friend Class received, Golden Class will have more interests by following: - Receive specialized market analysis from BVSC, investment consultant, and assessment about potential and risk of stocks (Investment Department will in charge for) - Receive Golden Card, with which customers will have some discount when use service of BVSC partners like: Restaurant, Hotel, Spa, Banking, Travel…etc (the same as TOYOTA card or Vera card) - Receive gift or cash worth of VND 500 – VND 1.000 thousand on their 73 Birthday or New Year event; receive flower basket or gift basket for institutional customers - Be invited to Customer Conference organized by BVSC (once a year, in Hanoi or other province) - Be invited to market analysis, assessment and investment consultant session presented by BVSC analysts (once a month) - Receive discount for trading fee (Dealer Department will suppose level of discount) - Receive preferential treatment With Diamond Class - Other than interests like Golden Class received, Diamond Class will have more interests by following: - Be invited to market analysis and investment consultant presented by BVSC leaders (once a year) - Pre-order from to days - Receive gift or cash worth of VND – VND millions on their birth day or new year event (depend on their trading fee a year and proposal from proficient departments) 74 - Receive flower basket or gift basket in their establishment day, new year event - Be invited to an exchange party at the end of year for VIP customers at 5-star hotels with BVSC leader and managers 3.1.3.5 Execution steps PR & MARKETING - Propose a suitable PR Marketing strategy with each of market development period - Organize some promotion program (scratch card, accumulated score, gifts) - Survey & assess customers’ satisfaction with service quality of BVSC, summarize customers’ idea, contribution – apply with typical customer group (use many type of survey as survey at trading counter, direct phone, email, post-mail…etc) - Build up professional and vivid website, usually update BVSC information on internet; create Q&A session to satisfy customers’ consideration; use Yahoo chat as technical support… - Develop multi-language on BVSC website like Vietnamese, English, and Chinese for both domestic and foreign - Research, associate with other support service like issue VIP card for 75 Golden Class & Diamond Class (card color will be different to classify VIP group) CUSTOMER SERVICE - Set up a specific customer policy based on assessment and classification - Update customers’ information - Seek potential customers - Build up specialty unit to respond for customer care - Propose one specialty staff from other proficient department to coordinate with customer care unit to execute plan - Coordinate with PR unit, plan to organize event, set up promotion program, customer conference … - Customer care will support customer directly at trading floor, be responsibility and guide customer open account or trading procedure - Serve tea, water, HASTC, HOSE report for frequency customers - Serve tea, water, coffee, candy, HASTC, HOSE report, BVSC report … for VIP customers 76 - Execute and upgrade received order system through SMS and inform to customer execution order status after each session; inform customer other information like USD, gold price … - Prepare to execute Core & Securities system in June at BVSC OTHER PROPOSALS - In order to execute above objectives, BVSC need to research and execute an identify brand name package, including: o Standardize office form, voucher, and order form … o Standardize in using logo, presentation form, and document format including font size, font style, how to present a consultant and analysis document… o Identify BVSC brand name: standardize BVSC advertisement, recruitment, website, uniforms, annual report and company profile… - Build up company culture: if PR Marketing is to build up company’s brand name, and then the company culture is to protect company’s prestige and to develop the brand name Therefore, the coordination with human resource department to provide principle training program for BVSC staffs about attitude, behavior, duty, authority and responsibility …, is necessary, and since then the company can build up the spirit of considering customer as central and existence of business 77 - A brand name be successful or not depends on daily activities of all BVSC leaders and staffs The company culture will make it different in BVSC, through it, BVSC will build up customers’ believe and reassert BVSC statement “Serve customer best for development” 3.2 Other Recommendations 3.2.1 Recommendations for Theory This study contributes to theory in the way that it provides an empirical investigation as to how established theory regarding customer relationship management relates with how CRM is utilized in Business Due to the fact that CRM is a fairly new term, limited amount of research focusing on how CRM objectives can be described in Business and CRM exist, this study provides a foundation from which further studies may be conducted Furthermore, this study also contributes to theory since there are limited amount of studies focusing on how to manage customer relationships in Brokerage Service, this study provides a foundation from which further studies may conducted Finally, since there are very limited amount of studies focusing on how the effectiveness of CRM is measured and evaluated not only in Brokerage Service, this study provides a foundation from which further studies may be conducted 3.2.2 Recommendations for Further Research One topic for further research is to conduct an investigation based on quantitative data Quantitative research would make it easier to get a clear picture of what direction the CRM framework is striving towards 78 in a larger setting Another data collection method that could be utilized is participant observation To participate in an organization’s interaction process for a certain period of time could provide the researcher with an in depth understanding of how customer relationships are managed in practice When conducted this study another topic was found to be interesting for further research Since researcher had a lot of variables in this study it would be possible to concentrate on one variable within CRM evaluation and investigating it in depth By investigating a single variable in depth one might be able to obtain a more detailed picture of CRM evaluation of that variable Finally, it would be interesting to study the outcome of CRM in a customer relationship in terms of quality service, brand image, value, and trust When conducting this study, a number of different issues have come up, which researcher feel would be interesting to further investigation For this reason, I will now present a list of suggestions for future research, which I think are suitable topics for a future studies - Conducting the same study for Brokerage Service house - Investigating CRM in Securities Company from a customer perspective 79 APPENDIX BẢNG CÂU HỎI ĐIỀU TRA (QUESTIONNAIRE SURVEY) Anh/ chị biết Cơng ty Chứng khốn Bảo Việt (BVSC) qua phương tiện nào? Internet Báo chí, tạp chí Website: www.bvsc.com.vn Gia đình/ Bạn bè Tivi Nguồn khác: Lý anh/chị chọn BVSC để mở tài khoản Vì uy tín Bảo Việt Phí giao dịch hợp lý Chất lượng dịch vụ Đội ngũ nhân viên Bảo Việt Khác: Hình thức giao dịch chủ yếu anh/ chị Cơng ty Chứng khốn Bảo Việt Giao dịch sàn Giao dịch qua điện thoại Hình thức giao dịch qua mạng có phù hợp với nhu cầu anh chị khơng? Hồn tồn khơng cần thiết Khơng cần thiết Trung hịa (có thể có, khơng) Cần thiết Rất cần thiết Dưới phát biểu có liên quan đến Dịch vụ mơi giới BVSC, xin cho biết mức độ đồng ý Anh/Chị cách đánh dấu vào số thích hợp Xin vui lòng cho biết mức độ đồng ý Anh/Chị phát biểu cách đánh dấu vào số thích hợp Quy ước: 1=Hồn tồn khơng đồng ý; 2=Khơng đồng ý; 3=Trung hịa; 4=Đồng ý; 5=Hoàn toàn đồng ý Sự thuận tiện BVSC nằm vị trí thuận lợi cho việc lại anh/chị Thủ tục thực giao dịch BVSC đơn giản, thuận tiện Cách bố trí quầy giao dịch hợp lý, giúp anh/chị dễ nhận biết Sự tin tưởng Lệnh đặt BVSC đạt độ xác cao Thời gian xử lý lệnh sàn nhanh Thời gian xử lý lệnh qua kênh điện thoại nhanh Anh/chị ln tin tưởng vào tính cơng việc xử lý lệnh BVSC 80 5 BVSC bảo mật tốt thông tin anh/chị Nhân viên BVSC thao tác nghiệp vụ nhanh chóng, xác Sự phản hồi từ BVSC 10 Khi có nhu cầu, khách hàng dễ dàng nhận hổ trợ từ BVSC 11 BVSC giải thắc mắc, khiếu nại khách hàng cách nhanh chóng 12 Kết giải khiếu nại làm cho khách hàng cảm thấy thỏa đáng 13 BVSC trả kết khớp lệnh cho khách hàng kịp thời 14 BVSC gửi thông tin tài khoản đến khách hàng cách kịp thời 15 Sao kê tài khoản khách hàng BVSC dễ hiểu Thái độ dịch vụ 16 Nhân viên BVSC có thái độ lịch thiệp, thân thiện với khách hàng 17 Nhân viên BVSC phục vụ công với tất khách hàng 18 Nhân viên BVSC nhiệt tình giúp đỡ khách hàng 19 Nhân viên BVSC có đạo đức nghề nghiệp tốt Năng lực phục vụ BVSC 20 BVSC cung cấp nhiều dịch vụ gia tăng cho khách hàng 21 Trang web BVSC hoạt động tốt 22 Bảng giá trực tuyến dễ hiểu tiện ích 23 Tổng đài điện thoại BVSC hoạt động tốt 24 Các tiện nghi phục vụ khách hàng tốt (Trang thiết bị, báo, nước uống ) Thông tin BVSC 25 Thông tin BVSC cung cấp cho khách hàng ln xác đầy đủ 26 BVSC cung cấp thông tin kịp thời cho khách hàng Website BVSC cập nhật thông tin thường xuyên đáp ứng tốt nhu cầu anh/chị Chính sách giá 27 28 Cách tính phí theo giá trị giao dịch phù hợp 29 Phí giao dịch BVSC phù hợp cho anh/chị 30 Phí hỗ trợ vốn (repo, cầm cố, UTTB…) phù hợp Họat động chăm sóc khách hàng BVSC Hoạt động chăm sóc khách hàng BVSC diễn đặn 5 5 5 31 32 33 34 BVSC thường xuyên tổ chức chương trình gặp gỡ, giao lưu với khách hàng BVSC nên tổ chức buổi thuyết trình đưa sản phẩm phân tích đến khách hàng Vui lòng đánh giá mức độ hài lòng chung anh/chị dịch vụ môi giới BVSC Anh/chị hồn tồn hài lịng dịch vụ mơi giới BVSC 81 35 36 Anh/chị tiếp tục giao dịch BVSC Anh/chị chắn giới thiệu cho người quen tới tài khoản BVSC Ý KIẾN KHÁC: (Ngồi nội dung nói trên, Anh/Chị cịn có ý kiến khác, vui lịng ghi rõ nhằm cải tiến để cung cấp đến Anh/Chị sản phẩm dịch vụ chất lượng tốt hơn) Trân trọng cảm ơn hợp tác quý khách hàng! 82 APPENDIX BẢNG HỎI ĐIỀU TRA MỨC ĐỘ HÀI LÒNG CỦA KHÁCH HÀNG TẠI BVSC (INTERVIEW QUESTIONS) Anh/chị bắt đầu tham gia giao dịch BVSC từ nào? Anh/chị biết đến BVSC qua kênh thông tin nào? Tại anh/chị lựa chọn sử dụng dịch vụ BVSC? Anh/chị đánh website BVSC? Anh/chị mong muốn giao dịch hình thức nào: Anh/chị đánh thái độ phục vụ nhân viên (Môi giới & Lưu ký) BVSC? Anh/chị sử dụng dịch vụ tiện ích BVSC? Dịch vụ Cầm cố Sử dụng Không Repo Cho vay, ứng trước Đánh giá 83 Anh/chị đánh thông mà BVSC cung cấp? Anh/chị nhận thông tin đây? Các thông tin Đánh giá chất lượng thông tin Sao kê Thông báo khớp lệnh Thông tin thị trường thông tin đấu giá Sản phẩm phân tích Thông tin khác Ý kiến khác: …………………………………………………………………………………………… Anh/chị mong muốn tham gia hoạt động BVSC số hoạt động sau: Khuyến Hội thảo Giao lưu-Toạ đàm Sinh nhật, kỷ niệm Các hoạt động khác:……………………………………………………………………… Anh/chị đánh giá hoạt động BVSC 10 Khi sử dụng dịch vụ BVSC, anh/chị quan tâm đến yếu tố nhất? 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