CRM activities at vietcombank ho chi minh city branch

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - Trần Quốc Ánh CRM ACTIVITIES AT VIETCOMBANK HO CHI MINH CITY BRANCH MASTER THESIS Ho Chi Minh City, 2011 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - Trần Quốc Ánh CRM ACTIVITIES AT VIETCOMBANK HO CHI MINH CITY BRANCH Major: Business Administration Code: 60.34.05 MASTER THESIS Supervisor: Trần Hà Minh Quân Ho Chi Minh City, 2011 Abstract Globalization and technology improvements have exposed companies to a situation with tough competition In this new era, companies are focusing on managing customer relationships in order to efficiently maximize revenues Today marketing is not just developing, delivering and selling, it is moving towards developing and maintaining long-term relationships with customers Relationship marketing is becoming important in financial services Managers really need to look at areas where opportunities lie, because industry consolidation, virtual delivery channels and the ability to move money around with a click of a mouse are making it easier for customers to leave one bank for another In this situation CRM is an opportunity that banks can avail to rise above minor advantages by developing actual relationships with their customers (Rahman, 2005) The purpose of this study was to investigate CRM activities (view of CRM, CRM processes, CRM technology and CRM structure and people) that are already exist at one of the biggest Vietnamese Commercial Banks in the South of Vietnam_Vietcombank Ho Chi Minh City Branch The results revealed that the Bank is already adopting CRM The Bank has implemented CRM processes which is considered necessary for a customer centric organization The Bank has integrated technology with the business process in a good way and is organisating its structure towards CRM So far, the Bank has achieved a certain rate of success in terms of customer satisfaction and customer relationship management A descriptive approach with exploratory and explanatory touches, therefore, would reveal important insights and draw some conclusions for management Keywords: Customer relationship management (CRM), qualitative research i Acknowledgement This thesis was written from April 2010 to June 2011 at Hanoi and Ho Chi Minh City During the entire process of this thesis, many people encouraged and helped me to make this work possible I would like to take this opportunity to show my sincere gratitude and appreciation to all people involved in this thesis work Firstly, I would like to express my sincere gratitude to my supervisor, Dr Tran Ha Minh Quan, Executive Associate Dean, International School of Business for his helpful guidance, support and contribution and for giving me the opportunity to work with him on this thesis Thanks for providing me with thoughtful supervision, invaluable guidance and constructive suggestions for this thesis I would also like to thank the respondents at Vietcombank Ho Chi Minh City Branch for their fruitful discussion and valuable information during my interview and data collection process This study would not have been possible to be executed without their helps On a personal level, my sincerely appreciation went to my parents, my brother, my sisters, and my relativies for their great support whenever I got any problem Ho Chi Minh City, Vietnam June 2011 ii Table of Contents Abstract i Acknowledgement ii Table of Contents iii Chapter 1: Introduction 1.1 Statement of Research Problem .1 1.2 Objectives of the Research and Research Questions .2 1.3 Research Methodology 1.4 Limitation of the Study 1.5 Structure of the Thesis Summary of the Chapter Chapter 2: Literatue Review on Customer Relationship Management 2.1 Customer Relationship Management (CRM) 2.1.1 Relationship Maketing (RM) 2.1.2 Customer Relationship Management (CRM) .9 2.2 CRM Process 14 2.2.1 Buyer-Seller Relationship .14 2.2.2 Seller’s CRM Process Cycle 16 2.3 CRM Technology 18 2.4 Organisational Structure and People for CRM .25 2.4.1 Organisational Structure 25 2.4.2 People 26 2.5 Benefits of CRM 27 2.6 The Reasons to Apply CRM in the Financial Services Industry 29 2.7 CRM Activities in the Banking Sector 30 2.8 Research Questions and Frame of Reference .32 Summary of the Chapter 36 Chapter 3: CRM Activities at Vietcombank Ho Chi Minh City Branch 37 3.1 Overview about Vietcombank 37 3.2 Investigating CRM Actitivies at Vietcombank Ho Chi Minh City Branch 39 iii 3.2.1 How people at VCB HCM view CRM? 39 3.2.2 How is the CRM Process at VCB HCM be described? 41 3.2.3 How the information technology being applied in CRM at VCB HCM? 45 3.2.4 How are the CRM organization structure and people at VCB HCM be described? .51 3.2.5 Conclusions .55 Summary of the Chapter 57 Chapter 4: Recommendation .58 4.1 Implicated Recommendations for VCB HCM 58 a CRM Process 58 b CRM Technology 59 c CRM Organisational Structure .61 d CRM People 62 4.2 General Recommendation for VCB HCM 63 4.3 Recommendation for further research 64 References 65 Interview Guide 68 iv Chapter 1: Introduction 1.1 Statement of Research Problem In this Internet age, when the customer is having access to a variety of products and services it is becoming very difficult for banks to survive In this situation, when customer inquiries are not met easily or transactions are complicated, the customer will ask for new levels of services, and only chose those credit institutions who are making a real effort to provide a high level of quality, fast and efficient service through all the bank’s touch points, call centers, ATMs, voice response systems, internet and branches (Puccinelli, 1999) Managers really need to look at areas where opportunities lie because industry consolidation, virtual delivery channels and the ability to move money around at the click of a mouse are making it easier for customers to pack their bags and say bye to the bank (Puccinelli, 1999) Of course, only depending on technological capabilities can’t ensure customer service (Dyche, 2001) Researches suggest that customer satisfaction, fundamental concept of relationship marketing, is important in achieving and retaining competitive advantage Many banks today are racing to reestablish their connections to new as well as existing customers to boost long-term customer loyalty Some banks are competing effectively and winning this race through the implementation of relationship marketing principles using strategic and technology-based customer relationship management (CRM) applications Banking in Vietnam has traditionally operated in a relatively stable environment for decades However, today the industry is facing a dramatically aggressive competition due to three fundamental factors: new technological opportunities, increasing competition from new market entrants, and customers’ changing behaviour The net result of the recent competition and legislation is that local banks have lost a substantial proportion of their domestic business to foreign banks and financial instutions Competition will undoubtedly continue to be a more significant factor Finding a place in this heating sun becomes vital to the longrange profitability and ultimate survival of the Vietnamese banks Those banks that are not considering the new atmosphere to build and protect their competitive position will likely become victims of that heating sun In this difficult situation CRM is an opportunity that banks can avail to rise above minor advantages by developing actual relationships with their customers Unlike manufacturing and some service industries, bankers are not only selling products and services First and foremost, they are selling their organization reputation with every “customer relationship” A bank has to create customer relationships that deliver value beyond the provided by the core product This involves added tangible and intangible elements to the core products thus creating and enhancing the “product surrounding” That is the nature of competition If there are many others who can what you do, then you not have many added values This dynamic erodes your added value To protect its added value, a bank needs to manage, create and enhance long-term customer relationships CRM is not a new terminology in Relationship Marketing in banking on the world However, it is likely in the premature stage of the implementation at Vietnamese Commercial banks, eventhought at Vietcombank Ho Chi Minh City Branch (VCB HCM), one of the biggest commercial banks in the South of Vietnam Based on this, the research problem has been formed as “How are the customer relationship management activities at Vietcombank Ho Chi Minh City Branch described” Following the investigation, some recommendations are proposed to VCB HCM 1.2 Objectives of the Research and Research Questions Bearing in mind that the phenomenon of CRM in banking is quite recent in Vietnam, the purposes of this research is to investigate CRM activities that already exist at VCB HCM Afterward, some recommendations were proposed to improve CRM activities of the Bank From the research objectives above, some research questions have been designed to support different corners of the research The first question is “How people at VCB HCM view CRM?” This question is to evaluate their attitudes toward CRM activities Banks are realizing that customers have different economic value to them, and they are subsequently adapting their customer offerings and communications strategy accordingly However, more than half of all companies investing in CRM consider it a disappointment, according to several recent surveys (Anupam et al, 2004) Most show weaknesses in one or more of the following areas – market analysis, marketing strategy, distribution channel management, program planning, people, processes, data management, understanding the customer’s perspective, and measurement (Anupam et al, 2004) Consequently, the second question will find out “How is the CRM process at VCB HCM be described” CRM technology is the information technology that is utilized for the specific purpose of better initiating, maintaining, and/or terminating customer relationships (Werner et al, 2004) It plays a critical role in the CRM activities and contributes to improved organizational performance in the market; also, it can be a powerful tool to help banks segment clients and provide targeted products and services (Calvelli, 2004) Banks can better understand their customers' needs and preferences by the use of custom-developed methodologies, software, and Internet capabilities The technological issue can offers a natural linkage between the internal environment and the interaction process Marketers and managers must be aware of new developments in technology and their possible effects because technologies, consumers and organizations are a function of a win-win interaction (Zineldin, 2000) Thus, it is necessary to investigate the third question: How is the information technology being applied in CRM at VCB HCM? The last question is “How are the CRM organizational structure and people in banks be described?” It is clear that managing customers better is supported by a broad supporter of the issue, cross-functional working at different levels of the organization So it is increasingly important to restructure the organization for CRM Building, modifying, or running a CRM solution involves a large numbers of roles It can include systems experts; business analysts; backroom operations specialists, managers, and frontline sales and service people who are responsible for inputting much of the data the CRM needs to create rich insights (Anupam et al, 2004) Practitioners believe that the key to organizational effectiveness is to find the good people and get them into positions of power (Galbraith.1997) All new ideas originate from employees Identifying who is responsible for which results is success requires Thus, this 4th question is to know how the banks structure their organizations and also to know how they trains and motivates employees who can share the values of the bank and plan those values at every point of customer and consumer interaction RQ1: How people at VCB HCM view CRM? RQ2: How is the CRM process at VCB HCM be described RQ3: How is the information technology being applied in CRM at VCB HCM? RQ4: How are the CRM organizational structure and peoplea at VCB HCM be described? Operational CRM Operational CRM Customer service and support Customer service and suport • Call center: just only provide • Contact management (experienced feedback to inquiries related to credit cards for local and and skillful front-line employees) • ATM international services monitoring with remote access Futhermore, the hotline • Cross-selling number is also available at ATMs • Personalised marketing for the client to call in any urgent • Public affair (advertisement, case marketing) • Credit card Analytical CRM Analytical CRM Data collection Data colection • Call center (feedback for credit • Core banking: HOST system card’s inquiries only) • Secondary data Databases not intergrated: customers’ Knowledge management informations and market information • Customer segmentation recorded separately by each account • Risk Management officers 56 Summary of the Chapter The objective of this chapter was to present the data collected through interviews respondents at VCB HCM The answers and other information collected were analysed and discussed upon frame of the research questions Some strengths and weaknesses of CRM actitivies at VCB HCM were also pointed out for recommendations in the following chapter 57 Chapter 4: Recommendation 4.1 Implicated Recommendations for VCB HCM a CRM Process i) Boosting utilities of call center Call center is a channel to support and react to clients’ inquiries at 24 hours per day, 07 days per week However, its function hasn’t been fully utilised The center is fully to answer credit card’s queries For frequent queries such as documents and procedure to open accounts, to borrow at the Bank, or inquiries related to payments via VCB-iB@nking, the clients must go to the Bank for clarification Assumed that the Call center can advise the client via phone, then the client can prepare all documents before going to the Bank for doing his/her banking operation This will be benefit to the client as well as the Bank because the client can save his/her time to come to the Bank while the Bank can reduce the greeting staffs at their offices ii) Optimising cross-selling opportunities among corporate teams and personal financial services teams It is noted that the current organisational structure has specialised the front-line staffs into corporate teams and personal financial services teams Those teams’ operations are also independent They only approach to their targeted types of customers and forget to referral to personal financial services team and viceversa when a cross-selling opportunity occurs Therefore, it causes opportunity losses for the Bank in overall to expand more customer base as well as total operating income 58 As above, the objective “referral” should be an indicator that will be taken into account when assessing the performance of the staff at the year-end By doing this, connection between corporate team and personal financial services team will be enhanced and more supportive to each other in exploring business development iii) Regularly introducting new banking products and using public affairs to refesh VCB’s image in the market Though VCB had equitized, it is still considered as one of the biggest state-owned commercial banks in Vietnam Being ranked as the top Vietnamese commercial banks for years, VCB is very subjective to its strong historical position and forget that the competition in the banking sector is now very fierce when new local joint stock commerical banks and foreign banks have been licensed recently It is experienced that VCB seldom markets its promotion campaigns about new products or incentive programs via newspapers, media New targeted clients won’t known those campaigns, even though existing or long-term-relationship clients might be not aware of them until they have gone Therefore, the campaigns may be inefficient On the other hand, under pressure of competition, other competitors are introducing new products that are created from traditional products to meet diversified demands of existing clients as well as to attract new clients in this new segment where some other banks haven’t launched same products to the market Furthermore, launching new products, apart from traditional products, won’t let the bank be very backward to other competitors Consequently, it will retain the existing clients and also maybe provide comfort and confidence to long-term-relationship or loyalty clients b CRM Technology 59 Deploying email communication in daily operations Technology is one of the advantages of VCB compared to other commercial banks However, using email in supporting daily works hasn’t been implemented properly and received much attention from the top management team VCB’s emails are now only available under names presented for each department to receive some internal emails from Headoffice or few emails from the clients, while the email for each employee hasn’t been implemented yet Setting up personal email for each employee will bring more efficiency to daily operations/communications within the bank or with the clients (external customers) Advantages of deploying email communication for business: • Speedy information transfer Email communication is certainly known for the rapid information transfer it provides This speed enables the bank to operate at a faster pace and in an efficient manner • Low cost Cost savings is one of the most important advantages of email communication in business The costs involved in maintaining an email system are generally very low The bank just needs to pay the regular Internet connection charges Therefore, the expenses related to postage and telephones shall be reduced • Security Email communication is evidently the most secure method of communication compared to letters and faxes If letters or paper documents fall in the wrong hands, they may be misused which might prove harmful to the business If faxes containing confidential information are left unattended on the fax machine, they may also be used in an adverse manner Emails ensure the security of information, records, and details 60 • Effective marketing tool Email communication enables marketing to reach a larger number of customers in a more economical and effective way It also enables companies to quickly respond to customers’ queries, which add up to customer loyalty • Lower risk of making errant or embarrassing comments With e-mail, your communication can be edited and rephrased as much as is desired before it can be read by the recipient • An advantage channel to communicate with busy people or to deliver messages avoiding a face-to-face or a phone call • Email communication contains details of correspondence So there is no need to rely on memory for facts of interaction Thanks to that, it is easy to archive for future recall c CRM Organisational Structure Recruiting sales representative for each product team to support for the Relationship Officers/Managers It is ideal to have sales representatives of product teams, i.e: sales officers for trade (import/export), for payments and cash management, for global market (dealing foreign currencies) Those sales people will support relationship officers/managers to enhance the relationship with the clients via answering inquiries/questions related to those products, being pro-active to introduce new products to the clients, or encouraging the clients to utilise more banking businesses with the bank The more sales people the bank has, the more frequency the bank contacts the client So, it will tighten the relationship as well as explore any other banking business with the client 61 d CRM People Employees play a very critical role in CRM process because they deliver services to the clients Accordingly, how to make the employees engage in their daily works must be paid attention by the managerial level The followings are recommended to enhance job engagement for the bank’s employees i) Class training and setting up an on-line library for VCB’s employees The training the employees have is almost on-the-job coaching There is very limited to class training in regards to soft skills, operations, etc for new recruitments or staffs The reason could be constraint of time and/or operational expenses Due to this limitation, staffs could be not well-trained communicational skills or general knowledge about VCB’s products/operations Accordingly, they may be unassertive and unconfident to response to the client’s inquiries As such, the trust of the client on the bank’s employee shall be gradually loosen Building trust based relationship with the clients from the beginning is an important factor to expect a long-term relationship with the client As the above, class training should be organized at least one time per year for each employee In addition, the bank should set up an on-line library that could be accessed at any time Each employee will search for appropriate courses to improve his/her knowledge or soft skills at leisure time at the office or event at home It is noted that the expenses for this set-up could be too much but it is very benefit to career development of the employees in particular and to the bank’s business in general 62 ii) Discussing KPIs (Key Performance Indicators) with each employee before signing off the balance scorecard to provide a clearer vision about the bank’s goals and individual’s targets of that employee iii) To be fair in assessing the KPIs and in rewarding the employees iv) Preparing career paths for talent employees to retain them with the bank 4.2 General Recommendation for VCB HCM • Success factor: the Bank must realize the term CRM in its broader term No doubt personal interaction, marketing and sales are the right view of CRM but CRM includes a lot more than that In its vital sense CRM includes personal interaction, marketing and sales, IT, customer knowledge, people, process and technology There can also be some other dimensions of CRM The Bank not only just concentrate on one segment of CRM, but by using a mix of different elements it can get a real customer oriented services, with a long term relationships • Continues learning process: Customer needs and requirements are very much volatile, it is recommended to keep one foot ahead of the customer The Bank must know what is going to happen in furture so that they can prepare offers accordingly to the changing environment Customers also want to stay where they can find innovative ideas In changing environment, it is good to look forward by anticipating future • Customer information: customer is only loyal when the bank has the through understanding of the customer’s requirements, if the Bank doesn’t have enough information about customer, it is impossible to understand customer’s business 63 problems It is recommended to keep on tracing the customer and get through knowledge about customer’s problems • Organisational structure and people: CRM is not just a technology or some sort of equipment to buy and implement it, it is a total philosophy To implement the sole of CRM it is recommended to make changes in each and every department and from top to bottem management The whole organisation is organised according to CRM requirements Furthermore, the service is delivered by people so learning and development actitivies must be paid attention properly • Clear goal and objectives: every one working in the organisation must have a very clear goal in mind; the whole organisation must be working as a single unit It is not affordable that the higher management is looking CRM as marketing and sales and middle management looking towards personal interactions and so on At every level CRM definition must be very clear, hear definition does not mean by few written words, but it’s sole Why we are sitting in the market? Who are our customers? Why to make contact with them? How to make contact? How to make it long? How to make customer satisfied? How to make these satisfied customers to come again and again? These and other questions must be very must clear in every one working in the Bank 4.3 Recommendation for further research While conducting this research, some interesting topics can be considered as future opportunities to be explored by interested researchers Firstly, it would be more investigation about technology Thought technology is becoming more and more important element to the success of CRM actitivies, however how are customers looking towards technology and what is the extend of technology contribution to success of CRM actitivies in banking sector in Vietnam presently? 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How many customers you meet or contact per day? How can you describe your relationship with your customers? Session 1: Client Relationship Management (CRM) Have you heard about CRM? How you define CRM? Why does your bank need to apply CRM? What are the benefits to apply CRM? Session 2: CRM process How you gather customer information? What type of information are you accessing? How you categorize your customers? a By ownership structure (state-owned, private-owned) b By enterprise size c By sectors d By business types (trading, manufacturers, importer, exporter, etc) e By total operating income generated from that relationship f By years of relationship g By sensitivity in changing of pricing/cost h By volume of transactions 68 How does your bank use the customer information? What are the channels/means your bank are using to interact with your customers? (agencies, call centers, self-banking, home banking, technical support, communication and advertising, client service) What is the purpose of interacting with your customers? Do you regularly monitor and analyze customers’ historical records and behaviors? How you measure customer satisfaction? How you use analytical CRM to identify and prevent your defecting customers to switch to competitors? What about your prospective customers? 10 Is there a good connection b/w front- and back-office as handling your customers’ inquiries? 11 What are your suggestions to improve the internal processes and back-office staffs’ support to enhance client services to your customers? Session 3: Technology How does your bank view of CRM technology? How you think that technology can help CRM? Do you use any computer application for managing relationship with customers? How does the internet banking empowering your bank to target, reach, and overall retain core customers? Session 4: Bank structure and people How can you describe your CRM organizational structure? Who coordinates the entire CRM process? Who identifies the right customers and the investment opportunities? Who develops the right offer to the customers? Who decides when the offer shall be introduced to the customers? Who is interacting with the customers? 69 Has your bank trained or educated the personnel on CRM (who and how)? How does your bank retain people? What you think about the future CRM in your bank? 70 ...MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - Trần Quốc Ánh CRM ACTIVITIES AT VIETCOMBANK HO CHI MINH CITY BRANCH Major: Business Administration Code: 60.34.05... Chi Minh City Branch 37 3.1 Overview about Vietcombank 37 3.2 Investigating CRM Actitivies at Vietcombank Ho Chi Minh City Branch 39 iii 3.2.1 How people at VCB HCM view CRM? ... Vietnam and an international bank in the region in the next decade b Vietcombank Ho Chi Minh City Branch Among the branches of Vietcombank, Vietcombank Ho Chi Minh City Branch (VCB HCM), established