Factors Affecting Individual Customers' Decision To Deposit Savings At Vietnam Joint Stock Commercial Bank For Industry And Trade - Saigon South Branch.pdf

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INTRODUCTION TO THE RESEARCH TOPIC

Reasons for choosing the topic

In recent years, the economy has been growing rapidly, offering numerous opportunities for domestic integration and socio-economic development However, the impact of the changes in the growth rate of the economy have led to various negative consequences, particularly affecting the Financial - Banking sector worldwide, with Vietnam being no exception One of the most pressing issues is mobilizing capital from individual customers for Commercial Banks in Vietnam, which is facing certain difficulties Therefore, mobilizing capital from this customer group has become a challenging task for all Commercial Banks in Vietnam today

Capital mobilization is a fundamental activity of banks and a prerequisite resource for banks to carry out other business activities To obtain this capital, banks need to engage in capital mobilization activities, with savings deposit mobilization playing a particularly important role However, the mobilization of savings deposits by banks is currently facing many difficulties, such as fierce competition from other entities in the economy also engaging in savings deposit mobilization activities Furthermore, commercial banks themselves face certain limitations due to technological improvements, investment in technology to create convenience for customers, and having well-trained personnel with good skills and attentive service attitudes, which have somewhat affected their ability to attract capital (Doãn Thu Hà, 2016; Trinh Thế Cường, 2018) Therefore, understanding the factors influencing the mobilization of savings deposits is always a challenge for commercial banks

Therefore, to improve operational efficiency, enhance competitiveness, and ensure a healthy financial situation, researching, analyzing, and evaluating the factors influencing customers' decisions to deposit savings is extremely necessary From there, proposing solutions to enhance capital mobilization through savings deposits at commercial banks is a practical issue of significance There are quite a few research works both domestically and internationally related to these factors, such as:

Margaretha Sartien K.*, Yefta Sanam, Ronald E Renoat (2021), Getaneh Yenealem Ayene, (2020), Đào Lê Kiều Oanh, Đỗ Thúy Quỳnh (2023), etc However, studies conducted during the period 2023 - 2024 and related to the impact of the COVID-19 pandemic are quite limited It can be argued that up to now, there has been no related research conducted at Vietnam Joint Stock Commercial Bank for Industry and Trade

- Saigon South Branch to assess the factors influencing customers' decisions to deposit savings

Based on these observations, the author has chosen the research topic: “FACTORS AFFECTING INDIVIDUAL CUSTOMERS' DECISION TO DEPOSIT SAVINGS

AT VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - SAIGON SOUTH BRANCH" to provide managerial implications for managers at Vietnam Joint Stock Commercial Bank for Industry and Trade - Saigon South Branch to increase capital from savings deposits and enhance the efficiency of capital mobilization for Vietinbank – Saigon South Branch.

Significance of the research topic

Vietinbank is one of the four largest state-owned commercial banks in Vietnam (Vietnamese Law Library (n.d.) Top 4 largest state-owned commercial banks in Vietnam) Vietinbank has continuously leveraged its strengths in the currency business sector while effectively implementing its business strategies However, with increasing competition in recent times, mobilizing capital through deposits is no longer an easy task for the bank

Currently, the competitive landscape for Vietinbank - Saigon South Branch is becoming more intense, ranging from competition in loan products and services to competition in deposit mobilization Additionally, in this area, there are numerous credit institutions, specifically 25-30 organizations according to information from the State Bank of Vietnam, including joint-stock commercial banks, joint-venture banks, financial companies, people's credit funds, competing with each other and continually expanding their networks, developing services, and improving product quality to attract more customers

To achieve successful and sustainable growth in today's competitive environment, Vietinbank - Saigon South Branch needs to study the factors influencing customers' decisions to choose a bank to deposit savings This will help the bank develop capital mobilization strategies, focus on essential issues, and proactively attract potential customers.

Research objectives

The research objective of the project is to identify and quantify the factors influencing individual customers' decisions to deposit savings at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VietinBank) - Saigon South Branch Subsequently, the study proposes management implications aimed at enhancing the effectiveness of mobilizing funds from individual customers at VietinBank - Saigon South Branch

The study aims to address the following specific objectives:

• Identify and quantify the impact of factors influencing customers' decisions to deposit money at VietinBank - Saigon South Branch

• Propose management implications to enhance the effectiveness of fund mobilization, and policies to attract depositors at VietinBank - Saigon South Branch, with the goal of improving the efficiency of mobilizing funds from individual customers at VietinBank - Saigon South Branch.

Research question

To address the research objectives, the thesis will focus on answering the following research questions:

• Which factors influence individual customers' decisions to deposit money at VietinBank - Saigon South Branch? What is the extent of influence of these factors?

• What are the key policy implications proposed to attract individual depositors, contributing to enhancing the efficiency of fund mobilization from individual customers at VietinBank - Saigon South Branch?

Subject and scope of the study

The research focuses on "The factors affecting individual customers' decisions to deposit money at VietinBank - Saigon South Branch.”

Survey Subjects: Individual customers who currently have or have had savings deposits at VietinBank - Saigon South Branch

Scope of space research: The Saigon South Branch of VietinBank, a joint-stock commercial bank, located in Ho Chi Minh City

Scope of time research: The study was conducted based on data collected in the period from January 2024 to March 2024

Contribution

This study has identified and evaluated the impact of various factors influencing the decision of individual customers to deposit savings The research results have revealed the factors influencing the current situation at the Saigon South Branch of VietinBank Based on the reality and research findings of these influencing factors, the author proposes managerial implications to develop plans and strategies to attract and retain customers depositing savings at the Saigon South Branch of VietinBank.

Research method

The author employed both qualitative and quantitative methods in conducting the research

Qualitative method: Conducting in-depth interviews and discussions with experts in the banking and technology fields From these interactions, the author adjusted and supplemented the observed variables used to measure the research concepts, aiming to refine the construction of the survey questionnaire

Quantitative method: Analyzing data collected from formal surveys of individual customers depositing savings at VietinBank - Saigon South Branch and processing the data using SPSS 22.0 software Specifically:

• Preliminary evaluation of the measurement scale and reliability of the measurement variables using Cronbach's Alpha coefficient and factor loading

• Conducting Exploratory Factor Analysis (EFA) to identify factors representing observed variables influencing the decision of individual customers to deposit savings at VietinBank - Saigon South Branch

• Employing regression analysis techniques to test research hypotheses regarding the influence of factors affecting the decision of individual customers to deposit savings at VietinBank - Saigon South Branch.

Structure of reseach

Chapter 1: Introduction to the research topic

This chapter provides an overview of the research paper, covering the following contents: reasons for selecting the topic; research problem; objectives of the study; research questions; object and scope of the study; significance of the research; and structure of the research paper.

LITERATURE REVIEW

Basic concept overview

Capital mobilization activities are crucial for commercial banks, involving the acquisition and management of funds from customers through various deposit schemes The existence of all commercial banks heavily relies on capital mobilization since it is a primary activity for them (S.B Adem, 2015)

According to Trinh Thế Cường (2018), the concept of capital mobilization can be approached from different perspectives From a management standpoint, it entails planning, organizing, directing, and controlling contractual activities to achieve set goals From an operational perspective, it involves applying various methods and tools to execute monetary contracts within the economy In a broader sense, capital mobilization by commercial banks involves planning, selecting methods, and utilizing various tools to concentrate monetary resources within the economy, as well as organizing, directing, and controlling capital mobilization activities to achieve predetermined goals

According to Article 13 of the Law on Credit Institutions 2010, capital mobilization, also referred to as deposit-taking activities, is defined as follows: "Receipt of deposits is the activity of receiving funds from organizations, individuals in the form of demand deposits, time deposits, savings deposits, issuance of deposit certificates, bills of exchange, promissory notes, and other forms of deposit-taking according to the principle of full repayment of principal and interest to depositors as agreed."

Thus, contractual activities at commercial banks involve receiving funds from organizations, individuals in various forms such as demand deposits, time deposits, savings deposits, issuance of deposit certificates, bills of exchange, promissory notes, and other forms, with the principle of full repayment of principal and interest to depositors as agreed

It is evident from the above that the importance of this source of capital is paramount Therefore, commercial banks need to formulate competitive capital mobilization policies to attract idle funds within the economy Banks need to adhere to basic principles in capital mobilization activities to promote capital growth and utilize funds most effectively

According to Phan Thi Thu Ha (2013), savings deposits are generally considered a type of bank deposit Depositors have various reasons and needs when depositing money into banks In terms of purpose, bank deposits can be categorized into two types: transactional deposits and savings deposits As for the purpose of consumers, savings deposits are primarily intended for saving This means that this is a certain amount of money set aside for savings or investment, rather than for spending or personal payments Depositors typically expect to earn a return from these savings deposits

According to Ngô Diệu Thúy (2022) each with its own characteristics

Table 2.1: The Characteristics of Different Types of Deposits

Customers deposit savings without specifying a fixed term

✓ Interest Rate: Typically low and calculated based on the end-of- day balance

✓ Deposit Term: No fixed term specified

✓ Interest Payment Method: Interest can be paid periodically or upon withdrawal

✓ Early Withdrawal: Customers can withdraw funds at any time

✓ Minimum Deposit Amount: Typically 50,000 VND

✓ Value of Passbook: The passbook holds value as collateral

✓ Applicable Currencies: VND and USD

Customers deposit savings with specified terms

✓ Interest Rate: Generally higher than non-fixed-term deposits

✓ Deposit Term: Flexible, ranging from weeks to years

✓ Interest Payment Method: Interest can be paid upfront, periodically, or at maturity

✓ Early Withdrawal: Customers can still terminate the deposit early and receive non-fixed-term interest rates

✓ Value of Passbook: The passbook holds value as collateral

Depositors enjoy progressively increasing interest rates based on deposit amounts determined by each bank

✓ Competitive Interest Rate: Rates vary based on the deposit term and amount

✓ Flexible Withdrawals: Depositors can withdraw funds according to their needs without time constraints

✓ Convenient Procedures: Various deposit and withdrawal methods available

✓ Interest Payment Period: Interest can be paid per period or at the end, as requested by customers

Depositors make regular monthly deposits and earn interest according to the bank's specified terms

✓ Competitive Interest Rate: Each bank sets its own competitive interest rate for this type of savings

✓ Minimum Deposit Amount: Typically 100,000 VND per deposit

✓ Flexible Deposit Methods: Cash deposits, electronic transfers, ATM deposits, and automatic deductions from payment accounts are available

✓ Can be Used as Collateral:

Deposits can be used as collateral for bank loans

This type of fixed-term savings offers interest rates that fluctuate based on market trends or the central bank's basic interest rate

✓ Interest Adjustment: If market rates rise, depositors' interest rates increase accordingly Conversely, if rates decrease, the bank will maintain a basic interest rate to ensure depositors are not significantly disadvantaged

Deposits can be made directly at bank branches or online if the bank supports online savings accounts

Depositors can choose to receive interest monthly, quarterly, or annually according to their preferences

✓ Safety Measures: Many banks offer deposit insurance services for customer security

2.1.2.2 The role of savings deposits

Table 2.2: The role of savings deposits

For customers For bank For the economy

✓ It serves as a safe investment channel for customers In addition to enhancing the personal financial value of customers, savings deposits through the banking system always enjoy a certain level of insurance, providing safety and peace of mind for customers

✓ It mobilizes idle funds from society to aggregate into a large capital source to serve the bank's business activities

✓ Savings deposits help the bank increase liquidity and effectively manage capital

✓ Savings deposits provide a source of capital input while also being available for capital output to contribute to the economic development

✓ The banking system allocates mobilized capital through important investment projects of the country, government bond investments, and other

✓ It helps customers easily access other banking services, such as loans

Customers can use their deposits as collateral to receive better interest rates capital sources, helping the bank minimize financial risks major projects, contributing to the development of Vietnam's economy

✓ They establish a safe legal framework for the economy

Consumer Behavior Theory

There are various definitions of consumer behavior After researching the literature, the author has synthesized the common knowledge about consumer behavior as follows:

According to Micheal (2006): "Consumer behavior is a process that allows an individual or a group of people to select, purchase, use, or dispose of a product/service, based on their accumulated or experiential thoughts, to satisfy their needs or desires." Wayne et al (2013) state: "Consumer behavior is understood as a series of decisions about what to buy, why, when, how, where, how much, and how often Thus, each individual or group of consumers must make decisions over time about choosing to use products, services, ideas, or activities." According to Kardes et al (2002): "Consumer behavior is the study of human reactions to products and services, as well as marketing approaches to products and services." Schiffman et al (2002) suggest: "Consumer behavior encompasses the actions consumers take in research, purchase, usage, and evaluation of products and services, as well as the opinions they expect will satisfy their needs." James et al (2005) argue: "Consumer behavior is all activities directly related to the process of searching, collecting, purchasing, owning, using, and disposing of products/services It includes decision- making processes that occur before, during, and after those actions"

2.2.2 Customer Banking Purchase Process Model

The purchase decision process is a series of stages that consumers go through in deciding to purchase a product or service, as researched by various authors such as Philip Kotler, Solomon Michael, Trịnh Quốc Trung, etc Two purchase decision process models have been proposed:

Figure 2.1: Customer Banking Purchase Process Model

Source: Philip Kotler, 2004, Basic Marketing

Figure 2.2: The process of selection, utilization, evaluation of banking services

Source: Tran Hoang Mai, Nguyen Van Sau, Trinh Quoc Trung, 2008

When customers have a need for banking transactions, after expressing that need, they will receive advice from relatives, friends, etc., on choosing a bank to deposit their savings After selecting a bank they trust, customers will approach the bank's deposit process and go through the steps in that process

Customer satisfaction is based on their subjective evaluations or judgments formed from their understanding of a product or service It is a psychological feeling after the customer's needs are met Customer satisfaction is built on accumulated experiences, especially during shopping and using products or services After purchasing and using a product, customers will compare reality with expectations to assess whether they are satisfied or dissatisfied

Requesting services from chosen provider

Service quality is the bank's capacity, supplied and manifested through the level of satisfaction with the needs and desires of the target customers The quality of banking services is perceived by customers rather than determined by the bank The quality of banking services reflects their suitability with the needs and desires of the target customers

When customers have a need for banking transactions, they will go through a buying process aimed at a specific product For banking products, there is a specific buying process with the following stages:

When customers have some spare money, they stand before the choice of ensuring the safety of their money, avoiding risks, earning interest, and facilitating shopping or business activities Psychological factors, changes in financial situations, and external stimuli significantly influence customers' decisions

When customers have a need for a product, they often seek a large amount of information because they are concerned about the risks and benefits The information they search for includes personal sources, online sources, public information, and their own experiences Personal and experiential sources are more reliable and significantly influence customers Therefore, banks need to focus on these sources

In addition, information from advertisements and bank branding is also of interest to customers and is easily found in today's technological age."Evaluation and selection" stage:

After identifying the need for a product, customers will evaluate the product based on their perceptions and basic selection criteria Key factors include product attributes, brand, and expected attributes Product selection is heavily influenced by customer trust and their expectations

The purchase of banking services can also change from the initial decision depending on the opinions of others and situational factors After careful consideration, customers make the decision to purchase the product

After purchase, customers will question whether their purchase decision was correct, feel satisfied or dissatisfied with the banking service, and provide evaluations of the banking service They will assess whether their initial expectations were met and whether they will continue to use the service in the future Banking services are sensitive and entail various risks, so customers tend to choose banks that they believe meet their expectations

2.3 Factors Affecting Individual Customers' Savings Deposit Decisions at

• Brand and Reputation of the Bank

Commercial banks are known for their backbone activities of borrowing and lending This implies that a commercial bank can only operate if customers trust in depositing their money with the bank and establishing transactional relationships, as mentioned by Dao Hong Ngoc (2016) A good bank brand signifies trustworthiness, which customers rely on Building a good brand doesn't happen overnight; commercial banks need time to establish it According to Ha Nam Khanh Giao and colleagues (2014), a brand is formed over time through experiences with various factors such as product quality, services, financial capacity, etc., that the commercial bank promises to the market Therefore, commercial banks need to focus on building their own brand, apart from asserting their position and credibility in the market It's essential to establish a vision, mission, goals, and a unified brand identity system for the bank, branch, develop brand management regulations, and establish a graphic department for communication and brand identity content

Vietinbank's brand is positioned as a leading entity in the Vietnamese banking system, with the largest capital and total assets, commanding a large market share and maintaining stability Over its more than 35 years of operation and development, Vietinbank has increasingly asserted its brand strength through continuous appearances in international rankings, affirming its position in Vietnam and readiness for international integration Specifically, in 2015, Vietinbank was ranked first in the banking sector in Vietnam in terms of brand and among the top 500 largest brands globally; top 2000 largest companies ranked by Forbes according to VietinBank (2015) Awards On May 3, 2017, Vietinbank launched a new brand identity Furthermore, VietinBank was honored to receive the "Outstanding Retail Bank 2021" award for the second consecutive time according to VietinBank's sources (2017) Awards In 2022, credit rating organizations Moody's and Fitch Ratings continued to upgrade VietinBank's credit ratings VietinBank's credit rating was upgraded by Fitch Ratings from BB- to BB with a positive outlook; Moody's upgraded VietinBank's credit rating by one notch from B2 to B1 with a "Stable" outlook These positive evaluations have enhanced the bank's position and credibility, supporting VietinBank's access to capital from credit institutions both domestically and internationally in the future In 2022, VietinBank was once again honored by The Asian Banker as the Best SME Bank in Vietnam according to VietinBank's sources (2022) Awards In 2023, for the eighth consecutive year, VietinBank was recognized by Global Banking & Finance Review magazine as the "Best Retail Bank in Vietnam" according to VietinBank's sources (2023) Awards VietinBank is one of the most modern and efficiently operating banks in Vietnam, catering to various customer segments, especially SMEs Vietinbank aims to increase its brand value from being a bank with strengths in the corporate customer segment to becoming a leading bank in both corporate and retail segments, a development focusing on payment services

As a branch under the Vietinbank system, Vietinbank - Saigon South Branch not only inherits brand values but also creates its own brand values in Ho Chi Minh City during its operation Vietinbank - Saigon South Branch also plans to organize activities and maintain promotional communication activities for its brand, products, and services Specifically, activities include promoting card and payroll payment services at administrative agencies, enterprises, and distributing leaflets for deposit promotion programs by region However, these activities are not regularly and diversely organized; the scale is small, usually organized at customer service branches or retail departments, hence the effectiveness achieved is not as expected (Source: Vietinbank

- Saigon South Branch internal report)

Human resources are one of the decisive factors for a bank, as stated by Vu Van Thuc (2015), in determining the competitiveness of commercial banks in a market economy The quality of human resources is demonstrated by two main criteria: ethical qualities and managerial competence of both the management team and employees

To develop banking products in general and mobilize capital in particular, certain conditions regarding specialized and suitable human resources are required Competent human resources not only master the network and technology but also determine the improvement of networks, technologies, processes, etc Moreover, they play a crucial role in establishing and maintaining strong relationships with customers A commercial bank can only achieve sustainable development if it has a customer base that determines its competitiveness in the market economy The quality of human resources is demonstrated by two main criteria: ethical qualities and managerial competence of both the management team and employees

At Vietinbank - Saigon South Branch, the majority of employees in the business transaction department with customers are young and dynamic, aged between 22 and

30, Vietinbank's uniform is a blue shirt paired with trousers or a professional dress, presenting a professional image and creating a reliable impression on customers

However, the uniform design has not created a distinct image compared to other banks, failing to impress customers

An overview of previous studies

According to Le Duc Thuy and Pham Thu Hang (2017), in the current context of fierce competition, managing and developing capital funds plays a crucial role For commercial banks, effectively attracting and managing capital funds from enterprises always plays an important role Based on the analysis of a sample of 272 enterprises through surveys at banks in Hanoi, the research results have identified factors influencing the quality of deposit services into commercial banks by enterprises, including: (1) Financial benefits; (2) Products; (3) Quality of customer service; (4) Transaction convenience; (5) Bank image; (6) Deposit safety Among these, the factor of Deposit safety has the strongest impact on the deposit decisions of enterprises in Hanoi

Le Thi Vien (2018) conducted research on the factors influencing capital mobilization, analyzing and evaluating the current situation, and proposing specific solutions and implementation plans to enhance the influence of positive factors to improve capital mobilization activities at Vietinbank Phu Yen The results of quantitative analysis and situational analysis at Vietinbank Phu Yen have shown that the factors positively affecting deposit mobilization activities at Vietinbank Phu Yen, in decreasing order, are: employees, economic development factors, operational network, infrastructure and information technology system, brand, deposit interest rates, and promotions Economic development factors and bank staff significantly impact deposit mobilization activities at Vietinbank Phu Yen, while deposit products and customer factors have less impact Proposed solutions target these factors and their appropriate levels of impact to provide efficiency and avoid wasting resources on factors that have little or no impact on deposit mobilization

Tran Thi Viet Hang (2019) analyzed and evaluated the situation of capital mobilization at the Vietnam Bank for Agriculture and Rural Development - Quang Binh Branch The results showed that the capital mobilization situation mainly consists of traditional mobilization products, where customers' purpose is to earn interest rates The bank's brand and reputation are among the decisive factors for capital mobilization into the bank However, the author's research only provided basic information about capital mobilization, its characteristics, and the role of capital mobilization without studying the target of capital mobilization at the bank

In a study on the impact of factors influencing individual customers' savings decisions, Ha Nam Khanh Giao et al (2020) conducted an experimental study on a sample of 1,500 individuals at Vietnamese commercial banks They focused on aspects such as bank brand, savings interest rates, convenience, service quality, and promotional policies The research provided a detailed and comprehensive perspective, using this model as a basis for personal views, specific economic conditions in Vietnam, and the operations of commercial banks

According to Quan Minh Nhut and Diep My Thu (2022), with the topic "Factors influencing individual customers' savings decisions at the Vietnam Import Export Commercial Joint Stock Bank - Can Tho Branch - Cai Rang Transaction Office," the group of authors based on qualitative and quantitative research, constructed a research model comprising 7 factors with 155 research samples: Reputation and brand, Financial benefits, Convenience, Marketing methods, Influence from relationships, Service diversity, Staff team The final results showed that 05 factors influence individual customers' savings decisions at Eximbank Cai Rang, including: Marketing methods, Convenience, Financial benefits, Influence from relationships, Reputation and brand

Nguyen Thi Thu Thao (2023) conducted a study titled "Solutions to enhance the efficiency of capital mobilization at the Vietnam Bank for Agriculture and Rural Development - Vinh Long Branch." Through this study, the author analyzed and evaluated the capital mobilization situation at the Vietnam Bank for Agriculture and Rural Development - Vinh Long Branch from 2017 to 2021 The author used both qualitative and quantitative methods with 130 observed variables and proposed 4 factors: Deposit products, Interest rates, Brand, Services The author proposed solutions to enhance the efficiency of capital mobilization at the Vietnam Bank for Agriculture and Rural Development - Vinh Long Branch, including improving service quality, the bank's policies, strengthening marketing activities, and applying technology in developing bank products and services

Dao Le Kieu Oanh and Do Thuy Quynh (2023), in their study "Factors influencing savings decisions of enterprises at the Joint Stock Commercial Bank for Investment and Development of Vietnam - Vung Tau Branch - Con Dao," conducted a thesis with the goal of systematizing theoretical basis, research direction, theoretical framework, and expert method, carried out with a sample size N = 15 Applying quantitative methods, through structured interview questionnaires, complex closed questions, using Likert scales, the study targeted enterprises depositing savings with a sample size N = 250, The research results identified 06 factors positively influencing the savings decisions of enterprises at BIDV Vung Tau - Con Dao, ranked in decreasing order: "Financial benefits of deposits," "Deposit safety," "Savings deposit services," "Bank staff," "Influence of acquaintances," and "Brand reputation." Among these, the factor with the greatest influence is "Financial benefits of deposits," while the factor with the lowest influence is "Brand reputation."

In conclusion, studies on customer choices and behaviors regarding commercial banks have clarified the important factors influencing customer decisions Among these, bank reputation, service range, and convenience have been identified as crucial factors when customers choose banks to transact with In particular, research has shown that customers care about the quality of bank services and customer service attitude, as well as the level of convenience and flexibility in transactions

In the study conducted by Lakstutiene and Naraskeviciute (2012) on bank selection motives, the author performed quantitative analysis using a system of documentation, comparative analysis, and deductive logic based on data collected from 328 individual customers The research results showed that customers are typically concerned about the bank's reputation, deposit rates, service range, and convenience when choosing a bank The study also identified key factors causing dissatisfaction among customers, including high fees, large fee amounts, high loan interest rates, low deposit interest rates, and system errors or malfunctions in E-banking

Tehulu and Wondmagegna (2014) investigated the perception of Ethiopian people regarding bank selection decisions using a Binary Logistic model with data collected from a survey of 204 customers from 5 commercial banks in Bahir Dar city The study revealed factors influencing customers' bank selection decisions, including personal factors, bank technology, service quality, bank brand image, convenience, and marketing

Far and Zadeh (2016) studied the factors influencing capital mobilization at Maskan Bank in Iran in 2016 The research showed that there are 06 factors influencing the success of capital mobilization at this bank: information technology, human resource skills, product and service diversification, customer satisfaction, network utility, and branch convenience

Getaneh Yenealem Ayene (2020) aimed to identify the determinants of deposit mobilization in the case of Commercial Bank of Ethiopia Primary data was collected through the distribution of 238 valid questionnaires to selected customers of the bank, supplemented by secondary data to some extent Quantitative data analysis was processed using SPSS The study found that branch expansion, service diversification by the bank, customer information security, trust in the banking system, and savings habits were important variables influencing deposit mobilization Interest rates and inflation were also important macroeconomic factors affecting deposit mobilization Based on these findings, recommendations were forwarded

Hariyanto Hariyanto and Bariyyatin Nafi'ah (2022) investigated the impact of religion and service quality on the savings intention of Islamic banks for the Muslim community in East Java, Indonesia The study also aimed to explore whether gender, education level, Islamic education level, and geography influence the savings intention at Islamic banks This research used a positive approach and the Partial Least Squares Structural Equation Modeling (SEM-PLS) technique Convenience sampling was used, with a total of 100 respondents The results showed that religion does not influence the savings intention of the Muslim community, while service quality significantly affects the savings intention of the Muslim community in East Java, Indonesia This indicates that the better the service quality of Islamic banks, the higher the intention of saving among the people Education and Islamic education levels influence the savings intention at Islamic banks, while gender and geography have no effect

Meskerem Ayele (2024) aimed to investigate the factors influencing bank selection by customers at the Bank of Abyssinia The study particularly examined the impact of service fees, initial deposit requirements, interest rates, E-banking, ATM services, branch quantity, capital safety, customer-based services, and loan provision on customers' bank selection A total of 367 out of 384 customers of Abyssinia Bank were used as the sample for this study The findings showed a positive correlation between service fees, interest rates, E-banking, ATM services, branch quantity, capital safety, customer-based services, loan provision, and customers' bank selection Moreover, the study concluded that service fees, interest rates, E-banking, capital safety, customer-based services, and loan provision are crucial determinants in customers' bank selection The study also found that ATM services and branch quantity have no statistically significant influence on customers' bank selection

Overall, these studies have provided insights into customer decisions in bank selection and deposit mobilization Some challenges include high fees, high loan interest rates, low deposit interest rates, and system errors or malfunctions in E- banking, which can affect customer satisfaction and their decisions when choosing a bank

Author Research method Influencing factors and directions of influence Domestic research

Le Duc Thuy and Pham Qualitative & Quantitative Financial benefits (+);

Thu Hang (2017) method Product and customer service quality (+);

Transaction convenience (+); Bank image (+); Deposit safety (+)

Le Thi Vien (2018) Qualitative & Quantitative method

Employees (+), Economic development factors (+), Operational network, infrastructure (+), Information technology system (+), Brand (+), Product interest rate (+), and promotions (+)

Product (+), Interest rate (+), Brand (+), Bank reputation (+)

Ha Nam Khanh Giao and colleagues (2020)

Bank brand (+), Deposit interest rate (+),

Convenience (+), Service quality (+), and promotional policies (+)

Financial benefits (+), Influence of relationships, Trust, and brand (+)

Deposit products (+), Interest rates (+), Brand (+), Services (+)

Dao Le Kieu Oanh and

Financial benefits of deposits (+), Deposit safety (+), Savings deposit services (+), Bank employees (+), Influence of relatives (+), and Brand trustworthiness (+)

Bank reputation (+), Deposit interest rate (+), Service scope (+), and convenience in bank selection (+)

Personal factors (+), Banking technology (+), Service quality (+), Bank brand image (+),

Far và Zadeh (2016) Qualitative & Quantitative method

Technology (+), Human resource skills (+), Service product diversification (+),

Customer satisfaction (+), Convenience of banking network and branches (+)

Number of branches (+), Service diversity (+), Customer information security (+), Trust in the banking system (+), and savings habits (+), Interest rate (+) inflation (+)

Service quality (+), Financial capacity of the bank (+), Employee behavior (+), Bank reputation (+), Diverse services (+)

Meskerem Ayele (2024) Qualitative & Quantitative method

Service fees (+), Interest rates (+), E-banking (+), ATM banking (+), Number of branches (+), Capital safety (+),

Source: Compiled by the author

Research gap

Research conducted in Vietnam from 2017 to 2023 still has some limitations For studies by Le Duc Thuy and Pham Thu Hang (2017), Tran Thi Viet Hang (2019), Ha Nam Khanh Giao and colleagues (2020), Quan Minh Nhut and Diep My Thu (2022), and Nguyen Thi Thu Thao (2023), they did not delve deeply into the impact of the workforce on individual customers' decisions to deposit savings This situation is similar to other studies by Lakstutiene and Naraskeviciute (2012), Far and Zadeh (2016), Getaneh Yenealem Ayene (2020), and Meskerem Ayele (2024)

The workforce plays a crucial role in customers' decision-making processes when selecting savings deposit products, especially as these products become increasingly diverse and sophisticated, catering to various customer needs This factor not only assists in advising but also helps customers understand the benefits and rights associated with their product packages Additionally, the workforce must address any customer inquiries, complaints, or disputes, from the account opening process to the use of deposit services at the bank However, in studies by Dao Le Kieu Oanh and

Do Thuy Quynh (2023), there was less focus on the role of the workforce, typically concentrating on work attitudes without delving into working styles, professional competence, and advisory approaches This creates a gap in these studies by not emphasizing or evaluating the detailed impact of the workforce factor

Furthermore, domestic studies have not extensively considered Information Technology or Electronic Banking variables, particularly in the studies of Le Duc Thuy and Pham Thu Hang (2017), Tran Thi Viet Hang (2019), Ha Nam Khanh Giao and colleagues (2020), Quan Minh Nhut and Diep My Thu (2022), and Nguyen Thi Thu Thao (2023) Currently, the number of customers is increasing with diverse needs and forms Therefore, banks must invest in technology to serve customer management tasks In other words, the quality of deposit customer care activities will be contributed by information technology However, this issue has not been deeply researched in studies, as discussions about technology usually coincide with tangible asset investment Thus, this is identified as a research gap, which is an important factor that needs to be studied in Vietnam's banking digital transformation process

Presently, promotional policies or product diversity, considered as a type of advertising and a way to increase customer attraction, also contribute to banks' competitiveness in capital mobilization (Ha Nam Khanh Giao, 2020) Conversely, previous studies have not fully focused on and have not clearly elucidated how to clarify this factor, creating a gap in the impact of promotional policies in the banking industry

Related studies, both domestically and internationally, often conduct surveys on a large scale, encompassing the entire national banking system or a wide-ranging surveyed area with many banks However, this may reduce the accuracy of the survey Each savings deposit product at each bank, as well as the culture and target customers that the bank caters to, are different Therefore, there is a shortfall in evaluating each aspect in detail in the study Thus, in this study, the author limits the scope of the research at Vietinbank – Saigon South Branch to provide an overview and detailed evaluation.

Proposed research model

The author relies on the framework of Giao et al (2020) in the study "Factors influencing individual customers' decisions to deposit savings: Experimental evidence from Vietnamese commercial banks." The reason for this reliance is because the research was conducted in Vietnam and experimented with the banking system in Vietnam, thus aligning with the economic conditions and business environment of Vietinbank - Saigon South Branch After synthesizing the expected factors to be included in the research framework, this model will have six independent variables including bank reputation, physical facilities, products and service quality, deposit interest rates, staff, and legal regulations The dependent variable is the decision of individual customers to deposit savings at Vietinbank - Saigon South Branch

• QD represents the dependent variable indicating the decision of individual customers to deposit savings

- Legal regulations of the banking system

- Products and Quality of customer service

Legal regulation of the banking system Trademark Banker Infrastructure

Products and quality of customer service

Deciding to deposit savingss for individual customers at Vietinbank – Saigon South Branch H1+

QD = β1 * Deposit interest rate (LS)+ β2 * Legal regulations of the banking system (QDPL) + β3 * Trademark (TH)+ + β4 * Banker (NV) + β5 * Infrastructure (CSVC)+ + β6 *Products and quality of customer service (SPCL) + ɛi

"Customers, regardless of the amount they deposit, highly value attentive customer service, and any customer can potentially be a valuable customer" (Giao et al., 2020) Moreover, most customers are unaware of all banking products Therefore, they greatly benefit from enthusiastic advice and understanding of their needs from bank staff to facilitate product selection (Getaneh Yenealem Ayene, 2020) On the other hand, empathetic attitudes of staff help customers feel more secure during transactions and lead to referrals to other customers for more transactions (Hằng, 2019) Thus, the author proposed the following hypotheses:

H1: Deposit interest rate has a positive impact on individual customers' decisions to deposit savings at Vietinbank – Saigon South Branch

In every country worldwide, all activities of commercial banks, including deposit mobilization, are regulated by laws and supervised and managed by the State Bank Therefore, commercial banks must comply with legal regulations regarding documents, customer information security, and insurance to build customer trust (Getaneh Yenealem Ayene, 2020) Understandable procedures and processes make customers feel comfortable in transactions with banks (Oanh & Quỳnh, 2023) Hence, the author proposed the following hypothesis:

H2: The legal regulations of the banking system has a positive impact on individual customers' decisions to deposit savings at Vietinbank – Saigon South Branch

For a business organization, especially a bank, the brand or image of the bank is extremely important as it reflects the credibility and strength of the bank in the banking system (Giao et al., 2020) Additionally, the bank's brand represents all customer trust and thoughts about the bank's operations, promising activities to build trust with customers (Nhựt & Thu, 2022) The bank's brand is a crucial factor in customers' decision-making and motivation to transact with the bank (Hariyanto & Nafi'ah, 2022; Viễn, 2018; Thủy & Hằng, 2017) Therefore, the author proposed the following hypothesis:

H3: The trademark has a positive impact on individual customers' decisions to deposit savings at Vietinbank – Saigon South Branch

"Customers, regardless of the amount they deposit, all require attentive service, and any customer can potentially become a valuable one according to Hariyanto Hariyanto and Bariyyatin Nafi'ah (2022) Additionally, the majority of customers are not fully informed about all the bank's products, thus they greatly need enthusiastic guidance and to understand their needs from bank personnel to facilitate product selection Moreover, the empathetic demeanor of bank staff helps customers feel reassured during transactions and leads to increased referrals from other customers according to Oanh and Quỳnh (2023) Therefore, the authors propose the hypothesis:

H4: Banker has a positive impact on individual customers' decisions to deposit savings at Vietinbank – Saigon South Branch."

Customers generally prefer to transact with banks that provide convenience in terms of facilities and transaction procedures (Giao et al., 2020; Tehulu & Wondmagegna, 2014) The convenience of facilities and transaction procedures motivates customers to quickly make their decisions and refer friends and relatives to the bank for transactions (Far & Zadeh, 2016) Moreover, convenience creates a competitive advantage for banks in the system and increases customer satisfaction (Thủy & Hằng, 2017) Thus, the author proposes the following hypothesis:

H5: Infrastructure has a positive impact on individual customers' decisions to deposit savings at Vietinbank – Saigon South Branch

Savings deposit products are important services that banks provide to customers and are a source of profit for banks Therefore, high requirements for the quality of this service are crucial for banks to focus on (Giao et al., 2020) The quality of customer service drives customers' decisions to deposit long-term with the bank or choose another bank, and it is the factor that creates the competitiveness or differentiation of this bank from others (Getaneh Yenealem Ayene, 2020; Thảo, 2023; Thủy & Hằng, 2017) Hence, the author proposes the following hypothesis:

H6: Products and Quality of customer service has a positive impact on individual customers' decisions to deposit savings at Vietinbank – Saigon South Branch

Table 2.5: Summary of factors included into the model

Meskerem Ayele (2024), Getaneh Yenealem Ayene (2020), Lakstutiene & Naraskeviciute (2012), Thảo (2023), Giao & colleagues (2020), Hằng (2019), Viễn (2018)

Legal regulations of the banking system (QDPL)

Meskerem Ayele (2024), Getaneh Yenealem Ayene

Giao & colleagues (2020), Thủy and Hằng (2017), Viễn (2018), Hằng (2019), Nhựt and Thu (2022), Thảo (2023) Quỳnh (2023), Lakstutiene and Naraskeviciute (2012), Tehulu và Wondmagegna (2014), Hariyanto Hariyanto and Bariyyatin Nafi'ah (2022), Getaneh Yenealem Ayene

Banker (NV) Hariyanto Hariyanto and Bariyyatin Nafi'ah (2022), Oanh and Quỳnh (2023), Viễn (2018) Positive (+)

Getaneh Yenealem Ayene (2020), Far và Zadeh (2016), Tehulu và Wondmagegna (2014), Lakstutiene and Naraskeviciute (2012), Nhựt and Thu (2022), Giao & colleagues (2020), Thủy and Hằng (2017), Viễn (2018)

Quality of customer service (SPCL)

Hariyanto Hariyanto and Bariyyatin Nafi'ah (2022), Getaneh Yenealem Ayene (2020), Far và Zadeh (2016), Tehulu và Wondmagegna (2014), Thảo (2023), Giao & colleagues (2020), Hằng (2019), Viễn (2018), Thủy and Hằng (2017)

In this chapter, the author has provided an overview and elucidation of concepts pertinent to capital mobilization activities, alongside delineating factors that influence individual customers' decisions to deposit savings Furthermore, the chapter has conducted a comprehensive review of relevant studies, encompassing both domestic and international research on factors impacting customers' decisions to deposit savings at banks Through this review, the study has assessed the lacunae in extant research and posited factors influencing customers' decisions to deposit savings at banks, thereby laying the groundwork for constructing a model and formulating research hypotheses in the subsequent chapter.

METHOD RESEARCH

Research process

Based on the theoretical foundation and proposed research model, the study conducts qualitative research (group discussions) and preliminary research to develop a scale

Subsequently, formal quantitative research is conducted through gathering information from consumers using a survey questionnaire The collected information is then subjected to statistical analysis This process is carried out step by step according to the following procedure:

Conducting qualitative research to explore ideas, supplement, and refine the observed variables used to measure concepts in the model In this stage, researchers will utilize direct discussion techniques with selected participants using a convenient method that still reflects the characteristics of the observed sample

Research objectives Theoretical synthesis Identificatio n of factors Expert discussion

Formal research with formal sample Reliability test Cronbach' s Alpha factor EFA analysis test Multiple regression model validation Model fit test Discussion research of results

The selected participants for qualitative research are bank employees with experience (Deputy Directors, Heads of Customer Service and Retail Departments, Transaction Officers) at Vietinbank – Saigon South Branch, and customers using the savings deposit service of Vietinbank – Saigon South Branch with a usage period of over 1 year, sufficient to provide scientific insights, comments, and practical suggestions, solutions to the researched issue

Data collection method: Using group discussions based on a prepared outline

Discussion content: Discussing the factors influencing the decision to deposit savings at Vietinbank – Saigon South Branch

The process is conducted in the following sequence:

• The researcher introduces the topic and the purpose of the in-depth interview

• Conduct direct discussions between the researcher and each selected participant invited to participate in qualitative research to collect relevant data The invited participants are (1) bank executives with experience, and (2) customers using the savings deposit service at Vietinbank – Saigon South Branch

• User attitudes toward the savings deposit service

• Factors influencing the decision to deposit savings at Vietinbank – Saigon South Branch

• Additional comments, removal of factors to build a suitable measurement scale for the participating subjects

• After interviewing all participants, adjust the questionnaire based on the information obtained

• The revised data will be exchanged with the participants Qualitative research concludes when the discussion questions repeat previous results without finding any new changes

Finally, respondents will discuss with the researcher to evaluate and revise the scale content to establish a complete scale: After having a preliminary questionnaire, the author will adjust, supplement the appropriate observed variables used to measure the surveyed factors and establish the official questionnaire for the variables in the research model, namely Deposit interest rate, Legal regulations of the banking system, Trademark, Bankers, Infrastructure, Products and quality of customer service

• Qualitative research results: After the expert discussions and interviews to gather opinions on the factors influencing individual customers' decision to deposit savings at Vietinbank – Saigon South Branch, the author obtained the following results: Most respondents agreed with the author that the decision to choose the savings deposit service at Vietinbank – Saigon South Branch is influenced by 6 components similar to the proposed research model: Deposit interest rate, Legal regulations of the banking system, Trademark, Bankers, Infrastructure, Product and service quality After group discussions with experts and random interviews with 5 customers to detect errors and adjust to fit the reality of Vietinbank – Saigon South Branch

Sample Selection: The research sample was chosen using a convenient sampling method, which is acceptable and helps save time According to Hachter (1994), the minimum sample size should be at least 5 times the number of observed variables Other experimental rules for determining the sample size for EFA typically specify that the number of observations (sample size) should be at least 4 or 5 times the number of variables in the factor analysis (Hoang Trong & Chu Nguyen Mong Ngoc, 2005) According to Hair et al (1998), to conduct EFA with at least 5 samples per observed variable Additionally, to conduct regression analysis effectively, Tabachnick and Fidell (1996) suggest that the sample size should be ensured according to the formula: n ≥ 8m + 50 (n: total number of surveys and m: total number of factors to be surveyed)

Sample Size: The number of factors to be investigated m = 6 (Independent factors), so the minimum total sample size n ≥ 8*6+50 Therefore, the number of samples used in the survey is n0, ensuring the representativeness of the sample for the survey The results obtained from the questionnaire will be filtered and quantitatively analyzed

Data Collection Tools: The questionnaire was designed to be concise to ensure the largest number of responses The questionnaire uses a Likert scale with 5 levels from

"Strongly Disagree" to "Strongly Agree" to evaluate the research variables The basic content of the survey includes questions about the concepts in the model Additionally, there are demographic information such as gender, age, education level, occupation, and income of the customers depositing money at the participating branch

Data Collection Process: After designing and adjusting the survey questionnaire, data collection will be carried out by distributing the survey questionnaire The researcher will distribute the questionnaire at branches or contact and send the questionnaire directly to customers depositing money at Vietinbank – Saigon South Branch through email, express delivery of questionnaire via postal mail Through various means, customers will be instructed to evaluate the questionnaire The data collection process will be conducted over a period of 3 months from January to March

2024 During this process, the researcher will regularly remind and check the number of surveys collected, as well as enter the data into Excel, encode, and clean the data until the end of the survey period

Data Analysis Tool: After completion of data collection, the survey questionnaires will be reviewed to eliminate those that do not meet the requirements Then, the data will be encoded, entered, and cleaned using SPSS 22.0 software Firstly, the study will use the descriptive statistics tool of SPSS 22.0 software to approve the measurement of variables such as mean, variance, standard deviation to summarize data and characteristics of interviewees Then, the author will use Cronbach's Alpha tool to evaluate the reliability of the factor scale, eliminate inappropriate variables, and conduct EFA analysis for good variables, as well as regression analysis to verify the correlation between factors and the model's suitability

For direct scales, the most common index to assess reliability is Cronbach's Alpha coefficient (to examine whether the questions in the scale have similar structures) The Cronbach's Alpha coefficient indicates the internal consistency of the scale, with higher values indicating higher internal consistency Using the Cronbach's Alpha reliability coefficient method before conducting Exploratory Factor Analysis (EFA) helps eliminate inappropriate variables as these may produce spurious factors Criteria used to evaluate the reliability of scales include:

- Cronbach's Alpha coefficient: above 0,8 indicates a good scale; between 0,7 and 0,8 is acceptable; above 0,6 can be used in cases of new or emerging research concepts (Nunnally, 1998; Peterson, 1994; Slater, 1995; Hoang Trong & Chu Nguyen Mong Ngoc, 2008) In this study, scales with reliability coefficients of 0,6 or higher are chosen

- Total Variable Correlation: Variables with total variable correlation coefficients below 0,3 are considered non-contributory and are removed, and the scale is accepted if the Cronbach's Alpha coefficient meets the requirements (Hoang Trong & Chu Nguyen Mong Ngoc, 2008)

RESEARCH RESULTS AND DISCUSSION

Analysis of the influence level of factors on customers' decision to

The survey of customers who are currently or have previously deposited savings at Vietinbank – Saigon South Branch was conducted from January to March 2024, through a survey questionnaire A total of 180 survey forms were distributed, with

150 forms returned, achieving a response rate of 98% Among them, 30 survey forms were deemed invalid due to incomplete information and were excluded from the analysis The characteristics of the survey sample are as follows:

Table 4.1: Descriptive Statistics of the Research Sample by Categories

Source: Analysis results from SPSS software

According to the results in Table 4.1, out of 150 surveyed individuals, there were 58 males, accounting for 38,7%, and 92 females, accounting for 61,3% Regarding age, there were 38 individuals aged between 23 and 30, making up 38%; 57 individuals aged between 30 and 35, representing 25,3%; 44 individuals aged between 36 and 50, comprising 29,3%; and 11 individuals over 50 years old, accounting for 7,2% Customers under the age of 30 are typically new to the workforce or have low incomes, so they tend to save less Conversely, those aged 30-35 and 36-50 often have stable incomes and seek to save for future large expenses Those over 50, who are mostly reliant on pensions, save less

In terms of education, there were 4 individuals with high school education, accounting for 2,7%; 15 individuals with vocational/college education, comprising 20,9%; 87 individuals with university education, representing 58%; and 38 individuals with postgraduate education, making up 25,3% Lastly, there were 6 individuals with other educational backgrounds, accounting for 4% The majority of customers who save money have higher levels of education

Regarding occupation, there were 25 business owners, accounting for 16,7%; 49 office workers, representing 32,7%; 25 students, also comprising 16,7%; and 9 individuals with other occupations, making up 6% The majority of savings customers have stable monthly incomes from salaries Business owners, due to their frequent capital turnovers, tend to save less

In terms of monthly income, there were 21 individuals earning less than 8 million VND, accounting for 14%; 59 individuals earning between 8 and 15 million VND, making up 39,3%; 48 individuals earning between 16 and 20 million VND, comprising 32%, 10 individuals earning between 21 and 30 million VND, representing 6,7%; and 12 individuals earning over 30 million VND, accounting for 8% Customers with incomes between 8 and 20 million VND save more because they have disposable income after deducting living expenses

Regarding the duration of deposits, there were 79 individuals who deposited for less than 1 year, accounting for 52,7%; 49 individuals who deposited for 1 to 2 years, representing 32,7%; and 22 individuals who deposited for over 2 years, making up 14,7% Depositing for 1 year allows customers to maintain financial flexibility and access their money quickly when needed It is also a safer investment as the money will be returned within a short period, with minimal market risk

Thus, the survey sample is relatively representative, and the sample sizes for each subgroup based on personal characteristics are sufficient for statistical analysis

4.1.2 Assessing reliability through Cronbach’s Alpha coefficient

Cronbach's Alpha coefficient is a measure of the internal consistency and correlation among observed variables in the model, helping to identify inappropriate variables in the model Variables with item-total correlation coefficients (Corrected Item-Total Correlation) ≥ 0,3 are considered acceptable (Nunnally & Bernstein, 1994)

Cronbach's Alpha coefficient ranges from 0 to 1 If Cronbach's Alpha coefficient is ≥ 0,95, it indicates that many variables in the scale do not differ from each other significantly The standard range for Cronbach's Alpha coefficient is from 0,7 to 0,8, indicating good reliability Values of 0,6 and above are generally acceptable for use in further testing (Nunnally & Bernstein, 1994) Therefore, Cronbach's Alpha coefficient should fall within the range of 0,6 to below 0,95 for the scale to be acceptable

Table 4.2: Summary of Cronbach’s Alpha testing results

Scale Variance if Item Deleted

Cronbach's Alpha if Item Deleted The deposit interest rate scale with Cronbach’s Alpha = 0,821

The trademark scale with Cronbach’s Alpha = 0,780

The legal regulations of the banking system scale with Cronbach’s Alpha = 0,777

The banker scale with Cronbach’s Alpha = 0,789

The infrastructure scale with Cronbach’s Alpha = 0,835

The product and Customer service quality scale with Cronbach’s Alpha = 0,834

Deciding to deposit savings for individual customers at Vietinbank – Saigon South

Branch scale with Cronbach’s Alpha = 0,783

Source: Analysis results from SPSS software

After testing the reliability of the dependent and independent variables using Cronbach’s Alpha, according to the table, we observe that the Cronbach’s Alpha coefficients for the factors Deposit Interest Rate, Trademark, Legal Regulations of the banking system, Banker, Infrastructure, Product and Customer Service Quality are 0,821, 0,780, 0,777, 0,789, 0,835, and 0,834, respectively All of these values are greater than 0,6, and the item-total correlations are all greater than 0,3 Therefore, the scale achieves good reliability, and the observed variables can be used for the model in the Exploratory Factor Analysis (EFA) step

4.1.3 Exploratory Factor Analysis (EFA) on the factors influencing the decision to deposit savings of individual customers at Vietinbank – Saigon South Branch:

After confirming the reliability using Cronbach’s Alpha for the components of the scale, the study proceeds with the next step of factor analysis (EFA) for these components The purpose of this step is to identify which factors play a significant role in explaining the diversity of observed variables within these components The factors identified from the EFA aim to determine which factors truly contribute to explaining the variation of observed variables within these components A total of 30 observed variables are deemed suitable for factor analysis in this direction The EFA is conducted through the following analyses:

Table 4.3: The results of EFA for the measurement concepts run the first time

Source: Analysis results from SPSS software

In the initial exploratory factor analysis (EFA), the KMO measure was 0,730, exceeding the acceptable threshold of 0,5, and the significance level of the Bartlett's test was 0,000, indicating that the EFA is suitable for the dataset The Eigenvalue was 1,507, surpassing the value of 1, and the cumulative variance extracted was 63.940%,

> 50%, indicating that 63,940% of the data is explained by 6 factors However, the observed variables SPCL3, QDPL3, and CSVC2 did not meet the discriminant validity criteria due to factor loadings greater than 0,5 across two different factors and differences in factor loadings less than 0,3 Consequently, the decision was made to exclude these observed variables and conduct a re-exploratory factor analysis for the independent variables

Table 4.4: The results of EFA for the measurement concepts run the second time

Source: Analysis results from SPSS software

In the second round of exploratory factor analysis (EFA) after removing all poor variables, the KMO measure yielded a value of 0,834, meeting the condition 0,5 ≤ KMO ≤ 1, indicating a good fit for the research data The Bartlett's test significance level was smaller than 0,05, indicating linear correlation between the observed variables and the representative factors The EFA extracted 6 representative factors for 24 observed variables with an Eigenvalue criterion of 1,354, exceeding 1 The cumulative variance explained by the factors was 61,942%, surpassing 50%, meeting the standard This implies that the representative factors explain 61,942% of the variability in the 24 observed variables across the scales The specific factors and observed variables within each factor are presented in the factor rotation matrix table All observed variables within each factor meet the requirement of factor loadings greater than 0,55

Table 4.5: Test the results of EFA and Bartlett Kaiser-Meyer-Olkin Measure of Sampling Adequacy 0,699

Source: Analysis results from SPSS software

The test results yielded a KMO value of 0,699, meeting the condition 0,5 ≤ KMO ≤

1, which is fully suitable for the research data The Bartlett's test resulted in a significance level (Sig.) smaller than 0,05, indicating that the observed variables have linear correlations with the representative factor

Table 4.6: The test assesses the extent to which the observed variables explain the representative factors

Eigenvalues Initial Extraction Sums of Squared

Source: Analysis results from SPSS software

Discussion and Statistical Hypothesis Testing

The research results indicate that there are six factors influencing customers' decisions to deposit savings at Vietinbank – Saigon South Branch to varying degrees, which is consistent with the actual situation of deposit mobilization at the bank The deposit interest rate factor has the strongest impact on customers' decisions to deposit savings at Vietinbank – Saigon South Branch, with a standardized beta coefficient of 0,285 This shows that customers are highly concerned about the bank's interest rates Given the intense competition among banks, attractive interest rate programs can attract more deposits, which is crucial for maintaining relationships with current and potential customers This finding is consistent with previous studies by Meskerem Ayele (2024), Getaneh Yenealem Ayene (2020), Lakstutiene and Naraskeviciute (2012), Thảo (2023), Giao et al (2020), Hằng (2019), and Viễn (2018)

The next factor influencing customers' savings decisions is the Legal regulations of the banking system factor, with a standardized beta coefficient of 0,245 Along with interest rates, legal regulations are also of significant concern to customers when choosing a bank to deposit their money Transparent policies and privacy protection are crucial aspects for Vietinbank – Saigon South Branch to consider This finding is consistent with previous studies by Meskerem Ayele (2024), Getaneh Yenealem Ayene (2020), Oanh and Quỳnh (2023), Thủy and Hằng (2017)

The third factor is the Trademark factor, with a standardized beta coefficient of 0,233

As a long-standing bank with a reputable brand nationwide and primarily state-owned capital, Vietinbank can easily gain customers' trust when it comes to depositing money However, to strengthen its image and build trust among customers, the bank needs to continue its communication and brand promotion efforts This finding is consistent with previous studies by Giao et al (2020), Thủy and Hằng (2017), Viễn (2018), Hằng (2019), Nhựt and Thu (2022), Thảo (2023), Quỳnh (2023), Lakstutiene and Naraskeviciute (2012), Tehulu and Wondmagegna (2014), Hariyanto and

Bariyyatin Nafi'ah (2022), and Getaneh Yenealem Ayene (2020)

The Infrastructure factor significantly influences customers' savings decisions, with a standardized beta coefficient of 0,202 A convenient banking location and easy access to branches and ATMs make Vietinbank an attractive choice for customers However, strategically deploying the network to attract potential customers remains a challenge for Vietinbank – Saigon South Branch and other branches in Ho Chi Minh City This finding is consistent with previous studies by Getaneh Yenealem Ayene (2020), Far and Zadeh (2016), Tehulu and Wondmagegna (2014), Lakstutiene and Naraskeviciute (2012), Nhựt and Thu (2022), Giao et al (2020), Thủy and Hằng (2017), and Viễn (2018)

The Banker factor also has a relatively significant impact on customers' savings decisions, with a standardized beta coefficient of 0,141 Dynamic, positive, and efficient bank staff who handle transactions quickly can reassure and satisfy customers, leading them to recommend the bank to others However, the young and dynamic staff of Vietinbank Phú Yên still lack experience compared to some other banks This is an area where the bank's leadership needs to focus more attention This finding is consistent with previous studies by Hariyanto and Bariyyatin Nafi'ah (2022), Oanh and Quỳnh (2023), and Viễn (2018)

Customers are the key to a bank's existence and development Therefore, banks need to have appropriate customer policies to expand their scale and improve their business quality Product and Service factors have the least influence on customers' decisions to deposit savings at Vietinbank – Saigon South Branch, with a standardized beta coefficient of 0,115 Vietnamese consumers are attracted to advertising and promotions, and this applies to depositors as well Therefore, Vietinbank needs to diversify its marketing efforts further This finding is consistent with previous studies by Hariyanto and Bariyyatin Nafi'ah (2022), Getaneh Yenealem Ayene (2020), Far and Zadeh (2016), Tehulu and Wondmagegna (2014), Thảo (2023), Giao et al (2020), Hằng (2019), Viễn (2018), and Thủy and Hằng (2017)

Table 4 11: The summarized results of hypothesis testing

Deposit interest rates positively influence customers' savings decisions at Vietinbank – Saigon South

Legal regulations of the banking system positively influence customers' savings decisions at Vietinbank

𝑯 𝟑 Trademark positively influence customers' savings decisions at Vietinbank – Saigon South Branch Accepted

Infrastructures positively influence customers' savings decisions at Vietinbank – Saigon South

𝑯 𝟓 Banker positively influences customers' savings decisions at Vietinbank – Saigon South Branch Accepted

Product and customer service quality positively influence customers' savings decisions at Vietinbank

Source: Compiled by the author.

CONCLUSIONS AND RECOMMENDATION

Conclusion

Business reality shows that if a banking can understand the needs as well as the factors influencing customer satisfaction, it will achieve long-term success Each customer has different needs and preferences, making it difficult to grasp the factors influencing their choices Especially in the service industry, retaining long-term customers and acquiring new ones is not a simple task Furthermore, in the context of fierce competition to gain market share in deposit services among banks, along with new policies and regulations, and economic conditions affecting the decline in savings mobilization, enhancing deposit mobilization is seen as a necessary solution for Vietinbank – Saigon South Branch to obtain stable capital and be proactive in business activities

Based on theoretical foundations and previous studies, the dissertation focuses on studying the factors influencing individual customers' decisions to deposit savings

At the same time, the quantitative analysis and the analysis of the current situation at Vietinbank – Saigon South Branch have identified the factors positively influencing the mobilization of individual savings deposits and the level of influence of these factors in the following order: (1) Deposit interest rates, (2) Legal regulations of the banking system, (3) Trademark, (4) Infrastructure, (5) Banker, and (6) Product and customer service quality Among these, deposit interest rates and legal regulations are the most influential factors, while banker and product & service quality are the least influential factors affecting customers' decisions to deposit savings Based on this foundation, Vietinbank – Saigon South Branch will propose solutions to impact these factors and their appropriate levels of influence on each factor to achieve efficiency and avoid wasting resources on factors with little or no impact on deposit mobilization.

Recommendation

According to the research results, interest rates are the most important factor, playing a crucial role in attracting depositors When deciding where to deposit their money, customers will investigate interest rates to gain an objective perspective However, the interest rates of commercial banks in general, and Vietinbank in particular, are subject to government and central bank regulations regarding interest rate caps Nevertheless, banks can be flexible in their interest rate policies to attract more customers It is necessary to use reasonable interest rate policies to effectively attract more capital from society while stimulating economic entities to use capital efficiently in production and business activities In addition, individuals depositing savings expect to earn income Therefore, to attract customers, Vietinbank – Saigon South Branch needs to:

• Continuously monitor interest rate trends: Establish a team to regularly monitor interest rate fluctuations among banks in the city Collect information on interest rate fluctuations to devise timely solutions and study additional interest payment methods that align with customer needs

• Diversify deposit terms with appropriate interest rates: Apply additional interest rates for traditional customers, customers with large and stable deposit balances; consider value-added services such as expanding deposit insurance, reducing or waiving fees for transactions with other banks (money transfers, electronic banking services, etc.) Furthermore, promotions are considered useful tools for increasing sales and attracting customers Therefore, the bank should develop a systematic and unique promotional strategy, evenly distributed throughout the year to attract and retain a stable customer base, aligned with appropriate and lawful policies

• Tailor interest rates appropriately: Different depositors, residential areas, and specific periods require different interest rate policies based on economic growth trends, inflation rates, etc

• Any changes in interest rates must be communicated to customers, and customers should be advised on advantageous savings products When customers wish to withdraw their savings before maturity, they should be advised on pawn loans

5.2.2 Legal regulations of the banking system:

Optimizing VietinBank's legal regulations is a crucial step in ensuring business operations are conducted efficiently and sustainably This not only helps create a stable business environment but also enhances trust from customers and partners Applying flexible and advanced solutions, coupled with the high professionalism of staff, will help VietinBank maintain a strong position in the banking industry and achieve sustainable development in the future

• Enhance transparency and clarity of regulations: Ensure that legal regulations related to VietinBank's operations are clearly written, transparent, and easily understandable for both customers and bank staff Additionally, Vietinbank should collaborate with the State Bank of Vietnam to disseminate bank regulations and policies to ensure customer understanding and thereby instill confidence when depositing savings

• Strengthen training and legal awareness: Conduct additional training sessions to educate staff on legal regulations and enhance legal awareness to ensure that everyone in the organization understands and complies with regulations, especially in customer information security matters The branch needs to emphasize the seriousness of this issue to avoid risks such as fraud, impersonation, etc

• Collaborate with regulatory and auditing agencies: Close cooperation with regulatory and auditing agencies is essential to ensure that VietinBank complies with legal regulations and openly reports accurate financial information so that customers can confidently deposit their money The bank needs to establish internal control measures to prevent and mitigate legal risks

Based on the evaluation of the influence of factors on the decision to deposit savings by individual customers, it is evident that the bank's brand is the third most influential factor This is because the brand reflects the credibility and trust of customers in the chosen bank Therefore, Vietinbank, with its advantage as a long-established bank in the industry, has built a strong position in the hearts of customers; hence, Vietinbank needs to maintain and enhance its reputation to instill confidence and peace of mind among customers Therefore, Vietinbank – Saigon South Branch needs practical solutions to leverage and promote its brand These solutions include:

• Building a strong brand: Vietinbank's primary colors are blue and red; red symbolizes trust, victory, and passion, combined with blue, representing stability and trust These are two factors that customers are very concerned about when choosing a bank to deposit their money Therefore, Vietinbank needs to establish and shape a clear brand image, reflecting Vietinbank's commitment to customers and the community Maintaining and enhancing brand reputation, adhering to transparent and fair business principles, and consistently meeting the criteria set by the bank are crucial

• "Refreshing" the bank's brand: Develop an integrated multichannel marketing strategy, combining traditional and digital media This includes using advertising, social media, email marketing, content marketing, and events to reach a large number of potential customers Use social media to interact directly with customers, focus on creating valuable content rather than just promoting products For example, create resources such as blogs, articles, videos, and infographics to share useful knowledge and experiences, and build a positive social media community around the brand Implementing digital marketing methods, such as successful campaigns like VIB's brand promotion on The Masked Singer Vietnam show or VPBank's sponsorship of the famous band Westlife's concert in Vietnam, are effective and modern marketing approaches that Vietinbank should focus on and deploy

• Brand coverage: Develop widespread branch networks, not only in bustling urban areas but also in remote rural areas, so that customers think of

Vietinbank first when they want to deposit money In addition, Vietinbank in general and Saigon South Branch Branch in particular should organize social welfare activities The bank needs to actively implement charity activities, sponsor social, cultural, and sports events in the local area, while also building good relationships with local media agencies to report on these actions to create a friendly and approachable image with customers

This is the fourth important factor in customers' decisions to deposit savings Vietinbank needs to further enhance convenience for customers to attract them to deposit savings through solutions such as:

• Leading in technology: This is a strategic goal to compete with other banks

Exploit new technologies such as artificial intelligence, big data, and blockchain to improve operations, enhance security, and provide more advanced services Especially with the Vietinbank Ipay application, build a user-friendly interface for all ages, minimize maintenance issues, and ensure that payment mechanisms are fast, safe, convenient, systematic, and information is absolutely secure Investing in modern technology may increase initial costs but will reduce transaction costs in the long run, effectively manage information risks, and operate efficiently, especially attracting more deposits for the branch

• Improving the quality of POS and ATM machines: Upgrade the bank's ATM and POS systems to operate stably; promptly address system failures, as Vietinbank's ATM and POS systems frequently experience communication errors, leading to machine downtime, cash or card retention, etc., creating negative reactions from customers and partners

Limitations and further research directions

Despite the achievements of this research, there are still some limitations that suggest avenues for further investigation:

• Firstly, the research is limited in terms of time and sample size Therefore, future studies should expand the scope of research and increase the sample size to gain a more objective assessment from customers

• Secondly, future research should incorporate new factors to achieve a more comprehensive understanding Additionally, exploring other issues related to customer savings at the bank should be considered.

Future Research Directions

• Firstly, the next research endeavor will expand the research scope to encompass the entirety of Vietnam and augment the sample size to facilitate a more extensive inquiry

• Secondly, subsequent studies will introduce novel factors to achieve a more holistic understanding Furthermore, they will explore other issues pertinent to customers' savings deposits at banks

This chapter summarizes the key findings and recommendations of the study on factors influencing individual customers' deposit decisions, focusing on VietinBank

- Saigon South Branch It highlights the importance of trust in the bank's brand, physical infrastructure, and the bank's workforce in shaping customers' deposit decisions Practical solutions are proposed to enhance brand image, improve physical infrastructure, and invest in employee development The chapter also suggests future research directions, including expanding the study scope and exploring additional factors to better understand customers' deposit decisions Overall, the research provides valuable insights for VietinBank to strengthen its competitiveness and enhance customer satisfaction.

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APPENDIX 1: LIST OF PARTICIPANTS FOR IN-DEPTH INTERVIEWS

Full Name Work Unit Position Notes

Deputy Head of Retail Sales

Deputy Head of Retail Sales

Deputy Head of Retail Sales

Deputy Head of Customer Service

9 Nguyễn Thị Vietinbank – Teller Interview on

Bình Dragon Capital Office Staff

Anh Thư UEH University Student

The interview script for experienced professionals in the banking industry

Data Collection Method: Face-to-face interview

“Xin chào anh/chị: Tôi tên … , là Sinh viên – Trường Đại học ……… Hiện tại, tôi đang thực hiện đề tài “Các nhân tố ảnh hưởng đến quyết định gửi tiền tiết kiệm đối với khách hàng cá nhân tại Vietinbank – Chi nhánh Nam Sài Gòn” Rất mong Anh/Chị dành chút thời gian để trả lời một số câu hỏi sau đây Các ý kiến đóng góp của anh/chị là thông tin hữu ích cho nghiên cứu Xin chân thành cám ơn anh/chị.”

The following information is used to determine whether the participants fit the preliminary research objectives If a participant falls into any of the inappropriate categories, they will not be selected for the preliminary research Screening questions include:

“Anh/chị vui lòng cho biết anh/chị có phải là những khách hàng đang sử dụng dịch vụ gửi tiền tiết kiệm tại Vietinbank – Chi nhánh Nam Sài Gòn trên 1 năm?”

The discussion content revolves around general issues such as:

“(1) Theo anh/chị thái độ của khách hàng đối với sản phẩm gửi tiền tiết kiệm như thế nào?

(2) Theo anh/chị yếu tố nào ảnh hưởng đến Quyết định gửi tiền tiết kiệm? (3) Theo anh/chị Uy tín Thương hiệu có ảnh hưởng đến Quyết gửi tiền tiết kiệm? Tại sao? (4) Theo anh/chị Sản phẩm và chất lượng phục vụ có ảnh hưởng đến Quyết định gửi tiền tiết kiệm? Tại sao?

(5) Theo anh/chị Sự tiện lợi có ảnh hưởng đến Quyết định gửi tiền tiết kiệm? Tại sao? (6) Theo anh/chị lãi suất có ảnh hưởng đến Quyết định gửi tiền tiết kiệm? Tại sao? (7) Theo anh/chị quy định pháp lý có ảnh hưởng đến Quyết định gửi tiền tiết kiệm? Tại sao?

(6) Theo anh/chị Nhân viên có ảnh hưởng đến Quyết định gửi tiền tiết kiệm? Tại sao?”

2 The content regarding scale assessment

Using questions along with statements to understand the interviewee's opinions

1 Lãi suất Ý kiến đánh giá thang Lãi suất

Lãi suất tiền gửi tại Vietinbank – CN

Nam Sài Gòn có tính cạnh tranh trên thị trường

Lãi suất tại Vietinbank – CN Nam Sài

Gòn đa dạng theo từng loại sản phẩm tiền gửi tiết kiệm

Lãi suất tiền gửi tiết kiệm tại

Vietinbank – CN Nam Sài Gòn được công bố rõ ràng trên các bảng tin

Anh/chị luôn hài lòng với mức lãi suất tiền gửi mà Vietinbank – Chi nhánh

Nam Sài Gòn giao dịch với mình

Vietinbank – CN Nam Sài Gòn có mức lãi suất tạo ra thu nhập thụ động ổn định cho Anh/chị

2 Thương hiệu ngân hàng Ý kiến đánh giá thang Thương hiệu ngân hàng

Vietinbank - CN Nam Sài Gòn là một ngân hàng uy tín

Vietinbank - CN Nam Sài Gòn có bề dày về lịch sử hoạt động

……… Vietinbank - CN Nam Sài Gòn được nhiều người biết đến

Vietinbank - CN Nam Sài Gòn dễ dàng được nhận ra

3 Quy định pháp lý Ý kiến đánh giá thang Quy định pháp lý

Vietinbank – CN Nam Sài Gòn có quy định về bảo hiểm tiền gửi rõ ràng

……… Vietinbank – CN Nam Sài Gòn có chính sách đảm bảo an toàn cho tiền gửi của

Quy trình giao dịch tại Vietinbank – CN

Nam Sài Gòn rất đơn giản dễ hiểu

Quy định về an toàn hệ thống thông tin trong Vietinbank – CN Nam Sài Gòn được chú trọng

4 Đội ngũ nhân viên Ý kiến đánh giá thang đội ngũ nhân viên

Nhân viên tại Vietinbank - CN Nam Sài

Gòn hướng dẫn Anh/chị hoàn thành các thủ tục chi tiết và tỉ mỉ ………

……… Nhân viên tại Vietinbank - CN Nam Sài

Gòn có phong cách phục vụ khách hàng chuyên nghiệp

Nhân viên tại Vietinbank - CN Nam Sài

Gòn năng động, xinh đẹp và thân thiện với khách hàng

Nhân viên tại Vietinbank - CN Nam Sài

Gòn nắm bắt nhu cầu của Anh/chị khi giao dịch một cách nhanh chóng

5 Cơ sở vật chất Ý kiến đánh giá thang Cơ sở vật chất

Các PGD của Vietinbank - CN Nam Sài

Gòn nằm ở vị trí thuận lợi để giao dịch

Cơ sở vật chất của Vietinbank - CN

Nam Sài Gòn sạch sẽ và thoáng mát

Hệ thống công nghệ thông tin hiện đại và an toàn

Dịch vụ hỗ trợ đường dây nóng 24/24

Ngân hàng phục vụ nước uống, bánh kẹo, tạp chí cho khách hàng

6 Sản phẩm và chất lượng phục vụ khách hàng

Ý kiến đánh giá thang Sản phẩm và chất lượng phục vụ khách hàng

Các gói sản phẩm tiền gửi của

Vietinbank - CN Nam Sài Gòn đa dạng, đáp ứng nhu cầu khách hàng

……… Vietinbank - CN Nam Sài Gòn có các chương trình khuyến mãi hấp dẫn khi gửi tiền tiết kiệm

Vietinbank - CN Nam Sài Gòn giải quyết các thắc mắc và khiếu nại nhanh chóng và thỏa đáng

Tổ chức hộp nghị họp mặt khách hàng, tặng quà dịp lễ tết, sinh nhật,…

Vietinbank – Nam Sài Gòn có các kênh giao dịch đa dạng (điện thoại, internet, )

Quyết định gửi tiền tiết kiệm của khách hàng

Ý kiến đánh giá thang Quyết định gửi tiền tiết kiệm của khách hàng

Vietinbank – Chi nhánh Nam Sài Gòn là lựa chọn hàng đầu khi tôi muốn gửi tiền tiết kiệm ………

Tôi yên tâm khi gửi tiền tiết kiệm tại

Vietinbank – Chi nhánh Nam Sài Gòn mặc dù có các ngân hàng khác chào mời

Tôi sẽ giới thiệu cho gia đình, bạn bè, người thân gửi tiền tiết kiệm tại

Vietinbank – Chi nhánh Nam Sài Gòn

Xin chân thành cảm ơn các Anh/chị đã dành thời gian để tham gia thảo luận và cung cấp những ý kiến quý báu cho nghiên cứu này Kính chúc Anh/chị mạnh khỏe, hạnh phúc và thành công!

APPENDIX 3: QUESTION LIST FACTORS AFFECTING TO INDIVIDUAL CUSTOMERS' DECISION TO DEPOSIT SAVINGS AT VIETNAM JOINT STOCK COMMERCIAL BANK

FOR INDUSTRY AND TRADE - SAIGON SOUTH BRANCH

Kính chào Quý Anh/Chị/Bạn!

Em tên là Trần Thảo Duyên, hiện đang là sinh viên năm cuối chuyên ngành Tài chính

- Ngân hàng tại Trường Đại học Ngân Hàng TP.HCM

Hiện tại, em đang thực hiện khảo sát nhằm phục vụ cho bài khóa luận tốt nghiệp của mình Đây sẽ là khảo sát để đánh giá các nhân tố ảnh hưởng đến quyết định gửi tiền tiết kiệm của các KHCN tại Vietinbank - Chi nhánh Nam Sài Gòn

Rất mong quý Anh/Chị/Bạn dành ít phút giúp em hoàn thành bảng câu hỏi khảo sát để làm cơ sở dữ liệu thực hiện nghiên cứu vì những thông tin từ quý Anh/Chị/Bạn vô cùng có ý nghĩa và có giá trị đối với đề tài này Các thông tin được Quý Anh/Chị/Bạn cung cấp được cam đoan bảo mật hoàn toàn và chỉ được sử dụng cho mục đích nghiên cứu

Em xin chân thành cảm ơn sự hỗ trợ từ quý Anh/Chị/Bạn!

Phần 1: Thông tin cá nhân

3 Trình độ học vấn của bạn

4 Lĩnh vực công việc của bạn

 Nhân viên văn phòng

 Viên chức – Công chức nhà nước

5 Thu nhập mỗi tháng của bạn

6 Thời gian bạn gửi tiền tiết kiệm

Phần 2: Khảo sát sự hài lòng của khách hàng đối với các nhân tố ảnh hưởng đến quyết định gửi tiền tiết kiệm của khcn tại

Vietinbank - chi nhánh Nam Sài Gòn