(Luận văn) key antecedents of customer loyalty, a study of small chartered commercial banks

UNIVERSITY OF ECONOMICS HO CHI MINH CITY t to ng International School of Business hi ep w n lo ad y th ju Vu Thanh Hoan yi pl n ua al n va KEY ANTECEDENTS OF CUSTOMER LOYALTY: A STUDY OF SMALL CHARTERED COMMERCIAL BANKS ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu MASTER OF BUSINESS (Honours) n va y te re th Ho Chi Minh City – Year 2014 UNIVERSITY OF ECONOMICS HO CHI MINH CITY t to ng International School of Business hi ep w n lo ad y th ju Vu Thanh Hoan yi pl n ua al n va KEY ANTECEDENTS OF CUSTOMER LOYALTY: A STUDY OF SMALL CHARTERED COMMERCIAL BANKS ll fu oi m at nh z z k jm ht vb gm ID: 22110021 om l.c n n va SUPERVISOR: DR CAO HAO THI a Lu MASTER OF BUSINESS (Honours) y te re th Ho Chi Minh City – Year 2014 ACKNOWLEDGEMENTS t to ng hi I would like to express my sincere gratitude to my supervisor, Dr Cao Hao Thi for the ep valuable advice, critical comments and encouragement he gave me w n lo I would like to express my gratitude to my ISB class friends for SPSS directions Your ad ju y th encouragement, excellent guidance, and support have greatly contributed to this thesis yi Finally, I would like to thank all of the respondents without whom, this research would pl n ua al have been impossible n va fu ll Ho Chi Minh City, March 01, 2014 oi m Vu Thanh Hoan at nh z z k jm ht vb om l.c gm n a Lu n va y te re th ABSTRACT t to ng hi It is costly to attract new customers so that the managers always try to find ways to retain ep their current customers and concentrate on different factors which enhances the customer w n loyalty among the customers of the organizations This research attempts to find the lo ad factors of customer loyalty and their relationships with banking industry in one of the y th ju developing countries i.e Vietnam, where the large part of banking industry are small yi pl chartered commercial banks ua al n In order to this, a questionnaire is designed and validated, then based on the data n va ll fu which were gained from the 150 respondents' answers to the designed questionnaire, the oi m analysis is done and the results and the relations among the factors are explained nh at Customer’s Perceived Quality, Customer Satisfaction, Customer Trust, Switching Cost z z and Customer Commitment are the factors which influence the Loyalty of the customers ht vb k jm These factors also influence each other as well The relationships of different factors with om l.c from the respondents gm each other are also studied and the SPSS software is used to analyze the data gathered n a Lu n va y te re th TABLE OF CONTENTS t to ng hi Chapter Introduction ep 1.1 Background w n lo 1.2 Research problems ad y th Research Objectives ju yi pl 1.4 Research Scope al n ua 1.5 Thesis structure .4 va n Chapter Literature Review ll fu oi m 2.1 Customer loyalty nh 2.2 Customer's perceived quality .8 at z z 2.3 Customer satisfaction 11 ht vb k jm 2.4 Switching Cost 13 gm 2.5 Customer Trust 16 l.c om 2.6 Commitment 17 a Lu 2.7 Research model and Hypothesis 18 n n y te re 3.1 Research Process 21 va Chapter Research Methodology 21 th 3.2 Measurement scales 22 3.2.1 Perceived quality 22 3.2.2 Customer trust 22 t to ng 3.2.3 Switching cost 23 hi ep 3.2.4 Customer satisfaction 23 w n 3.2.5 Customer commitment 24 lo ad ju y th 3.2.6 Customer loyalty 24 yi 3.3 Qualitative research 25 pl n ua al 3.4 Sampling method 25 n va 3.4.1 Sampling 26 fu ll 3.4.2 Data collection 26 oi m at nh 3.5 Data analysis methods 26 z 3.5.1 Cronbach’s alpha 26 z vb k jm ht 3.5.2 Exploratory Factor Analysis 27 gm 3.5.3 Multiple regression analysis 28 om l.c Chapter Data Analysis and results 29 n va 4.2 Measurement assessment 30 n a Lu 4.1 General Information 29 y te re 4.2.1 Cronbach’s alpha 30 4.3 Hypothesis testing 32 4.3.1 Testing customer satisfaction sub-model 34 th 4.2.2 Exploratory Factor Analysis 31 4.3.2 Testing customer commitment sub-model 34 t to ng 4.3.3 Testing customer loyalty sub-model 35 hi ep Chapter Conclusions and Implications 38 w n 5.1 Conclusions .38 lo ad ju y th 5.2 Implications .39 yi 5.3 Limitations .41 pl n ua al References 42 n va Appendix 1: Questionaire 52 fu ll Appendix 2: Results of Exploratory factor analysis 58 oi m at nh Appendix 3: Simple linear regression results (S) 60 z Appendix 4: Multiple linear regression results (CMT) 62 z vb k jm ht Appendix 5: Multiple linear regression results (CL) 64 om l.c gm n a Lu n va y te re th LIST OF TABLE t to ng Table 3.1: Scale of perceived quality 22 hi ep Table 3.2: Scale of customer trust 22 w n Table 3.3: Scale of switching cost 23 lo ad Table 3.4: Scale of customer satisfaction 23 ju y th Table 3.5: Scale of customer commitment 24 yi pl n ua al Table 3.6: Scale of customer loyalty 24 n va Table 3.7: Cronbach’s alpha reliability coefficients 27 fu ll Table 4.1: General information about respondents 29 oi m at nh Table 4.2: Reliability analysis 30 z Table 4.3: Rotated component matrix 31 z k jm ht vb om l.c gm n a Lu n va y te re th LIST OF FIGURE t to ng Figure 2.1: A conceptual model 19 hi ep Figure 3.1: Research process 21 w n Figure 4.1: Customer satisfaction sub-model 32 lo ad Figure 4.2: Customer commitment sub-model 33 ju y th yi Figure 4.3: Customer loyalty sub-model 33 pl n ua al Figure 4.4: Multiple regression results 37 n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th t to ng hi CHAPTER ep w INTRODUCTION n lo ad This chapter introduces the background of Vietnamese banking industry as well as the y th status of customer loyalty The research objectives are proposed in this chapter Base on ju yi the objectives, research scope is proposed and thesis structure is presented pl n ua al 1.1 Background va n Loyalty to a bank can be thought of as continuing patronage over time The degree fu ll of loyalty can be gauged by tracking customer accounts over defined time periods oi m at nh and noting the degree of continuity in patronage (Yi and Jeon, 2003) z During the past decade, the financial service sector has undergone drastic changes, z vb resulting in a market place which is characterized by intense competition, little jm ht growth in primary demand and increased deregulation (Bloemer, Ruyter and Peeters, k gm 1998) In the new market place, the occurrence of committed and often inherited l.c om relationships between a customer and his or her bank is becoming increasingly scarce n a Lu (Li-Ting Huang et al, 2007) Several strategies have been attempted to retain y th argued that a more viable approach for banks is to focus on less tangible and less te re However, as such innovations are frequently followed by similar change; it has been n innovative products and services (Alam and Khokhar, 2006) va customers In order to increase customer loyalty, many banks have introduced 50 t to Yi,Y.,&Jeon,H.(2003) Effects of loyalty programs on value perception, program ng loyalty, and brand loyalty Journal of Academy of Marketing Science, hi ep 31(.3),229-241 w Zeithaml, V.A., Berry, L.L & Parasuraman, A (1988) Communication and control n lo ad processes in the delivery of service quality Journal of Marketing, 52, 35- y th 48 ju yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 51 t to APPENDIX 1: BẢNG CÂU HỎI KHẢO SÁT ng Xin chào Anh/Chị, hi ep Tơi tên Vũ Thanh Hồn – học viên cao học Viện Đào Tạo Quốc Tế (ISB) – Trường Đại Học Kinh Tế Thành phố Hồ Chí Minh w Hiện nay, tơi thực nghiên cứu vấn đề “ Những nhân tố định lòng n lo trung thành khách hàng: Trường hợp ngân hàng thương mại cổ phần ad y th có vốn điều lệ nhỏ” ju Rất mong anh/chị dành thời gian thực khảo sát bên Đồng thời cam yi kết thông tin anh/chị cung cấp giữ bí mật phục vụ cho mục đích pl al nghiên cứu n ua Nếu có đóng góp, ý kiến quan tâm đến kết khảo sát, anh/chị vui lòng va thông tin qua địa email thanhhoanvu@gmail.com n Part I: Xin vui lịng đánh chéo (X) vào anh/ chị chọn: fu ll a Ngân hàng mà công ty bạn giao dịch thường xuyên thuộc loại hình oi nh  NH TM Cổ Phần  at  NH TM Nhà nước m sau đây? z nước NH 100% vốn z vb  Chi nhánh NH nước  NH Liên Doanh jm ht b Các loại hình dịch vụ ngân hàng mà công ty bạn sử dụng (một hay nhiều  Tiền gửi  Bảo lãnh  ngân hàng  Từ ngân hàng va n trở lên  Khác:………………… Part II: Đối với câu phần này, anh/chị vui lòng đánh dấu chéo (X) để lựa chọn th  Đối tác giới thiệu y  Ngân hàng tiếp thị te re d Công ty bạn biết ngân hàng cách nào:  Truyền thơng, báo chí n  ngân hàng a Lu c Công ty bạn giao dịch với ngân hàng? om  Vay vốn  Thanh toán quốc l.c tế gm  Giao dịch tài khoản k lựa chọn) 52 t to mức độ đánh giá anh/chị Xin vui lòng chọn câu trả lời theo quy ước: ng Hoàn toàn đồng ý Hồn tồn khơng đồng ý hi ep Các tiêu đánh giá ST T Mức độ đánh giá w n 7 7 7 7 5 lo Hệ thống thiết bị hỗ trợ giao dịch ngân hàng đại (máy ATM, POS, internet banking, phone banking …) Trang phục nhân viên ngân hàng gọn gàng thiện cảm Các chuyên viên quan hệ khách hàng am hiểu sản phẩm dịch vụ ngân hàng Các nhân viên ngân hàng dành quan tâm đặc biệt đến công ty Ngân hàng thông tin cho công ty bạn dịch vụ tiện ích gia tăng từ đầu Nhân viên ngân hàng giải vấn đề khách hàng họ hứa làm Dựa vào kinh nghiệm giao dịch công ty ngân hàng qua, bạn biết ngân hàng cung cấp dịch vụ quảng cáo thành thật Bạn cảm thấy an toàn công ty sử dụng dịch vụ ngân hàng bạn biết ngân hàng khơng lừa dối gây ảnh hưởng xấu tới lợi ích cơng ty Việc thay đổi ngân hàng tốn nhiều thời gian tìm hiểu thông tin ngân hàng Thay đổi giao dịch sang ngân hàng khác không chắn công ty bạn hài lịng với ngân hàng Tốn nhiều chi phí cơng ty bạn để thay đổi sang ngân hàng khác Tốn nhiều thời gian công ty bạn để thay đổi sang ngân hàng khác Ngân hàng giao dịch đáp ứng nhu cầu công ty bạn Cơng ty ạn hài lịng với giải ngân hàng phàn nàn cơng ty Cơng ty bạn hài lịng với dịch vụ ngân hàng trực tuyến nhanh chóng tiện lợi Cơng ty bạn hài lịng với lãi suất phí dịch vụ ad ju y th yi n ua al pl n va ll fu oi m at nh z z 7 7 7 n n va y te re th 16 a Lu 15 om 14 l.c 13 gm 12 k 11 jm 10 ht vb 53 t to ng 17 18 hi ep 19 w n ju y th yi 22 ad 21 lo 20 ngân hàng Công ty sử dụng dịch vụ ngân hàng Dự định công ty việc sử dụng dịch vụ ngân hàng không thay đổi Công ty bạn không thay đổi ngân hàng, đối tác tin cậy có giới thiệu ngân hàng khác Để thay đổi đánh giá công ty với ngân hàng cần suy nghĩ nhiều Công ty bạn giới thiệu ngân hàng cho đối tác Cơng ty bạn khách hàng trung thành ngân hàng Công ty bạn tiếp tục sử dụng dịch vụ ngân hàng 5 4 3 2 7 7 pl 7 n ua al 23 n va Part III: Thông tin công ty Anh/chị: Số năm hoạt động công ty:  từ năm trở lên at nh Lĩnh vực hoạt động công ty: z  Công nghiệp xây dựng  Thương mại dịch vụ z  Nông, lâm nghiệp, thủy sản om l.c gm Xin chân thành cảm ơn hợp tác quý anh/chị  > 200 lao động k  100 – 200 lao động jm  < 100 lao động ht Số lượng lao động công ty: vb c  từ đến năm oi b m  Mới thành lập ll fu a n a Lu n va y te re th 54 t to SURVEY QUESTIONAIRE ng Dear Sir/Madam, hi ep My name is Vu Thanh Hoan – a student of Master program from International School of Business (ISB) – University of Economics Ho Chi Minh City w I am studying the study on “Key antecedents of customer loyalty: A study of small n lo chartered commercial banks” ad I would appreciate for your support if you spend a few minutes for filling this ju y th questionnaire yi For more information, please contact email address thanhhoanvu@gmail.com pl ua al Part I: Please tick (X) on your chosen answers: a Which kind of ownership is your most frequently transacted bank? n  Commercial banks  100% Foreign n va  State owned banks  Joint venture banks ll m  Foreign bank’ branches fu invested banks oi b The types of banking services your company is using (one or more options) nh  Loans  Guarantee  Foreign trade z  Deposit at  Account transaction z  banks jm k d How your company approach your bank:  Bank marketing  Partners’ l.c recommendations gm  Magazines, papers  More than banks ht  Only bank vb c How many banks is your company has transactions with? om  Other reasons:………………… a Lu Part II: For this part of the questionnaire, would you please mark cross (X) in order Totally disagreed y The level of assessment te re th No Assessment criteria You agree this bank’s facilities are attractive and modern (such as ATM machines, telephone banking, internet…) You agree this bank’s employees are tidy in n va Totally agreed n to assess the level your selection Please select one answer only by this convention: 55 ng hi ep w n ad ju y th lo 7 7 7 7 5 5 4 3 2 7 5 4 3 2 7 yi k t to appearance You agree that customer representatives knowledgeable You agree that employees of the bank pay special attention to your company You agree this bank informed your company of its side services from the beginning You agree employees of this bank solve your company’s problems when they promise to so Based on your company’s experience with this bank in the past, you know it delivers what it promises in its advertisements and it is honest You feel secure when your company uses products and services of the bank because you know that the bank will never let your company down and will never cheat your company Change to another bank involves investing time in searching for information about other banks Change to another bank involves a risk and uncertainty in choosing which might turn out not to satisfy your company It would cost your company a lot of money to switch from your bank to another bank It would cost your company a lot of time to switch from your bank to another bank You agree this bank meets your company’s needs Your company satisfied with the way complaints are handled Your company satisfied with the online services and their promptness Your company satisfied with the pricing issues Your company would always use this bank’s services Your company’s intention to use the services of this bank would not be changed Even if close partners recommended another bank, your company would not change your preference for this bank pl n ua al n va ll fu oi m 10 at nh z z 11 n a Lu n va y te re th 19 om 18 l.c 16 17 7 gm 15 jm 13 14 ht vb 12 56 t to 20 ng hi 21 ep 22 23 w n 7 7 5 4 3 2 lo To change your company’s preference from this bank would require major rethinking You would recommend your company’s bank to the others Your company is a loyal customer to this bank Your company intends to keep purchasing products/services from this bank ad Part III: Information about your company: y th ju a The number of years your company’s operation: yi  to years pl  Newly established  more than years al n Service  Industry and Construction  Commerce and va  Agriculture, rural n ua b The sector that your company works in: oi  100 – 200 members  > 200 members at nh Thanks for your cooperation m  < 100 members ll fu c The number of labours: z z k jm ht vb om l.c gm n a Lu n va y te re th 57 t to APPENDIX 2: RESULTS OF EXPLORATORY FACTOR ANALYSIS (EFA) ng hi Total Variance Explained ep Co Initial Eigenvalues Extraction Sums of Squared Rotation Sums of Squared Loadings Loadings mpo w nent Total n lo % of Cumulative Variance % Total % of Cumulative Variance % Total % of Cumulative Variance % ad 6.098 26.513 26.513 6.098 26.513 26.513 2.649 11.515 11.515 2.254 9.798 36.311 2.254 9.798 36.311 2.643 11.492 23.007 2.042 8.880 45.192 2.042 8.880 45.192 2.551 11.091 34.098 1.608 6.993 52.184 1.608 6.993 52.184 2.536 11.026 45.125 1.230 5.349 57.533 1.230 5.349 57.533 2.226 9.679 54.804 1.153 5.013 62.546 1.153 5.013 62.546 1.781 7.742 62.546 873 3.796 66.342 820 3.564 69.905 748 3.253 73.159 10 695 3.021 76.180 11 659 2.866 79.046 12 597 2.596 81.642 13 571 2.483 84.125 14 517 2.249 86.374 15 477 2.073 88.447 16 434 1.885 90.332 17 401 1.743 92.076 18 389 1.692 93.767 19 360 1.567 95.334 20 327 1.421 96.755 21 299 1.299 98.054 22 263 1.144 99.198 23 184 802 100.000 ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 58 t to Extraction Method: Principal Component Analysis ng hi ep w n lo ad ju y th yi Rotated Component Matrixa pl ua al Component n 721 PQ2 -.001 746 PQ3 113 754 PQ4 174 787 131 T5 138 016 142 T6 105 007 143 T7 -.076 234 T8 051 SW9 124 069 020 255 002 122 241 325 151 022 -.017 088 259 022 288 674 -.177 176 733 -.163 -.133 119 702 202 172 109 -.062 664 074 725 035 033 143 093 140 SW10 776 159 023 138 -.062 SW11 779 127 125 067 -.008 SW12 791 008 047 143 195 S13 055 139 711 013 087 208 S14 -.049 230 719 146 104 128 S15 104 212 698 157 102 154 S16 141 175 764 227 -.005 -.003 CMT17 156 -.040 214 655 213 164 CMT18 258 133 150 770 033 016 CMT19 116 120 160 708 184 220 CMT20 051 184 041 756 052 107 CL22 154 070 093 260 173 653 CL23 169 -.048 205 038 -.135 683 CL21 068 173 133 147 -.058 710 n va 162 jm 089 z PQ1 ll fu at z ht vb 116 -.005 k om l.c gm n a Lu n va y te re th a Rotation converged in iterations nh Rotation Method: Varimax with Kaiser Normalization oi m Extraction Method: Principal Component Analysis .130 59 t to APPENDIX 3: SIMPLE LINEAR REGRESSION RESULTS (S) ng hi Model Summaryb ep Model R R Square Std Error of the Square Estimate Adjusted R w n 507a 257 252 45686 lo a Predictors: (Constant), PQ ad b Dependent Variable: S ju y th yi ANOVAa pl Sum of Squares Mean Square 10.661 n 30.891 Total 41.552 10.661 148 209 Sig .000b 51.080 149 ll fu a Dependent Variable: S n va Residual F ua Regression Df al Model oi m b Predictors: (Constant), PQ nh Coefficients Coefficients Beta 321 8.984 000 444 062 507 7.147 000 Dependent Variable: S VIF 1.000 1.000 om l.c gm a Tolerance k 2.882 PQ Collinearity Statistics jm (Constant) Std Error Sig ht B T vb Standardized z Unstandardized z Model at Coefficientsa n a Lu n va y te re th 60 t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 61 t to APPENDIX 4: MULTIPLE LINEAR REGRESSION RESULTS (CMT) ng hi Model Summaryb ep Model R R Square Std Error of the Square Estimate Adjusted R w n 486a 236 226 49971 lo a Predictors: (Constant), T, S ad b Dependent Variable: CMT ju y th ANOVAa yi Sum of Squares Mean Square 11.352 ua Residual 36.707 n 48.059 5.676 147 250 000b 22.731 n a Dependent Variable: CMT Sig 149 va Total F al Regression Df pl Model fu b Predictors: (Constant), T, S ll oi m dized Coefficients Coeffici Sig Correlations Beta l Tolera VIF nce 500 3.303 001 S 368 080 342 4.616 000 407 356 333 944 1.059 T 286 078 273 3.682 000 354 291 265 944 1.059 om n a Lu a Dependent Variable: CMT l.c 1.651 ant) order Part gm (Const Partia k Error Zero- jm Std Statistics ht ents B Collinearity vb ed T z Standar z Unstandardiz at Model nh Coefficientsa n va y te re th 62 t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 63 t to ng hi ep APPENDIX 5: MULTIPLE LINEAR REGRESSION RESULTS (CL) Model Summaryb w R n Model R Square Std Error of the Square Estimate lo Adjusted R ad 473a 224 208 44576 y th a Predictors: (Constant), CMT, SW, S ju b Dependent Variable: CL yi pl al ua ANOVAa Sum of Squares Mean Square va Regression 8.374 Total 37.384 2.791 146 199 Sig .000b 14.049 149 ll 29.010 F fu Residual n Df n Model m oi a Dependent Variable: CL at nh b Predictors: (Constant), CMT, SW, S z dized Coefficients Coeffici Sig Correlations Collinearity Statistics k ed t jm Standar ht Unstandardiz vb Model z Coefficientsa B Std Beta P Toler order al art ance 233 076 246 3.067 003 371 246 SW 149 067 176 2.226 028 311 181 CMT 184 074 208 2.469 015 375 200 24 828 1.208 849 1.178 747 1.338 62 80 y a Dependent Variable: CL n th S te re 000 va 4.821 n 446 a Lu 2.151 nt) VIF om (Consta Parti l.c Error Zero- gm ents 64 t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th