Researchstatement
Customer satisfaction is critical to success and growth of every businessorganizationinthewaythatitboostsrevenueviarepurchasefromsatisfiedcusto mers,formsstrongbrandloyaltyasafundamentalspringboardfornewcustomer acquisition and facilitates word-of-mouth marketing Its widely observedthat companies such as Amazon, Apple, Starbucks,…which consistently do theirbest to meet and exceed customer expectations reap sustainable business growth.Sam Walton - the legendary founder of the world’s biggest retail chain Walmartonce emphasized the importance of customer satisfaction to enabling companies’competitiveness:“Thereisonlyoneboss.Thecustomer.Andhecanf i r e ev erybody in the company from the chairman on down, simply by spending hismoneysomewhereelse.”
In the context of lockdown removal and gradual economy recovery after the4th outbreak of Covid-19 in Vietnam, there is huge pressure among banks toincreaset h e i r c h a r t e r c a p i t a l t o e n h a n c e f i n a n c i a l c a p a c i t y T o g e t h e r w i t h t h i s , there is increasing need for revenue diversification, which is reflected in banks’shift from deposit service as theirprimary traditional source of sales to otherservices including payment, insurance, securities as a new growth driver. Withinservicesector,customersatisfactionplaysacrucialrolebecauses a t i s f i e d cu stomers are likely to stay loyal to their chosen banking services, to try newserviceofferingsandtorecommendthebanktoothercustomers.
Due to aforementioned reasons, the author decided to write a thesis on“Factors influencing customer's satisfaction with the International paymentservice: The case study of the Joint Stock Commercial Bank for Investmentand Development of Vietnam (BIDV), Binh Dinh Branch”with the aim ofidentifying factors behind customer satisfaction in a specific area ofservice -Internationalp a y m e n t a t a l e a d i n g V i e t n a m e s e b a n k -
B I D V , a s s e s s i n g l e v e l o f currentperformanceofBIDVBinhDinhbranchineachareaofcustomersatisfaction determinants and proposing recommendations for improvement Thiswillin turnsupportsthe bank’slong-termgrowthandbrandequity.
Research ObjectivesandQuestions
The thesis aims to achieve the overall objective is to investigate the currentsituationoftheinternationalpaymentservicesprovidedbyBIDVBinhD i n h bra nchinodertorecommendnecessarysolutionstoimprovingthecustomersatisfaction.
First, Thesis provides a brief explanation of customer satisfaction andits common measures, followed by the identification of key factors influencingcustomer satisfaction Then, present overall current process of customer service ininternationalpaymentatBIDVBinhDinhbranch.Basedonthat,makeanassessment of performance level in each identified customer satisfaction factor.
Asaresult,itpointsoutareasofimprovementincurrentcustomerinternationalpaymentserv icepracticeatBIDVBinhDinhbranchandp r o p o s e recommendations to help enhance level of customer satisfaction Specifically, theauthoraimsat three detailed objectives as followed:
To discuss the internal and external factors that influence the satisfaction ofthecustomers.
To propose conceptual framework and some managerial implications toBIDV Binh Dinh Branch to improve their services in oder to level up the customersatisfaction.
Based on the above objectives, the current study is to answer the followingresearchquestions:
What are the influencing factors of customer satisfaction on the internationalpaymentservicesof BIDVBinhDinhbranch?
How does each factor influence customer satisfaction with the InternaionalpaymentservicesatBIDVBinhDinhbranch?
Researchsubjectand scope
The subject of research is the customer satisfaction on the internationalpaymentservice
The scope of research is BIDV Binh Dinh branch in terms of geography andfrom 2017-2021 in terms of time In 2017 the services was launched for the firsttime.Toservetheresearch,thecustomerswhohavebeenusingtheservices willbesurveyed.
ResearchMethodology
The research uses the secondary data with analysis and summarization oftheories from trusted articles, reports and related studies Also, questionaires arebuilttosurveycustomers’opinions.
Almost all previous studies related to customer satisfaction in internationalpayment service applied quantitative method as core method. However, in thisthesis, due to the scope of research is BIDV Binh Dinh branch where number ofinternational payment customers is quite limited (only 39 customers), number ofsamplesissmallandnotsizeableenoughtoapplyquantitativea p p r o a c h Therefo re,theauthordecidedtoapplyqualitativeapproachforthethesis.
Researchsignificance
As majority of customers of international payment at BIDV Binh Dinhbranch are B2B customers possessing high volume transaction, a huge amount ofeffort should be devoted to customer satisfaction improvement in order to retentthese customers as a key source of revenue for this activity This research, viaidentifyingfactorsthatdeterminecustomersatisfactionandproposerecommendatio ns for service enhancement contribute to the customer retention andloyaltyofthecompany.
Structure ofthethesis
Chapter 1 Introduction: This chapter provides background information ofther e a s o n s f o r c h o o s i n g t h e t o p i c , o b j e c t i v e s , s c o p e a n d m e t h o d s o f c o n d u c t i n g theresearch.
Chapter 2 Literarture review: This chapter compares previous studies onfactors influencing customer satisfaction as well as introduces the Internationalpayment servicein general Futhermore, the conceptual framework of factors isbuiltbased onthesuitabilityinVietnamcontext.
Chapter 3 Research methodology: This chapter consists of the overview oftheresearchprocess,researchdesignanddata analysis.
Chapter4.Dataandsituationalanalysis:Inthischapter,thereisthedevelopment history of BIDV in general and BIDV Binh Dinh branch in particular,along with the main business activities of this branch Moreover, the Internationalpayment operation process and performance of this service are also depicted indetails This chapter is aimed at analyze and identify the current situation for eachfactor influencing the customer satisfaction with the International payment servicesatBIDVBinhDinhbranchthroughsurveyresultsanddepartment’sinternaldocu ments.
Chapter 5 Conclusions and recommendations: This chapter sums up theoverallperspectiveandgivesrecommendationsassociatedwitheachfactortoimrprove the level of customer satisfaction with the International payment serviceatthe branch.
Int h e c o n t e x t o f i n c r e a s i n g c o m p e t i t i v e n e s s a n d r e l a t i v e l y h i g h homogeneityofproductsinbankingindustry,thereisthecrucialneed tocreate andbuildoutstandingcustomerserviceasafundamentalwaytoincreasecustomer retention,grow revenuevia cross-purchase and purchaseu p a s w e l l as fuel new customer acquisition via improved brand reputation Therefore, theauthorwouldliketowritethethesisonfactorsthatdeterminecustomersatisfactionini nternationalpaymentserviceatBIDVbank.
The thesis applies secondary data which is based on multiple previousstudiesandresearch.Dataiscollectedandanalyzedfrom surveyssenttocustomers at BIDV Binh Dinh branch during the period of 2017 to 2021 Thethesis aims to figure out the situation of the international payment service atBIDVBinhDinh,influencingfactorsofcustomersatisfactionontheinternational payment services at the branch, salience of impact of each factoraswellas recommendation for improvement.
ConceptandTheory
Service
According to Philip Kotler (1987), services are intangible products andare not associated with ownership of anything Since it is a product, the serviceis still provided by one entity to another, the production of the service may ormaynotbetiedtoaphysicalproduct.
Gronrửos(1990)argued thata service isone or aserieso f a c t i v i t i e s with more or less intangible nature in it and manifests itself in the interactionsbetween the customer and the service staff or the service provider's system.Servicesareprovidedintheformofsolutionstosolvecustomercertainproble ms.
According to Bui Nguyen Hung (2004), "Service is a process consistingof after-sales activities and front-end activities, where customers and serviceproviders interact with each other The purpose of this interaction is to satisfythe needs and wants oft h e c u s t o m e r i n t h e w a y t h e c u s t o m e r e x p e c t s , a s w e l l ascreates value forthecustomer.”
AccordingtoNguyenThuongThai(2006),thetheoryofservicemarketing states that services consist of four basic characteristics: intangible,heterogeneous,inseparableandcannotbestored.
First, most services are considered intangible products They cannot bemeasured in quantity nor test for quality before purchase Given reasons relatedtointangibility,thecompanyfindsitverydifficulttounderstandh o w custom ersperceivetheserviceandassesstheservicequality.
Second, services are heterogeneous, especially those with a high contentof human labor This is because the operation of the service often varies fromserviceproviders,fromcustomers,andthequalityofserviceprovidedis consistentlythesameorinotherwords,subjecttotheskilloflaborprovidingit.
Third,productionandconsumptionformanytypesofservicesareinseparable The quality of the service cannot be produced in a factory and thendelivered tocustomers For services with a high laborcontent,s e r v i c e q u a l i t y is reflected in the interaction between customers and employees of the serviceprovider.
Finally, because services are intangible, they cannot be stored, stored, orshipped by both providers and customers Service is a product that is usedimmediately after its creation and finished immediately, hence it is not possibleto check the quality before delivery, only possible to know after customer'sexperienceand evaluation.
Thus, from the above statements, it can be understood that in a generalway service is a product of goods but immaterial, creating useful values forindividualsororganizationsthroughthecapacityof serviceproviders.
Servicequality
Unliketangibleproducts,whichcanbemeasuredbyd u r a b i l i t y indicators and the number of defects (Crosby 1979; Gavin 1983), service is anintangible Therefore, the assessment of service quality often has no specificstandards and is generally defined in different ways depending on the researchenvironment.
The definition and method of quality assessment that researchers oftenrefertointheirresearchisthegapbetweencustomer’sexpectationsandperceptions after using the service (Parasuraman, Zeithaml and Berr, 1985,1988).
In addition, the concept of servicequality is theresult of customercomparison,createdbetweentheirexpectationsoftheserviceandtheirperc eption of using that service (Lewis et al Booms, 1983; Gronroon,1984;Parasuramanetal.,1985,1988,1991).
BankingserviceandInternationalpayment service
Currently, there are many different views on banking services, in theresearchcontentof the thesis,wecan mention someofthefollowingviews:
AccordingtoNguyenChiTrung(2006)"Bankingservicesareunderstooda s b a n k i n g o p e r a t i o n s i n t e r m s o f c a p i t a l , c u r r e n c y , p a y m e n t i n the way that banks provide activities to meet customers and business’ needsincludingp r o f i t g e n e r a t i o n , d a i l y l i f e f u n c t i o n , h i g h v a l u e a s s e t s t o r a g e a s wellascollectthedifferenceininterestrates,exchangeratesor c h a r g e s throughservices".
Meanwhile,a cc o r d i n g t o Ha T h a c h (2012), " B a n k i n gs e r v i c es in clude all banking operations such as capital mobilization, lending, payment, foreignexchange, etc commercial goods these services are supplied to the economy”.AndNguyenThanhCongsaid:“Bankingservicesarealli n t e r m e d i a r y activitiesi n c u r r e n c y , c r e d i t , p a y m e n t , f o r e i g n e x c h a n g e , e t c , o f a b a n k t o meettheneedsofcustomersandg e n e r a t e profit”.
From the above points of view, it can be seen that in Vietnam there isstillnoofficialconceptofbankingservices,buttherearestillsomecommonalities. Within the research scope of the thesis, we can understandbanking services including activities related to money, credit, payment, foreignexchanget h a t b a n k s p r o v i d e t o c u s t o m e r s T h i s v i e w i s a l s o c o n s i s t e n t w i t h that of the World Trade Organization (WTO) and is applied in many developedcountries.
International payments, also known as cross border payments or globalpayments,a r e t r a n s a c t i o n s t h a t i n v o l v e m o r e t h a n j u s t b a n k s T h e y c o n n e c t companies, individuals, banks, and settlement institutions operating in at leasttwo different countries with different currencies that need to be paid (Ryan,2019) International payment plays such a significantly vital role in a largenumber ofeconomicactivities, such as: export-importgoods andservices,foreigninvestment,foreignexchangeandinternationalfinance.Witho utinternationalpaymentservices,theforeigneconomicactivitieshaveconsiderable difficulty in existing and developing In contrast, if this servicesare conducted in quick, safe and accurate way, it will help the circulation ofgoods– moneybetweenbuyersandsellersprocessmoresmoothlyandefficiently.Therearef ourmainpopularinternationalpaymentmethods:advancepayment,openaccount,c ollectionofpayment,anddocumentarycredit.
Cash in advance is a payment method inw h i c h r e q u i r e s t h e b u y e r pays the seller prior the shipment of the goods (Edward, 2002) The cashpayment is received before, and independently of, the shipment of goods. Thismethod of payment is made either by bank draft or check or through a wirepaymenttothebankaccountspecifiedbytheseller/exporter.
Open account is a payment method, in which the goods are shippedand delivered before payment is due in international sales The seller ships thegoods and sends invoice together with the other documents to the buyer, who isinvitedtopaytheagreedamountontheappointeddateintotheaccountindicatedbythee xporter(Jan,2004)
1995 Revision, ICC Publication No 522 – URC 522 (Commerce,1995),meansthehandlingbybanksofdocumentsinaccordancewithins tructions received, in order to obtain payment and/or acceptance; or deliverdocumentsa g a i n s t p a y m e n t a n d / o r a g a i n s t a c c e p t a n c e ; o r d e l i v e r d o c u m e n t s on other terms and conditions In fact, there are two types of collection: cleancollectionand documentarycollection.
Documentarycredit,TheUniformCustomandPracticeforDocumentary Credits, ICC Publication No 600 – UCP 600 (ICC, 2006), creditmeans any arrangement, however named or described, that is irrevocable andtherebyconstitutesadefiniteundertakingoftheissuingbanktohonoracomplyin g presentation.
Customer satisfaction
Kotler- t h e s o - c a l l e d f a t h e r o f m o d e r n m a r k e t i n g d e f i n e d s a t i s f a c t i o n as:“aperson’s feelingsofpleasureordisappointmentresultingf r o m comparing a product’s perceived performance (or outcome) in relation to his orher expectations” in his book
“Marketing management” (2000) This definitionhasalotincommonwiththatbyRai(2012)whoregardedcustomersatisfaction as the net difference between “Customer perception of the servicereceived” against “Customer expectation from the service” In other words,customer satisfaction is a function of perceived performance and customer’sexpectation. Perceived performance is customer’s assessment of an offeringafter they experience it For example, in the case of banking service, it isassessment of employee attitude and skill, time, quality service, price, On theother hand, customer’s expectation maybe formed even before they experiencean offering, which is influenced by customer previous interaction with otheroffering by the same company or similar offering by competitor company,marketing, wordofmouth,…
In the context of intensifying competition, customer satisfaction is ofincreasing significance to companies’ revenue, profit , brand equity and hencetheir long term growth This was highlighted by Coldwell (2001) in“GrowthStrategiesInternational(GSI)basedonastatisticalanalysisofCustomer Satisfactiondatacoveringthefindingsofover20,000customersurveysconductedin
This can be explained by the fact that highly satisfied customers arehighly likely to increase their purchase of existing products, to cross purchaseother products and to recommend the products to other people In this way, thecompany can not only enhance their revenue but other profit from satisfiedcustomers because the cost spent on retaining existing customers is lower thanacquiringnewonesandpositivewordofmouthisfreecomparedversusmarketin gcampaignstoattractcustomers.
Ther e l a t i o n s h i p b e t w e e n s e r v i c e q u a l i t y a n d c u
The relationship between service quality and customer satisfaction hasbeen a topic of constant discussion by researchers over the past decades. Manystudies on customer satisfaction in service industries have been carried out.Some authors believe that there is an overlap between service quality andcustomersatisfaction,sothesetwoconceptsmaybepossibletobeusedinterchang eably.
However,throughmanystudies,servicequalityandcustomersatisfaction are two distinct concepts Parasuraman et al (1993) said that thereare some differences between service quality and customer satisfaction, themain difference lies in the matter of "cause and effect" Zeithalm and Bitner(2000) argued that customer satisfaction is affected by many factors such asproductquality,servicequality,price,situationalfactors,andpersonalfactors.
Service quality and satisfaction are two different concepts but closelyrelated in service research (Parasuraman et al 1988) Previous studies haveshownt h a t s e r v i c e q u a l i t y i s t h e c a u s e o f s a t i s f a c t i o n ( C r o n i n a n d T a y l o r , 1992; Spreng and Taylor, 1996) The reason is that service quality is related toservicedelivery,whilesatisfactioncanonlybeassessedafterusingtheservice.
Customersatisfactionisageneralconceptthatisachievedoncecustomer’s needs are fulfilled Meanwhile, service quality only focuses onspecificcomponentsoftheservice(Zeithaml&Bitner,2000).Althoughth ereis a relationship between service quality and satisfaction, there are few studiesfocusing on testing the explanatory level of service quality components forsatisfaction,especially foraparticularservicesector(Lassaretal.,2000).Cronin and Taylor tested this relationship and concluded that perceived servicequality leads to customer satisfaction Studies have also concluded that servicequalityisanantecedentofsatisfactionandisamajorfactoraffectingsatisfaction.
Thus,itcanbeviewedthatservicequalityisafactorimposingconsiderableim pactoncustomersatisfaction.Ifaserviceprovideroffercustomers services that are of high quality and satisfy customer’s needs, thatservice provider surely has made customers happy and satisfied Therefore, toimprove customer satisfaction, it is crucial that service providers focus onimprovingservicequality.
In other words, service quality and customer satisfaction are closelyrelated, in which service quality is the primary thing that determines customersatisfaction The causal relationship betweenthese two factors is ak e y m a t t e r in most customer satisfaction studies If the quality is improved but not basedonthecustomer'sneeds,thecustomerwillneverbesatisfied.
Customer satisfactionusinginternationalpaymentservices
Therearemanydifferentdefinitionsofcustomersatisfactionwhenconsumin ga p r o d u c t o r s e r v i c e , b u t i n g e n e r a l , c u s t o m e r s a t i s f a c t i o n i s a emotional and/or cognitive response basedon a subjective evaluation of aproduct or service in relation to prior expectations, actual experiences andoutcomes after purchase, while consuming or after consumption Internationalpayment service is one of the traditional services of commercial banks Thisservice helps to meet the need to fulfill monetary obligations, arising on thebasisofeconomicandnon- economicactivitiesbetweenorganizationsorindividuals of one country and organizations or individuals of other countries,orbetweenacountryandanationalorganizationisusuallythroughtherelat ionshipbetweentheBanksofthecountriesconcerned.Internationalpaymentservice satcommercialbanksincludemany differentprofessionalfieldssuchas:paymentforimportandexportofgoods,paymento f remittances, payment for remittance abroad, payment of foreign loans,issuingforeign guarantees Combining the concept of satisfaction, service concept,international payment service of commercial banks, it is possible to define theconcept of Customer satisfaction with payment services.International math isan emotional and/or cognitive response based on a subjective assessment of therelationship between prior expectations, actual experience, and results obtainedduringandafterusinganeconomicactivity.informationprovidedbythecommercial bank to the customer from the time the customer completes thetransactionprocedures tothetime afterthetransactionis completed.
Previouss t u d i e s o n f a c t o r s i n f l u e n c i n g c u s t o
Given its importance, companies have made considerable effort to quantifycustomer satisfaction based on which to enhance their product and service A fewcommoncustomersatisfactionmetricsincludeNetPromoterScore(NPS),Custome r Effort Score (CES), Review These metrics generally take the form of asurveywithquestionsaskingcustomers torankeitherinscoreorlevelof agreement with given statements related to the service provided Regarding factorsthatinfluencecustomersatisfaction,thereareseveraltypicalresearch andstudy.
There have been thousands of empirical studies about customer satisfaction.As a result, there has been a lot of approach to customer satisfaction as well asmany ways to measure customersatisfaction In 2001, Bel and Chiao have statedthat product quality, service quality and price are fatal factors that influence thecustomer satisfaction.
In the other hand according to Zeithaml and Bitner (2000)proved that customer satisfaction is influenced not only by product and servicequality and price but also by situation factors and personal factors According tothat theory Zeithaml and Bitner (2000) have developed a customer satisfactionmodel:
Figure 2.1 – Factors influencing customer satisfactionSource: Zeithaml andBitner (2000)
AccordingtoZeithamlandBitnermodel(2009),customersatisfactiondrivers can be grouped into 02 areas: those controlled by the company and thosenotcontrolledbythecompany.Theformerincludes(1)Productquality,
( 2 ) Service quality and (3) Price The latter includes situational and personal factorssurroundingt h e c u s t o m e r s , w h i c h l e a d s t o t h e f a c t t h a t c u s t o m e r a n a l y s i s a n d segmentation(invariouscriteriasuchasneeds,income,age,consumptionhabits,…) are critical to better form a portfolio of target customers and tailor acompany’s servicepackagestoeachcustomergroup.
InHokanson(1995)study,besidesservicequalityandcompetitivepr icingthatwerealsocapturedinZeithamlandBitnermodel,otherdriversinclude:
Intheirresearch“ServiceQualityEffectsonCustomerSatisfactioninBankingIndustry” by Tran Van Quyet and his co-authors (2015), the framework ofcustomers a t i s f a c t i o n e n c o m p a s s e s 0 5 e l e m e n t s : T a n g i b i l i t y, A s s u r a n c e , Responsiveness, Reliability and Empathy These elements are highly relevant inservice sector in general and international payment banking service in particular inthe way that it pinpointed Tangibility which includes the infrastructure based onwhich the service is provided and Assurance which is crucial in current context ofwidespread concernfordatasecurity.
Researchmodeland hypothesis
Knowledgeableand experiencedconsultantteam
Teamleadwhobeyondstandardprocessprovidesconsultancytocustomers end-to-end This refers to not only the understanding of customerneeds and requirements but also the relationship building with customers astrusted partners This goes beyond following standard process and involvesconsultancy and partnership with customers end-to-end; from sales contractnegotiationincustomer’sfavor,completionofdocumentsetswithhighaccu racy to avoid rework, selection of suitable payment methods and cargoprovidersatreasonablecosttoresolutionofad-hocissues.
Tangibles
The physical facilitiesa n d e q u i p m e n t a t t r a n s a c t i o n c e n t e r s p r o v i d i n g forthebank’scustomers,theappearanceofbankemployees
Thankstoeconomyimprovement,people’sstandardoflivingisincreasingly enhancing and so is the diversity of their need for bank services.Therefore, banks which have wide network coverage have huge advantages ingainingmore customers andshare.The distributiongrowthnotonly fuelsbanks’ development but also provide customers with quick access to bankservicessuchascarloan,homemortages,insurance,… andt h e r e f o r e , somehow improving customers’ quality of life and supporting local businessdevelopment Besides physical distribution in terms of transaction offices andATMs, another tangible factor that impacts customer satisfaction is the globalinterbank network that enables payment and money transfer among countries athighspeedandlowcost.
Responsiveness
The bank staffs’ willingness and readiness to provide services and helpcustomers.T h e e s s e n c e o f s e r v i c e i s t o s a t i s f y c u s t o m e r ’ s n e e d s T h e r e f o r e , customer focus should be the core of every service Given the intensifyingcompetitivefinancialmarketthatisevolvingwithmoreandmoreservice packages and delivery methods, it is critical that service providers maintainrazor focus on customers to understand their needs and expectations, based onwhichtobuildqualityserviceplan.
Convenience
How convenient the services are presented and provided in terms ofextensive correspondent network, bank’s transaction locations, and transactionprocedure.This includes every element that adds more ease to service users.
Itcanbereducedwaitingtime,flexibleoperatinghours,diversed e l i v e r y platfor m(offlineandonline),simpleprocess,…
Assurance
Thetrustinthebank’sservices,employees’specializedskills,andservingatti tudeaswell.Thisreferstotrustworthinesswhichisbuiltviaprofessionalstaff,dedicat edconsultantteam,bankequityandm o s t importantly,high- levelsecurityprocessesthatputscustomerdataatt o p priority
Competitiveprice
Equalorlowerchargingpriceforsimilarserviceswithc o m p e t i t o r bank s.Price is the moneytary reflection of service value It is defined by utilityand customer perception of service provided Customers choose what suit themthe most and do not necessarily choose the most expensive services Therefore,factors such as customer perception of cost does not impact service quality butdoesimpactcustomersatisfaction.Whenbuyingproductsandservices,customers havetopay acertaincosti n e x c h a n g e f o r t h e v a l u e t h e y n e e d Thus, that cost is called the trade-off to get the desired value from the productor service Ifthe price is quantified in relation to the obtained value,thecustomerwillhaveasenseofwhetherthepricecompetitivenessis satisfactoryornot.Onlywhenthecustomerperceivesthequalityo f t h e servicetob emorethan thecost ofu s e , t h e p r i c e i s c o n s i d e r e d c o m p e t i t i v e andthecustomerwillbesatisfied.Onthecontrary,customerswills howdissatisfactionbecausethey feelthey havetop a y m o r e t h a n w h a t t h e y g e t andthepriceinthiscasewillhavean e g a t i v e i m p a c t o n c u s t o m e r s atisfaction.Thisistherelationshipbetweenpricequantity,value,andperceived value However, it is the perceived price that is the factor affectingcustomer satisfaction It is possible to estimate the price spent more than thevaluereceived,butcustomersfeelthatisreasonable,theyw i l l s t i l l b e satisfi ed and vice versa These two factors interact with each other dependingonthecustomer'ssensitivitytopriceaswellasther e l a t i o n s h i p b e t w e e n serviceusersandserviceproviders.
The proposed factors and their influences on customer satisfaction with theInternational payment service at BIDV Binh Dinh are presented in Figure2.2below:
Customer satisfaction with the International payment service at BIDV Binh Dinh
Figure 2.2 – Conceptual frameworkSource: Author’sillustra tion
This study only focuses on testing the theoretical model, the hypothesisabouttherelationshipbetweenthecomponentsofservicequality,thepriceco mponent of the service and the satisfaction of customers using internationalpayment service of at BIDV Binh Dinh branch The topic uses the SERVQUALscalebuilt byParasuramanand Wilsonas afoundationfortheresearch model.
H1:Whencustomersevaluatethelevelofcustomerunderstandingofinternation al payment service increases, their satisfaction with that service alsoincreasesandviceversa.
H2: When customers evaluate the tangible of international payment serviceincreases,theirsatisfactionwiththatservicealsoincreases andviceversa.
H3: When customers evaluate the quality service of international paymentserviceincreases,their satisfactionwiththatservicealsoincreasesandviceversa.
H4: When customers evaluate the convenience of international paymentserviceincreases,their satisfactionwith thatservicealsoincreasesandviceversa.
H5:Whencustomersevaluatetheassuranceofinternationalp a y m e n t service increases,their satisfactionwiththatservicealsoincreasesandviceversa.
H6: When customers evaluate that the price competitiveness of internationalpayment services increase, their satisfaction with that service also increases andviceversa.
Based on above-mentioned studies and research, customer satisfactiongenerallyreferstothedifferencebetweencustomerexpectationversusp erception of products or services It is influenced by such common factors asservicequality,convenience,price,goodstaff,customerexpectation,…
Internationalpaymentserviceisoneoftraditionalcoreservicesofcommercia l banks It is built to fulfill payment-related requests which includebut not limited to money transfer, collection of payment, letter of credit, tradefinance,
Besides, it is worth highlighting that in the area of this service,customerperception can only be assessed during or after service delivery Therefore,customersatisfactionis beyondprovidingspecificserviceaspercustomerrequest and primarily about the manner the whole service fulfillment processtakesplace.
Combining the theory foundation and business context of internationalpayment service, the author identified the list of relevant factors that influencecustomersatisfactionininternationalpaymentareaasfollows:
Researchprocess
In fact, there are a lot of study approaches This study will be based onprevious case studies to analyze specific situation of International paymentservices at BIDV Binh Dinh branch In this research, the authors researchedthrough one – on – one interviewmethod.Customers’o p i n i o n s a r e c o l l e c t e d intheformofnotesaswellasaudiotranscriptthroughcompleting questionnaires.
Firstly, the process starts with secondary research which is based onmultipprevious studies and models to identify factors that influence customersatisfaction.Next,theauthorsummarized,comparedandcreatedalistofco mmon factors that are predominantly underscored across studies that theauthorreferred to.
Secondly, the processm o v e d t o s u r v e y t o c u s t o m e r s w h o u s e d t o a n d are using international payment service at BIDV Binh Dinh branch The intentof the survey is to identify what are factors that influence customer satisfactionbasedontherankinganddetailedfeedbacksoneachfactorbysurveyedre spondents.
Thirdly,theauthorproceededwiththecollection,processingandanalysis of data from surveys responded Finally, based on analysis of datatogetherwithfindingsgainedfrompreviousstudies,theauthoridentifiedfactors that influenced customer satisfaction, how each factor makes an impacton customer experience and hence, how to improve quality of each factor ininternationalpaymentserviceatBIDVBinhDinhbranch.
Research design
Datacollection
This thesis research includes secondary data source For this data type,the author has the data collection method to get the most honest and reliabledatasourcefortheresearch.
Secondary data is the available and widely known form of data,namelyinternal secondary data and external secondary data Internal secondary datameans data collected by each company for financial purposes or for reportingmarketing activities External secondary data is described as data collected byexternal sources such as government publications, company websites, books,articles… The secondary data is found through the Internet sources or availableinformation in annual reports via commercial banks’ websites, banking reviewjournals.
Designingquestionnaire
The questionnaire is designed to cover 02 main parts in Vietnamese:Part1:Customerinformation(Name,Company,Position)
Part2:Customersatisfactionrating,onthescalefrom5(Stronglydisagree) to
1 (Completely agree) for factors that identified from previousstudies,including(1)Assurance;(2)Convenience;(3)Price;(4)Responsiveness;
(5) Knowledgeable consultant team; (6) Tangibles There arealsoopen questions correspondingto eachfactor.
Part 3 are open questions that require customers to provide personalrecommendationstoimprovetheinternationalpaymentservicequalityatB IDV.
In this questionnaire, Part 2 consists of 28 variables in total Scale isused to measure observed variables, from 1: Completely agree;2: Agree;3:Neutral;4 : D i s a g r e e ; 5 : S t r o n g l y d i s a g r e e B a s e d o n t h e t h e o r e t i c a l b a s i s , previous studies combined with preliminary research and official research, theauthorproposesthecomponentsoftheofficialscalesusedtomeasurespecifically asbelow:
As4.International paymentstaffhavesolid professionalknowledgeand skill
+Thes c a l e ofresponsiveness consists of4observedfactors:
Res 2 BIDV staff are always ready and enthusiastic to help customersRes3 B I D V s t a f f a l w a y s n o t i f y c u s t o m e r s w h e n t h e s e r v i c e i s performedandcompleted
+ The scale of Convenience includes 3 observational factors:Con 1.Timeontransactionanddocument processingasrequestedCon2.Convenienttransactionlocation
+The scaleof Knowledgeable consultant team consistsof4observablefactors:
Ct4 BIDVregularlyorganizesseminarsandbusinessmeetingsto shareinformationandlistentocustomers'opinions ontheirservices
Pc 2 Competitive trade finance lending ratesPc3.Goodexchangerateforforeigncurrency
ThetargetofsurveyisoldandexistingB2Bcustomersusinginternational payment services at BIDV Binh Dinh branch The reason foraiming at B2B customers is due to their lion share of customer group (90%) ofinternationalpaymentdepartment.
Dataanalysis
Firstly, which factors are ranked highest by customers, as per collectivepercentageofrespondentsagreeingtostronglyagreeing
Secondly, which factors are ranked lowest by customers, as per collectivepercentageofrespondentsdisagreeingtostronglydisagreeing.
Thirdly, within factors that are ranked the highest, which areas are the bestandwhichoneshaveroomforimprovement,asperlevelofagreement/disagreementf romcustomers
Finally, within factors that are ranked the lowest, which areas are lowest asperlevelofagreement/disagreementfromcustomers.
Theresearchadoptssecondarydatabasedonpreviousstudiesoncustomersati sfaction,servicequalityandfactorsthatinfluencecustomersatisfaction.Researchde sign takesplacethroughthreefollowingsteps:
Data collection: This begins with the design of questionaire The authorbases on selected customer satisfaction determinants to build questions forcustomera s s e s s m e n t T h i s i s f o l l o w e d b y r e l e a s e o f s u r v e y s v i a e m a i l a n d direct transfer by international payment staff to around 39 business customerswhousedtoorand areusinginternationalpaymentservicethebranch.
Data processing: Then, the collected data will be input to an Excel modelforcalculation
Dataanalysis:Finallydataispresentedinawaythatshowsweightedaverage score of each factor Based on this, the author can summarize the situationgearedtoc u s t o m e r satisfactionwitheachfactor.
OverviewofBankForInvestmentandDevelopmento f Vietnam and
BankForInvestmentandDevelopmentofVietnam
BIDV was founded on 26 April 1957 under the initial name of Bank forConstruction of Vietnam The Bank for Construction of Vietnam allocatedcapitalforbuildingindustrialfacilitiesandconstructionprojectstoservena tional welfare and people’s livelihoods, contributing to changing the face ofNorthVietnam.TheBankandtheVietnamesepeopleworkedtogethertocomplete the tasks of construction in wartime, supplied capital for air defenseprojects,trafficprojectsandrelocationofimportantindustrialfactories.
Intheperiod1975–1981,theBankjoinedtorenovateeconomicfacilities in the South and develop new infrastructure after the war The bankprovidedcapitalforindustrial,agricultural,transportation,publicwelfareproj ects,and keyprojectscriticalforthenationaleconomy.
On 24 June 1981, the Bank for Construction of Vietnam was transferredfrom the Ministry of Finance to the State Bank of Vietnam under the new nameBank for Investment and Construction of Vietnam In the period 1981 - 1990,the Bank for Investment and Construction of Vietnam improved operationalmechanism for continued development This wasalso the period whent h e bank made strong movements in line with the national renovation in generaland the banking sector in particular, progressively becoming one of the leadingspecialized banks in the country The bank also directly provided loans tobusinesses, progressively transforming into a commercial bank according tomarketmechanism.BIDVmadesignificantcontributionstothecountry’sinnovati onduringt h i s p e r i o d T h e bankensuredworkingc a p i t a l f o r construction companies, encouraging them to boost construction progress andimprovetechnologyandproductivity
In 1990, the Chairman of Council of Ministers issued Decision 401/CTregardingtheestablishmentofBankforInvestmentandDevelopmentofViet namonthebasisoftherenamingoftheBankforInvestmentandConstruction of
Vietnam.The bank partnered with foreign financial institutionstoestablishjointventures.Duringthisperiod,BIDV’sforeignbusinessop erationscoveredfinance,banking,insuranceandsecuritieswiththeestablishment of representative offices and banks in Laos, Cambodia, thenMyanmar, Russia, Czech Republic BIDV has transformed into a commercialbanksincethen,integratingintotheinternationalfinancialmarkets.S i n c e 1995,B I D V h a s b e e n a f u l l y c o m m e r c i a l b a n k , c o n t i n u i n g t o d e v e l o p a n d boostthemarketeconomyofVietnam.
On 28 December 2011, BIDV implemented equitization through initialpublic offering (IPO) On 27 April 2012, BIDV officially transformed into theJoint Stock Commercial Bank for Investment and Development of Vietnam,making a significant changes to ownership structure, ensuring transparency inaccordancew i t h i n t e r n a t i o n a l p r a c t i c e B I D V h a s b e e n l i s t e d o n t h e s t o c k exchange under the code BID since January 2014, operating effectively ininternationalcompetitivemarketenvironment.
Duringtheperiod,BIDVcomprehensivelycompleteditsbusinesstargets,strengthening competitive capacity, becoming the leading commercialjointstockbankinVietnamwithsustainabledevelopment.
Bankf o r I n v e s t m e n t a n d D e v e l o p m e n t o f V i e t n a m , B i n
BIDV Binh Dinh branch is a member of BIDV Vietnam which wasestablished according decision number 177/TTG of the government ministerwiththeoriginalobjectiveoffacilitatinginvestmentanddevelopment by financing key national economic development projects After equitization since2011, the bank turned into joint stock bank in legal status and further focusedonpaymentanddepositservicesasmoderncommercialbankinareaofoperatio n.
Full name:Joint StockCommercialBankforInvestmentandDevelopmentof VietNam–BinhDinh Branch
Mainbusinessactivities
Depository-savings:current account, demand deposit account, fixeddepositaccount,promissorynote/certificateofshort- termd e p o s i t i n VND/USD
Personalloan:carloan,consumptioninstallmentloans,homemortgage loan, loan secured by the mortgage of valuable papers/certificate offixeddeposit
Loans&guarantees:short,medium,long- termloan,corporateoverdraft,industry- specificloan,loansforfixedassetinvestment.
Tradefinance:Exportfinance(all-inclusiveexportfinance,discounting bill of exchange with export documents, export factoring),Importfinance(Importfinancingbyloansfromforeignframeagreement,importfinanc ingsecuredbyimportconsignment,importfinancingunderUsancePayableAtSightL etterofcredit(UPASLC),Internationalpayment.
CUSTOMER MANAGEMENTRISK MANAGEMENT OPERATIONS INTERNAL AFFAIRS SUBSIDIARY UNITS
FINANCE AND ACCOUNTING DEPARTMENT TRAN HUNG DAO
CORPORATE BANKING DEPARTMENT CUSTOMER SERVICE
LE HONG PHONG TRANSACTION OFFICE
NGUYEN THAI HOC TRANSACTION OFFICE
PHAN BOI CHAU TRANSACTION OFFICE
4.1.4 Organization of apparatus at Bank For Investment andDevelopmentofVietnam, BinhDinhbranch
Figure 4.1 - Organizational chart of BIDV Binh Dinh branchSource:AdministrationDepartment–
- BoardofDirectors:03members,including01Directorand02DeputyDire ctors
- Customermanagementdivision:04teams,including03corporatecustomerte amand01individualcustomerteam
- OperationsDivision:03teamsincluding:CreditAdministrationtea m,CustomerTransactionteam,Treasury&Serviceteam
- Internalmanagementdivision:02teamsincluding:Planningand Fi nanceteam,AdministrativeOrganizationteam
4.2 International payment service at Bank For Investment
InternationalpaymentservicesatBankForInvestmentandDevelopm
Letter ofCredit (L/C)is a paymentmethodi n w h i c h t h e i s s u i n g bank, upon request of the applicant (the importer), commits to pay a certainamount of money to the beneficiary (the exporter) or accept the bill ofexchangedrawnbythebeneficiaryafterreceivingthedocumentsinconformity withthetermsandconditions oftheL/C.
Documentary collections is a payment method in which the exporterauthorizesthebanktocollectmoneyfromtheimporterbasedontheshipp ing documents, with the condition that the bank will hand over thedocuments to the importer to receive goods only when the importer pays oracceptstopaythe Billofexchange.
Uponreceivingcollectiondocumentsfromoverseasbank,B I D V will inform and request customer (importer) to pay or accept to pay the Billof exchange at maturity and then hand over the documents for customer toreceivegoods. c) Typesofcollection
D/A(DocumentaryagainstAccept):Thebankhandsoverthedocuments to the importer only when the importer accepts to pay the Bill ofexchangeatmaturity. d) Outwardremittance:
This service allows importers to make payments through telegraphictransferinvariouscurrencieswithsimplifieddocumentationandfast procedure.
Upon receiving LC from issuing bank, BIDV provides the followingservices:
Documentary collection is a payment method in which the exporterauthorizesthebanktocollectmoneyfromtheimporterbasedontheshipp ingdocumentswiththeconditionthatthebankwillhandoverdocuments to the importer to receive goods only when the importer pays oraccepts to pay the Bill of exchange BIDV receives documents from you,thenchecksandsendsthemtoforeignbankforcollection. c) Typesofcollection
D/P (Documentary against Payment): The bank will hand over thedocuments totheimporteronlywhentheimportermakespayment.
A( D o c u m e n t a r y a g a i n s t A c c e p t a n c e ) : T h e b a n k w i l l h a n d o v e r the documents to the importer only when the importer accepts top a y t h e Billofexchangeatmaturity. d) Inwardremittance:
Inward remittance is for exporters with payment terms as T/T andreceiving money from foreign partners through SWIFT remittance systembetweenforeignbanksandBIDV.
1,700financialinstitutions includingmultilateralandbilateral organizationssuchastheWorldBank,ADB,JBICandNIB,etc.
International payment operation process at Bank For
International payment operation process at BIDV Binh Dinh branch iscarriedoutas per following steps:
International payment officers receive customer's documents from creditdepartment,transactionoffices(forcustomerswithcreditrelationship),ordirectly fromcustomers(for customerswhodonot havecreditrelationship)
Firstly,inspecttheprofileaccordingtoBIDV'sregulationsonanti- moneylaundering,prevention/ combatingofterrorismandproliferationofweaponswithmassdestruction
Secondly, check the authenticity, validity and legality of the transactionapplicationfiles accordingtotheinstructionsofBIDV
Thirdly, check the completeness of the application files in each createdtransaction
Then checkto ensurethat the transactione x e c u t i o n c o n d i t i o n s h a v e beenfullyimplementedaccordingtotheregulationsofeachoperation
Finally, coordinate relevant departments (if necessary) to implement theproceduresrelatedtotransactionrequests
Step 3: Initiate a transaction and send the transaction records to theoperation center
Theinternationalpaymentteaminitiatetransactionsandsendstransaction records according to the regulations and as per the results from fileverificationstep tooperationscenterthrough theirinternalsystem
After the transaction is checked and approved, the documents related tothe transaction are automatically sent back to the branch via internal system toproceedwithnextsteps
Theinternationalpaymentteamissupposedtoregularlycheckt h e status of transaction files sent to operation center to know they have beencompletedornot.Thecompletionofthetransactionisnotifiedwhenthetransaction has been approved by the operation center and ticked as “Final”statusininternalsystemplatform
The international payment team follow up customer feedback to transfertooperationcenteraccordingtotheoperation regulations of eachteam
Once a customer completes the transaction, the international paymentteamcoordinates with the credit department to compare and check the relevanttransactionrecordstofinalizethedocumentsandliquidatetheContracts
The credit department keep the full and complete credit file according toregulations
Performanceofinternationalpaymentdepartment,atBankForInv estmentandDevelopmentofVietnam,BinhDinhbranchduring2017–2021 37 1 Marketdevelopment
Financialperformance
Unit:Million USD Source:Businessresult report of BIDVBinhDinhbranch, 2017- 2021
Withthegoalofincreasingimport- exportturnover,inadditiontomaintainingr e l a t i o n s h i p s w i t h e x i s t i n g c u s t o m e r s , B I D V B i n h D i n h b r a n c h also makeefforttoestablish relationships withnewcustomers.
Inthespiritofthatorientation,import-exportturnoverunderwentcontinuous rise over the years from 2017 to 2021 Although the customerdevelopment work at times did not increase as expected due to many reasons,the performance of import-export transactions at the branch has grown over theyears
Exportturnoverfrom2017to2021increasedbynearly84%andachievedanav erage growth rate ofnearly16%/year
Importturnoverfrom2017to2021increasedbynearly153%andachievedanave rage growth rate ofnearly30%/year
The reason for this growth is that the branch has focused on seeking andestablishing relationship with new customers in addition to maintaining qualityloyalty marketing programs with existing customers Besides, the branch hasbeen agile in responding well to the diversifying needs of customers customersviaimprovingtransactionconsultancy,reducingtransactionleadtimean dsimplifyingtransactionprocess.
Number from international payment transactions of BIDV Binh Dinhbranchovertheyearsfrom2017to2021:
Unit:Numberoftransaction Source:Businessresult report of BIDVBinhDinhbranch, 2017- 2021
A glance at above table shows that the number of export transactions at thebranch accounts for the majority of total international transactions The reason isthat the number of export enterprises make up the majority of corporate customersthatperforminternationaltradeatthebranch.
The number of import-export transactions was on the upward trend duringthe period from 2017 to 2021 The average growth rate is 18%/year for exporttransactionsand9%/yearforimporttransactions.
Table4.4-N u m b e r ofinternational paymenttransactions at BIDVBinhDinhbranch, bymethodof payment
Unit:Numberoftransaction Source:Businessresult report of BIDVBinhDinhbranch, 2017- 2021
Through the above table, it can be clearly seen that the L/Cw a s t h e most popular method of payment because of its advantage in ensuring equalpowerandsafetyacross03involvedparties:exporter,importerandbank.
Specifically, L/C ensures that the exporter is paid upon presentation ofthe appropriate documents L/C andt h a t t h e i m p o r t i n g p a r t y w i l l r e c e i v e a s e t of goods documents in accordance with regulations on the surface of the L/C.Therefore,this method isstillmostlyusedbybusinessesasa hightrustoption.
The second popular method of payment was money transfer mainly dueto its simplicity and lowe cost This method is suitable to businesses whoalreadyhavelong-termtrustandrelationship withtheirpartners.
Collection of payment was the least usedm e t h o d w h i c h i n v o l v e s b a n k in collection but zero guarantee on payment commitment Due to the high levelof risk and quality, this method still takes minor salience among paymentmethodsdespiteefforttoimprove.
Profit from international payment services of BIDV Binh Dinh branchovertheyearsfrom2017to2021:
Unit:BillionVND Source:Businessresult report of BIDVBinhDinhbranch, 2017- 2021
Fromthetable,wecanseethatintheperiod2017-2021,thet o t a l income from services in general and income from international transactions atBIDVB i n h D i n h b o t h a c h i e v e d g r o w t h I n 2 0 1 7 , t h e b r a n c h ' s t o t a l i n c o m e from shopping centers reached 4.2 billion, by 2021 it will be 8.6 billion VND.The average growth of income from credit in the period 2017-2021 is nearly20%/year.
Lookingatthedatatable,itcanbeseenthattheincomefrominternational payment still accounts for a low proportion of the total incomefrom services ofthewhole branch.Although, international communicationactivitiesatbranchesonlyaccountforaverysmallproportioni nthestructure of total service income, but international payment activities will contribute togenerating income from other related activities such as income from credit,incomefromforeigncurrencytrading, incomefromderivatives….
SWOTanalysisofcustomerserviceoftheinternationalpayment
Strengths
Being established and developed for more than 45 years, BIDV BinhDinh branch always stood among one of the top branches of the whole BIDVsystem.Therefore,theitpossessesalargeteamofwell- experiencedandtechnicallystrongstaff,especiallyininternationalpaymentactivities.
In terms of international payment activities in recent years, the branchhas held consistently high position in termsof sales of import and exportfinancingactivities.
Intermsoftangibles,BIDVBinhDinhbranchpossessesmodernfacilities that give customers a sense of professional and high-standard workingenvironment.Besides,thebranchis providedwithrobust ITinfrastructuresystem that enables data and communication is stored and transferred at astunningspeedandhighsecurity.
Moreover,thebankdoeswellwhenitcomestoservicewhichisconducted with good quality via strict hiring process and well-deigned internaltrainingandperiodicqualificationassessmentprograms
Lastly, the competitive advantage lies the bank’s seasoned consultancyinternationalpaymentteamwhoseadviceisofhugehelpinsavingtime,mitigating riskandreducingcosttocustomersduringthewholejourney.
Weaknesses
The bank has room for improvement in Convenience area.Currentlyinternationalpaymentserviceconductionisconfinedtoonlybankheadq uarter
(Le Duanbranch).Every customer requesti s c o l l e c t e d a t e a c h t r a n s a c t i o n office and then transferred to headquarter for next steps.
This leads to longerleadtimeandadditionallayersofcommunication(withinthebank)tocustome rs.
The scale ofoperationofi n t e r n a t i o n a l p a y m e n t a c t i v i t i e s a t t h e b r a n c h is still small and not high compared to the growth potential In spite of thestrong increase and high-speed growth in scale, international payment sector ofBIDV Binh Dinh branch is regarded not competitive in comparison to that ofcompetitorbanks,especiallyVietcombank.Thisisdemonstratedviathebranch’sr elativelylownumberandvalueofinternationalp a y m e n t transactions.
Moreover, there is lack of diversification in customer portfolio,shown via the big disparity in the structure of customer salience at the branch.Majority of customers are enterprise (B2B) While export customers accountfor a large proportion of services, percentage of import customers remainsmodest.
Thesizeofthebranch'sforeigncurrency capitalisstillsmall.Theamount of mobilized capital from foreign currency accounts for fairly lowpercentage of total capital which is mainly raised from local market The smallscale of foreign currency capital together with high input interest rates alsoposeshindrancetocompetitiveness.
The branch's products are still limited Although the types of import- export financing packages of BIDV in general and of the branch in particularare very diverse, focus is only allocated to a few key ones including collectionofpayment,letterofcredit,guaranteeofpayment.Therestoffinancingserv icesarenotfullyexploredyet.Inaddtion,foreigncurrencytradingoperations have just started at a primitive level, derivative products such asswaps, options,futures are still quite new, so the ability to provide foreigncurrencysourcesforinternationalpaymentis stilllimited.
Opportunities
WiththedeepeninginternationalintegrationoftheV i e t n a m e s e econo my into the world economy, many new opportunities have been createdfor the banking industry in general and for BIDV in particular, but how to takeadvantage of these opportunities and turning it into the bank’s competitiveadvantageisnot easy
The macroeconomic development of the economy: Vietnam has strongfoundation.Vietnamisrankedamongtopfastestgrowingdevelopingeconomies in the world, with annual economic growth reaching 7-8% andespecially bankingindustry growthratestandingatthehighof2 0 % / y e a r , whichformsaverypromisingoutlo okforVietnameseeconomy.
The access to trade agreements with US, EU and China opens up a largenumber of opportunities to expand export markets, especially for products thatVietnam has competitive advantage such as apparel and agriculture Currently,thenumberofimport- exportenterprisesisontherise,makingsignificantcontributionto anincrease in exportturnover to global markets.
Vietnamese enterprises are currently enhancing their position not onlythe domestic market but also in the international trade playing field This is ofhuge help to businesses in developing and expanding customer and partnershippool,learnmanagementexperience,absorbmoderntechnology;diversi fyexportandimport activitiesaswell asreducerisks when doingbusiness.
The Government's economic restructuring solutions are starting to takeeffect Businesses have started to return to work and develop their strengths.Creditbalancehasgrownovertheyears,indicatorsofassetqualityandprofi tability haveall improved,showing that the economic recovery has apositiveimpactonthebankingindustry.
Vietnam is increasingly becoming a destination for large investment flows thataremovingonaglobalscale.
International economic integration helps BIDV learn a lot of experiencein banking activities of foreign banks: International integration will create adrivingforcetopromotetheeconomy andcreatefavorableconditionsf o r bankstodevelopnewtypesofservices.
Threats
Opportunities always go along with challenges, BIDV needs to takeadvantage of the opportunities created by the market to overcome challengesandcreate itsown competitive advantage
Competition in the financial market with the participation of foreignbanks in Vietnam will create fierce competition in the race between banks tocapturetheFinance -Banking marketshareinVietnam.
In Binh Dinh province, there are currently 26 joint stock commercialbanks with nearly 100 transaction points throughout the province. Besides, thenumber of joint stock commercial banks in neighboring provinces is very large.Commercialbanksalwaysfacefiercecompetition,notonlyfromothercommercial b a n k s , b u t a l s o f r o m a l l c r e d i t i n s t i t u t i o n s t h a t a r e d o i n g b u s i n e s s inthesame area/outsidetheareawiththegoal of winningcustomers.
Integration requires BIDV Binh Dinh to constantly improve thequality ofhumanresourcesinordertokeep upwithmarkettrends
Foreign banks with large capital advantage, highly qualified staff, long- term management experience, clear and specific business strategies for a longtime will pose challenges to domestic banks Accompanied by the competitionforthemarketshareofhigh- qualitylaborresourcesofforeignbankswillcause brain drain Therefore, the integration requires BIDV to regularly improve thequality of human resources in a way that can cultivate teams fully equippedwith technical knowledge and skills as well as agile learning ability to enhancejudgement andforecastingskilltomeetglobal standard.
Domestic banks must gradually establish and fully apply internationalsafety standards in monetary-banking business activities such as: standards oncharteredcapitalratios,fundreservetomitigaterisksrelatedtodeposit,insurance, etc through amending and supplementing documents on the legalenvironment on banking operations in accordance with international currencypractices.
Strong competition for capital and increasing competition for depositmobilization.Theboominthestockmarketledtobigchangesintheinvestmen t habits of customers as well as the movement of capital out of thebank.
Survey dataanalysis
Customer satisfaction
Themajorityofcustomersaresatisfiedandverysatisfiedwithinternational payment services at BIDV Binh Dinh branch ( with over 54%),about15%arenotsatisfied,ofwhich2%arevery dissatisfiedcustomers(business no.1) Through the survey, this customer sharedthat the reason theyareverydissatisfiedwithinternationalpaymentserviceattheb r a n c h i s beca useofmanyfactorssuchashighforeigncurrencysellingprice,uncompetitive service fee, too many documents required and there was noconsistency in consultancy leading to multiple rework Therefore, the branchneedsasalespolicy thatensuresflexibilityforeachcustomer,aplanforprofessional training and more customer care skills to improve the quality ofcustomerservicemoreandmore.
Factorsinfluencingcustomersatisfaction
Most of the factors grouped under Tangibles are rated at very highscore Most of customers agree and strongly agree with quality of tangiblesat BIDV branch Only a minor of customets either disagree or stronglydisagreewithqualityoftangiblesduetoBIDVnetwork,internationalpaym entproceduresandBIDVtemplates.However,thesefactorsaredesignedaccordi ngtothecentralizedregulationsofthewholeBIDVsystem, not at individual branch level Therefore, it is to make immediatechangeandimprovement.
B I D V B i n h D i n h h a s a p o r t f o l i o o f internationalpaymentproductsandservicesthatcanmeetmostofcustomers' needs are two statements agreed most strongly among surveyedcustomers.
The ultimate purpose of BIDV Binh Dinh is to provide the bestservice to meet the diverse needs of customers Therefore, it is of crucialimportancethatthebranchshouldsatisfycustomerneedsandt a k e cust omer requirements as a basis to improve service quality In the modernbusiness environment, this feature is more important than ever becauseservice providers must always focus on customer needs and do their best tomeet those needs If customers feel that the services cannot meet theirneeds, they will not be satisfied It is of little use and a barrier to companysustainable to provide service that are perceived by customers to fall shortoftheirexpectations
(4) International payment staff have solid professionalknowledgeandskill
Majority of surveyed customers agree that BIDV Binh Dinh branchgives customers a sense of security in transaction services It can be seenthat the level ofC o m p l e t e l y A g r e e w i t h A s s u r a n c e i n B I D V ' s t r a n s a c t i o n s isratedbycustomersasthehighestratecomparedtotheremaini ngpoints.
Thiscanbe explainedbythewayinternationaltransactionpro cess at BIDV Binh Dinh branch is executed with high level of strictness andorganization.Thereforeitbringsabouthighsecurityandreducesr i s k durin gtransactionprocess.Besides,BIDVBinhDinhbranchprovidesconstant training and development of professional qualifications among itsstaff by equipping them with technical knowledge, communication skills,marketingandcustomercaretechniquesinadditiontocultivatingprofessional ethics.
Based on a survey on the convenience at BIDV Binh Dinh, most ofcustomers agree with factors such as location, time, and transaction staff.Tobemorespecific:
Transaction time: 95% of customers rate it as neutral, agree andcompletelyagree, only5% disagree
Transaction location: 100% of customers rated neutral or above, nocustomersdisagreed/stronglydisagreed
Therefore, it can be concluded that the convenience in terms oflocation, time, and transaction staff is currently now a plus point of BIDVBinhD i n h b r a n c h t o i n c r e a s e s a t i s f a c t i o n a m o n g c u s t o m e r s c o m i n g t o transactatthebranch.
This factor is rated the highest by customers In specific, reasonablefee for products and services are agreed and strongly agreed by majority ofsurveyed customers, followed by competitive interest rate for internationalpayment loans agreement and good exchange rate On the contrary theassessment of the competitiveness of foreign currency exchange rates andservicefeesisverylow
(4) BIDV Binh Dinh regularly organizes seminars and businessmeetingstoshareinformationandlistentocustomers'op inionsontheirservices
Thelevelofcustomerunderstandingisbasedonthefactoro f finding out, communicating regularly with customers to understand theirneeds (Ct1 and Ct2) It can be seen that the level of surveyed customerswho strongly agree and agree with these two factors is relatively high whilethedegreeof(strong)disagreement onlyaccountsforasmallpercentage
Vietnamese businesses share common characteristic that they havelittleu n d e r s t a n d i n g o f p a y m e n t p r o c e d u r e s , w h i c h c a n b e e x p l a i n e d majorityofVietnamesebusinessesaresmallandmediumsizedw i t h limited business activities abroad However, the movement to global tradeis on the rise and these businesses look to the banks both as a serviceprovider and a consultant advising how to handle payment process witheaseand in fastest time.
Therefore,providingexcellentconsultancytocustomers,helpingthem work smoothly during the payment process not only enhances thebank'sreputationandtrustwithcustomersbutalsobuildsstronger equity ofBIDVBinhDinhbranchwithitspartnerslocallyandglobally.
In this area, international payment staff do fairly well in regularlycommunicating with customers, listening to their needs to provide suitableconsultancy and accompanying customersend-to-end from the stage ofinitiating sales contracts, putting right terms and conditions in the contract,choosingrightpaymentmethodstocompletingthesetoftransactiondoc uments.
FactorsCt3andCt4arethosethatstrengthenstherelationshipsbetween customers and the bank, normally in the forms of customer loyaltyprograms, customer seminars, business - bank face to face meetings, giftgiving to customers on special occasions Specially, seminars are greatlyvaluable in a way that it provides a venue for both bank and businesscustomerstoexchangeexperiences,sharerelevantissuesinbusinessact ivitiesfromboth sidesand togetherworkonsolutionsto moveforward.
Firstly,m a j o r i t y o f c u s t o m e r s " c o m p l e t e l y a g r e e " a n d " a g r e e " w i t h internationalp a y m e n t s e r v i c e s a t B I D V B i n h D i n h A m o n g disagreement,t h e reason is behind high foreign currency selling price, uncompetitive service fee andinsufficientconsultancythatleadstomultipledocumentrework.
Secondly, out of 06 factors surveyed, those that gain the most customersatisfaction,shownviahighestrankingareAssurance,Responsiveness,Conve nience and Tangibles are ranked the highest (about 70% completely agree oragree).Meanwhile,thereareopportunitiesfortheremaining02factors:Competitivepriceand Knowledgeableconsultantteam.
Based survey result, the author comes with recommendation summarized asfollows:
Firstly, the bank should not only continue keeping good performance butalso aiming for excellence in 04 factors that are rated favorably to enhance theircompetitiveness This can be done via (1) Control process and system maintenanceandupgrade(forAssurancefactor);
(2)Introductionofnewservicesuchaspackage of international payment and insurance or credit package as a way toenablegreatervarietyofchoices(forResponsiveness);
(3)Equipmentandinfrastructure regular maintenance and renovation; (4) Well- build training programacrossstaffteams (for Convenience and Tangiblesfactor)
Secondly, the bank should fix its existing weakness in Price and Consultantteam.Thiscanebedonevia(1)Rigoroustalentselection,stafftrainingandasse ssment program; (2) Research of competitor bank price as a benchmark forexistingsimilarservices;
Conclusions
For customer satisfaction, this refers to overall assessment of quality serviceat BIDV Binh Dinh branch, based on 06 above-mentioned factors The table ofstatistical results shows that majority (85%) of customers "completely agree" and"agree"withinternationalpaymentservicesatBIDVBinhDinh.
For the general assessment of transaction satisfaction at BIDV Binh Dinh,15% of customers disagree and strongly disagree with the service (5 businessesdisagree and 1 company strongly disagree, respectively) Through the survey, thisbusinesssharedthatthereasontheywereverydissatisfiedwithinternationalpayment service is because of many factors, most remarkable of which is highforeign currency selling price, and competitive service fee Besides, another factorbehinddissatisfactioncomesfromtoomanydocumentsrequiredandnoconsistenc y in consulting, causing the profile to be edited and supplemented manytimes.
Therefore, the author comes to recommend that the branch should develop asales policy that ensures flexibility for each customer, a staff training plan fortechnical knowledge and customer care skills to improve the quality of customerservice.
Based on above data collection and analysis from customer survey on 06factorsthatinfluencecustomersatisfactionforinternationalpaymentservice,assuran ce,responsiveness,convenienceandtangiblesarerankedthehighest,meaning majority of respondents are highly satisfied about these three areas atBIDV Binh Dinh branch Above 70% of customers either agree orc o m p l e t e l y agreethatthebranchensuresstronglevelofsecurityandcompliance acrossoperation process, speedy response to customers’ request as well as useful enablershelping customers in getting access and using services at the branch.Meanwhile,thereareopportunitiesforcompetitivepriceandknowledgableconsultantteam.
Firstly, it is recommended that the bank not only continue keeping goodperformance but also aiming for excellence in 4 factors that are rated favorably toenhancetheircompetitiveness.
For assurance which hugely impacts the reputation in providing safety andaccuracyintransactions,thebankshouldmaintainandimprovetheircontrolprocess and system to ensure complete compliance (for example, foreign exchangemanagement regulations, anti-money laundering regulations, etc.) as well as riskmitigationfrombothcustomerandbankside.
For responsiveness, BIDV Binh Dinh branch has opportunities for goingbeyond standard expectations and exploring more ideas for improvement such asthe launch of international payment packages This package will allow BIDV toprovide a comprehensive range of products and services ina single transaction,including international payment service along together with insurance service orcreditservice.Itiscrucialthatthebankshouldleveragewellitsexistingcompetitive advantage of owning an insurance brand – BIC in implementing crosspurchase with its traditional services Furthermore, the branch should provide morevalue- addedservicestoattractmorepotentialcustomers,suchash e l p i n g customers purchase information to appraise their export/import partners or provideprograms/ appstochecktheauthenticityofexport-import documentswhenneeded.
For tangibles and convenience, bank should adopt annual renovation andmaintenanceplanforitstangiblesincludingbutnotlimitedtoe q u i p m e n t , furnit ure,roomsacrosstransactionbranchesandoffices.Additionally,it is ofessence that all staff from the tellers to security should be trained about good andprofessional manners on a quarterly basis Moreover, the bank should optimize thetransaction procedures by cutting down unnecessary procedures or applying newtechnology to reduce manual work to improve its convenience Also, the bankneeds to continuously build relationships with correspondent banks to leverage thesupportfromthemforinternationalpaymentservice.
Secondly, more effort and focused should be devoted to the branch’s priceand consultancy team which are two factors ranked the lowest among surveyedcustomers.Obviouslywhenproductsandservicesarehighlyhomogeneous,cu stomers prefer the banks who offer them lower cost and better value-addedadvice.
For pricing, the branch is highly recommended to do regular research onexchange rate, interest fee as well as service charge among competitor banks toidentify reasonable pricing strategies Moreover, the branch should apply pricingsegmentation among its different customer groups Those who are loyal customershaving regular transactions or high-value transactions should be offered favorablefees so that they are encouraged to choose the bank’s services as well as morelikelytocross-purchaseotherservices.
Forknowledgeableconsultantteam,itallstartswithstrongt a l e n t acquisition and development, followed by customer relationship building programthat accompanies customers end-to-end during sales contract delivery process andengages with customers regularly in various forms including offline consultingsession,giftgiving,strategic businessseminar.
Recommendations
Price
From the results in chapter 4, the author gives some explanations asfollows:
Regarding the factor of interest rates for trade finance loans and foreigncurrency exchange rates, currently with the development and expansion ofdomesticcommercialbanksalongwithforeignbank,therehasbeenincreasinglyf i e r c e c o m p e t i t i o n a m o n g b a n k s t o a t t r a c t c u s t o m e r s a n d o f f e r customersalotofchoices.Servicequalityisalwaysthefirstfactorthatcustomers aim for, but besides service quality, customers also care a lot aboutinterest rates and exchange rates before deciding to choose a bank for theirtransactionrequest.Inthecontextofeconomicinstabilityandbusinessdifficulti es,businessescompareinterestratesandexchangeratesb e t w e e n banks and tend to find the bank with the most competitive policy Therefore, inorder tomaintain existing customer pool and attractmore new customers,BIDV Binh Dinh branch needs to have flexible and diversified policies appliedtoeachcustomerinterms ofinterestandexchangerates.
Regarding international payment service fee, although it is rated thehighest in the price factor, BIDV Binh Dinh branch should apply a fee that issimilar to other banks in the same area and ensures price competitiveness,especially forcustomerswithlargeinternationaltransactionvolumeatthebranch.
Therefore, in order to maintain existing customer pool old and attractmorenewcustomers,theauthorproposes thefollowingsolutions:
Firstly,carryoutmonthlysurveyontradefinanceinterestrates,exchange rates as well as international payment fees applied at neighboringbanks in the same area, and closely monitor market fluctuations to review andmake decisions on interest rate policy, international payment fee in order tomaintaincompetitivepricing
Secondly,buildandmaintaintradefinanceinterestpackageswithfavorablec onditionsforVIPcustomers,traditionalcustomers,highprofit-contributing customers There should be favorable foreign currency exchangerate mechanism for long-term customers who have been using internationalpayment services for a long time, at high frequency and with large transactionvalue.
Assurance
Firstly,upgradeandensurethatthetransmissionsystemisalwaysworking properly, avoiding accidents, congestion, error reporting when thecustomerusestheservice
Seconly, create easy, fast access, easy-to-understand and user friendlyinterface
Thirdly, continuously adopt and update the best security technologies inproducts toensureconfidentialityandsafetyintransactions
In the current era that science and technology are constantly evolving,today'sknowledgemay become should beobsolete thenext day.B e s i d e s , whenitcomestointernationalpaymentservicewithveryhigh- valuetransactions, friendly smile or courteous manner can not compensate holes intechnicalknowledgeandprocess.Astaffwhohastroublesaddressingcustomer’s concerns may cause a decline in trust forthe bank no matter howstrong the process may be Therefore, human resource training is an extremelyurgentandnecessary.Thiscanbedoneviathefollowingapproaches:
- Continuously train, foster and improve the professional qualificationsofthestaff.
- Equip staff with knowledge, communication, marketing and customercareskills in additionto cultivating professional ethics
- Besides fundamental technical and skill training, the bank should alsopay attention to integration and advanced training programs related to industrylandscape, product portfolio, company brand and culture so that every staff is abank’sambassadorineachandeveryinteractionwithcustomers
- Motivate and promote employee self-training to improve knowledgeand expertise; support expenses for employees taking classes in improvingmacroknowledgeandspecializedEnglishcourses
- Regularly organize professional and experience exchange seminars foremployeesatHeadOffice,branchesandtransactionoffices.
Responsiveness
Service is conducted with good quality thanks to well-trained and highlyskilledstaff.Thisisenabledvia:
The first is strict hiring process which selects graduates from leadinguniversitiessuchasUniversityofBanking,UniversityofEconomicso r Fore ignTradeUniversity,…andencompassesmultipleroundstoassesscandidatesnot onlytechnical skills butalso language and soft skills
The second is well-designed internal training and periodic qualificationassessment programs that ensure employees are equipped with needed skills toperform service with high level of quality and are driven to keep upskilling tomeetincreasingcustomerservicerequirements
The third is adopting and constantly updating technology as the core ofbankoperation:theapplicationanddevelopmentoftechnologyisanindispensable element of banks to enhance their competitiveness in the contextof growing integration Nowadays, it is quite evident that banking products andservicesarehighly homogeneous.Customerscanchoosetocreatedepositaccounts,open ATM cards, conduct international payment transactions at anybanks.Therefore,thosewhocanprovidetheseservicesatlowestcost,at greatest speed and with highest ease can stand out among the competition pool.In order to drive both cost, quality and time, it is essential that banks invest inembedding technology in their infrastructure as well as driving the applicationofbigdata,AI,machinelearninginanalysisofcustomerdataandtaskauto mation.
(1) Upgradenetworkinfrastructuretoimprovethespeedofrequestprocessing; Banks can cooperate with leading technology solution providerssuch as FPT, SAP,…to build their data warehouse or standardize informationmanagementsystems
(2) Apply machine learning in analyzing customer data in a variety ofdimensionstotapintotheirunmetneeds.Thiscanbeseenviatheemergenc eofmobilewalletssuchasMomo,Moca,… whichservethegradualmovementto cashless habit among young customers who are growing to be technologyadopters
(3) AI-driven, smart counters which can assist customers to completesimple transaction requests such as money deposit, money withdrawal, accountopening to reduce the reliance on human transaction staff and hence, increasingthespeed ofservice
Diversify products and services:This refers to thedesignofp r o d u c t s andservicesintopackageswithfavorablepricescorrespo ndingtoeachcustomer group For example, customers who have long-term experience usinginternational paymentservices can beoffered full packageoft r a d e f i n a n c e loan, payment service and currency exchange at a lower rate compared withthat of single service In this way, customers are more motivated to try a widerrangeofservicesatBIDVBinhDinhbranchinsteadofusingservicesseparately at different banks to earn lower costs Moreover, this also includesaddingincrementalvalue- addedservicestotraditionalones.Forexample, besides traditional service of international payment that starts with customerrequests, the branch can launch in-depth consultancy sessions on sales contract,selectionofrightpaymentmethods,choiceofrightcarrieragencies,… tocustomers who are in need to increase their level of fulfillment during theservicejourney.
Simplifytransactionprocessandprocedures:Despiteregulationstostrictly follow, there is still room for improvement in process simplification ininternationalpaymentservices.Thebranchcaninitiativeasimplificationproject with a team of different departments such as international payment,credit,operationcenterwhoareinvolvedincurrentprocesstodevelopadetaile d process mapping (who does what) and identify which steps can beremoved,consolidatedorsimplified
Tangibles
BIDV Binh Dinh branch possesses modern facilities that give customersa sense of professional and high-standard working environment Besides, thebankisamemberofSWIFT(SocietyforWorldwideInterbankFinancialTelecommuni cations)worldbankingsystemwhichprovidesseamlesscommunicationamongthousa ndbanksaroundtheglobe.Thankstothiswidespread network, BIDV Binh Dinh branch is highly able to collaborate witha huge number of banks in countries where customers would like to conducttheirinternationalpaymentactivitiesintheeraofacceleratingglobaltrade.
Besides, the branch is provided with robust IT infrastructure system thatenables data and communication is stored and transferred at a stunning speedandhighsecurity.
BIDV Binh Dinh is a bank with a fairly wide network of transactionoffices in Quy Nhon city, but it is still limited on the scale of full province ofBinh Dinh while a relatively large number of import-export customers havetheirh e a d q u a r t e r s l o c a t e d i n i n d u s t r i a l p a r k s l o c a t e d i n d i s t r i c t s s u c h a s P h u
An,T a y S o n , A n N h o n , B o n g S o n T h e r e f o r e , t h e a b i l i t y f o r t h e b r a n c h t o reach out to all these potential import-export customer pool is still facing manydifficulties.
Hence, the author would like to propose that it is necessary for thebranch to consider expanding/relocating transaction offices to locations outsidecity centers so that potential enterprise customers can find it more convenientandtime-savingin visitingandconductingtransactionsatthebank.
AlthoughtheproceduresandformsforimplementingBIDV'sinternationalp aymentserviceshavebeenimproved,therearestillsomeprocesses that are complicated and take a long time to implement Therefore,these processes need to be revised, improved and designed to meet the goal ofbeing simple,close to reality, fast and convenient for customers while stillstrictlyadheringtoregulationsoftheState,thebankandensuringriskmitigationa ndsafetyforBIDVcustomers.
Knowledgeableconsultantteam
There are team lead who beyond standard process provides consultancyto customers end-to-end which is the unique selling point as per the author’sobservation In some cases upon request, the team lead accompanies customernotonlyinthepaymentstagebutalsoduringthefullcontractdeliveryprocess.
This is normally in the formed of consultancy sessions on the rightselection of payment methods to mitigate potential risks, on the completion ofdocuments with highaccuracy to avoidmultiple rework,on thechoice ofcarriers to get favorable prices or to collaborate with multiple stakeholders inhandlingissuessuchasLCmiss.
All too often, customers who are import - export customers have toundergo a number of processes with equally huge number of stakeholders todeliverasalescontract.Theconsultancyinternationalpaymentteampro vides is of huge help in saving time, mitigating risk and reducing cost to customersduringthewholejourneyandhenceabigplustocustomersatisfaction.
In the period of 2020-2021 when Covid pandemic got complicated andimposedheavyimpactsontheeconomy,businessesandpeople,besidesstrength eningpandemicpreventionandcontrolmeasures,bothbanksandenterprises must apply measures to stabilize business activities In order toensure the health and safety of employees as well as customers, BIDV BinhDinh adopted limitedoffline consulting and encouragedthe usee-bankingservices in an attempt to limit travel, face to face meeting as well as directcontact However, in the near future when the pandemic situation is undercontrol, BIDV Binh Dinh branch will operate back to new normal and resumetheorganizationofseminars,meetings,face-to- faceconsultancyascoreactivitiestomaintain relationship with customers.
Convenience
BIDV Binh Dinh branch is among banks that have largest coverage with01 headquarter and 11 transaction offices across 11 districts within Binh Dinhprovince,whichgivescustomerpromptaccesstothebank’ss e r v i c e s How ever, international payment service is only limited to headquarter officelocated in the city center while big business customers are based in the farawayoutskirt of the city Therefore, it is recommended that the branch extend itsinternational payment operations to satellite districts in the province in order tocreatecloserproximityto its potential customers.
Besides, there is room for improvement when it comes to template andprocedure related to international payment service It is crucial that templatesand procedures are simplified so that it takes less time and effort for customersto fill in One idea is to digitalize all basic templates to enable faster input andcorrection.A l s o , r e p e a t e d c u s t o m e r s h o u l d h a v e t h e i r p e r s o n a l i n f o r m a t i o n such as name, company, function,…be stored online so that they do not need tofillitagainforeverytransaction.
Researchlimitationandfutherstudy
Firstly, the number of samples is limited (only 39 business companies). Thisisduetolimitednumberofoldandexistinginternationalpaymentservicecustomersa tBIDVBinhDinhbranch.Asmentionedabove,asinternationalpaymentservicedelivery processtakesplaceonlyatheadquarterbranch,thebranch’sabilitytoexpandcustomerpo olisstilllow.However,iftherecommendation for operation expansion to other areas in the province is executed,theauthorexpectstoseethenumberof customersandhencesamplesincrease.
Secondly,duetolimitedtime,therecommendationissolelybasedonpersonalund erstandingandassessmentfrompreviousstudiesandanalysiso f BIDVBinhDinhbranc h.Inidealscenario,therecommendationwouldbecomprehensiveandpracticaliftheyca pturecurrentleadingpracticesinbothbankingindustryandotherrelevantindustriessuch asretail,entertainment,telecommunications such as Apple, Amazon, HSBC…on how to improve theiroperations,humanresources,technology,pricing,… inawaythatmaximizescustomersatisfactionwhileremainingprofitable.
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No Factors Completely Agree Agree Neutral Disagree Strongly disagree
2 As2 T h e b e h a v i o r o f i n t e r n a t i o n a l p a y m e n t staff creates more and more trust for
Res 4.BIDV owns a portfolio of internationalpayment products that meet most of the needsof customers
Whatmakes youimpressedmostonthe responsivenessofthe International paymentservice?
Ct2.Internationalpaymentservicestaffregularlyco ntactcustomerstou n d e r s t a n d theirneeds/ requests
Ct 4 BIDV regularly organizes seminars andbusinessmeetingstoshareinformationandliste ntocustomers'opinions ontheirservices
Whatarethe limitations of the consultant team?
3.BIDV'sworkingtimeisveryconvenientforcust omers tocome and transact
Ta4.BIDV'sofficesarelocatedatcentrallocations, with large street frontages, which ismakesit highlyaccessibletoall customers
Ta6.BIDV’Sprocessandproceduresofinternati onal payment services are very simpleand fast
22 Ta7 F o r m s a r e pr e se nt e d wi t h g r e a t c l a r i t y , simplicityand easeto understand
23 Pc 1 Reasonable international payment servicefee
Cs 1 Customers are satisfied with the qualityofinternationalpaymentservicesatBIDV
Cs 2 Customers are satisfied with the price ofinternational payment services at BIDV
28 Cs 3 Customers are satisfied withinternationalpaymenttransactionswithBIDV
Lam Son Import ExportFoodstuff Joint StockCompany
4 Công ty CP Dược TTB Y tếBìnhĐịnh
BIDIPHAR Pharmaceutical andmedical equipment JointStockCompany
5 Công ty CP Lương thựcBìnhĐịnh
6 Công ty CP Vật tư kỹ thuậtNôngnghiệpBình Định
7 Công ty CP Thủy Sản
16 Công ty TNHH Tân ĐứcHảiKH
17 Công ty TNHH Nguyên liệugiấyHồngHải
No Factor Completely agree Agree Neutral Disagree Strongly disagree
No Factor Completely agree Agree Neutral Disagree Strongly disagree
No Factor Completely agree Agree Neutral Disagree Strongly disagree
No Factor Completely agree Agree Neutral Disagree Strongly disagree
No Factor Completely agree Agree Neutral Disagree Strongly disagree