Vietnam – belgium master programmes masters in business management

SOLVAY-BRUSSELS SCHOOL OF NATIONAL ECONOMICS ECONOMICS AND MANAGEMENT UNIVERSITY Vietnam – Belgium Master Programmes MASTERS IN BUSINESS MANAGEMENT THESIS Formulate Strategy for Techcombank Retail Banking Prepared by: Nguyen Van Van – MBM7 Ti ểu lu ận Tư tư ởn g H CM Supervised by: Associate Prof Ngo Kim Thanh Hanoi, October 2010 Acknowledgements I would like to express my deepest gratitude to my research supervisor, Ms Ngo Kim Thanh, for her intensive support, valuable suggestions, guidance and encouragement during the course of my study I would like to express my sincere gratitude to all of my teachers at Solvay Business School and National Economics University for their teaching and guidance during my course I would like to extend my thanks to the board of managers and my colleagues at Techcombank for their support and assistance during my research study I am very thankful to all individuals for providing me with the necessary information and supporting me with advice during the period of my data collection for this research study Last but not least, I would like to express my loving thanks to my parents, my wife, Ti ểu lu ận Tư tư ởn g H CM my sister for their love and encouragement throughout my studying Contents Acknowledgements Executive Summary Chapter – Introduction I.1 Background I.2 Problems Statement I.3 Research Objectives 11 I.4 Research Questions 11 I.5 The importance of the research 11 I.6 Scope of Limitation 12 I.7 Structure of Thesis 12 Chapter – Literature Review 13 II.1 Theoretical framework 13 II.1.1 Corporate strategy & role of corporate strategy in organization 13 II.1.2 Corporate strategy formulation 14 Chapter – Research Methodology 25 III.1 Research background 25 III.2 Research objective 25 III.3 Research methods 25 III.4 Data collection 25 III.4.1 Primary data .25 III.4.2 Secondary data 26 CM Chapter – Research analysis 27 IV.1 Environment analysis 27 H IV.1.1 The societal environment (PEST Analysis) .27 g IV.1.2 Banking industry analysis (Five Forces Analysis) .33 ởn IV.1.3 Opportunities and Threats 38 tư IV.2 Techcombank internal environment analysis 39 Tư IV.2.1 Brief Information 39 IV.2.3 Internal Resources .48 Ti ểu lu ận IV.2.2 Business structure .40 IV.3 SWOT analysis 56 Chapter 5: Recommendations .58 V.1 Strategy selection 58 V.2 Vision, Mission and Goals 58 V.3 Recommendations in Detail 59 Human Resource 59 Technical .61 Risk Management 61 Products 62 Customer services 64 V.4 Timeline 68 Chapter 6: Conclusion, limitation and further researches .70 VI.1 Conclusion 70 VI.2 Contribution 71 VI.3 Further researches 71 VI.4 Limitations 71 Ti ểu lu ận Tư tư ởn g H CM Reference 72 Table of figures Figure 1: Breakdown of staff graduate 10 Figure 2: Vietnam Inflation 31 Figure 3: Vietnam GDP 32 Figure 4: Organizational Chart of Techcombank 40 Figure 5: personal customer deposits (BLN VND) .43 Figure 6: Breakdown of personal customer deposits .43 Figure 7: Retail outstanding loans (BLN VND) 44 Figure 8: Number of issued card in 2009 45 Figure 9: Payment turnover via POS (VND BLN) 46 Figure 10: Structure of coporate customers 47 Figure 11: Deposits by economic institution (BLN VND) 48 Ti ểu lu ận Tư tư ởn g H CM Figure 12: Customer service circle 64 List of tables Table 1: Corporate strategy formulation process 15 Table 2: SWOT/ TOWS matrix 22 Table 3: Opportunities and Threats of Techcombank 38 Table 4: Number of branches 40 Table 5: Charter Capital of Techcombank 40 Table 6: Finalcial Highlights 49 Table 7: Strengths and Weakness 55 Table 8: SWOT/TOWS matrix of Techcombank 56 Ti ểu lu ận Tư tư ởn g H CM Table 9: Timeline for Recommendations of Techcombank retail banking 68 Executive Summary Today, integration into the world economic is the general trend of developing countries to approach the developed countries economic For Vietnam, global integration is a right and important direction which is the premise for making Vietnam economic grows fast and stable However, global integration also makes Vietnamese companies, especially Join Stock Banks – which deal with monetary, finance, credit … business – facing with many challenges To overcome these challenges and take full advantage of chance, Join Stock Banks must analyze their strength and weakness to bring out the suitable strategies for each period, phase of their development progress According to State Bank statistical, there are only about 15 million bank accounts It’s a very small amount in about 85 million Vietnamese people Therefore, foreign banks like ANZ, HSBC, Standard Chattered… are focusing on developing retails banking in Vietnam International banks, only for retail banking, have thousands of products/services But, local banks have very limited products/services, only about 200 The provision of new bank services is an internal requirement for local bank because, estimately, the cost for an ATM transaction is only 1/8 and an Internet transaction is only 1/12 in compare with traditional transaction (face to face) "The best retail bank in Vietnam" title is the dream of many banks In order to achieve this title, each bank has its own strategies Taking advantage of the wide network, especially transaction offices, state-owned commercial banks have CM detailed plans to push sales in retail segment, in which focus on credit area They H are strengthening organisation structure and retail customer-relation staff and g transforming the transaction offices to be official retail banking units ởn In the near future, the retail service competition will have to delve into service tư quality This creates pressures on banks to raise financial capacity, invest more in Tư technology, and diversify services and finding more customers Even though Ti ểu lu ận foreign banks currently still focus on high-level customers, in the long term, they may push up service developments for lower income customers The race in Vietnam retail banking would then become severer Techcombank, with its objective to be the best retail bank in Vietnam, has built its own strategy to obtain the proposed goal But, in the hard competition and unstable economic environment, bank strategy must be evaluated and adjusted to make it more effective and make the bank success on their target Firstly, this study aims to review company’s business, finance statement and organization, to evaluate suitability of the current strategy in context of unstable changing environment Valuating & Adjusting Strategy for Techcombank Secondly, base on technical of Strategy Formulation process including SWOT and BCG analysis this study shall give out the suggestions to formulate Techcombank’s retail banking strategy in order to improve Weakness to reduce Threats from changing environment and to take full advantages of Ti ểu lu ận Tư tư ởn g H CM Strengths to catch Opportunities Chapter – Introduction I.1 Background Since the economy changes from a command economy to a market-oriented economy, there has been a competition among companies to win more customers by providing better goods or services Most of companies in Vietnam now become aware of the importance of “better taking care of customers” as one of their strategy to grow in the competitive market Customer relation management activities therefore has been emphasized as a necessity for the existence and thrive of a company Under pressure of the competition on providing bank services and the rapid growing of information technology, year 2010 is considered as a “explosion year” of retail banking services, intensification on approaching the personal customers and small enterprises Vietnam trade banks have been focused on modernization, applied new technology in to their systems to develop the retail market When moving to the retail market, banks will have a larger market, development opportunities and disperse their business risks Vietnamese population is estimated to increase to 88 million by this year with higher income The average density of using bank service in Vietnam is about 1516%, higher in some big cities, about 32% Meanwhile, this density in Thailand or Malaysia is 70-80% In next 10 year, the estimate grow speed of Vietnam retail H for trade banks CM banking is 30-40% This show that retail banking in Vietnam is a potential market ởn g According to financial experts’ assessment, the competition among local trade tư banks are more and more severe to get their market share and attract customers Beside, as Vietnam joined WTO, the government must follow the agreement to Tư open the bank industry to foreign banks It will increase the number of foreign ận banks with strong financial power, diversified of services, new technologies and Ti ểu lu good management Therefore, local banks will little by little lose their advantage on scale, customers and distribution channels, especially after 2010, when most limitation for foreign banks are removed In that context, local banks cannot base on their traditional advantage as previously and most of them identify to develop their retail banking services as an important part in their strategy The research object of this study is Techcombank – a local bank which has been founded in 1993 With its vision to become the best retail bank of Viet Nam, Techcombank is now serving about 600.000 individual customers, 25,000  Small and Medium Enterprises (SMEs), providing many products and services to meet the particular needs of this customer group at various stages in their lives which ultimately supports business activities locally and internationally The structure of business, together with changes in the world economy and the industry environment, has created difficulties and imposed threats on the company This will be the main content of “Problem Statement” I.2 Problems Statement Currently, Techcombank has main Banking services : personal banking services (retail banking service) and Corporate Banking services Techcombank Board of Management want to use retail banking services are key product of the bank But the size of the customers for this service is still very small, about 600.000, with the contribution only about 20% to total revenue Techcombank Board of Management want to step up their retail banking services but they are on some difficulties CM Retail banking services are under many pressures from external environment H forces as well as inside bank g Macroeconomic issues such as political, economical, social and technology seems ởn not create favorable conditions for the development of Retail Banking Being the tư WTO member with many advantages but the fact shows that Retail Banking also Tư have to cope with many difficulties such as the backward technology, lack of legal Ti ểu lu ận procedure, few services Together with the serious lack of human resource, - Strive to be the best bank in services and modern products - Provide modern, different, diversified and convenience products to customers - Provide work environments and HR policies which meet the employee’s potential and provide an atmosphere of excellence so that they can perform their best - Improve branch name recognition in the market - Expand sale network to gain potential market Goals The major outcome of strategic road mapping and strategic planning, after gathering all necessary information, is the setting of goals for the organization based on its vision and mission statement A goal is a long-range aim for a specific period It must be specific and realistic Long-range goals set through strategic planning are translated into activities that will ensure reaching the goal through operational planning - Technology: (1) Continue to improve innovation in technology to introduce new modern product to customers with high convenience, many features Increase the number of modern products about 40% - Profit: Keep current profit level in Corporate banking service (25-30%) and increase profit level in Retail banking from 20-25% to 30-35% - Customers: Keep maintaining good relationship with current customers and CM increasing new customers about 50% H V.3 Recommendations in Detail ởn g Below are some solutions for the retail banking service tư Human Resource Tư In order to enlarge the portion of retail banking, it needs a lot of changes in human Ti ểu lu ận resources 59 Bank should improve staff quality in profession level, working manner, communication skill, sale skill, … and understand the important role of retail banking services Team work competence and co-ordinate moral must be improved also Beside that, the fast development of technology require staffs continuously update their knowledge about banking business Bank should increase the number of employees with university graduates & post-graduates from 82% to 99%, increase in-house training by 50% with the well prepare courses for staff operation professional To encourage staffs on training, Techcombank should uphold and expand its reward policy by: increase salary for staffs who contribute initiatives, researches bring high effective to bank operations; complete excellently bank’s or personal training courses Bank should have examine, ranking systems periodically or unperiodically to find out the excellent people or team Base on that bank will have the suitable award and promotion policies to encourage all staffs to contribute themselves to the bank’s development Training activities should be intensified through expanding and co-ordinating with famous Universities like National Economic University, Foreign Trade University, … and other training centres Besides, bank should chose potential staff to send for training abroad to bring new technologies to apply in bank business In addition, online training system should be implemented to reduce the training cost with CM high effective There are a very effect way to improve the human resource quality, especially for g H high managements by using the relationship with bank main share holders – HSBC ởn HSBC assigned many staffs to keep important positions They have very good tư knowledge and experience with international working standards Bank’s staffs can Tư have on job training while working with these people or can be sent to HSBC for Ti ểu lu ận training base on shareholder agreements 60 Technical Technical resource is the critical point for bank if it wants to be successful Bank should continue to implement the Information Technology system follow service oriented architecture began from 2008 to ensure the business support capacity in long term Base on the technology, bank should develop retail banking services and products to optimize the business efficiency and quality (mortgage, trust loan, digital procedures,…) Information security for customer data, bank data, transactions information,… should be improved When the economic opens to the world, many threats come One of the danger threats is the information system confidential, available and integrity ability If the information system is compromise, it makes unpredictable loss to the bank and ban’s customers Therefore, Techcombank should invest in the specialist security system, training for employees about the threats to reduce the risks as much as possible Develop new online products and improve current ones: saving online, internet banking, telephone banking… as the key channels to approach customers These channels will reduce the cost for bank and increase the comfortable for customers with many useful functions That will make the different advance for Techcombank in the competition with other banks and attract more customers International standards for information system management should be applied to the management process to make bank’s systems comply with global standards For H Risk Management CM ex Corbit, ITIL, ISO 27001, … ởn g Risk management is one of the main factors in bank’s successful because bank tư business always face many kind of risk To obtain the goal to become the best retail banking, bank always relies on credit services These services, products bring huge Tư revenue but also huge risk Therefore, risk management should be implemented Ti ểu lu ận from the beginning of the product developments 61 Bank should build up the loan approval standard to be fast and consistent base on the balance between risk and chance, interest income and estimate lost like: loan subjects(income, age, location); type of loan(fixed time-limit, credit limit,…); loan with or without assets guarantee Develop credit admin system reliable to serve a large number of customers, give suitable decisions and reduce the processing time for loan applications Credit ranking system can give rejected or approved decisions swiftly Only exceptions will be passed to credit staffs for manual decision The basis are used to build up the credit ranking system are internal credit applications These applications will be reviewed carefully to filter out the general standard for system Build up the early awareness system for bad applications to reduce the risk Centralize and standardize the owe recover procedure: Establish the owe recover team and implement the owe age determine system to inform the owe recover team about owe items so that they can process accordingly Identify the owe recover plan in every phase for the not on time owes and the priority for high value owe with possible recover ability Products At present, many banks have mistake by following other bank’s products to catch up with other banks without measuring the real effect of these products to customers as well as themselves Therefore, in order to develop bank’s products and services to meet customers’ requirements, Techcombank must identify the H bank’s business CM target customers to design suitable products and services in order to optimize ởn g First, bank should define customer need and characteristic In order to define the tư target customers, Techcombank should categorize customers base on customer’s Tư behaviour, location, age, sex, education level, income,… Customer age: Customer’s age is one of the most impact factors to Vietnamese Ti ểu lu ận customer behaviour McKinsey research ( March 2008) showed that people from 21 to 29 years old will make the huge contribution to Vietnam retail banking market 62 According to the study on 400 customers in many banks, the ones who are from 2129 use bank services much more than older 91% of them have saving accounts in compare with 55% of over 30 years old people 89% of them have credit card in compare with 40% of older In addition, young more interest in modern banking services like phone banking, internet banking,… than their parents Geographic: Also refer to McKinsey research, people live in different areas have different attitude about bank services People in Ho Chi Minh city (Southern area) are more open mind than Northern area (42% Ho Chi Minh city people agreed to try automate banking services while there are only 24% in Ha No city) Occupation: Target customers bring most revenue to the bank In general, target customers should not have low but also not too high income The potential customers must have income from to 15 million per month However, it can vary along with different economic area Beside, Techcombank should chooses target customers who use the loan in safety ways to reduce the risk for bank like collateral, salary payment, … Second, bank should analyze its main competitors to find: which is the main bank competitors at present and in future; what are their market share scale; where are their strong market; what are their main products and services? … to make the suitable strategy Third, economic policies impact bank strategy much Bank must keep track of government policies like interest rate, charges, market open progress,… and other CM politics-iconic-social factors (inflation rate, unwaged,…) H Base on that, Techcombank will diversify its key products and services to expand g the business Build up the R&D department to go in deep in research and develop ởn bank products Bank should focus on the products with high technology content to tư make the different and advance in the competition (Internet banking, Phone These distribution channels should be used to approach more Tư banking,…) Ti ểu lu ận customers 63 Techcombank should develop non-cash products and services in order to take full advantage of bank’s technology Speeding up saving account services with simple, fast and safely procedure to attract target customers in using bank services Continue to extend the salary payment customers in big cities These customers will bring a lot of revenue to bank with stable quantity Customer services In Techcombank strategy, compete in price should not be the major strategy In order to be the best bank in retail banking, bank should concentrate in customer service because it can help Techcombank create new, differential image that improve bank advantage in the market H CM Figure 12: Customer service circle g A good customer service must achieve these factors: tư ởn  Clear and useful service strategy Tư  Service distribution systems are efficient Customers are the central objects of the service Ti ểu lu ận  64 Therefore, if Techcombank, represent by its staffs, can provide a good customer service, satisfy customer’s requirements, bank will be able to maintain the relationship with present customers and attract new ones This process will go on and on and in near future, Techcombank will have a good volume of customers- the most important factor for bank success in the market In order to build up a clear and useful customer service strategy, Techcombank should focus on: Elements form customer service: include  Human resource (from specialists to managers) must have good profession, communication, sale, … skill  Products have different characteristic, specialize and meet customer’s benefit Besides, bank products should be simple, flexible to avoid any difficulties for customers on using banks products  Procedures must be simple, precise, fast and supported by modern, reliable systems  Distribution channels must be comfortable, easy approaching to serve customers best Customer service policy: Bank should categorise customers (potential, target) or main products to have suitable policies like:  Premium services for VIP customers with special care, dedicated kiosk for CM customers opening new accounts, … H  Have special policies (increate interest rate, decrease loan interest, issue VIP ởn g card,…) for customers with large transactions or using many bank’s tư services  Implement loyalty program for loyal customers by sending gifts, flowers on Ti ểu lu ận Tư special occasions These activities will strengthen relationship between bank and customers Customer service standard: 65  Service available 24 hours x days  Transaction procedure is simple – fast – accurate – confident  Tellers are polite, professional, enthusiasm, … always ready to give advice to customers Some detail standards are: Teller standard: “SECRET standard” – Smile, Easy access, Courteous, Response, Eager to help, Talk it out Maximum time for one standard transaction Ameliorate Customer service quality:  Found quality control team to research the customer service quality Base on the research result, this team will propose target and solution to improve service quality  Organize teller contest to evaluate and motivate the tellers on improving their working skills  Organize training courses frequently for staffs to improve their skills and awareness about the role of service quality and themselves in bank development Build up a good Call Centre system and come to CRM system: Call Centre is one of the most effective channels in supporting customers A good Call Centre can help CM bank to: H  Sale to multiple customers at the same time ởn g  Bring convenience to customers tư  Provide customers with updated, fast information Tư  Give advice to customers fast and detail Ti ểu lu ận  Improve customer information management for bank management  Reduce advertisement cost 66  Update customers requirements, need to improve bank products and services A good Call Centre system include:  Call manager system manages and categories incoming calls and distributes to the right call center staff  Interactive system gives auto answers when the incoming calls increase noticeable  Recording system for quality management and evidence management After having a good Call Centre system, bank can consider to build up the Customer Relationship Management (CRM) system CRM system is an upgrade form of Call Centre which can bring many more functions to improve bank’s retail banking capacity Call Centre system, especially CRM systems, cost a huge budget Therefore bank should balance internal resource, identify the demand, … to invest in the systems with a suitable progress Guarantee the employee’s benefit: In order to satisfy customers, bank should satisfy its employees first Therefore, Techcombank should maintain and improve salary, award policies and develop a suitable human resource policy to encourage Ti ểu lu ận Tư tư ởn g H CM employees to work by their heart Thence, they will satisfy bank’s customers 67 V.4 Timeline Table 9: Timeline for Recommendations of Techcombank retail banking Year 2010 - Increase the no 2012 -Increase the of employees with no of University 2015 -Increase the -Increase the no of employees with employees no of employees graduates & post- University with with graduates from graduates & University University 82% to 90% post-graduates graduates & graduates & Human - Increase 50% from 90% to post- post- Resource internal training 95% graduates graduates courses - Implement from 95% to from 98% to Online training 98% 99% system - Improve - Improve integrate with online online Appraisal training training system system system - Applying Review Review Review Marketing Mix activities of activities of activities of into the selected 2010 and 2012 and 2014 and niche adjust if adjust if adjust if necessary necessary - Improve modern necessary CM Banking, phone banking g Marketing products: Internet H Product and ởn - Focus on tư Northern market branches in Northern lu ận Tư by increasing the Ti ểu 2014 68 Technology - Set up R&D - Keep Review Review Department to improving activities of activities of focus on research ability of R&D 2012 and 2014 and T24 Core banking - Encouraging adjust if adjust if functions learning by necessary necessary - Finish training doing for all technician - Keep update the Core banking T24 to gain the best functions Risk management - Start applying Review Review Review the International activities of activities of activities of standard on risk 2010 and 2012 and 2014 and management adjust if adjust if adjust if - Implement necessary necessary necessary Improve current Upgrade to Review Review Call Centre Customer activities of activities of system with 24x7 Relationship 2012 and 2014 and service and Management adjust if adjust if increase 30% system necessary necessary Centralize credit Customer Service CM admin system Customer service Ti ểu lu ận Tư tư ởn g H staff 69 Chapter 6: Conclusion, limitation and further researches This section will address the research’s objective, summarize the findings of this research work and offer conclusions based on the findings More importantly, the contribution of this research to the development of corporate strategy on retail banking will be clarified VI.1 Conclusion This study has answered all research questionnaires in Chapter Research result shows that there has not been a corporate strategy for Techcombank on retail banking because bank has just been set it new direction in retail banking in two years This led to the situation that business of bank on retail banking keeps going without a clear direction The research provided a broad picture about the societal environment as well as the status of retail banking sector The fact that Vietnam become WTO member has created many opportunities (more investment, new technology and management skill…) but also pose some threats to the bank industry as well as Techcombank (barriers for foreign banks are lower down, …) Besides, many other factors like political, economical, socio-cultural,… have significant impact on Techcombank retail banking business The research also pointed out limitations of Techcombank on retail banking The first limitation, as stated at the beginning of this conclusion part, is that CM the bank does not have a strategy for retail banking This drive the bank to the situation that even though acknowledged the fact that one business is more H profitable than the other but company just keep concentrating on the business ởn g with low profit Besides, Techcombank hasn’t take full advantage of its tư modern technology systems, wide network to optimize bank’s retail business Tư After conducting analysis, SWOT analysis was performed, the result and recommendations for Techcombank on formulating its strategy for retail Ti ểu lu ận banking was presented 70 VI.2 Contribution This study aims to help Techcombank BOM to formulate strategy for bank’s retail banking service It also warns company leaders about the threats coming from changing environment and the solution to avoid them This research can also provide a fundamental and overview about corporate strategy and its essential role in contributing to the success of the business VI.3 Further researches Corporate strategy itself is a broad topic, therefore, this research is too broad and may be too general for non-marketer to thoroughly understand and absorb, the future research could be more specific and focused on a particular matter in business strategy or functional strategy The author also has plan to research about implementing and evaluating the corporate, business and functional strategy VI.4 Limitations Even though the research has shown some findings but due to time constraints and real 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