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The Vietnamese economy is now on the hot growth with GDP in 2009 of 5.32% and in 2008 of 6.78%. Along with the GDP growth, Vietnam banking industry is now growing very fast. Until May, 2008 Vietnam has 36 Joint stock commercial banks, 5 Stated – owned commercial banks, 6 Joint venture banks and 44 branches of foreign commercial banks with hundreds branches nationwide and numerous of banks and financial companies are waiting effort the license (World Bank, 2007).Vietnam banking sector has been scaling up recently and even, state-run banks, which are busy with equitisation continue opening more branches, transaction offices. However, commercial joint stock banks have still seen the strongest growth when they continue aggressively developing their operation networks and established more new banks. Additionally, many foreign banks are actively speeding up pace of establishing branches or 100%-foreign owned subsidiaries. Such a move is attracting significant attention of the public. By the end of 2007, it is estimated that total transaction offices, branches of commercial joint stock banks nearly doubled the figure of 2006. The possibility of the prime minister’s approval for the government proposal to hike the limit on foreign holding from 10% to 15% or even 20% would prove to be another powerful incentive for overseas banks to anticipate fresh competition. Moreover, under WTO commitments in banking sector, Vietnam approved oversea banks to set up their 100% foreign owned subsidiaries in the country from 1 April, 2007. This is an incentive for them to speed up their business activities in Vietnam. As of now, many foreign banks have expressed their interest in taking advantage of the 100% foreign –owned bank policy of Vietnam. Vietnam is becoming more and more attractive for overseas banks as it provides a competitive base to these banks due to healthy economy and government policies. In Intellasia news, they call Vietnam a perfect market to give competitive ground to international banks due to the country’s fast growing economy, thriving financial and stock markets and initiation of government policies aimed at opening the market. Being a wholly foreign owned bank makes a debut for ANZ a potential to support the growth of its retail business. ANZ is operating over 153 years in banking experience, ANZ believe that they has contributed a creditable success to the Vietnam’s economy and committed to develop more by enhance their activity, services and especially in retail banking. ANZ gained constantly “Best retail bank 2008, 2009” reward in two years. In earlier 2010, ANZ has implemented a new strategically development on retail banking to expand its business and managerial capacity to become a top four foreign bank in Vietnam by 2012. In this road map, ANZ focus on retail banking, consolidating operation of retail, reforming sales force, balancing lending and capital mobilizing. In fact, ANZ has developed more consumer lending products to meet more customers’ needs by launching new mortgage loan, car loan, and wealth and financial advisory in order to approach new customers. The consumer lending section in ANZ has achieved some significant in area of new customer, credit risk management. After three years, there are more than 5,000 customers getting home loan approval, growth rate is about 10%/year. However, the consumer lending products are still poor, it seem to be so basic and simple, no niche products to various segments so the actual gained is still far from target. Moreover, lending process at ANZ also face many difficulties in adapting with local market practical that block ANZ access deeply retail market such as assessment of borrowers’ income based on bank account only. The problem is how ANZ operation can be adjusted to adapt the practical in Vietnam. In order to improve consumer lending product, ANZ must create an appropriate policy which is rooted from the fundamental of ANZ bases and the emerging market of retail banks in Vietnam.
NATIONAL ECONOMICS UNIVERSITY BUSINESS SCHOOL NGUYEN DOAN KHANG IMPROVE PERSONAL LENDING PRODUCTS IN RETAIL BANKING OF ANZ BANK MASTER OF BUSINESS ADMINISTRATION THESIS SUPERVISOR: Dr Pham Truong Hoang HANOI - 2011 ACKNOWLEDGEMENTS From experience I can tell that this thesis has depended on the generous support, help of many people Throughout the thesis I have able to improve the knowledge regarding managing services of banking industry Firstly, I would like to thank my supervisor Dr Pham Truong Hoang for his guidance through the process of the research My thanks are also given to my friends and teachers in Business School in helping me during this course Lastly, I would like to thank to my colleagues, manager in ANZ and especially customers, for contributing me worthwhile feedback TABLE OF CONTENTS ACKNOWLEDGEMENTS ABREVIATIONS LIST OF FIGURES LIST OF TABLES EXCUTIVE SUMMARY CHAPTER 1: INTRODUCTION 1.1 RATIONALE .3 1.2 RESEARCH OBJECTIVES 1.3 RESEARCH QUESTIONS 1.4 RESEARCH METHODOLOGY 1.4.1 Research process 1.4.2 Data sources 1.4.3 Data analysis 1.5 RESEARCH SCOPE 1.6 RESEARCH STRUCTURE CHAPTER 2: THEORETICAL BACKGROUND ON PERSONAL LENDING PRODUCT 10 2.1 RETAIL BANKING OF COMMERCIAL BANK .10 2.1.1 Definition of retail banking 10 2.1.2 Services of retail banking 10 2.2 PERSONAL LENDING PRODUCTS 15 2.2.1 Concept of personal lending product 15 2.2.2 Characteristics of personal lending product .16 2.2.3 Types of personal lending products 17 2.2.4 Marketing mix and its application for personal lending activities .19 2.2.5 Personal lending product development 25 2.3 FACTORS EFFECT DEVELOPING PERSONAL LENDING PRODUCTS 29 2.3.1 Internal Factors 29 2.3.2 Activity environment of bank 31 2.3.3 Factors about customers 33 CHAPTER 3: ANALYZING PERSONAL LENDING PRODUCTS IN RETAIL BANKING OF ANZ BANK 34 3.1 INTRODUCTION OF ANZ GLOBAL 34 3.1.1 ANZ’s strategy 34 3.1.2 ANZ’s brand 35 3.1.3 ANZ’s Core Activity Standards 35 3.1.4 ANZ’s Governance 35 3.2 ANZ IN VIETNAM 37 3.2.1 ANZ Vietnam Structure .38 3.2.2 Performances of ANZ Vietnam 39 3.3 PERSONAL LENDING PRODUCTS IN RETAIL BANKING INDUSTRY IN VIETNAM 41 3.3.1 Snapshots on retail banking industry in Vietnam 41 3.3.2 Products of main competitors .44 3.4 ASSESSING PERSONAL LENDING PRODUCTS IN RETAIL BANKING OF ANZ BANK 46 3.4.1 Customer and market 46 3.4.2 Analyzing personal lending activities in retail banking of ANZ 47 3.5 SUMMARY OF FINDINGS 64 CHAPTER 4: RECOMMENDATIONS TO IMPROVE PERSONAL LENDING PRODUCTS IN RETAIL BANKING OF ANZ BANK 65 4.1 STRATEGIC ORIENTATION OF ANZ IN DEVELOPING PERSONAL LENDING PRODUCT 65 4.1.1 The economic – banking and financial trends 65 4.1.2 Strategic orientation of ANZ in developing personal lending products 67 4.2 RECOMMENDATION TO IMPROVE CURRENT PERSONAL LENDING PRODUCTS OF ANZ VIETNAM 68 4.2.1 Diversifying and improving services/products 69 4.2.2 Developing modern distribution network 73 4.2.3 Developing human resource 75 4.3 RECOMMENDATIONS TO DEVELOP NEW PERSONAL LENDING PRODUCTS 77 4.4 CONDITIONS TO IMPLEMENT RECOMMENDATIONS .78 CONCLUSION .81 LIST OF REFERENCES 82 APPENDIX ABREVIATIONS ATM: Automatic Tellers Machine GDP: Gross domestic product JSCB: Joint Stock Commercial Bank NPD: New Product Development SBV: State Bank of Vietnam SME: Small and Medium Enterprise SOCB: State Owned Commercial Bank SOE: State Owned Enterprise WTO: World Trade Organization LIST OF FIGURES Figure 2.1: Service marketing mix .19 Figure 2.2: Product development process, Philip Kotler 26 Figure 3.1: Organization of ANZ Vietnam 38 Figure 3.2: Numbers of branches of some main banks in Vietnam 43 Figure 3.3: Total asset of large local banks, US$ billion 43 Figure 3.4: Structure of customer of retail banking of ANZ Vietnam .46 Figure 3.5: Structure of retail banking loans .51 Figure 3.6: Lending process at ANZ Vietnam 53 Figure 3.7 Mortgage interest rate competitor matrix – as at 15th August 55 Figure 3.8: Customer satisfaction of service quality 62 Figure 3.9: Customer’s evaluation about the successful transactions 62 Figure 3.10: Customer’s willingness to continue to use other services of ANZ 63 Figure 3.11: Customer introduce ANZ to friends and relatives 63 LIST OF TABLES Table 1.1: Data sources & method to collect data Table 3.1: ANZ Vietnam’s Business result in 2010 40 Table 3.2: Product categories of some main banks .44 Table 3.3: Personal lending products at ANZ .48 Table 3.4: Number of loans at ANZ Vietnam .50 Table 3.5: Respondent’s evaluation for quality of product and service 56 Table 3.6: Respondent’s evaluation of customer care 58 Table 3.7: Respondent’s evaluation of convenience at branches 60 Table 3.8: Respondent’s evaluation for interest and fees at ANZ 61 EXCUTIVE SUMMARY The thesis was conducted to study about the current situation of personal lending activities in retail banking of ANZ Vietnam; the thesis also proposed some possible solutions for developing personal lending product policies at ANZ Vietnam The research objectives of the thesis are to study and analyze current situation of personal lending product policies at ANZ Vietnam Other objectives of thesis are to assess the quality of personal lending service at ANZ and propose solutions to improve personal lending product at ANZ Vietnam The research is mainly based on in-depth interviews and questionnaire with existing and sales staff The research methodologies used in the thesis are comparisons Real figures and documents were collected from the annual report and newspaper as well as reports that are published in order to determine factors that effect the developing of personal lending activities and propose solution to develop retail banking operations The thesis divides into four chapters as follows: Chapter introduces main points of the study This chapter provides overview information about Vietnam’s banking industry development, and also presents the background, the questions and the objectives of this research Chapter refers to concept, operations and personal lending products of retail banking of commercial bank This chapter consists of three parts The first part is to study retail banking and all operations of retail banking The second part relates to personal lending products of retail banking The last part goes into factors affecting developing personal lending products This part will conduct all factors that affect personal lending products Chapter analyzes current situation of personal lending products in retail banking of ANZ bank This chapter will outline overview about ANZ global and ANZ Vietnam; it also summaries the current situation at ANZ retail banking Besides, the thesis examines and assesses personal lending products in retail banking of ANZ bank These assessments will supply three major findings surrounding product itself, process and service of ANZ’s personal lending products Personal lending products are very poor, not attractive compared with other competitors Process is closely control ANZ applies inflexible personal lending policy so that very few customers can access the capital The branch of ANZ Vietnam is very few There are only branches in all Vietnam area It will make customers difficult to find the office to the transactions and not attract new customers Chapter proposes solutions to improve personal lending products in retail banking of ANZ bank The chapter researches all solutions based on strategic orientations of ANZ retail banking and the economic – banking trends These solutions include in diversifying and improving services/products, developing modern distribution network and developing human resource, which based on theoretical aspect and the assessment reality of retail banking CHAPTER INTRODUCTION 1.1 RATIONALE The Vietnamese economy is now on the hot growth with GDP in 2009 of 5.32% and in 2008 of 6.78% Along with the GDP growth, Vietnam banking industry is now growing very fast Until May, 2008 Vietnam has 36 Joint stock commercial banks, Stated – owned commercial banks, Joint venture banks and 44 branches of foreign commercial banks with hundreds branches nationwide and numerous of banks and financial companies are waiting effort the license (World Bank, 2007).Vietnam banking sector has been scaling up recently and even, state-run banks, which are busy with equitisation continue opening more branches, transaction offices However, commercial joint stock banks have still seen the strongest growth when they continue aggressively developing their operation networks and established more new banks Additionally, many foreign banks are actively speeding up pace of establishing branches or 100%-foreign owned subsidiaries Such a move is attracting significant attention of the public By the end of 2007, it is estimated that total transaction offices, branches of commercial joint stock banks nearly doubled the figure of 2006 The possibility of the prime minister’s approval for the government proposal to hike the limit on foreign holding from 10% to 15% or even 20% would prove to be another powerful incentive for overseas banks to anticipate fresh competition Moreover, under WTO commitments in banking sector, Vietnam approved oversea banks to set up their 100% foreign owned subsidiaries in ... personal lending products Chapter 3: Analyzing personal lending products in retail banking of ANZ bank Chapter 4: Recommendation to improve personal lending products in retail banking of ANZ bank. .. ASSESSING PERSONAL LENDING PRODUCTS IN RETAIL BANKING OF ANZ BANK 46 3.4.1 Customer and market 46 3.4.2 Analyzing personal lending activities in retail banking of ANZ 47... SUMMARY OF FINDINGS 64 CHAPTER 4: RECOMMENDATIONS TO IMPROVE PERSONAL LENDING PRODUCTS IN RETAIL BANKING OF ANZ BANK 65 4.1 STRATEGIC ORIENTATION OF ANZ IN DEVELOPING PERSONAL LENDING PRODUCT