topic improve the quality of internet banking services at joint stock commercial bank for foreign trade of vietnam vietcombank

NATIONAL ECONOMICS UNIVERSITYFACULTY OF BUSINESS MANAGEMENT---***---BUSINESS RESEARCH METHODS REPORTTopic: Improve the quality of internet banking services atjoint stock commercial bank

NATIONAL ECONOMICS UNIVERSITY

FACULTY OF BUSINESS MANAGEMENT

-*** -BUSINESS RESEARCH METHODS REPORT

Topic: Improve the quality of internet banking services at joint stock commercial bank for foreign trade of Vietnam

(Vietcombank)

Instructor: Mrs Nguyen Thi Hong Van

Student full name : 1 Vu Nguyen Khuong – DSU06038

2 Thai Ba Quang – DSU06055

3 Tran Khoi Nguyen – DSU06050

4 Nguyen Anh Kiet – DSU06037

Hanoi - 2022

TABLE OF CONTENTS

1: THE REASON FOR CHOOSING THE TOPIC 2

2: RESEARCH PURPOSE AND RESEARCH QUESTIONS 3

2.1: General purpose of research 3

2.2: Research questions 3

3: RESEARCH OVERVIEW 3

Previous studies 4

4: THEORETICAL FRAMEWORKS AND DESIGN TO CHOOSE SAMPLES 5

5: RESEARCH METHODS 17

5.1: The method of data collection 17

5.2: Statistical methods 17

5.3: Methods of analysis and synthesis 17

6: EXPECTED RESULTS TO BE ACHIEVED 17

7: PLAN/SCHEDULE OF RESEARCH IMPLEMENTATION 18

LIST OF REFERENCES 20

1: THE REASON FOR CHOOSING THE TOPIC

Nowadays, the demand for banking services is increasing, especially with the strong impact of the 4.0 technology revolution, e-banking services have emerged as

an essential requirement, in which Internet Banking service is available This activity has increasingly contributed significantly to the profits of commercial banks Vietcombank is one of the pioneer banks in developing Internet Banking services and has achieved many successes However, the problem here is whether VCB has properly invested in the quality of the service or not Today, service quality is an important factor determining the success of a bank Customers using the service are not only interested in the cost but also the service quality

2: RESEARCH PURPOSE AND RESEARCH QUESTIONS

2.1: General purpose of research

The thesis focuses on studying the current situation of internet banking service quality of VCB, thereby proposing some solutions to develop and improve the quality of e-banking services for VCB

2.2: Research questions

On the basis of theoretical research and actual situation of Internet Banking service business at Joint Stock Commercial Bank for Foreign Trade of Vietnam, pointing out the causes of service limitations and proposing measures and recommendations to contribute completing and improving the quality of Internet Banking services at Vietcombank

This article aims to answer the following research questions:

- What is the status of Vietcombank's Internet Banking?

- What are the shortcomings and limitations?

- What solutions and policies can be improved and improved?

3: RESEARCH OVERVIEW

The article is based on the essay "Improving the quality of mobile banking services at Joint Stock Commercial Bank for Foreign Trade of Vietnam" by MSc NGUYEN THI MY Diem - Dr TRINH XUAN HOANG (Faculty of Finance and Accounting, Nguyen Tat Thanh University)

Internet Banking service started appearing in Vietnam since 2004 until now, it

is increasingly popular, the number of banks providing and customers using the service is increasing Internet Banking was initially deployed in Vietnam with only

3 banks participating in providing services, then gradually increased in 2008, this number has increased to 20 banks and as of June 30, 2015, most of Internet Banking Commercial banks all provide internet banking services Vietnamese commercial banks effectively deploy towards the most convenience for customers in transactions with banks Accordingly, Internet banking services of banks provide customers with the following features: Online personal financial management; Online savings; Borrowing Online; Using payment, collection and online services; Online shopping with a variety of goods and services at major payment gateways in Vietnam: eBay, TVshopping, muaban.net, VietnamAirline, AirMekong, Jetstar, megastar, vinagame; Register for Online service

On May 15, 2002, Joint Stock Commercial Bank for Foreign Trade of Vietnam opened VCB-online, removing barriers of time and space, meeting customers' needs, implementing one-stop deposit and multi-door withdrawal

In January 2008, the bank implemented internet banking to be able to provide the best service, perform all transactions for customers wherever they are According to the survey data in August 2010 of Vietcombank over 9,000 customers, the satisfaction rate with Internet Banking service is 70% With a strict automated execution process that has conquered a large number of customers, that is, every transaction that a customer makes will be sent to the server for order scanning, immediate processing of standard orders , for wrong orders, the machine will resend and the payer will consider and resolve it within 24 hours from the time the order is entered, ensuring the fastest resolution, saving time for customers

Previous studies

C K Sunith, 2018, “Customer Satisfaction in E-Banking Services” The author's research aims to determine the level of customer satisfaction when using e-banking services By identifying factors affecting customer satisfaction, the author proposes solutions to develop e-banking services: creating many new products in business strategy, focusing on introducing new products and services new technologies and new strategies to customers to change customer preferences and behavior while retaining existing customers

Perkins, Ed-Zilla and Annan, Jonathan, 2013, “Factors affecting the adoption

of online banking in Ghana: Impliacations for bank managers” International journal

of Business and Social Research (IJBSR) On the basis of analysis from the research model of technology acceptance TAM (Technology Acceptance Moldel) with independent variables research has pointed out the factors that have a great influence on the acceptance of using internet banking services in Ghana such as people, technology, safety and security

Vu Hong Thanh, Vu Duy Linh (Banking Magazine No 11-2016) with the article "Development direction of Mobile Banking services for Vietnamese banks" stated the basic services, types of , benefits as well as risks when using Mobile Banking service as well as the trend of this type of service in the world However, this article still omits a form of this type of service that is to use services based on other internet platforms such as computers, high popularity and security

4: THEORETICAL FRAMEWORKS AND DESIGN TO

CHOOSE SAMPLES

To evaluate the actual quality of Internet Banking services provided by Vietcombank to customers, whether to bring satisfaction to customers or not At the same time, based on Parasuraman's Servqual model theory and other studies on the topic of service quality, the author conducted a survey to collect customer evaluations of IB services through emailing and handing out the survey directly at

the bank (Survey sheet attached in the Appendix) The target customers to conduct the survey are customers who have a transaction account at Vietcombank

Survey results: a total of 200 survey questionnaires were sent to customers, obtained 178 valid votes, 22 votes did not respond (mainly from email) or did not meet the requirements for the survey

Out of 178 valid receipts, the majority of customers used VCB's Internet Banking service, accounting for 93.3% The remaining customers do not use the service because they have

no need and do not know the service

52.00%

48.00%

SEX

Male Female

6.02%

34.94%

37.95%

12.04%

9.05%

AGE

<18 18-29 30-39 40-49 >50

7.20% 10.91%

74.09%

7.80%

QUALIFICATION

Common Intermediate College

After college

13.00%

66.00%

17.00%

4.00%

OCCUPATION

College Staff Housework Other

Based on the collected survey data, the author has made statistics by specific model as follows:

- Gender of customers participating in the survey: 52% male, 48% female.

- The gender structure does not have a big difference, so it is acceptable

- Age: customers who participated in the survey and used the service accounted for 37.95% with age from 30-39 years old followed by 18-29 years old accounting for 34.94%

- Professional qualifications: the highest rate of 74.09% of customers have college or university degrees

- Occupation: 66% are officers and employees

- In the survey on service access, 48.2% of customers know about Internet Banking service through the introduction of friends, relatives and colleagues This is understandable, because VCB has a large number of account opening customers and large transaction needs, so the bank's customers themselves are also an effective channel for promoting and introducing products Followed by survey data, there are 39.1% customers know about the service through staff at the bank when customers come to make transactions, the remaining 12.7% of customers know about the service through the Internet, newspapers this is also a fairly high rate, proving that the group Customers who want to use the service still have to actively search for information from the mass media and banks There are also no good methods to reach these target customers

- In order to assess the level of customer satisfaction about Vietcombank's Internet Banking service, we have designed an evaluation survey with a scale of 1 to

5 for each criterion

STT Criteria Level of satisfaction

Very Dissatisfied Dissatisfied Natural Satisfied

Very Satisfied

I Reliability

1

Does VCB provide

useful services as

committed?

2

VCB quickly

processes

transactions, less

exit processing

3 resolve customer

complaints in a

timely manner

4 VCB's reputation

5

Full transaction

documents, clearly

and accurately

identified

II Responsiveness

6

VCB homepage is

always stable and

continuous

7

The IB system

processing the

transaction

encountered an

error

8

VCB staff is

always ready to

help customers

9

Reasonable

transaction limit

(limit / day)

10

Procedures and

procedures for

service registration

at VCB are

reasonable

11 VCB collects

service fee

III Assurance

12

Account

information is

covered by VCB

for safety and

security

13 safe when using

Internet Banking

for transactions

14

VCB staff is

expected to have

professional

knowledge to

handle customer

complaints and

inquiries quickly

and satisfactorily

15

Private VCB staff

is still enthusiastic

and convincing

IV Empathy

16

VCB has many

customers care

programs

(promotions, gifts.)

17

Customers

sympathetically

wait for VCB to

handle the problem

when the system

fails due to

overload

V Tangibles

18

The utility and

features of Internet

Banking are

diverse, meeting

the needs of

customers

19 The service is

provided quickly,

accurately, and

Spacious facilities,

wide transaction

network,

convenient for

customers

VI Satisfaction

21

Are you satisfied

with the quality of

Internet Banking

service of VCB?

22

VCB's Internet

Banking service

meets your needs

well

23

VCB's Internet

Banking service is

better than other

banks

After the survey, this is the result we got:

score

1 Does VCB provide useful services as committed? 4.3

2 VCB quickly processes transactions, less exit processing 3.9

3 VCB staff actively resolve customer complaints in a timely manner 2.5

5 Full transaction documents, clearly and accurately identified 3.1

II Responsiveness

6 VCB homepage is always stable and continuous 2.7

7 The IB system processing the transaction encountered an error 3.3

8 VCB staff is always ready to help customers 3.5

12 Account information is covered by VCB for safety and security 4.1

13 Customers feel safe when using Internet Banking for transactions 4

14 VCB staff is expected to have professional knowledge to handle

customer complaints and inquiries quickly and satisfactorily 3.5

15 Private VCB staff is still enthusiastic and convincing 3.2

16 VCB has many customers care programs (promotions, gifts.) 2.7

17 Customers sympathetically wait for VCB to handle the problem

18 The utility and features of Internet Banking are diverse, meeting the

19 The service is provided quickly, accurately, and easy to use 4.3

20 Spacious facilities, wide transaction network, convenient for

21 Are you satisfied with the quality of Internet Banking service of

22 VCB's Internet Banking service meets your needs well 4

23 VCB's Internet Banking service is better than other banks 3.3

=> General comments about the quality of Internet Banking services at Vietcombank that customers evaluate as follows:

Reliability: In terms of reputation, it can be affirmed that Vietcombank is the most prestigious state-owned bank today, as evidenced by the constantly growing banking system and the number of customers' choice Vietcombank is more and more The bank also provides services as promised to customers, working clearly to provide complete transaction documents It can be seen that customer evaluation of VCB is one of the banks with high reliability

Responsiveness: VCB – IB@nking old web version guaranteed ensuring the simple and easy-to-understand elements for customers, but not yet reaching the attractiveness, friendliness, and not paying attention to customer experience The newly released version has tried to overcome this drawback and began to receive good feedback from customers The transaction processing speed is fast, especially the transaction with the same system and the fast money transfer from the other system However, the customer's complaints about the error condition are still recorded, there is a case that after the customer enters all the information to conduct the transaction, the transaction is not performed while the customer account However, customers still have to deduct money, leading to customers having to contact the bank many times to check the transaction, while the time to check for online transactions is quite long (from 5-7 working days) The reason to explain this

is that the transmission line is often overloaded due to the amount of banking transactions great Besides, the customer service fee rate is not high, customers also complained that the bank has collected many unreasonable fees compared to other banks since VCB's fee schedule changed on March 1, 2018 reduce customer satisfaction with the service

Assurance: in terms of security, the service is customer reviews are quite good, proving that customers are assured of using the bank's internet banking service for transactions Customers after registering to use the service at the counter will be provided with registration information including username and activation password sent by email to the registered email address of the customer The username is the customer's account cif number, and this sequence is known only to the customer and the bank The password management system is guaranteed by the system according

to the safe and secure procedures according to the PCI DSS standard (PCI DSS -Payment Card Industry Data Security Standard, which is a mandatory standard for any relevant organizations and businesses to the processing of payment card data)

To increase user authentication system When logging in, in addition to the requirement to use username and password like other systems, Internet Banking system provides each customer with a solution to generate a password that is automatically used once when transacting called OTP (One Time Password) and