(Luận văn thạc sĩ) business strategy development for retail banking services in bidv hai ba trung

VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL *************** HOANG THI NGOC NHUNG BUSINESS STRATEGY DEVELOPMENT FOR h RETAIL BANKING SERVICES IN BIDV HAI BA TRUNG MASTER THESIS HA NOI - 2021 VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL *************** HOANG THI NGOC NHUNG BUSINESS STRATEGY DEVELOPMENT FOR RETAIL BANKING SERVICES IN BIDV HAI BA TRUNG h XÂY DỰNG CHIẾN LƯỢC KINH DOANH DỊCH VỤ NGÂN HÀNG BÁN LẺ BIDV HAI BÀ TRƯNG Major: Master in Financial Management Code: 8340202.01QTD MASTER THESIS Supervisor: Dr Nguyen, Thi Huong Lien HA NOI - 2021 ABSTRACT Thesis Title: Business strategy development for retail banking services in BIDV Hai Ba Trung Pages: 70 University: Vietnam National University Graduate School: International School Date: October, 2020 Degree: Master Graduate Student: Hoang Thi Ngoc Nhung Supervisor: Dr Nguyen Thi Huong Lien Keywords: business strategy development, retail banking services, BIDV This thesis focuses on analyzing retail banking services at BIDV Hai Ba Trung in the period from 2014 to 2018 The thesis will analyze the competitive h situation in retail banking services under the perspective of the Porter Five model Besides, the thesis will analyze the limitations of BIDV Hai Ba Trung and propose solutions ACKNOWLEDGEMENT First of all, I want to thank my supervisor, Dr Nguyen Thi Huong Lien During my master's thesis, I received a lot of help and new knowledge from my supervisor It can be said that, with the help of Dr Nguyen Thi Huong Lien, I have reached a new milestone in my research journey Besides, I would also like to thank all lecturers at VNU – International School These lecturers did not stop sharing their knowledge as well as motivated me to try hard during this thesis Finally, I also want to thank my friends in the MFM1 class, who always assist me in the process of studying and implementing this thesis Thank you! Author h Hoang Thi Ngoc Nhung TABLE OF CONTENTS ABSTRACT ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF FIGURES AND TABLES CHAPTER 1: INTRODUCTION 1.1 BACKGROUND OF THE STUDY 1.2 RESEARCH PROBLEMS 1.3 RESEARCH OBJECTIVES AND QUESTIONS 1.4 SCOPE OF THE STUDY 10 1.5 SIGNIFICANT OF THE STUDY 10 1.6 STRUCTURE OF THE STUDY 10 CHAPTER 2: LITERATURE REVIEW 12 h 2.1 FRAMEWORK OF BUSINESS STRATEGY 12 2.2 CONCEPT OF RETAIL BANKING 13 2.3 DEVELOPMENT FOR RETAIL BANKING SERVICES 22 2.4 MAIN FEATURES OF RETAIL BANKING SERVICES 24 CHAPTER 3: METHODOLOGY 27 3.1 FRAMEWORK OF QUALITATIVE RESEARCH METHOD 27 3.2 ANALYZING TOOLS 32 3.2.1 Porter’s Five Forces Model 32 3.2.2 Competition Analysis 34 3.3 RESEARCH PROCESS 35 CHAPTER 4: DATA ANALYSIS AND FINDINGS 36 4.1 CURRENT SITUATION OF BIDV HAI BA TRUNG 36 4.2 CURRENT SITUATION OF BIDV HAI BA TRUNG RETAIL BANKING STRATEGY 38 4.2.1 BIDV Hai Ba Trung level of strategy 38 4.2.2 BIDV Hai Ba Trung shift of retail banking 40 4.3 EVALUATION ON BIDV HAI BA TRUNG RETAIL BANKING SERVICE STRATEGY BY PORTER’S FIVE FORCES MODEL 41 4.3.1 Customer banking focus 42 4.3.2 Internal Promotions to Cross-Sell Services 47 4.3.3 Customer Relationship Management (CRM) 59 4.3.4 Extended Hours, Services and Locations 62 4.3.5 New customer incentives 63 CHAPTER 5: RECOMMENDATIONS 67 5.1 RECOMMENDATIONS FOR BIDV HAI BA TRUNG 67 5.1.2 Recommendations for products specialization 68 5.1.3 Recommendations for competitive advantages 69 5.1.4 Developing distribution networks and channels, especially modern distribution channels 69 5.1.4 Recommendations for marketing strategy 70 5.2 LIMITATIONS OF RESEARCH 71 5.3 RECOMMENDATIONS FOR FUTURE RESEARCH 71 CONCLUSION 72 BIBLIOGRAPHY 73 h LIST OF FIGURES AND TABLES Figure BIDV Hai Ba Trung Structure 39 Figure Credit cards usage in Hanoi from 2017 to 2019 48 Figure International credit card growth from 2017 to 2019 (Unit: Billions Dongs) 50 Table Increase of new credit cards from 12/2014 to 12/2018 47 Table New international credit cards promulgation from 2014 to 2019 49 Table Number of new card issuance from 2014 to 2019 54 Table Capital mobilization of BIDV Hai Ba Trung .56 Table Credit performance of BIDV Hai Ba Trung (Unit: Billion VND) .58 h LIST OF ABERRATION ATM Automated Teller Machine BIDV Bank for Investment and Development of Vietnam MBbank Military Commercial Joint Stock Bank HSBC Hongkong and Shanghai Banking Corporation Limited POS Point of sale Vietcombank Joint Stock Commercial Bank for Foreign Trade of Vietnam h CHAPTER 1: INTRODUCTION 1.1 Background of the study Since the economic bailout package during the 2008 economic crisis, Vietnam banking industry has been accelerating for more than a decade Anh (2018, p 1) identifies a steady growth of credit growth rate from October 2016 to October 2019 Specifically, credit growth of the economy reached 9.89% in October 2019, which is close to the average of the same period three years ago, 11.2% in detail (Appendix A) By the growth rate of credit, more players have joined in Vietnam banking industry According to the report of State Bank of Vietnam (SBV) (SBV, 2019, pp 5–7), there are five state-owned and thirty-five joint-stock commercial banks Besides, foreign banks and financial groups have also started to exploit the market through branches or representative offices since 2008 h Along with the increase in the number of players, the government equalization policy of the banking system has also directly risen the competition The focus on developing retail banking services is an inevitable result due to the increased competitiveness of the market Omarini (2016, pp 26–28) argues that retail banking has played as an important core role of local commercial banks since post-financial crisis period in 2008 With high population and GPD per capita of US$2,700 in 2019 (World Bank, 2020), the financial inclusion in Vietnam has not met the expectation as its potential, since only 31% of population own bank accounts (World Bank, 2019, pp 160–161) Debit card and credit card ownership also stayed at low rate in 2019, which were 27% and 4% of total population respectively (World Bank, 2019, pp 160–161) The development of retail banking services has become a banking-businessphenomena, since many commercial banks target developing retail banking business models However, it is asserted that local commercial banks not deploy sustainable development model since there is high non-performing loans (NPL) across banking sector Anh (2018, pp 10–11) reported that NPL ratio in Vietnamese banking industry is exceed 5% In addition, the banks are more focusing on retail credit growth rather than developing good retail banking services quality in which customers‘ needs and demands are placed in the central of their retail banking business models Moreover, when Vietnam joined Word Trade Organization since late 2006, it is expected that the country‘s banking system must be opened for foreign financial institutions to presence and to business in Vietnam These players have high experiences in retail banking services and they have qualified system to support the delivery of the services Therefore, it is expected that local commercial banks will face up with higher competition in retail banking services BIDV Hai Ba Trung is one of the biggest branches of Bank for Investment h and Development of Vietnam (BIDV) The branch was established since 2009 and its objective is to deliver qualified banking services to the customers located in Hai Ba Trung District, Hanoi City The banking services of BIDV Hai Ba Trung consists of banking solutions to both retail and corporate customers and traditional services are lending, savings, international payments, money transfer, card services, etc After more than 10 years of doing business, sales revenues and profit of BIDV Hai Ba Trung have been dropped significantly in 2018 and mostly coming from retail lending portfolio In more detail, total retail lending portfolio has been decreased from VND625 billion in the end of 2017 to VND543 billion in the end of 2018 The branch cannot attract higher number of new customers and most of credit are sourced from existing customers In this context, the branch‘s managers perceive that the branch need to improve the current business strategy related to retail banking services Thus, the researcher selects "Business strategy + Form 10 / DTHTCL: Referendum to customers using deposit products 4.3.4 Extended Hours, Services and Locations BIDV's retail banking operations have been provided to individual customers since 1995 when BIDV became a real commercial bank, but the level of development interest is still very limited Only in recent years, especially after implementing the organizational model as recommended by project consultant TA2 (from September 1, 2008), the BLB has been formed with a separate organizational structure Clearly, more appropriately, with clearer operational objectives, retail activities are interested in, directed and controlled consistently from Head Office to branches, specifically: At Head Office: The units in the Retail Division have closely followed the functions, tasks as well as the direction of the Board of Directors, focusing on the management of business activities, product research and development, h management and network development The cooperation of departments and divisions at HSC in the organization of retail business has gradually strengthened and coordinated more smoothly Since September 2008, along with the transformation of organization and operation under TA2 in the whole system, the Retail & Marketing Product Development Board was established as the focal point in charge of NHBL segment with functions and responsibilities The main service is: i Advising the Board of Directors in executive direction and orientation of retail product development and management; ii Developing and managing modern distribution channels (except ATM and POS) and retail marketing activities; iii Responsible for market research, development strategy and retail products management; determine distribution channels, sales methods for relevant departments; 62 iv To be responsible for the Bank's business performance for each assigned retail product At branches such as BIDV Hai Ba Trung, since 2011, all branches have established Personal Customer Relations Department and Card Operations Department 4.3.5 New customer incentives Currently, BIDV's card products still bring large profits BIDV Hai Ba Trung, as a big branch, contributes a significant amount of profits to the overall development In general, the policies of BIDV Hai Ba Trung in particular and BIDV in general still focus on profit In other words, the cost of card maintenance, card issuance costs as well as related expenses remain high This helps BIDV maintain a stable profit level This feature of BIDV Hai Ba Trung is similar to most other state-owned banks such as Vietinbank, Vietcombank or Agribank Most h of these banks have high transaction costs for customers It helps to optimize profits on each card product is issued In contrast to state-owned banks, joint stock banks are more "favorable" to customers, when most of the transaction costs are at VND This makes it possible for joint stock commercial banks to attract a larger number of customers Besides, BIDV Hai Ba Trung is still focusing on exploiting the available customers This is shown by the growth rate of debit cards still showing no change between the same period of December 2018 and 2019 On the other hand, comparing the number of available customers, the number of customers of BIDV Hai Ba Trung is under management much lower than Vietcombank Tran Hung Dao or Mbbank Ly Thuong Kiet Because Vietcombank Tran Hung Dao is a long-standing bank branch, while MBbank Ly Thuong Kiet owns a large number of customers in military barracks - which not yet own any retail banking services Therefore, the 63 "greed" in the profit mechanism has made BIDV's competitiveness in the market as well as the ability to attract new customers of BIDV Hai Ba Trung Differences in products are also a major factor affecting the competitiveness of businesses in retail banking service The products of BIDV Hai Ba Trung in particular and BIDV in general are still not much different from direct competitors Specifically, Techcombank has applied incentive programs for discounting transaction discounts, while Mbbank focused on winning events through card transactions This indirectly stimulates the ability to use cards of two rival banks In contrast, BIDV Hai Ba Trung as well as other state-owned banks continue to maintain a weaker adaptability Currently, branch marketing is done in three directions: i Marketing and advertising programs are implemented at the Head Office at the branch Perform customer grouping, customer care, measure customer h ii satisfaction iii From understanding, understanding customers' psychology and characteristics, there are suggestions to Head Office to improve marketing policies At a branch that does not have a specialized marketing department but implements a distributed marketing policy from internal marketing to customer marketing, the branch management's policy is that each BIDV staff is a Marketing officer, so there are regular ones training activities to introduce products to staff so that they can go into customer marketing For the grouping of customers, Branches clearly define the target customers for each service such as: i Credit card services: The main objects are customers of BIDV's salarypaying unit, staff at universities, staff in the system, high-income customers 64 ii ATM card service: The main object is staff of the salary paying unit at BIDV, university students this is a relatively large number of customers, but the stability is not high, the transaction is small, so the branch also has a pretty high card inactive rate iii POS service: Subjects are merchants with convenient business locations, regular transactions, good sales With the implementation of these strategies, BIDV Hai Ba Trung has initially gained many positive benefits, as follows: i Initially, the branch has identified the target market and target customers to exploit and develop ii Marketing has gradually brought into play its effectiveness, contributing to promoting the branch's retail service development iii Initially, the branch also did a very good job of internal marketing, each h branch officer in addition to his professional work also has more understanding of retail products and services that the branch is deploying The staff time was also the first pioneer customer to use and experience the product, from which the branch learned from experience when widely deployed to customers iv Thanks to the policy that each staff member is a marketing officer, on the one hand, it can train the staff in sales skills, on the one hand, take advantage of the staff's personal relationships, contributing to bring good results high in service development v Initially, the branch also had orientations, customer care programs on Tet holidays, public holidays, special days of the year contributing to creating customer attachment and increasing competitiveness in the market However, marketing activities still have many limitations as follows: 65 i There is not yet a professional Marketing department to research, explore, analyze, and grasp customer needs, so the professionalism is not high ii The budget for advertising and marketing is still abundant, but the branch has not fully exploited it yet Compared with other banks in the area, the advertising and promotion program of BIDV is quite limited iii At the branch still passive in advertising, the branch mainly uses BIDV's ads without separate ads The main forms of advertising are hanging banners, banners at transaction points, advertising via sponsored modes, electronic websites, and email are still very limited h 66 CHAPTER 5: RECOMMENDATIONS 5.1 Recommendations for BIDV Hai Ba Trung 5.1.1 Recommendations for customers’ approach According to McKinsey's forecast, by the end of 2020, Asia will reach over 900 billion USD of retail banking revenue, reaching a growth rate of about 14%/year The retail banking market in Vietnam is not out of the general trend of the region and the potential of individual lending in the future is huge The proportion of outstanding loans of credit institutions has grown year by year, from 35% of total outstanding loans in 2014 and reaching 46% in 2018 Vietnam has a young population and a growing economy According to the World Bank, million Vietnamese have joined the global middle class between 2016 and 2018, with more than 900,000 people moving from rural to urban areas every year These are the driving forces that stimulate personal spending in Vietnam Vietnamese h people mainly spend on consumer goods such as cars, household appliances, smartphones, as well as leisure activities such as tourism Therefore, BIDV Hai Ba Trung needs to focus more on retail banking as well as individual lending activities in line with the main trend of the economy It can be seen that young customers tend to use credit cards for increasing consumption purposes In addition, in the previous period, BIDV was only targeting enterprises as well as focusing on exploiting customers with salary payment links through affiliated branches In other words, BIDV is ignoring a relatively large potential customer base Therefore, the writer said that BIDV needs to implement policies to change its image and approach Most young people are seeing BIDV as a bank for businesses as well as elderly customers This indirectly creates obstacles and makes these customers not want to use the service Therefore, BIDV needs to create advertising programs to encourage the use of cards provided by its branches These programs may 67 include linking with entertainment centers such as movie theaters and food chains to offer discounts through payment by cards of BIDV This will encourage older customers to feel more comfortable using the service As for BIDV Hai Ba Trung, the branch can directly organize card opening support programs at universities or areas where many potential customers are concentrated This will help reach and generate customer base directly 5.1.2 Recommendations for products specialization For retail banking customers, convenience is always a factor Along with that, developing soft network, these are transaction methods created without the need for official transaction points such as the system of service acceptance points (supermarkets, restaurants ) and other methods service implementation through different forms such as web, app, cross-selling partners such as grab, now.vn, foody… In addition, develop modern information technology systems A good h core banking system is an information technology foundation for customers to operate all services accurately, conveniently, quickly and best A good core banking system also enables banks, employees, and partners to develop the best products, services and utilities as well as towards effective governance Based on a modern and efficient good core banking system, the bank needs to develop technology utilities to increase convenience for customers, especially applications used on smartphones With the customer-centric model, the bank needs to build specialized products and services for each specific group of people For potential customers, specialization is required at the highest level Besides, it is necessary to have products specifically designed for one or a few specific objects, customers who have a high degree of influence on the bank's performance A characteristic of retail services is that there are a large number of customers with the same characteristics In order to improve the efficiency of service delivery and serve the administration, the construction of a sales service process should aim to be concise, 68 transparent and simple products and services delivered to customers should be implemented automatically or in a standardized portfolio, shortening approval procedures In order to provide customers with the best retail banking services, the training of bank staff should focus on: Products and services and professional processes; Professional discipline and management capacity; Soft skills at work; Customer care skills, analysis, consulting and service strategy development 5.1.3 Recommendations for competitive advantages BIDV Hai Ba Trung needs to develop deposit services, applying marketchanging savings interest rates, variable interest rates for term deposits; Expand new mobilization tools such as promissory notes, bonds, certificates of deposit and other valuable papers At the same time, promoting the use of lending methods such as consumer loans, installment loans, home loans, education loans, project cofinancing; Development of credit overdrafts, discount, rediscount, pledge of h valuable papers, financial leasing ; To develop a system of card issuance and payment of all kinds, diversifying issued cards such as credit cards, domestic cards, and debit cards; Developing banking services such as home banking, phone banking, virtual banking 5.1.4 Developing distribution networks and channels, especially modern distribution channels Basically, the network and distribution channels of the branch are quite wide The branch has also determined that it is difficult to develop more transaction offices and savings funds at the moment because it depends on the limitations of the State Bank, while strengthening ATMs will incur more expenses property depreciation and maintenance costs Therefore, branches need to focus on developing the following distribution channels: i Distribution channel based on Internet technology Although the product implementation depends on the implementation progress of 69 BIDV, right from the beginning when BIDV has a policy to deploy, the branch leaders not really want to focus on investment in the mind of the branch Therefore, the Branch needs to soon change its mindset, have plans and solutions to deploy synchronously from the beginning in combination with existing products, avoiding the case in which the targets must be racing later ii POS accepting points of payment: The implementation of POS card payment points has been paid much attention by the branch The branch has also actively invested in POS machines with modern technology to deploy to its customers However, the classification and evaluation of units accepting the installation of machines are still unclear, leading to inefficiencies and many ineffective POS machines Therefore, there is no rampant installation of POS machines, but should invest h selectively and have a competitive fee policy for customers 5.1.4 Recommendations for marketing strategy To build a marketing policy to attract customers, BIDV Hai Ba Trung should: i Establish clear customer segmentation criteria to segment overall customers and segment customers according to each group of products and services Criteria is based on the balance of deposits, loans and service usage In order to create plans and customer care programs that are specific to each customer group ii In addition to implementing advertising and marketing programs of BIDV, the branch should also have its own advertising programs through sponsorship programs for education, social security sponsorship or in each unit product introduction… 70 iii In addition to the fee schedule agreed with branches in the area, branches should also develop a flexible fee schedule for a number of priority customers iv Really attach importance to the assessment, measuring customer satisfaction and surveying customer requirements Set up each sample questionnaire for each service product separately to see the advantages and disadvantages of each product when deployed The survey must become a practical action, an important step in the customer care policy, it is necessary to stop the situation of pro forma 5.2 Limitations of research Due to limited time, the dissertation focused on comparing only some typical banks in the region with BIDV Hai Ba Trung Besides, the statistics of other banks h are extracted from a third unit, so this data has not really achieved high reliability In addition, the research phase of the thesis is still limited 5.3 Recommendations for future research Based on the research of the thesis, the writer gives some recommendations for future research as follows: Firstly, future research should focus on fully exploiting data from internal reports of bank branches This will make the analytical data of the thesis become more reliable Secondly, the dissertation's research period should last for a period of 10 years This will help the data correlate, better reflect the status of the bank Thirdly, the analysis of market impact factors should also be considered in future studies 71 CONCLUSION In terms of domestic competition, BIDV Hai Ba Trung is able to compete well with banks under the State Bank This comes from the large collective similarities among these banks Besides, the services between these banks also have common characteristics Therefore, the movement back and forth on the number of customers is negligible On the other hand, compared to the joint stock banks, with preferential advantages, the joint stock banks have easily achieved rapid growth in the past few years Therefore, BIDV Hai Ba Trung is less competitive than its regional competitors In terms of competition from new entrants, 100% foreign owned banks such h as Shinhan Bank or HSBC have achieved rapid growth in retail banking service Although this growth rate is still not on par with that of BIDV Hai Ba Trung, however, in terms of growth rate alone, new entrants are showing a strong sign of resurgence In terms of power of supplier, BIDV Hai Ba Trung has a high rate of capital mobilization This shows the potential for credit development in particular and retail banking service in general However, the growth rate of the number of new customers of BIDV Hai Ba Trung can be commented that it has not achieved the expected expectations This is due to poor adaptability and not providing the same incentives as competitors Regarding power of customers, BIDV's customer base is relatively large However, BIDV Hai Ba Trung has not yet fully exploited the potential of customers outside the business sector that this bank manages This makes the growth of BIDV Hai Ba Trung is still slow compared to competitors 72 In summary, BIDV Hai Ba Trung's retail banking service strategy is not really as good as expected With available resources, BIDV Hai Ba Trung is able to implement more effective strategies to quickly expand its customer base BIBLIOGRAPHY Anh, N.P., 2018 Banking Industry Report 2019 Vietcombank Securities, Hanoi Astalin, D.P.K., 2013 QUALITATIVE RESEARCH DESIGNS: A CONCEPTUAL FRAMEWORK Interdiscip Res 2, Avlonitis, 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