Low performance of sales consultants on card products at jaccs international vietnam finance company

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Luu Tuyet Anh LOW PERFORMANCE OF SALES CONSULTANTS ON CARD PRODUCTS AT JACCS INTERNATIONAL VIETNAM FINANCE COMPANY MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: DR TRAN PHUONG THAO Ho Chi Minh City – Year 2019 TABLE OF CONTENTS EXECUTIVE SUMMARY .1 LIST OF TABLES AND CHARTS CHAPTER 1: PROBLEM IDENTIFICATION 1.1 Problem context 1.1.1 Company overview .4 1.1.2 Symptom .8 1.2 Problem analysis 10 1.2.1 Low Sales Consultants performance 10 1.2.2 Poor outbound consultant service 12 1.2.3 Low company reputation 15 1.3 Main problem validation 17 1.4 Problem definition and consequences 18 1.4.1 Problem definition .18 1.4.2 Consequences 19 CHAPTER 2: CAUSE VALIDATION 22 2.1 Potential causes 22 2.2 Real causes .24 2.3 Main cause validation 31 CHAPTER 3: SOLUTION DESIGN 35 3.1 Potential solutions 35 3.1.1 Setting a target 35 3.1.2 Building a reward plan .39 3.2 Solution selection 43 3.3 Action plan in organization 45 CHAPTER 4: SUPPORTING INFORMATION 49 4.1 Interview transcripts .49 4.2 Research method summary 59 REFERENCES 61 EXECUTIVE SUMMARY In the finance-banking industry, despite the banks, nowadays, the finance companies also issue credit cards or the card products which are relevant to a loan The card market between the finance companies is developing rapidly to adapt the need of the customers, especially those who not have assets to mortgage Jaccs International Vietnam Company is a Japanese finance company which have been joining in Vietnam for years Card products are one of the products of the company which have been released for years up to now However, the number of cards activated of the company is not high The purpose of this thesis is to find out the problem of Card Department and solve them The thesis use the techniques such as collecting data, conducting in-depth interviews with all the staffs as well as the managers of Card Department and also base on the theories to come to some possible cases which can happen From that, the thesis continue to analyze the context of the company to find out the cases that are really existing in the company Finally, with the ideas of the managers, the thesis come to the conclusion By those methods, the thesis reveals that Low performance of Sales Consultants is the main problem for the high rate of non-activated cards, the cause leading to this problem is due to the lack of performance measurement on card products of Sales Consultants and the best solution is to combine target setting and building a commission plan for them This solution can improve the performance of the Sales Consultants and the number of cards activated of the company LIST OF TABLES AND CHARTS Table 1: Product information Table 2: Summary of non-activated cards from August to December of 2018 Table 3: The percentage of the card contracts which were not signed comparing with the total loan contracts released .27 Table 4: The number of motorcycle loan contracts from October-2018 to January-2019 .28 Table 5: Card informations of JIVF and competitors .28 Table 6: Total balance of Card Department from September 2018 to January 2019 32 Table 7: Statistics about activation of cards from September-2018 to January-2019 33 Table 8: Number of cards issued from September 2018 to January 2019 36 Table 9: The estimated percentage of card contracts to loan contracts released from January-2020 to March 2020 36 Table 10: The estimated percentage of card contracts which are activated to card contracts released from January-2020 to March-2020 37 Table 11: Cost and benefit for the solution of setting a target 38 Table 12: Estimated statistic for the commission plan from January to March-2020 41 Table 13: Estimated statistics for the commission plan from January-2020 to March2020 41 Table 14: Estimated statistic for the bonus plan from January-2020 to March-2020 42 Table 15: Rate of missed calls from September 2018 to January 2019 43 Table 20: Solution comparison 44 Table 16: Action plan stage 46 Table 17: Action plan stage 46 Table 18: Action plan stage 47 Table 19: Action plan stage 48 Chart 1: Summary of non-activated cards from July to December of 2018 Chart 2: Awareness of customers about card products 11 Chart 3: The reasons of customers for not activating cards 12 Map 1: Initial causes and effects map 14 Map 2: Updated causes and effects map 16 Map 3: Fish born map 30 Map 4: Final cause and effect map 34 CHAPTER 1: PROBLEM IDENTIFICATION 1.1 Problem context 1.1.1 Company overview JACCS Co., Ltd, started out as a provider of monthly installment credit services for use at department stores in Hakodate, Hokkaido, in 1954 Since then, under a founding philosophy that values trust and reliability, JACCS, has continued to expand its business nationwide in Japan and has expanded its business into growth markets in Asia With a total volume of new contracts exceeding ¥3,061 billion, JACCS is one of the leading names in Japan’s consumer credit sector JACCS’ main businesses comprise the credit business, the credit card business, and the financing business, which includes credit guarantees and other operations In overseas business, the JACCS Group continues to expand, focusing on the ASEAN region JACCS commenced overseas business with the provision of motorcycle loan services in Vietnam in 2010, and followed this with the launch of motorcycle loan services in Indonesia in 2012 In April 2015, JACCS International Vietnam Finance Co., Ltd., became the first Japanese-affiliated credit card issuer in Vietnam - Products Jaccs Company has products: motorcycle loan, car loan, personal loan, credit/cash card, electric loan and furniture loan In this proposal, the writer mentions only about Credit/cash card No Item Deployment Function Customer resource Duration Credit limit Interest Annual fee Cash card From 01-2015 -Withdraw at Automated Teller Machine systems of VISA -Withdraw fee: free Credit card From 01-2015 -Payment at card acceptance units of VISA -Withdraw at Automated Teller Machine systems of VISA - Withdraw fee: 3% of the total amount, at least 50,000 VND Call the customers who are Call the customers who are having loans at the company to having loans at the company to consult the card product consult the card product years years 5-10 million VND 5-10 million VND Depend on monthly income of Depend on monthly income of each customer each customer 3.35%-4.61%/month Cash transaction: 2.03%3%/month Retail transaction: 2.03%/month if not payable on arrival No annual fee 100,000 VND/ year Table 1: Product information - Organization chart of Card Department Executive Manager Deputy Manager, Inbound Deputy Manager, Outbound Team leader,Inbound Team leader, Outbound Outbound (consult card) Outbound (Activate card) Inbound Staff Outbound (consult card) Outbound (Activate card) Inbound Staff Outbound (consult card) Inbound Staff Outbound (consult card) Inbound Staff Card Information Input Staff Admin Staff (Manage all documents/PIN/ Card) Customer's request process Staff - Card registration procedure Card registeration at counters Customer Card issue Investigation aproval Sending card to customer Receive card and activate card Current customers of Jaccs: Customers have signed motorcycle loan contract & completed payment Customers have signed personal loan contract & completed payment Customers have a good payment history New customers of Jaccs: Customers who apply for motorcycle loan contract Customers who apply for personal loan contract  When signing the loan contracts, customers are consulted additionally the card product by the sale consultants at the counters and sign a card contract if they have demand  SCs send the contracts to Investigation department Card department receives the contracts that are approved by Investigation department then performs outbound calls to customers to consult again the card product and ask whether they still want to receive or not  If the customers accept the products, card department sends Pin and card to customers within 7-10 working days  The customers who receive the products and want to activate them have to call hotline of card department to request for activation or they can let their information for card department to call back later The inbound staffs then must consult again for the customers before activating cards 1.1.2 Symptom The writer found out symptom in Card Department It is that the rate of nonactivated cards is very high The outbound (consult card) staffs get the card loan contracts then perform outbound calls to customers to consult card information and ask whether they agree to receive card or not If the customer agrees, the company will send letters which contains card and Personal Code (PIN code) respectively on different days to the customer with no fee After receiving both of them, the customers have to use the telephone number which they let on the contracts to call to hotline of card department to request for card activation because they cannot active card by themselves at the Automated Teller Machine like other bank cards The customers must provide the information exactly compared to the information on the contracts such as ID number, date of issue, full name, and date of birth, addresses, card number, and expired date of card After that, the inbound staffs consult again all the information of the card for the customers to understand before changing the status from non-activate to activate card The activation process takes about to 10 minutes When the customers not have enough money to call, the outbound (activate card) staffs will call the customers to activate for them Month December2018 November2018 October2018 September2018 August2018 Total activated cards Rate of non-activated card 1105 44.00% 1027 44.30% 804 45.80% 757 46.10% 639 46.10% Table 2: Summary of non-activated cards from August to December of 2018 CHAPTER 4: SUPPORTING INFORMATION 4.1 Interview transcripts Transcript 1: Interviewee’s name: Ms Huynh Thi Tuyet Position: Inbound staff Date: 01/3/2019 1/ What are the main missions which you are assigned in Card Department? - I receive calls from customers and answer their questions After 17:30 pm, I work overtime to call customers to ask them whether they want to activate cards 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -Um…The customers, they often not believe that JIVF Company issues a card for them They suspect that the card is not real 3/ In your opinion, what should the company to improve these cases and how? -I think that the Sales Consultants should inform the customers when signing the contracts for them to know However, it is not their main duty, so I think the company can have commission for them to this and because the working environment at stores I think it is also not like at the office, so the Sales Supervisor can support them more Transcript 2: Interviewee’s name: Ms Nguyen Thu Hoa Position: Inbound staff Time & Date: 01/3/2019 1/ What are the main missions which you are assigned in Card Department? - I receive calls from customers every day and make outbound calls to activate cards 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -You know that this is a card of a finance company, not of a bank, so the customers suspect about the security of the card Some also are afraid of generating unclear high interest if using it 49 3/ In your opinion, what should the company to improve these cases and how? -I think that the ones who consult the cards like Sales Consultants and Outbound Staff ( consult card) should tell them clearly, especially the Sales Consultants because they can meet the customers directly I think that in order to help them better, the leaders or the company should train them more to understand the product before consulting Transcript 3: Interviewee’s name: Ms Tran Thi Cam Nhung Position: Inbound staff Time & Date: 01/3/2019 1/ What are the main missions which you are assigned in Card Department? - I receive calls from customers and support their needs I also call to remind customers who have not had activated the cards yet 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -I often meet the cases that the card type which they are holding does not match their needs For example I am having a list to call of customers living in the rural of DakLak but are issued credit card, so they refuse to activate it always 3/ In your opinion, what should the company to improve these cases and how? -I think the Sales Consultants should learn more about the knowledge of the card product to consult the right card type for the customers at the first time You know that I also often receive calls of Sales Consultants asking about the card because some customers come to the store to meet them for help, but they are not clear about the product to explain for the customers Transcript 4: Interviewee’s name: Ms Vo Truc Dao Position: Inbound staff Time & Date: 01/3/2019 1/ What are the main missions which you are assigned in Card Department? 50 - I receive calls from customers and answer their questions and activate cards for the customers 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -The customers are often afraid of defraud or generating unclear interest or I see they choose the wrong card type and many other reasons 3/ In your opinion, what should the company to improve these cases and how? -I think the company should train the ones who consult like Sales Consultant and Outbound Staff (issue card) When doing inbound task, I also receive calls from Sales Consultants to ask for help If they have good knowledge to consult, I think the customers will believe to use it Transcript 5: Interviewee’s name: Ms Nguyen Xuan Tham Position: Card Information Input Staff Time & Date: 01/3/2019 1/ What are the main missions which you are assigned in Card Department? - I input card information of the customer into the system of the company and call to activate the cards 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -Some customers are afraid of defraud, some choose the wrong card type and some have not hand demand yet They not really know about the cards they are holding and not believe what the staffs in call center say because I think the Sales Consultant dis not the job well 3/ In your opinion, what should the company to improve these cases and how? -The main job of Sales Consultants is the main loan Therefore, if the company wants them to bring the right contracts as well as consults the customers clearly, JIVF should have a commission for them like they get for the main loan They get money then they can work better Moreover, I think after that the company also cares about the working life at the stores of them more 51 Transcript 6: Interviewee’s name: Ms Duong Thu Cuc Position: Admin Staff Time & Date: 01/3/2019 1/ What are the main missions which you are assigned in Card Department? - I the paper work for Card Department and perform outbound calls to activate cards as well 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -The customers are scared of generating bad debt because you know nowadays in the market, there are many people who get the defraud from bad companies They are not clear of the characteristics of the card of JIVF, so they not dare to use it 3/ In your opinion, what should the company to improve these cases and how? -I think the company can give the Sales Consultant an amount of money like commission to force them the job better, because they can meet the customers directly to consult and explain We, in call center, just can talk through the phones This makes the customers not believe like the Sales Consultant can Transcript 7: Interviewee’s name: Mr Hoang Van Khoa Position: Outbound staff Time & Date: 04/3/2019 1/ What are the main missions which you are assigned in Card Department? - I perform outbound calls to customers to consult again and issue cards for the customers 2/ Could you please tell me the difficulties you have met when performing outbound calls to issue cards for customers? -The customers not remember the card product although they signed the card contracts along with the main loan contracts I have to introduce from bottom to top again for them but the problem is that the customers not believe but I understand their 52 feelings when there is a strange guy calling to issue cards Besides, I met trouble to persuade them to receive cards when the card type on the contracts that they chose dóe not meet their need For example, the customers who live in Ho Chi Minh city and often go shopping at stores, they need the credit card more than the cash card 3/ In your opinion, what should the company to improve these cases and how? -I suggest that the company should have a commission for the Sales Consultants because they are the ones who guide the customers to choose the card type as well as consult the information about cards This is not their main duty and they also not get any money from the card contracts like the main loan, so I think they did not consult for the customers at all Additionally, I think the working environment of them is not good, hey often receive complaints from the customers directly with no colleagues aside Transcript 8: Interviewee’s name: Mr Nguyen Truong Giang Position: Outbound staff Time & Date: 04/3/2019 1/ What are the main missions which you are assigned in Card Department? - I call to issue cards for the customers 2/ Could you please tell me the difficulties you have met when performing outbound calls to issue cards for customers? - The customers not remember the card product although they signed the card contracts along with the main loan contracts Besides, the card type which they chose also does not meet their needs 3/ In your opinion, what should the company to improve these cases and how? -You know that the Sales Consultants cannot get any commission on the card contracts, but they are the ones who suffer directly complaints from the customers Therefore, I suggest if they have the commission, they can work better Transcript 9: Interviewee’s name: Ms Nguyen Thi Phuong Linh Position: Outbound staff 53 Time & Date: 04/3/2019 1/ What are the main missions which you are assigned in Card Department? - I perform outbound calls to customers to consult again and issue cards for the customers 2/ Could you please tell me the difficulties you have met when performing outbound calls to issue cards for customers? -The difficulties are that firstly the customers not remember anything which is relevant to card product, secondly the card type does not meet their needs Surprisingly, all of them signed the card contracts but not have awareness of it I think this is due to the Sales Consultants They did not consult anything and just stick randomly the card type for the customers The outbound staffs like me just consult the type which chosen on the contracts and cannot change to other card type for customers 3/ In your opinion, what should the company to improve these cases and how? -In my opinion, the reason that makes the Sales Consultants so is that they cannot get benefit from the card contracts For example, with the main loan, they get an amount of money like bonus on every contracts but get nothing from card contracts The company can support them about this to motivate them Transcript 10: Interviewee’s name: Ms Tran Lieu My Position: Outbound staff Time & Date: 04/3/2019 1/ What are the main missions which you are assigned in Card Department? - I perform outbound calls to issue cards for the customers 2/ Could you please tell me the difficulties you have met when performing outbound calls to issue cards for customers? -Actually, when I call, the customer even not remember that there is a card program for them This means the Sales Consultants just choose randomly a card type for them and not consult at all Furthermore, they not have target, so they even not guide the customers to sign and the Card Department not have many contracts to perform outbound calls 54 3/ In your opinion, what should the company to improve these cases and how? -The Sales Consultants chose randomly the card type, I think it is because they not want to meet trouble after the customers use it Therefore, I suggest that they should get commission on the card contracts like the main loan contracts This can make them better Transcript 11: Interviewee’s name: Ms Dao Thi Huyen Position: Outbound Staff (activate card) Time & Date: 05/3/2019 1/ What are the main missions which you are assigned in Card Department? -I perform outbound calls to customers to activate cards for the customers 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -Exactly it is about the card type When performing outbound calls, I recognized the places where the customers are living as well as their jobs and other things are not suitable with the product they are going to be issued Most of them also not know about the card program They signed the card contracts in order to get the main loan contracts quickly but not pay much attention 3/ In your opinion, what should the company to improve these cases and how? -Everyone knows that the Sales Consultants not have any commission on card contracts I think the company should consider about this to force them work better Transcript 12: Interviewee’s name: Ms Huynh Quynh Kieu Position: Outbound Staff (activate card) Time & Date: 05/3/2019 1/ What are the main missions which you are assigned in Card Department? - I perform outbound calls to customers to activate cards for the customers 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? 55 -The difficulty is that the customers are often scared of defraud They are afraid of generating bad debt or unclear interest Although I consult again, they not believe 3/ In your opinion, what should the company to improve these cases and how? -I think that the customers will believe in the Sales Consultants who directly guide them to choose the card type and sign the contracts However, now everyone knows that there is no benefit for them I think we should consider about this Transcript 13: Interviewee’s name: Ms Do Ngoc Uyen Position: Customers’ request process staff Time & Date: 05/3/2019 1/ What are the main missions which you are assigned in Card Department? - I receive and handle request forms of customers from the Sales Consultant I aslo perform outbound calls to activate cards 2/ Could you please tell me the difficulties you have met when performing outbound calls to activate cards for customers? -The customers suspect the security of the cards They are afraid that if they activate, even they not use, it still generates interest and become bad debt one day I explain but they not believe 3/ In your opinion, what should the company to improve these cases and how? -In my opinion, the customers often believe when you talk directly for them The Sales Consultants should confirm all the information of card for the customers when signing the contract You know that there is no effort for them to so if there are not any bonus like now Transcript 14: Interviewee’s name: Ms Nguyen Thi Thu Trang Position: Inbound Teamleader Time & Date: 12/3/2019 1/ What is the most difficult thing that you think the outbound team has to face with when performing outbound calls to issue cards and activate cards? 56 -I think the most difficult thing is that the staffs have to persuade the customers to believe in the card product of the company and understand the characteristics of the product This is a really hard work and requires the cooperation of all of the ones who have the responsibility for consulting customers 2/ What factors you think for the reasons why the customers not activate cards? - JIVF Company has operated in Vietnam for more than years, it is a reliable finance company If they are afraid, they can go to those stores to be consulted, just the customers who live in the areas that have no counters of JIVF find it hard to approach if they have problems with card Therefore, I think the problem is at the Sales Consultants 3/ In your point of view, what solution is suitable for Card Department to improve these cases ? -The Sales Consultants as well as the outbound staffs must have full knowledge of card product like the inbound staffs to consult the customers When you know clearly what you say, you are more confident to talk and are easier to persuade the others to believe in you Besides, the compensation plan for all of the employees to make them have effort to work is also very important Transcript 15: Interviewee’s name: Ms Truong Ngoc Anh Position: Outbound Team leader Time & Date: 12/3/2019 1/ What is the most difficult thing that the outbound team has to face with when performing outbound calls to issue cards and activate cards? -For issuing cards, I claim that choosing the right card type is very important When issuing wrong card for them, they not use it, they approve it because there is no fee for issuing cards The staffs can convince the customers to receive cards by trying to consult all the information clearly again However, the matter then comes to the card activation They receive and not use it The difficulty is to persuade them to believe in what the staff say such as the clear interest, how the company calculates the interest every month 2/ What factors you think for the reasons why the customers not activate cards? 57 -There are three people communicating with the customers They are Sales Consultants and the outbound staffs who call to issue and then call to remind them to activate cards Some staffs did not consult persuasive enough for the customers to believe However, the staffs have their scripts, they cannot more like the Sales Consultants The Sales Consultants is the ones who consult face-to-face with the customers at stores Therefore I think the Sales Consultants should improve their skills more 3/ In your point of view, what solution is suitable for Card Department to improve these cases ? -I think the company can list this job as their main duties and also give commission if they can the job well because now, they get card contracts for the company but not get benefits This makes them lazy to work because there is also no target for the numer of contracts that they must bring back for the company Transcript 16: Interviewee’s name: Ms Nguyen Xuan Thanh Truc Position: Deputy Manager, Outbound Time & Date: 14/3/2019 1/ What factors you think for the reasons why the customers not activate cards? - They are the Sales Consultants Sales Consultants is the first staff who has the first direct contact with the customers and is the one who guide and support customers to complete the contracts The outbound staffs working in the head office consult customers with available contracts by phone They have scripts to follow but cannot face-to-face convey all of the information for the customers to understand more deeply than the Sales Consultants can Besides, the outbound team also plays an important role because talking through the phone, the customers are less patient than when talking directly, so they have to have the ability to communicate persuasively then the customers can change their minds 2/ In your point of view, what solution is suitable for Card Department to improve these cases ? 58 -Well, the outbound staffs at the office have their own target For instance everyday, they have their own numbers to reach However, there is still no any ways to evaluate the performance of the Sale Consultants, so this make the productivity not high I think the company should add a measurement like target or commission to motivate the Sales Consultants to their best The evidence is the short-time bonus program In this program, the performance of the Sales Consultants increase significantly I think commission way is more feasible because if the company set a target and force the employees to comply with a fixed salary, this could lead to depression and leaving the company because money was a way to encourage them to contribute their abilities to the works Target and reward are the two factors that should go together in order to get the highest result in sales For the ones who had not had enough knowledge to serve for their works, they could try to one way or another to know 4.2 Research method summary In this thesis, the writer chooses the qualitative research to follow with the aim to find out the main problem of the symptom, then define the main cause to generate the best solution for the Card Department of JIVF Company -The writer uses in-depth interview as a method to get the idea of the staffs in Card Department in order to know the current situation There are 16 interviews with 13 staffs, team leaders and deputy manager The interview last about 10 minutes for one interview and were conducted at the head office in Ho Chi Minh City To identify the possible problems, the writer asked the staffs question and the team leaders question The writer asked the deputy manager question number to validate the main problem Similarly, to conclude the main cause, the writer asked the staffs question and the team leader question Finally, with the solution selection, the writer asked the team leaders question and the deputy manager question -The writer also uses secondary data of Card Department to support for the thesis In the thesis, there are charts, tables All of them are taken from the weekly and monthly report of Card Department - With the support from the interview result and the data collected in Card Department, together, the writer can draw the initial map to find the problem, the fish 59 born map to clarify the causes and the final cause and effect map to see the overall picture of the thesis Interview’s guide: For the staffs in Card Department: Part : Introduction Part 2: Main questions - General information of the interviewee: Please introduce about your name, position 1/ What are the main missions which you are assigned in Card Department? 2/ What factors you think for the reasons why the customers not activate cards? 3/ In your opinion, what should the company to improve these cases and how? Part 3: Thank you for their time For the Teamleaders: Part : Introduction Part 2: Main questions 1/ What is the most difficult thing that the outbound team has to face with when performing outbound calls to issue cards and activate cards? 2/ What factors you think for the reasons why the customers not activate cards? 3/ In your point of view, what solution is suitable for Card Department to improve these cases ? Part 3: Thank you for their time For the Deputy Manager: Part : Introduction Part 2: Main questions 1/ What factors you think for the reasons why the customers not activate cards? 2/ In your point of view, what solution is suitable for Card Department to improve these cases ? 60 REFERENCES (1) Ashraf MS, Bashir M, Bilal MY, Ijaz K, Usman M The Impact of Working Environment on Organization Performance: A Mediating Role Employee's Job Satisfaction Global Management Journal for Academic & Corporate Studies 2013; 3(1):131-150 (2) Arahood DA Are You Ready for a Bonus Plan? 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Percentage of non-activated cards Chart 1: Summary of non-activated cards from July to December of 2018 Although the number of activated cards is increasing, the rate of non-activated cards which