E banking development at joint stock commercial bank for investment and development of vietnam dong do branch (2014 2016),graduation thesis

STATE BANK OF VIETNAM BANKING ACADEMY FACULTY OF FOREIGN LANGUAGE –––––*****––––– GRADUATION THESIS E – BANKING DEVELOPMENT AT JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM DONG DO BRANCH (2014 – 2016) STUDENT : LANG THU PHUONG CLASS : K16 – ATCB STUDENT ID : 16A7510122 SUPERVISOR : NGO TUNG ANH (MA, MBA) Hanoi, 2017 DECLARATION I hereby declare that the thesis entitled, “E – banking development at BIDV JSC – Dong Do Branch” has been solely the result of my original work and that it has not been submitted, in whole or in part, to this or any other university for any other degree or professional qualification Except where states otherwise by reference or acknowledgement, the work presented herein is entirely my own Hanoi, 23 May 2017 Lang Thu Phuong I ACKNOWLEDGEMENTS First, I would like to thank my beloved teacher Mr Ngo Tung Anh for taking time from his busy schedule to guide me in completing this thesis Without his assistance and dedicated involvement in every step throughout the process, this paper would have never been accomplished Thank you very much for steering me in the right direction with your valuable comments whenever I needed it Second, I would like to extend my gratitude to my beloved teachers and friends at Banking Academy who has inspired and motivated me through the process of researching and writing this thesis The time I spent at the university has been highly productive; much of the analysis presented in Section II is owed to this precious time Studying at Banking Academy is an extraordinary experience that I will never forget for the rest of my life I would also like to thank Ms Le Thi Thu Phuong – Director of transaction office and staff at BIDV JSC – Dong Do Branch for their kind treatment and enthusiastic support during my internship I am gratefully indebted to them for their helpful advice and assistance with the statistical data and analysis Most importantly, none of this could have happened without my family to whom I owe more than I can ever acknowledge or forget Every time I was ready to give up, they did not let me and I am forever grateful This dissertation stands as a testament to their unconditional love and encouragement Hanoi, 23 May 2017 Lang Thu Phuong II ABSTRACT The advent of E–banking has significantly changed the banking industry in Vietnam E– banking allows customers to banking transactions from anywhere at any time For banks, E–banking reduces operational costs and then helps them to save a huge amount of money These benefits, along with technological innovation and globalization, make E–banking grow in its importance Recognizing the importance of E–banking, many banks in Vietnam including BIDV JSC always put a great effort in developing E– Banking services However, customers in Vietnam still hesitate to use these services, putting an onslaught of challenges for banks in general and BIDV JSC in particular The purpose of the thesis is to study the development of E–banking services at BIDV JSC – Dong Do branch This thesis first provides an understanding of E–banking, types and the importance of E–banking, followed by the assessment of the digital banking development at the branch The assessment points out the limitations and suggests some effective solutions to the development of E–banking for the bank in the future III LIST OF FIGURES AND TABLES Figure 2.1: The model of branch organization 21 Figure 2.2: Fund Mobilization Results at BIDV – Dong Do Branch (2014–2016) 22 Figure 2.3: Results of lending activities at BIDV – Dong Do Branch (2009 – 2016) 23 Figure 2.4: Results of service activities of BIDV – Dong Do Branch (2009 – 2016) 24 Figure 2.5: The BSMS business result at BIDV– Dong Do branch (2014 – 2016) 31 Figure 2.6: The IBMB business result at BIDV – Dong Do branch (2014 – 2016) 32 Table 2.1: The results of service activities at BIDV – Dong Do Branch (2014 – 2016) 28 Table 2.2: The results of card activities at BIDV – Dong Do Branch (2014 – 2016) 30 IV LIST OF ABBREVIATIONS ATM Automated Teller Machine BIDV JSC Joint Stock Commercial Bank for Investment and Development of Vietnam E–banking Electronic Banking E–mail Electronic Mail ICT Information and Communications Technology IT Information Technology OTP One–time Password POS Point of Sale SBV The State Bank of Vietnam SMS Short Message Service USSD Unstructured Supplementary Service Data VND Vietnam Dong WAP Wireless Application Protocol V TABLE OF CONTENTS LIST OF FIGURES AND TABLES IV LIST OF ABBREVIATIONS V TABLE OF CONTENTS VI PART A: INTRODUCTION 1 RATIONALE TO THE RESEARCH OBJECTIVES OF THE STUDY SCOPE OF THE STUDY METHODOLOGY OF THE STUDY SIGNIFICANCE OF THE STUDY STRUCTURAL ORGANIZATION OF THE THESIS PART B: DEVELOPMENT CHAPTER 1: THEORETICAL BACKGROUND 1.1 Overview of E banking services 1.2 Developing E–Banking services 10 1.3 Experiences from other countries and lessons for BIDV JSC 13 1.4 Sub–Conclusion 15 CHAPTER 2: E–BANKING DEVELOPMENT AT BIDV JSC – DONG DO BRANCH 16 VI 2.1 General background 16 2.2 The real situation of E–Banking development at BIDV JSC – Dong Do Branch 24 2.3 Assessment on online banking at BIDV JSC – Dong Do branch 32 2.4 Sub–Conclusion 38 CHAPTER 3: SOLUTIONS TO DEVELOP E–BANKING SERVICES AT BIDV JSC – DONG DO BRANCH 39 3.1 Orientation to develop E banking services 39 3.2 Solutions to E banking’s development at BIDV JSC – Dong Do Branch 41 3.3 Recommendations 44 3.4 Sub–Conclusion 45 PART C: CONCLUSION 47 RECAPITULATIONS AND CONCLUDING REMARKS 48 IMPLICATIONS 48 LIMITATIONS AND PROPOSALS FOR FURTHER STUDY 48 VII PART A: INTRODUCTION RATIONALE TO THE RESEARCH The dramatic growth of information technology gives rise to radical changes in banking sector Banks now have become increasingly reliant on Internet to conduct their day–to– day operations such as storing data or cash handling, paving the way to the development of online distribution channels or normally called E–banking In the world, E–banking has become popular, and the number of “brick and click” or Internet–based banks increase every day In Vietnam, although E–banking has been around for many years, it still fails to get wide–scale market acceptance Most Vietnamese people are agreed on the immense benefits of digital banking, but there are a multitude of barriers making them hesitate to use E–banking services, namely cash economy and information insecurity On account of this, commercial banks in the country are struggling to sell their E–banking product and service lines Being one of the four largest banks in Vietnam, BIDV JSC has suffered the same fate The bank and its branches, most notably Dong Do branch, have been adopted so many solutions to solve the problem Though some of them obtained impressive results, others were to little avail To survive and thrive, the bank needs to figure out ways to ameliorate the situation if it wishes to sustain its position in today’s market, especially when e–commerce is growing in leaps and bounds Recognizing the importance of the issue, the researcher work on the thesis “E–BANKING DEVELOPMENT AT BIDV JSC – DONG DO BRANCH” to identify some difficulties confronting the branch in the development of E–banking modes of distribution, to find the root of the troubles and then to put forward some remedies to improve E–banking services at BIDV JSC in general and Dong Do branch in particular OBJECTIVES OF THE STUDY Through this thesis, the author intends to suggest some possible solutions and recommendations for the Government, commercial banks and BIDV JSC – Dong Do branch to stimulate E–banking activities in the future SCOPE OF THE STUDY This thesis focuses on examining the business performance at Bank for Investment and Development of Vietnam – Dong Do branch The data presented in this thesis research illustrates the real situation of E–banking operation at Dong Do branch from 2009 to 2016 METHODOLOGY OF THE STUDY The thesis mainly applies statistical methods, the methods of qualitative and quantitative analysis In addition, the thesis uses the data collective method, the tables and figures to the research The thesis collected and used the secondary data, which are published by BIDV JSC, BIDV JSC Dong Do branch, and other official organizations in analysis SIGNIFICANCE OF THE STUDY The study is important for Vietnamese banks in the context of Internet era wherein most banking operations are conducted through computers Moreover, this study gives bank clients an insight into E–banking services in order to make the most use of these convenient services Also, this dissertation is dedicated for those interested in E– banking to help them fulfill their desires And more importantly, the study is intended as a useful reference for future research on E–banking and its related matters Consequently, most of the marketing efforts are doomed to failure, causing substantial financial losses to the branch  Customer side In Vietnam, it can be easily seen that people tend to pay in cash more often than other instruments Cash payment has become a daily habit of people for a long time, making it difficult for them to break As a result, modern banking services encounter great difficulties in attracting their attention Another reason resulting in the slow diffusion of online services is security matters Vietnamese people are still very much concerned about the insecurity of online distribution channels, inducing their reluctance to use these facilities In addition, low literacy level also contributes to the unpopularity of online payment instruments, causing big trouble for the bank in the development of E– banking services 2.4 Sub–Conclusion This chapter focuses on discussing and assessing the development situation of E– banking services at BIDV JSC – Dong Branch The chapter begins by giving a brief overview about BIDV JSC Dong Do branch, its history and development, and its general business performance mainly through data analysis as well In addition, information about performance of E–banking activities in the branch is also presented in the chapter At the end of this chapter, the researcher gives some assessments on E– banking activities at BIDV JSC Dong Do by representing some major achievements and highlighting several limitations in the supply of these services, and then provides some possible reasons for these limitations 38 CHAPTER SOLUTIONS TO DEVELOP E–BANKING SERVICES AT BIDV JSC – DONG DO BRANCH 3.1 Orientation to develop E banking services 3.1.1 E banking’s development trends in Vietnam Online banking was officially introduced to Vietnamese customers in 2004; at that time, only a small handful of banks offered this type of delivering banking services For several years, the customers were very slow in accepting the service, mainly due to the habit of using cash and the low level of literacy Consequently, banks confronted difficulties in developing digital services in the country However, those days were long gone with the evolution of E–commerce E–commerce has brought significant changes in the customer behavior towards E–banking Customers tend to pay more often with their cards, reflected in the increasing number of payment cards According to enternews.vn, the card numbers stood at 106 million units as of June 2016 In line with the growth of cards, the number of payment instrument networks also rose by 3.4–fold in 2010 to a total of over 17 million ATMs and 200 million POSs in the middle of the year (Enternews.vn, 2016) Within the relatively short span of 13 years from 2004, there has been an incredible evolution in the forms of E–banking To date, most banks are offering a variety of online services to their customers Among them is mobile banking, which is expected to experience robust growth in the coming years as Vietnamese millennials have turned to mobile banking on account of its immense benefits, namely easy access and great security along with plenty of killer mobile applications These excellent points together with rapid technological advances strengthen the belief that mobile banking will soon become a new wave of the future in the country 39 In light of these evidences, it is reasonable to assume that electronic banking will continue to flourish in the years ahead, posing great opportunities for banks to derive benefits from it At the same time, digital banking also carries many potential risks, which may be severe and unpredictable However, if banks play their cards right, they can reap massive profits from the development of this distribution channel 3.1.2 Orientation to develop E–banking services at BIDV JSC in the near future After over 13 years of development, BIDV JSC – Dong Do branch has now affirmed its strong position in BIDV JSC system The success of the branch is mainly attributed to its constant efforts, most notably sound business strategies In order to continue success in E–banking business, the branch has established the following goals:  Developing and completing the model of managing, administrating and monitoring E–banking activities, especially card business in combination with the network development  Improving operational efficiency through aggressive investment in new technology and technological maintenance  Promoting marketing activities to make customers become more aware of online services offered at the branch The marketing programs will be well designed to draw customers  Developing and improving policies to enhance human resources Staff training will be aimed at making them be aware of E–banking and its huge benefits More importantly, E–banking’s development should be identified as a top priority among bank personnel  Building the network development strategy in order to successfully develop electronic networks nationwide as well as expand the networks worldwide 40  Improving, upgrading and modernizing technology to increase staff productivity and performance, which is the key to enhance business efficiency and earn expected revenues  Diversifying product and service portfolio with high quality based on modern and appropriate technology The focus will be on developing some strategic products such as BIDV JSC Smartbanking, VnMart and BIDV JSC Topup 3.2 Solutions to E banking’s development at BIDV JSC – Dong Do Branch 3.2.1 Increasing customer awareness of E–banking services by strong marketing strategies It is not for nothing that Vietnam is considered as a stubborn cash economy People in the country usually have little and no cognizance of E–banking, so their reluctance to E–banking services is understandable Therefore, the branch needs to figure out a way to make sure their customers are aware of E–banking services and its benefits, and more importantly show them how superior they are to traditional banking channels This can be achieved by certain methods as follows:  Holding conferences for customers The conference introducing all need–to–know things about E–banking products and services is necessary if the branch desires to boost its E–banking business It will be a wonderful opportunity for the branch to communicate with its customers and better understand their needs Once the branch thoroughly understands the clients in terms of perceptions and preferences, it will be easier for the branch itself to develop tailored products and services that satisfy customers’ changing demand and then achieve favorable results 41  Making use of mass media In the digital era, the power of mass media cannot be underestimated as it presents a multitude of opportunities for banks to expand its business A study by LinkedIn indicated that “63% of mass affluent consumers were motivated to take action after learning about financial products and services on social media” Moreover, a research by McKinsey & Company shows that “using social media for promotions improves marketing effectiveness, increases leads and cuts overall costs of promotion substantially” For these reasons, Dong Do branch should take media method into account to develop E–banking in the years ahead 3.2.2 Improving IT infrastructure Banking business depends greatly on IT system Without a sound infrastructure, banks will not only find it harder to conduct day–to–day transactions, they will struggle to improve competitiveness Taking the problem into consideration, BIDV JSC in general and Dong Do branch in particular always attach special importance to the development of an effective and reliable system for banking practice However, despite the considerable efforts, the system still has some limitations Information Security is the first to be mentioned Customers usually consider security before making decisions to use E–banking services For that reason, improving security system is an important task for the branch at present In lieu of traditional two–factor authentication which is outdated and no longer strong enough to fight cybercrime in some developed countries, the branch can try some additional methods such as Encryption and biometric authentication Another issue regarding IT system is outdated core banking BIDV JSC’s core banking was established in 2000, which was a long time ago, making it no longer suitable in current situation when the bank has to handle a large number of transactions every day The bank, therefore, needs to replace it with a brand new IT system that is capable of streamlining banking operations in a technology–driven world 42 3.2.3 Product diversification Today, customers are becoming more and more demanding, requiring banks to design innovate and flexible products that can meet their changing needs Diversification may be a smart move for the branch as the bank can not only attract new customers but also enters new markets BIDV JSC can diversify its products and services in two ways which may be modifying the old facilities or adding new ones to the range In term of developing new services, the branch should focus on the creation of new mobile applications as people tend to use their phones more frequently than other devices In this regard, BIDV JSC can apply USSD to its mobile banking services in place of SMS Banking USSD or Unstructured Supplementary Service Data is a technology in which customers can banking transactions by entering short codes In addition, the bank can develop a cashless ATM network, which permits cash withdrawals through customers’ telephone, which is safer than traditional way for the reason that customers are not worried about losing their cards 3.2.4 Staff Training on E–banking In–depth product training programs should be in place to make sure that employees have thorough knowledge of E–banking products and services when interacting with customers through E–banking channels Furthermore, staff’s attitude can have a significant influence on customers’ decisions to adopt online banking, so the branch should also train the staff in communication and problem–solving skills Training programs also need to equip each employee with up–to–date knowledge of latest trends in E–banking and innovative technology 3.2.5 Improving customer service In the current banking sector, when banks basically offer similar products and services, the quality of service is a key to make a difference for BIDV JSC The bank should 43 constantly ask for customers’ feedbacks related to E–banking services as these valuable recommendations are essential for high quality customer service Besides, discounting policies for existing customers also help to derive their satisfaction from using bank services, which in turn will prevent them from shifting to other banks 3.3 Recommendations 3.3.1 To the Government The Government needs to assist banks in evolving E–banking services through the following ways:  The Government can facilitate online banking activities by developing a comprehensive and complete legal framework The Government must learn from the experience of other developed countries to make new legal documents These regulations should be flexible enough to tackle the current crime rate which is considered to be fast–growing as a consequence of rapid technological advances  It is essential that the Government facilitate the proliferation of E–commerce, a driving force for the growth of E–banking distribution channels To promote e– commerce, the administration can introduce favorable policies to encourage investors, enterprises and financial organizations to engage in online activities, boosting online payments and then generating potential customers to use online banking services  The success of online services relies heavily on technological infrastructure Thereby, the State should give high priority to the development of IT infrastructure with a view to creating a supportive environment for E–banking activities 44 3.3.2 To the State Bank of Vietnam The State Bank of Vietnam should support banks in strengthening the capacity of businesses and individuals to stimulate demand for E–banking services in a number of ways as follows:  The SBV needs to support banks to raise people’s awareness of E–banking services On that note, the SBV, together with commercial banks, can hold forums, seminars and workshops to advertise online product and service lines, promoting the awareness of customers The fact remains that individuals and businesses have used electronic banking services, but these services have not really caught people’s attention Seminars and forums can present opportunities for them to have a broad and deep understanding of E–banking and then generate market demand for online services  SBV should work to be a bridge that encourages the cooperation between banks, especially in the field of electronic payment In the short term, the SBV should help commercial banks to join large ATM networks, avoiding the uneven distribution networks as today  The SBV should make further efforts to cooperate with financial institutions in the world In doing so, the SBV can call for more investments in infrastructure projects like Payment System and Bank Modernization Project funded by the World Bank  In addition, the SBV also needs to organize training courses, especially on E– banking services and banking management, to assist banks to successfully develop and deliver its E–banking services to a wide array of customers 3.4 Sub–Conclusion Based on information in chapter about the development situation of E–banking services at BIDV JSC – Dong Do Branch, chapter of the thesis suggests some possible 45 solutions and recommendations for the branch in the development process of E– banking First, this chapter shows the situation of electronic banking in Vietnam, followed by the orientations of E–banking’s development for BIDV JSC – Dong Do branch in the coming years Second, the chapter provides some possible solutions to evolve E–banking services at BIDV JSC Dong Do branch Finally, the chapter suggests some recommendations to the Government to facilitate digital banking activities at BIDV JSC – Dong Do branch, BIDV JSC and other banks in the region 46 PART C: CONCLUSION Despite the evolution of E–banking services worldwide, these services fail to get broad acceptance in Vietnamese market Thus far, banks have been struggling to deliver these services to a wide array of customers, posing the big question of what banks can to deal with this situation In the world, there have been many solutions adopted to support the development of E–banking services such as fee policy and branch network reduction, yet as the economic climate in Vietnam is far more different than other countries, these solutions alone are not strong enough to solve the problem This stresses the need for banks in the country to make constant efforts to figure out the workable solutions to get out of their troubles From the assessment of the development situation of the branch, it can be seen that the branch has achieved some positive results in the development process of online services Specifically, the number of customers and service revenues continuously grow over time The results, albeit promising, are still lower than expected, caused by the limitations in business strategies, which need to be addressed quickly To overcome and continue to thrive in the coming years, the branch can implement some practical methods, namely devising a sound business plan, improving IT infrastructure, training staff thoroughly and more importantly enhancing customer service quality It is noticeable that BIDV and its branches alone cannot succeed in developing E–banking without the support of related parties, namely the Government and the State Bank of Vietnam Thereby, the Government and SBV are, of necessity, required to support the bank in its quest to boost the growth of online facilities In view of all the findings mentioned above, it goes without saying that the thesis has successfully attained its initial objectives The researcher hopes that the solutions presented in the thesis will contribute to the development of E–banking services at Dong Do branch in a meaningful way 47 RECAPITULATIONS AND CONCLUDING REMARKS The thesis has been able to achieve the set objectives: to examine the development situation of BIDV – Dong Do branch and to give assessment for the branch in terms of E–banking’s development through analyzing data collected from various sources The study has found that there are still some significant limitations in the branch’s development strategies These limitations should be addressed quickly as they stand in the way of increased profits Also, the study has revealed that most people prefer using card service rather than other types in the range, posing great challenges for the branch in the evolution of E–banking Since 2004, the adoption of electronic banking has been very slow due to customer habit of cash payment and the insecurity of online services, yet things have come better as technological advances drive people’s demand towards online services IMPLICATIONS The thesis implies that the branch should take notice of variables in the economic climate because they can have a great influence on profitability and the customer intention of jumping ship It is also necessary that the branch should invest heavily on studying the customer’s behavior to better understand their needs, supporting in the creation of new products which can satisfy all of their needs Moreover, as most of customers are unaware of online services offered, the branch should find ways to increase their awareness LIMITATIONS AND PROPOSALS FOR FURTHER STUDY Although the researcher has succeeded in her endeavor to write a decent thesis, limitations are unavoidable on account of time constraint and limited resources The limitations of the thesis include generalization and narrow applicability In terms of generalization, the topic covers such a wide range of problems related to E–banking that it can hardly, within the space of the chapters, give a thorough discussion for them; but 48 it is satisfactory that the main issues have been examined in details Because the thesis focuses on the E–banking’s development at BIDV – Dong Do branch, some of the solutions suggested cannot be workable for other branches as well as other commercial banks in the banking system For this reason, the further study should examine the problem of E–banking at a wider scale, not just the BIDV Dong Do but other commercial banks 49 REFERENCES Al Nahian Riyadh, Md Shahriar Akter, Nayeema Islam (2009) The Adoption of E–banking in Developing Countries: A Theoretical Model for SMEs Retrieved from https://www.academia.edu/401508/The_adoption_of_ebanking_in_developing_c ountries_A_theoretical_model_for_SMEs BIDV (2017) BIDV Review No.26 Retrieved from http://bidv.com.vn/Tin– tuc–su–kien/BIDV–Review/BIDV–Review–No–26.aspx BIDV (2017) BIDV Smart Banking – Ứng dụng ngân hàng thông minh ĐTDĐ Retrieved from http://intranet.bidv.com.vn/wps/portal/nhdt/sanphamdichvu BIDV (2011) Propectus 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