(Luận văn) improving service quality, customer satisfaction and loyalty, solutions to the case of hd bank vung tau branch

t to ng UNIVERSITY OF ECONOMICS HO CHI MINH CITY hi International School of Business ep w n lo ad ju y th yi DO THI THUONG pl n ua al n va IMPROVING SERVICE QUALITY, CUSTOMER SATISFACTION AND LOYALTY: SOLUTIONS TO THE CASE OF HD BANK VUNG TAU BRANCH ll fu oi m at nh z z k jm ht vb ID: 22130075 om l.c SUPERVISOR: NGUYEN THI MAI TRANG gm MASTER OF BUSINESS ADMINISTRATION n a Lu n va y te re th Ho Chi Minh City – Year 2015 t to ng ACKNOWLEDGEMENTS hi ep It is my proud privilege to release the feeling of my gratitude to person who helped me w n directly or indirectly to conduct this research project work I express my heart full indebted and lo ad owe a deep sense of gratitude to my professor Mrs Nguyen Thi Mai Trang for her sincere y th guidance and inspiration in completing this project I am extremely thankful to the director, the ju staff and all faculties’ members of HD bank in Vung Tau city for their coordination and yi pl cooperation and for their kind guidance and encouragement They have more or less al n ua contributed to the preparation of this project report but I will be always indebted to them va n The project has indeed helped me to explore more knowledgeable, related to my job and fu ll I am sure it will help me in my future’s career 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 CONTENTS hi ep Overview the HD bank Vung Tau branch w n 1.1 The background of the problem 10 lo ad 1.2 HD bank Vung Tau branch and competitors 11 y th ju 1.3 Business situation of HD bank Vung Tau branch and other competitors 14 yi pl Problem identification 16 al n ua 2.1 Possible reasons of low customers satisfaction 20 n va 2.2 The HD bank network of business points problem 22 ll fu 2.3 The HD bank’s percentage support lending base on collateral values 25 oi m 2.4 The capacity of bank staff and the famers 27 at nh The solution 29 z 3.1 The alternative 30 z ht vb 3.2 The alternative 33 k jm Action plan 34 gm Supporting information 36 om l.c 5.1 Research methodology 36 5.2 Guideline 38 a Lu n 5.3 Literature review 40 va n 5.4 Transcript 43 th PART 3: Qualitative Research Report 57 y PART 2: In-depth interview managers and bank staff 52 te re PART 1: In-depth interview customers 43 t to ng LIST OF TABLES hi ep Table Branch network and business location of three banks in Vung Tau city 23 w n Table The report about employees of HD bank-Vung Tau branch 31 lo ad Table Expected cost of training bank staff in three days in HCM city 32 y th ju Table Expected cost of three workshops for farmers in Vung Tau city 34 yi pl Table The basic information of six current customers of HD bank Vung Tau brach 38 n ua al Table Antecedents and outcomes of customer’s satisfaction 42 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 LIST OF FIGURES hi ep Figure The organizational structure of HD bank Vung Tau branch 10 w n Figure Charter capital of HD bank, ACB and Techcom bank in 2015 13 lo ad Figure The individual loan growth rate of three banks on Jun 30th, 2015 15 y th ju Figure The cause and effect diagram 21 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 t to ng EXCUTIVE SUMMARY hi ep In today's competitive environment, a bank earns more interest and loyalty from customers will become a leading bank This paper indicates that banks should focus on w improving the service quality for better and greater customer satisfaction and loyalty as well as n lo improving their financial performance In particular, agriculture's knowledge of employees go a ad y th long way in demonstrating excellent customer service skills is a key factor affect farmers’ ju satisfaction and contribute to the agricultural loan profit of HD bank Vung Tau branch yi pl al This study based on desire to learn, explore and determine the actual level of customer n ua satisfaction with bank loan services to famers in HD bank Vung Tau branch Based on va interview managers, tellers and famers, this paper explored factors that affect the quality of n banking loan services provided by HD bank Vung Tau branch, through symptoms were fu ll reflected in six months income at 30th, June 2015 In addition, this study also used statistical m oi method for synthesized in order to more accurate conclusions about research problems The nh at result of this study confirms the relationship between service quality, satisfaction and loyalty of z customers using HD bank services in Vung Tau city This also indicates that farmers satisfied z ht vb with HD bank Vung Tau loan services such as interest rate, transaction costs However, jm farmers are not satisfied with the support of bank staff and fell the loan paper quite k complicated Author base on this result, the previous research, primary and secondary data gm found consequences and antecedences related to this problem Author also launched two l.c om solutions to solve this problem The first solution through researches on information exchange a Lu among farmers, bank will coordinate with Farmer Associations and organize seminars to share n experiences of farm produce as well as introduce loans and explain its’ conditions in bank’s managers provide better services for their customers th choice for HD bank branch Author hope this study will help HD bank Vung Tau branch’s y literature and the market indicators, this paper also found that the first solution is the best te re suggest a training plan for staff and leadership related to agricultural lending Using the n va forms The second solution based on the financial condition of the HD bank Vung Tau branch, t to ng Overview the HD bank Vung Tau branch hi ep Joint Stock Commercial Bank for Housing Development Vung Tau city has w abbreviation: HD Bank - Vung Tau and its headquartered located at 07 Nguyen Thai Hoc n lo Street, Ward Vung Tau city HD Bank Vung Tau branch officially inaugurated and operated ad ju y th on 23th Jully 2009 It is an extended arm of HD Bank system from Ho Chi Minh City to yi neighboring provinces in network expansion strategy in order to offer services to its customers pl ua al HD Bank - Vung Tau branch including Ba Ria, Chau Duc and Phuoc Tinh province n transactions Appearing at Ba Ria - Vung Tau province during six years but with many efforts va n to improve the quality of products and services Director of HD bank-Vung Tau-Nguyen Gia ll fu oi m Hong stressed "HD Bank Vung Tau emphasis more on quality services This was determined at nh the main factor to decide the success or failure of the bank Therefore, the policy of the board z of directors is constantly improving the manner of services in order to create their own z vb jm ht advantage It is also a key factor of the present success of HD Bank in general and HD Bank k Vung Tau in particular" In order to provide the best service for customers, HD Bank focus on gm four specific action programs, which are credit effectiveness, safe operation, promoting service l.c om quality and cost control n a Lu HD Bank aims to provide premium, international standard financial products and th commercial as well as international individuals or organizations HD Bank provides services y the main objective of HD bank is gained profit based on the provision financial products to te re including all types of deposits in VND, USD, EUR and gold Like other financial institutions, n va services that meet its clients' diverse needs There are bank transactions and financial services t to ng including mobilizing capital, development capital, borrowing from other credit institutions, hi lending In addition, HD Bank - Vung Tau branch finances for all types of loans in every kind ep of business organizations For example, it finances for small and medium enterprises, small w n lo business loans and personal loans It also finances for business purposes and agricultural ad y th production including serving life, build or repair house, cultivated plants et cetera with ju reasonable interest rates in order to serve the needs of business and customers yi pl n ua al From 2011 to 2014, credit for agriculture and rural expansion has developed and n va become a field of safe and effective compared with other economic sectors (Le & Pham 2015) ll fu In 2015, under competitive pressure of other banks in the province, HD Bank-Vung Tau focus m oi on services related to the key economic sectors in the downtown area In addition, HD bank nh at board of directors has launched incentive programs for some businesses in industries such as z z fisheries, scientific research and especially in agriculture In the rural areas, the bank focuses vb jm ht on mobilize deposits from people and organizations and investment in agricultural and rural k loans specifically in Chau Duc, Dat Do and Tan Thanh district In this research, the writer gm om about the problems that HD bank Vung Tau is facing l.c focuses on agricultural lending activities and customers who are famers to analyze and study a Lu n In order to attract customers come to the branch, HD bank not only focus on service n va y human development strategy aims to encourage staff who dares to propose new directions, new te re quality but also develop a young, dynamic and enthusiastic staff HD Bank is building the th ideas about products Like most banks branch, these departments include customer service, administrative & human resources department, management & support credit department, t to ng accounting and technology and IT support department Customer service department often hi takes responsible of accessing customers and contact to them to collect their opinions about the ep services Support and manage credit department takes responsible for debt management, w n lo support and control the credit and loans process and transaction processing management ad y th Administrative offices takes account for manage administrative work such as maintenance ju branch's house, staff training plan, construction recruitment plan, human resource capital and yi pl n ua al labor contracts n va These departments operate independently but have strong relationships, mutual support ll fu through regular meetings to implement the common targets of this bank Support and manage m oi credit team finds new customers, communicates with them, guides and advises customers nh at complete the necessary procedures It also takes responsible for evaluating customer's ability to z z pay original debt and interest This department prepares the evaluation report, makes credit vb jm ht contracts, tracks and profiles disbursement according to request of customers, checks the use of k loans, monitors the repayments and interest, cooperates with the customer services team, etc gm l.c Support and manage credit is also the function that was focused to analyze in this research for om supporting problem solving n a Lu n va y te re th t to ng Figure The organizational structure of HD bank Vung Tau branch hi ep General Director w n lo Vice director ad Vice director ju y th yi n ua n va Management & support credit department Accounting department Transaction offices & business points system Administrative & Human Resource Department al Technical & IT support department pl Customer service department fu ll (Source: Administrative & human resource department of HD bank-Vung Tau) oi m at nh 1.1 The background of the problem z z In order to understand about the problems HD bank Vung Tau branch is facing, author vb jm ht explores the survey data about Viet Nam banking sector From 2007, Viet Nam banking k industry split into two stages of development by the evaluation of banking experts The first gm om l.c stage from 2007 to 2011, HD bank and its’ competitors reached many achievement in asset as well as human resource capital a Lu n In general, the total asset size and operational capacity of the banking system in the th 10 y increasingly promoted and developed Banks have invested and completed the core banking te re compared to the end of 2007 The investment and the application of technology banking n increased by 2.65 times, loan portfolio increased by 2.3 times; network increased 2.1 times va country continued to grow and develop After years, total assets of credit institutions t to ng Mr Hung: That true, my department receiving more customer complaints hi Interviewer: Do you know things which farmers unhappy about? ep Mr Hung: Yes, they tell me that they almost impossible to meet the requirements of bank loan w Such as money transfer, the income proving forms…However, the loan form is the general n lo apply for very HD bank branch How can we change those forms! ad Interviewer: Is there anything else that farmer unhappy about? y th ju Mr Hung: Well, they call and tell about the disbursement period slower from four to six days yi than the day that the bank staff promises, so that they have difficulty in purchase the seed and pl al fertilizer on time n ua Interviewer: Can you suggest some reasons for this problem? va Mr Hung: Well, it depend on some situation, may be they must wait for the processing of n difference departments such as appraisal borrowing property department, risk management fu ll department, dead of department and branch’s managers for approval m oi Interviewer: Thanks for your sharing It will help me a lot in my research at nh z Bank’s branch staff: Ms Nguyen Thi Hoa Ly z jm ht vb Time: 10:27 am, 18 th November 2015 k Place: phone call interview gm Type of interview: In-depth interview l.c om Interviewer: Ms Thuong n a Lu Transcript: Firstly, tell me your name, and what is your working position in HD bank Vung Tau branch? Ms Ly: My name is Hoa Ly I work as a teller 53 th opinions regarding to the solutions for improving the efficiency of lending activity of HD bank y satisfaction in HD bank Vung Tau city Please spend a little bit of your time for sharing your te re Institute of University of Economy The topic of my thesis is the services quality, customer n va Interviewer: Hello! My name is Thuong At present, I am performing the MBA thesis at ISB t to ng Interviewer: Do you directly worked with the farmers when they came to lend? hi Ms Ly: Yes, I ep Interviewer: Recently, you aware of more and more farmers express dissatisfaction about w the bank’s services? n lo Ms Ly: Yes, I know, ad Interviewer: Do you know things which farmers unhappy about? y th ju Ms Ly: Customers feel uncomfortable and quit the bank after listening to the policies and yi procedures that banks are required pl al Interviewer: So what loan requirement which farmers unhappy about? n ua Ms Ly: Some customers argue that loan files many complicated and require more papers than va other banks such as require detailed proof loan purpose, repayment sources n Interviewer: So what you think about their opinions? fu ll Ms Ly: Well, because of the high pressure in reaching target number of loans, some bank staff m oi made up the loan file They simply require customers provided the red book After that, they nh at finished all the rest of records for customers In HD bank we have the rule restricts that action z Interviewer: Do you know about customers comment that the cash disbursement time was z ht vb slower from four to six days? jm Ms Ly: Well, in some case the famers themselves take responsible for the delay time because k the bank staff must wait longer to help them prepare necessary paper and rewrite loan forms In gm some case, we need more time to consider the loan file om l.c Interviewer: Why you need more time to consider the loan file? Can you suggest some a Lu reasons for this problem? n Ms Ly: Obviously, I am a bank staff In university, they just taught about banking technic and the valuation of agricultural land are facing many difficulties Interviewer: Thanks for your sharing It will help me a lot in my research 54 th customers We have so little information about agriculture products’ price; customers as well as y information did not atomically come to you You must have time to read even asking their te re understand what they need to invest, and how long they will get return of capital This n va how to analyzing the numbers However, to assess the source of income of farmers, i need to t to ng Bank’s branch manager: Mrs Bui Thi Anh Tuyet hi ep Time: 10:27 am, 19 th November 2015 Place: phone call interview w n lo Type of interview: In-depth interview ad yi Transcript: ju y th Interviewer: Ms Thuong pl ua al Interviewer: Hello! My name is Thuong At present, I am performing the MBA thesis at ISB n Institute of University of Economy The topic of my thesis is the services quality, customer n va satisfaction in HD bank Vung Tau Please spend a little bit of your time for sharing your ll fu opinions regarding to the solutions for improving the efficiency of lending activity of HD bank oi m As I know, are you Mrs Anh Tuyet, the vice director of HD bank Vung Tau branch, right? nh Mrs Tuyet: Yes, you are right Could you tell me more about the reason you call for me? at Interviewer: Yes, the branch financial result reflects a negative loans growth rate Could you z z tell me more about this issue? vb losing their advantage in Vung Tau financial market k jm ht Mrs Tuyet: It reflected the amount of famers was decreasing HD bank Vung Tau branch has gm Interviewer: As a manager, what you think about this problem? What is the reason for this? l.c Mrs Tuyet: There is always one reason that is the loan policy of HD bank did not meet om customers’ demand a Lu Interviewer: Could you tell me more detail about that? Can you suggest some reasons for this n problem? va n Mrs Tuyet: It has many cause related to this problem May be the location of branch difficulty 55 th authority fix it y time for loan process is too long, the high interest rate…Some reason we not have the te re to asset, the bank staff has poor support for their customers May be the cause come from the t to ng Interviewer: Recently, you aware of more and more farmers express dissatisfaction about hi the bank’s services? ep Mrs Tuyet: Yes, I know As I mention above, the problem relate to the loan policy of HD w bank HD Bank is the joint-stock bank The primary purpose of us is making profits If n lo customers not qualify in the ability to repay, we will not approval lending ad Interviewer: But how about these opinions of the good financial repay condition, they argue y th ju that bank branch to far from their resident So what you think about their opinions? yi Mrs Tuyet: Yes, it true HD Bank has total six branches, two transaction offices operate in six pl al wards in Ba Ria-Vung Tau province Although HD bank had six branches, but mostly n ua concentrated in Vung Tau city There are two branches in Chau Duc and Phuoc Tinh These are va near by the region's agricultural production area However, HD bank Vung Tau did not invest n these offices in human resources capital fu ll Interviewer: So, have your bank had plans for expand the bank network? m oi Mrs Tuyet: HD also has faced many difficulties in network expansion Starting from in nh at September 2013, the State Bank issued Circular 21/2013/TT-NHNN regulating the conditions z established new branches in the country's banks In order to control the non-performing loans z jm will follow the decision of the Governor of the State Bank ht vb ratio at the time of year the proposal does not exceed 3% of total loans, or a lower percentage k Interviewer: Now, many bank has choose the solution to modernise their transactions, how gm about your bank? om l.c Mrs Tuyet: In year 2016, HD bank will systematically modernize our banking system in Vung a Lu Tau city It will allow customers to more actively trade on phone, computer Thereby reducing n va Moc, Dat Do However, this problem will be solved in the long-term plan n our branches in Vung Tau city and expand the transactions to the surrounding areas like Xuyen the decree 41/2010/ND-CP According to Decree 55 of the government, the new credit policy will allow individuals and families who invested in crop, livestock and fisheries can access a 56 th Mrs Tuyet: Starting on 07/25/2015, the decree 55/2015 /ND-CP will be applied and replaces y values too low So what you think about their opinions? te re Interviewer: Another opinion that the HD bank’s percentage support lending base on collateral t to ng bank loans from 50 million to billion without collateral and income proving paper So, HD hi Bank is also preparing to change the policy raising the capital support up to 70% -80% to better ep suit the needs of farmers and increase competitiveness for the bank loan services w Interviewer: Do you know about customers comment that the cash disbursement time was n lo slower from four to six days? ad Mrs Tuyet: Well, we have the rule for the day each department process the loan file But in y th ju some case, the reason came from the external elements For example, the bank staff must yi waiting notary, Environment & Resources and others department process the collateral and pl n ua may face difficulties al loan file Another reason, this is the time we first loan the agriculture products so the bank staff va Interviewer: Can you suggest some difficulties that your employees must deal with? n Mrs Tuyet: It could be the lack of time They need more time to come to the household find fu ll the suitable products for farmers, evaluated the ability to return the loan capital of famers m oi Agriculture is quite peculiar because income of farmers depend on many factors nh at Understanding customer financing ability requires not only knowledge about agriculture, but z also understanding about the unique characteristics of each area and each plants and livestock z jm ht vb Interviewer: Thanks for your sharing It will help me a lot in my research k PART 3: Qualitative Research Report gm l.c Firstly, in this part, author synthetic the basic information and common theme of om opened-end of six interviewers As mention on research methodology, interviewers who paid education, only one-person reach high school level (nine grades) Most of them had using the longest time is three years account The shortest time loan account is only three months Most 57 th from three months to three years Each farmer has the difference time of loan account The y and pepper Only one person uses his loan for expanding the land Their duration of account is te re loan services of HD bank Vung Tau branch Most of them use their loan for plant fruit trees, n va to interview Most of interviewers form 30 to 47years old They had a low background n a Lu the interest on time and come from Xuyen Moc, Tan Thanh, Chau Duc provinces were selected t to ng of farmers are married for over ten years ago In the next part, after asked for some basic hi information, author continues to ask more open-end questions and these results were present in ep the next part: w n Question: Do you recognize some characteristic of HD bankVung Tau branch different lo ad from other banks? y th ju Summary the answer: The purpose of this question find out whether interviewers can yi recognize the bank’s brand through the color, staff’s uniform, signs and the main color of the pl ua al desk, chairs or not The result is most of customers recognize and distinguish HD bank from n other banks Customers often recognize by brand thought the color of signs of the bank branch n va After these questions make sure customers could recognize the bank brand, author asked about ll fu which issue or element that the borrowers consider importance when they had a bank loan m oi Question: Which issue is the most important when you consider a bank loan? at nh z Summary the answer: These issues are including loan procedure, transaction costs, loan z amount, the interest rate, the supporting services, the disbursement and debt collection plan vb jm ht Most of famer recognizes some importance elements are loan procedure, loan amount and the k interest rate There are six customers answered that the interest rate In addition, loan om n a Lu Question: Is the loan interest rate reasonable for you? l.c elements have affected to HD bank branch clients attitude gm procedures are the elements of four people concerned about This show how importance these n their family income va Summary the answer: most of interviewees felt that the interest rate is reasonable for th 58 y Are these simple for you? te re Question: Are you satisfied with the bank’s services? How about the loan procedures, t to ng Summary the answer: most of customers give their opinions on their experience about hi the lending process They also complain about the capacity of the branch’s employees through ep the lending process Most of them feel the loan produces make them hard to understand Most w of famers did not understand about the paper and the lending process After employees in bank n lo gave explanations and advice, most of them feel unsatisfied with the explanations of bank staff ad y th Question: will you continue to use HD bank services, will you recommendation for their ju friends and their relatives using HD bank services? yi pl ua al Summary the answer: when were asked about whether they introduce friends and their n relatives to choose the HD bank’s loans products, most of customers give similar answer With n va this attitude about the bank’s loan, if they found another bank with better understanding about ll fu their need and services quality, they will choose it instead of HD bank m oi Question: Is there any issue that made you unhappy during business in bank? at nh z Summary the answer: This question was designed to define the probably reason for the z decrease in individual loan growth rate at HD bank The answers of customers reveal the fact vb jm ht that the bank network still does not meet the demand of most of customers They have to spend k a lot of time to come to the bank Some customers talk about the loan amount still lower than gm they expect Most of them feel the answer of bank staff when they ask more question about the om l.c loan produce is unaccepted a Lu Secondly, author synthetic the basic information and common theme of opened-end of n three interviewers including the manager and the bank staff Because of some questions for n va employees and manager quite difference, so author summaries the bank staff answers first y te re Question: Do you directly work with the farmers when they came to lend? 59 th Summary the answer: two bank staff directly cooperates with customers t to ng Question: Recently, Do you aware of more and more farmers express dissatisfaction hi about the bank’s services? ep Summary the answer: The bank employees are aware about the problem w n lo Question: Do you know things which farmers unhappy about? Is there anything else that ad ju y th farmer unhappy about? yi Summary the answer: most of them knew about these issues of their customers The pl problem is the loan procedure ua al n Question: Is there anything else that farmer unhappy about? n va oi m with their promise ll fu Summary the answer: They added about the delay time from four to six days compare nh at Question: Can you suggest some reasons for this problem? z z Summary the answer: with the problem come from loan procedures One staff told the vb jm ht reason come from the external element For him, these problems about the loan procedures cannot be fixed Another admitted these belong to the regular of the bank system About the k gm delay time, one staff told the reason come from the external element Another told about the om l.c lack of information and knowledge the interviews In this next part, author will briefly present the bank manager answers n a Lu The part above is all the information about the common theme of two banks staff though n va Question: Yes, the branch financial result reflects a negative loans growth rate Could te re you tell me more about this issue? y 60 th The answer in brief: It reflected the amount of famers was decreasing t to ng Question: As a manager, what you think about this problem? What is the reason for hi this? ep The answer in brief: The loan policy of HD bank did not meet customers’ demand w n lo Question: Could you tell me more detail about that? Can you suggest some reasons for ad ju y th this problem? yi The answer in brief: Some reason such as: the location difficulty to asset, the poor pl support of the bank staff, the longtime loan process and the high interest rate ua al n Question: Recently, you aware of more and more farmers express dissatisfaction n va about the bank’s services? ll fu oi m The answer in brief: The bank cannot approval for those who not qualify in the ability to at nh repay loan capital The primary purpose of HD bank is making profits z Question: But how about these opinions of the good financial repay condition, they z vb argue that bank branch to far from their resident Therefore, what you think about their k jm ht opinions? gm The answer in brief: Yes, it true HD Bank has six branches of but concentrated mostly l.c in Vung Tau city, two branches Chau Duc and Phuoc Tinh district have not been invested in om human resources capital n a Lu Question: Has your bank had plans for expand the bank network? n va The answer in brief: HD also has faced many difficulties in network expansion because te re of the new rule of the State Bank y How is about your bank? 61 th Question: Now, many bank has choose the solution to modernize their transactions t to ng The answer in brief: In year 2016, HD bank will systematically modernize the banking hi system in Vung Tau city However, this problem will be solved in the long-term plan ep Question: Another opinion was the HD bank’s percentage supporting for loan too low w n Therefore, what you think about their opinions? lo ad y th The answer in brief: according to Decree 55 of the government, HD Bank is also ju preparing to change the policy raising the capital support up to 70% -80% to better serve the yi needs of their customers pl al n va slower from four to six days? n ua Question: Do you know about customers comment that the cash disbursement time was ll fu The answer in brief: some reasons including the external elements and the difficulties of oi 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