Electronic banking in vietnam a swot analysis for strategic planning,graduation thesis

STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty - - GRADUATION THESIS ELECTRONIC BANKING IN VIETNAM: A SWOT ANALYSIS FOR STRATEGIC PLANNING Student Name : Dao Thi Ngoc Mai Group : ATC A - K11 Supervisors : Nguyen Hong Ngoc MA Nguyen Tien Dung MA Hanoi, Jun 2012 STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty - - ELECTRONIC BANKING IN VIETNAM: A SWOT ANALYSIS FOR STRATEGIC PLANNING By Dao Thi Ngoc Mai A THESIS Submitted to the Faculty of Foreign Languages of Banking Academy of Vietnam in partial fulfillment of the requirements for the degree of Bachelor of Arts Hanoi, Jun 2012 ABSTRACT ELECTRONIC BANKING IN VIETNAM: A SWOT ANALYSIS FOR STRATEGIC PLANNING Dao Thi Ngoc Mai The constant innovations in telecommunications technology have changed the face of banking sector Banks now target the provision of products and services through electronic channels, namely electronic banking or E-banking In this study, the discussion was grounded on the framework of E-banking evolution as well as the theories of SWOT analysis and strategic planning Another important aspect of the study is to develop more insight into the strengths and weaknesses, vis-à-vis the opportunities and threats faced by banks as E-banking is available in Vietnam While the strong growth of ATM transactions is the most outstanding advantage, the weak customers’ usage of online banking has mainly limited the development of E-banking in Vietnam Whereas the large number of Internet and mobile phone users and golden population could bring greatest chances, the consumers’ habit of using cash poses Ebanking to the fundamental challenge For the further development of E-banking in Vietnam, it is highly recommended that the synchronic measures of product, human resources, technology, infrastructure, and security be properly performed The final objective of the thesis is to make recommendations to the Government and the State Bank of Vietnam so that E-banking could be effectively managed Graduation Thesis Banking Academy DEDICATION This thesis is dedicated to my parents for their support and encouragement throughout my graduate study Dao Thi Ngoc Mai iii ATC A – K11 Graduation Thesis Banking Academy ACKNOWLEDGEMENTS I wish to express my heartfelt gratitude towards MS NGUYEN HONG NGOC, M.A., my supervisor from the Banking Academy of Vietnam for leading me during the whole research and providing me with precious experience in this learning field I own my warm thanks to MR NGUYEN TIEN DUNG, M.A., my supervisor from Hanoi University for taking the time and effort to read and offer comments on the English grammar mistakes of the manuscripts My heartiest thanks to all the librarians of the National Library of Vietnam for giving the valuable time to help me find the reference materials Finally, I would like give my sincere gratitude to all the respondents for the cooperation I am highly thankful to all those who have contributed to the completion of the study Dao Thi Ngoc Mai iv ATC A – K11 Graduation Thesis Banking Academy TABLE OF CONTENTS Page LIST OF TABLES vii LIST OF FIGURES viii LIST OF ABBREVIATIONS ix INTRODUCTION 1.1 Motivation for the Study 1.2 Objectives of the Study 1.3 Research Questions 1.4 Structure of the Study 1.5 Methodology 1.6 Contributions of the Study 2 THEORETICAL FRAMEWORK 2.1 Electronic Banking – A General View 2.1.1 What is E-banking 2.1.2 Evolution of E-Banking 2.1.3 How E-banking Helps 2.2 SWOT Analysis 2.2.1 Definition 2.2.2 Contents of SWOT analysis 2.3 Strategic Planning 10 2.3.1 Definition 10 2.3.2 Strategic planning process 10 2.3.3 Relationship between SWOT analysis and strategic planning 11 2.4 Summary 12 SWOT ANALYSIS ON ELECTRONIC BANKING IN VIETNAM 13 3.1 Strengths of E-Banking in Vietnam 13 3.1.1 Cost-effective distribution channels 13 3.1.2 Product availability .14 3.1.3 Increased ATM transactions 18 3.2 Weaknesses of E-Banking in Vietnam 19 3.2.1 Small number of online banking users 19 Dao Thi Ngoc Mai v ATC A – K11 Graduation Thesis Banking Academy 3.2.2 Limitation on E-Banking functionality 21 3.2.3 The concerns with ATM service and POS terminals 21 3.3 Opportunities of E-Banking in Vietnam 24 3.3.1 Vietnam’s WTO joining 24 3.3.2 Rising gross domestic product per capita .24 3.3.3 Market potentials 26 3.3.4 Regulatory and legal environment on E-banking 27 3.3.5 The connection of local card operators 29 3.4 Threats of E-Banking in Vietnam .29 3.4.1 The quality of the Internet and mobile network 29 3.4.2 Security issue 30 3.4.3 Consumers’ custom of using cash 31 3.4.4 Demand for applying advanced technology 33 3.5 Summary .33 3.6 Conclusion 34 STRATEGIC PLANNING ON ELECTRONIC BANKING IN VIETNAM 35 4.1 Missions and Objectives .35 4.1.1 Missions 35 4.1.2 Objectives 36 4.2 E-banking Strategy Formulation 36 4.2.1 Product 36 4.2.2 Human resources 41 4.2.3 Technology and infrastructure 42 4.2.4 Security 42 4.3 Summary .43 RECOMMENDATIONS 44 5.1 To the Government 44 5.2 To the State Bank of Vietnam (SBV) 46 5.3 Summary .48 CONCLUSION 49 BIBLIOGRAPHIES 50 Dao Thi Ngoc Mai vi ATC A – K11 Graduation Thesis Banking Academy LIST OF TABLES TABLE 2.1 SWOT profile TABLE 3.1 Cost comparison among the service delivery channels 13 TABLE 3.2 Number of card providers and brands 15 TABLE 3.3 E-banking services in Vietnam 18 TABLE 3.4 Online banking users by markets 20 TABLE 3.5 Comparison on number of ATM and POS among countries 22 TABLE 3.6 Internet and phone usage statistics 26 TABLE 3.7 SWOT profile of E-banking in Vietnam 34 Dao Thi Ngoc Mai vii ATC A – K11 Graduation Thesis Banking Academy LIST OF FIGURES FIGURE 2.1 Comparison between electronic banking and traditional banking services FIGURE 2.2 Contents of SWOT analysis FIGURE 2.3 The strategic planning process 10 FIGURE 3.1 Number of cards in circulation 2006 – 2011 15 FIGURE 3.2 ATM transactions: Value & Volume 2006 – 2011 19 FIGURE 3.3 Gross domestic product per capita 25 FIGURE 3.4 Structure of population by age 27 FIGURE 3.5 The cash rate in total liquidity 32 Dao Thi Ngoc Mai viii ATC A – K11 Graduation Thesis Banking Academy LIST OF ABBREVIATIONS ATM: Automated Teller Machine E-banking: Electronic banking E-channel: Electronic channel E-commerce: Electronic commerce EFTPOS/POS: Electronic Funds Transfer at Point of Sale E-purse: Electronic purse GSO: General Statistics Office of Vietnam JSC: Joint Stock Company mil: million SBV: State Bank of Vietnam SMS: Short Message Service SWOT: Strengths Weaknesses Opportunities and Threats tn: trillion (Am.E) VBCA: Vietnam Bank Card Association Dao Thi Ngoc Mai ix ATC A – K11 Graduation Thesis Banking Academy comments on the concerns and difficulties with E-banking so that banks can perfect quality of the services  In the second place, promotions So as to gain more profit from E-banking, banks should plan sales or season promotions, in which the valuable prizes will be awarded For example, cardholders will be given gift cards when the transactions through electronic channels obtain a specified value The gift cards can then be used to purchase goods and services up to the value of such card In this way, clients enjoy the shopping but no cash is involved Moreover, on the occasions of Christmas or New Year the promotions should be performed as consumers tend to spend more at these times Another way is banks cooperate with retail enterprises to offer special discounts to the customers who make payment online instead of cash payment  Next, display advertisement Advertizing is the key task that all banks have to fulfill when launching any products and services E-banking is a special service type distributed through E-channels, thus to make it popular among consumers is truly challenging Banks, therefore, should increase the marketing via channels of all forms including bank counters, television, radio, etc Moreover, as the social networks such as Facebook, Myspace, Twitter, etc have obtained a significant growth during the past few years, this is a new and effective channel for banks to advertize their products The quality of services will be assessed by netizens, so the possibility of product expansion will be enhanced In addition, marketing through social networks is cheap and even free, hence reduces selling cost for banks  Then, design official website friendly and communicatively Bank’s official website is a crucial information delivery channel for effective marketing For the reason, the site ought to be designed friendly and communicatively to provide sufficient and updated information to customers It will be unwise if the banks’ websites contain out-of-date information Moreover, any facilities of products or the procedures of adopting any banking services should be uploaded on the banks’ Dao Thi Ngoc Mai 39 ATC A – K11 Graduation Thesis Banking Academy websites Imagine the customers’ annoyance when they wish to know the charge of using an online banking product, say Mobile banking but they are informed to contact the nearest bank branch for more details! In addition to that, much information about the services of numerous banks is still written in Vietnamese only, and not available in English This means, those who gain access to banks’ websites with English interface may skip some convenient services As a result, it is necessary for the sites to be available with both Vietnamese and English, which makes it more convenient for domestic as well as foreign customers  Improve the customer service quality Improving the E-banking service quality is regarded as one of the primary mission so that banks can satisfy customers and create competitive and comparative advantages among other competitors Banks conduct the following tasks:  First, make full advantage of Call center The acceptance of customers towards E-banking is mainly dependent on the bank staff’s guidance through Call center Therefore, banks should necessarily develop Call center available 24 hours per day and days per week so that clients are able to call in whenever they are in need of the guidance of E-banking application  Second, establish customer policy Preferable policies need be designed for maintaining VIP customers Banks can encourage VIPs to use E-banking by accumulating marks for each online transaction In addition, teams of marketing staff are formed to service customers better The tasks of these teams include tracing client’s information and giving guidance to customers for choosing E-banking services  Third, be a good listener That banks are always the listeners to the complaints of their customers decides whether customers keep close relationship with the banks or not By dealing the Dao Thi Ngoc Mai 40 ATC A – K11 Graduation Thesis Banking Academy complaints, banks can manage the issues arising throughout the operation of Ebanking to adjust in time 4.2.2 Human resources In the setting of today’s economy, the knowledge and human is the vital resources; nations, hence, always focus on mobilizing and utilizing the human sources  Enhance the bank staff’s capability Like staff in any banking operation, bankers in the department of E-banking service must be professional, active, and enthusiastic To increase the professional knowledge, bank staff should experience the training programs in which the updated information and latest technology are introduced Moreover, soft skills such as communication, situation settlement, and negotiation skills need being acquired by bank clerks in order that they can gain maximum satisfaction of customers The fact shows that bank staff with professional knowledge and soft skills could help banks maintain current customers and attract more new ones  Design preferable policy for staff Banks today fight the battle not only for attracting profitable customers but for retaining capable staffs as well Therefore, banks can recruit the potential candidates in the labor market by: - Establishing the business culture which is typical of each bank Good business culture can ensure the attraction of potential candidates - Holding job affairs to employ the excellent graduates from universities For the skilled staff, banks award for their donation to the growth of company by paying salary deserved with their dedication, or by promoting them to a higher position in the organization Dao Thi Ngoc Mai 41 ATC A – K11 Graduation Thesis Banking Academy 4.2.3 Technology and infrastructure Investing in information technology is one of the central issues that banks have to concentrate when providing E-banking service Because of the insufficiency of ATMs for consumers’ demand of cash withdrawal and the restrictions on the Internet connection speed and mobile phone network, it is advisable that banks continuously improve the infrastructure and technology to enhance the efficiency of E-banking operation The tasks requiring the banks’ performance include: - Making more ATMs available throughout the country, particularly in the urban areas to meet the need of consumers - Continuing to maintain and upgrade the ATMs, as faulty ATMs give bank a bad reputation and negative brand image - Joining the associations of card issuance such as Banknetvn, Smartlink, VNBC, Visa, MasterCard, etc to cut the transaction cost and make it more convenient for cardholders to make payment by card - Applying the high-speed Internet link to increase the speed of information remittance, thus clients are free from network jam when using Internet banking - Associating with mobile phone operators like Viettel or VNPT to reduce the fees of adopting SMS and Mobile banking services, attracting more customers to absorb such services 4.2.4 Security Guaranteeing the safety of E-banking is another strategy for banks to achieve, in which Internet and ATM network securities are among the top issues to be closely managed  Reinforce Internet security The more the economy develops, the more Net crimes are involved; whereas the business environment constantly changes For such reasons, privacy system of Ebanking is at the right time to be enhanced So banks should: Dao Thi Ngoc Mai 42 ATC A – K11 Graduation Thesis Banking Academy - Constantly apply and innovate the advanced technology - Recruit the information technology engineers skilled at security issue - Gain the experience of internet security management from the foreign strategic partner - Take the advice from foreign experts, etc Banks’ focus on security issue such as a secured network will gain belief of customers, hence attracting more clients to adopt E-banking services  Ensure ATM network safety As mentioned in the previous chapter, the ATM safety issue has not taken reasonable care by most Vietnamese commercial banks, thus stricter control should be imposed by - Issuing chip cards in lieu of normally magnetic cards to prevent the unauthorized data copy of criminals - Setting up cameras at ATM kiosks to identify robbers or hackers - Installing anti-theft system at ATM booths so that the frauds can be timely detected, which guarantees the 24/7 operation of ATMs 4.3 Summary This chapter majorly gave the missions and targets for the E-banking strategic planning and suggested the strategies for the growth of E-banking service First, three missions and three targets were stated based on the policy of Vietnamese government Second, we discussed the key strategies for electronic banking, including the strategies of products and services, human resources, technology, and security Those are the plans banks should properly perform to increase the customer perceptions towards Ebanking services Dao Thi Ngoc Mai 43 ATC A – K11 Graduation Thesis Banking Academy Chapter RECOMMENDATIONS The Government and SBV play important roles in the development of electronic banking by giving the missions and targets, establishing the legal infrastructure, as well as introducing the development policies This chapter is to make recommendations to the Government and the SBV so that they can enhance the leading parts in encouraging consumers to adopt E-banking services 5.1 To the Government  Perfect the legal framework The previous chapter discussed the legal framework of E-banking; however, such regulations need supplementing and completing to match the changes in the social and economic context In addition to supplementing the current legal framework, the Government needs to promulgate regulations on the responsibilities of organizations providing electronic payment services, as well as those of the adopters of electronic payment services Furthermore, the regulations for security, prevention, and handling of laws violations in the operation of electronic banking must be enacted as soon as possible Many Vietnamese people are unwilling to make payment electrically since a small charge is usually involved For this reason, the Government should promulgate appropriate policies on payment service charges to encourage organizations and individuals to make payment through electronic channels Several recommendatory policies consist of prescribing charge rate for some cash payment transactions, reducing the charge rate of electronic transactions from one bank to other banks, etc  Improve technology infrastructure Dao Thi Ngoc Mai 44 ATC A – K11 Graduation Thesis Banking Academy Developing technology infrastructure to modernize banking services is not only the issue calling for close management by banks but also by the Government Therefore, the leaders should focus on this matter, making the country trace the regional and worldwide nations in term of banking technology For the growth of electronic banking, the Government should issue policies to encourage banks to invest in modern machinery system by reducing the import tariff of such machines since few devices facilitating E-banking have been produced within the country  Create and maintain stable economic and social environment Firm economic and social environment is a solid foundation for every development in any arenas of the nation, and E-banking is not the exception Once economic and social conditions are stabilized, the living standard of people will be improved, making consumers approach modern payment technology E-banking thus can achieve a higher growth To obtain the stability of economy, the Government should adopt the deliberate economic policies by combining the monetary and fiscal policies in harmonious way Healthy economic environment will guarantee the social order, increasing the need of consumers for modern banking services  Develop educational system The development of educational system is directly relevant to the human factor, which requires the orientation of the Government to create skilled labors meeting the need for the economic development University graduates will be a major working force in the banking sector They are skilled and active; hence they could keep track of the advanced technology applied in modern banking services Therefore, it is advisable that the Government and universities introduce the subjects related to E-commerce, electronic payment, and information technology to the educational programs Dao Thi Ngoc Mai 45 ATC A – K11 Graduation Thesis Banking Academy In brief, the policies of the government are important orientations in any economic and social segments Once the Government passes the favorable policies for banks to offer electronic banking, this service will be assured for a further growth 5.2 To the State Bank of Vietnam (SBV)  Develop the infrastructure of payment technology The application of innovative and new technology can boost the growth of electronic banking services in Vietnam Therefore, developing the infrastructure of payment technology is one of the focuses demanding for the stringent control by SBV To increase the trading value and volume of payment at the card accepting places, it is essential that SBV improve and enlarge the network of card acceptance by enhancing the installments of card accepting devices at restaurants, hotel, shopping malls, and retail outlets, etc Moreover, SBV should complete the connection of the card payment system throughout the nation, promoting the ability of mutual card acceptance among commercial banks To strengthen the using of online banking services, SBV is expected to conduct the commercial banks to continuously apply advanced technology to increase the accessibility to the banks’ website, and to speed up the information transfer, allowing customers easily visit banking services through the Internet and mobile phone  Establish a secured network Having stated in the third chapter, security is a main issue asking for tight management from both commercial banks and the SBV When unauthorized access to the Internet system is creasing, what banks should to guarantee the Net security and customer’s personal information is a problem in need of being solved adequately With an aim to ensure that financial transactions are conducted safely through the Internet, the leaders of the SBV should instruct commercial banks to enhance the Internet management, apply modern security devices, establish a system of security, as well as co-operate with Internet security centers throughout the nation Dao Thi Ngoc Mai 46 ATC A – K11 Graduation Thesis Banking Academy With an objective to increase the smooth operation of ATMs and card acceptance network, the SBV should conduct the relevant organizations to perform quality testing for ATMs and card accepting services; plan to develop chip cards that is in accord with the international standard of security to substitute for currently magnetic cards  Encourage commercial banks to expand E-banking services It is essential that E-banking services be pushed by the leaders of the banking segment The SBV can achieve this by making favorable conditions for banks to attract larger customer base for adopting new banking services For example, the SBV can expand credit to encourage consumers to make more payment by credit card, making the habit of using card as a daily method of transactions In addition, the SBV regularly holds the workshops for banks to exchange the experience in electronic banking and solve the problems concerning the operation of electronic transactions  Perform the policies for consumers and enterprises For consumers, to promote the growth of electronic banking, the SBV leaders should organize the propagandas and dissemination of knowledge on electronic payment with the appropriate forms on the mass media, enhancing the consumers’ perception towards electronic banking services As to the retail enterprises, the SBV can develop and apply the forms of emulation and reward for their contributing to the application of electronic payment system The SBV should propose to the Government to reduce the income tax for the revenues from the operation of electronic payment, encouraging the enterprise to participate in non-cash payment methods  Promote international cooperation International cooperation will facilitate the application of latest technology, as well as the intake of consulting, experience and finance necessary from foreign partners, boosting the development electronic banking services The international cooperation includes: Dao Thi Ngoc Mai 47 ATC A – K11 Graduation Thesis Banking Academy - Enhancing cooperation, mobilization of institutions of finance, international currency to support Vietnam in quick construction and growth of electronic payment system - Strengthening cooperation with the international card organizations such as VISA, MasterCard, American Express, etc., as well as the payment institutions in the region and around the world to learn experience and trace the tendency of electronic banking services for effective applications in Vietnam 5.3 Summary With an aim to support the growth of electronic banking in Vietnam, the present chapter offered recommendations to both the Government and the State Bank of Vietnam to manage and enhance the efficiency of electronic transaction operations The recommendations concern the issues of many aspects, including technology infrastructure, educational system, encouragement policy, network security, etc Dao Thi Ngoc Mai 48 ATC A – K11 Graduation Thesis Banking Academy Chapter CONCLUSION Electronic banking is a type of payment service with the predominance over traditional ones This service brings benefits for banks as well as consumers In the stage of advanced technology, the growth of E-banking significantly affects the development of the banking segment E-banking environment in Vietnam has its own strengths and weaknesses as well as opportunities and threats In spite of the limitations and challenges that banks have to face when offering E-banking, Vietnamese business environment has a huge potential for developing this type of service Based on an overview of the background of Ebanking as well as the theories of SWOT analysis and strategic planning, the thesis then gave assessments on the strengths and weaknesses, vis-à-vis the opportunities and threats when E-banking services are available in Vietnam Hence, the first research question to be answered was “How is E-banking environment in Vietnam assessed?” The study continued to respond to the second question “What kinds of strategies should be formulated for the development of E-baking?” by suggesting the key strategies for the growth of electronic banking, which could aid the banks in the plan of providing the service and make a contribution to the research of law makers For the completion of the study, some recommendations were addressed to the Government and the State Bank of Vietnam as a donation to the management policies on electronic banking services Dao Thi Ngoc Mai 49 ATC A – K11 Graduation Thesis Banking Academy BIBLIOGRAPHIES Reference materials in Vietnamese Bùi Gia Tuân (2012) Thị trường thẻ Ngân hàng toán điện tử Việt Nam [online] Vizum Hanoi Available from: 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