Improving service quality, customer satisfaction and loyalty, solutions to the case of HD bank vung tau branch

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business DO THI THUONG IMPROVING SERVICE QUALITY, CUSTOMER SATISFACTION AND LOYALTY: SOLUTIONS TO THE CASE OF HD BANK VUNG TAU BRANCH ID: 22130075 MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: NGUYEN THI MAI TRANG Ho Chi Minh City – Year 2015 ACKNOWLEDGEMENTS It is my proud privilege to release the feeling of my gratitude to person who helped me directly or indirectly to conduct this research project work I express my heart full indebted and owe a deep sense of gratitude to my professor Mrs Nguyen Thi Mai Trang for her sincere guidance and inspiration in completing this project I am extremely thankful to the director, the staff and all faculties’ members of HD bank in Vung Tau city for their coordination and cooperation and for their kind guidance and encouragement They have more or less contributed to the preparation of this project report but I will be always indebted to them The project has indeed helped me to explore more knowledgeable, related to my job and I am sure it will help me in my future’s career CONTENTS Overview the HD bank Vung Tau branch 1.1 The background of the problem 10 1.2 HD bank Vung Tau branch and competitors 11 1.3 Business situation of HD bank Vung Tau branch and other competitors 14 Problem identification 16 2.1 Possible reasons of low customers satisfaction 20 2.2 The HD bank network of business points problem 22 2.3 The HD bank’s percentage support lending base on collateral values 25 2.4 The capacity of bank staff and the famers 27 The solution 29 3.1 The alternative 30 3.2 The alternative 33 Action plan 34 Supporting information 36 5.1 Research methodology 36 5.2 Guideline 38 5.3 Literature review 40 5.4 Transcript 43 PART 1: In-depth interview customers 43 PART 2: In-depth interview managers and bank staff 52 PART 3: Qualitative Research Report 57 LIST OF TABLES Table Branch network and business location of three banks in Vung Tau city 23 Table The report about employees of HD bank-Vung Tau branch 31 Table Expected cost of training bank staff in three days in HCM city 32 Table Expected cost of three workshops for farmers in Vung Tau city 34 Table The basic information of six current customers of HD bank Vung Tau brach 38 Table Antecedents and outcomes of customer’s satisfaction 42 LIST OF FIGURES Figure The organizational structure of HD bank Vung Tau branch 10 Figure Charter capital of HD bank, ACB and Techcom bank in 2015 13 Figure The individual loan growth rate of three banks on Jun 30th, 2015 15 Figure The cause and effect diagram 21 EXCUTIVE SUMMARY In today's competitive environment, a bank earns more interest and loyalty from customers will become a leading bank This paper indicates that banks should focus on improving the service quality for better and greater customer satisfaction and loyalty as well as improving their financial performance In particular, agriculture's knowledge of employees go a long way in demonstrating excellent customer service skills is a key factor affect farmers’ satisfaction and contribute to the agricultural loan profit of HD bank Vung Tau branch This study based on desire to learn, explore and determine the actual level of customer satisfaction with bank loan services to famers in HD bank Vung Tau branch Based on interview managers, tellers and famers, this paper explored factors that affect the quality of banking loan services provided by HD bank Vung Tau branch, through symptoms were reflected in six months income at 30th, June 2015 In addition, this study also used statistical method for synthesized in order to more accurate conclusions about research problems The result of this study confirms the relationship between service quality, satisfaction and loyalty of customers using HD bank services in Vung Tau city This also indicates that farmers satisfied with HD bank Vung Tau loan services such as interest rate, transaction costs However, farmers are not satisfied with the support of bank staff and fell the loan paper quite complicated Author base on this result, the previous research, primary and secondary data found consequences and antecedences related to this problem Author also launched two solutions to solve this problem The first solution through researches on information exchange among farmers, bank will coordinate with Farmer Associations and organize seminars to share experiences of farm produce as well as introduce loans and explain its’ conditions in bank’s forms The second solution based on the financial condition of the HD bank Vung Tau branch, suggest a training plan for staff and leadership related to agricultural lending Using the literature and the market indicators, this paper also found that the first solution is the best choice for HD bank branch Author hope this study will help HD bank Vung Tau branch’s managers provide better services for their customers Overview the HD bank Vung Tau branch Joint Stock Commercial Bank for Housing Development Vung Tau city has abbreviation: HD Bank - Vung Tau and its headquartered located at 07 Nguyen Thai Hoc Street, Ward Vung Tau city HD Bank Vung Tau branch officially inaugurated and operated on 23th Jully 2009 It is an extended arm of HD Bank system from Ho Chi Minh City to neighboring provinces in network expansion strategy in order to offer services to its customers HD Bank - Vung Tau branch including Ba Ria, Chau Duc and Phuoc Tinh province transactions Appearing at Ba Ria - Vung Tau province during six years but with many efforts to improve the quality of products and services Director of HD bank-Vung Tau-Nguyen Gia Hong stressed "HD Bank Vung Tau emphasis more on quality services This was determined the main factor to decide the success or failure of the bank Therefore, the policy of the board of directors is constantly improving the manner of services in order to create their own advantage It is also a key factor of the present success of HD Bank in general and HD Bank Vung Tau in particular" In order to provide the best service for customers, HD Bank focus on four specific action programs, which are credit effectiveness, safe operation, promoting service quality and cost control HD Bank aims to provide premium, international standard financial products and services that meet its clients' diverse needs There are bank transactions and financial services including all types of deposits in VND, USD, EUR and gold Like other financial institutions, the main objective of HD bank is gained profit based on the provision financial products to commercial as well as international individuals or organizations HD Bank provides services including mobilizing capital, development capital, borrowing from other credit institutions, lending In addition, HD Bank - Vung Tau branch finances for all types of loans in every kind of business organizations For example, it finances for small and medium enterprises, small business loans and personal loans It also finances for business purposes and agricultural production including serving life, build or repair house, cultivated plants et cetera with reasonable interest rates in order to serve the needs of business and customers From 2011 to 2014, credit for agriculture and rural expansion has developed and become a field of safe and effective compared with other economic sectors (Le & Pham 2015) In 2015, under competitive pressure of other banks in the province, HD Bank-Vung Tau focus on services related to the key economic sectors in the downtown area In addition, HD bank board of directors has launched incentive programs for some businesses in industries such as fisheries, scientific research and especially in agriculture In the rural areas, the bank focuses on mobilize deposits from people and organizations and investment in agricultural and rural loans specifically in Chau Duc, Dat Do and Tan Thanh district In this research, the writer focuses on agricultural lending activities and customers who are famers to analyze and study about the problems that HD bank Vung Tau is facing In order to attract customers come to the branch, HD bank not only focus on service quality but also develop a young, dynamic and enthusiastic staff HD Bank is building the human development strategy aims to encourage staff who dares to propose new directions, new ideas about products Like most banks branch, these departments include customer service, administrative & human resources department, management & support credit department, accounting and technology and IT support department Customer service department often takes responsible of accessing customers and contact to them to collect their opinions about the services Support and manage credit department takes responsible for debt management, support and control the credit and loans process and transaction processing management Administrative offices takes account for manage administrative work such as maintenance branch's house, staff training plan, construction recruitment plan, human resource capital and labor contracts These departments operate independently but have strong relationships, mutual support through regular meetings to implement the common targets of this bank Support and manage credit team finds new customers, communicates with them, guides and advises customers complete the necessary procedures It also takes responsible for evaluating customer's ability to pay original debt and interest This department prepares the evaluation report, makes credit contracts, tracks and profiles disbursement according to request of customers, checks the use of loans, monitors the repayments and interest, cooperates with the customer services team, etc Support and manage credit is also the function that was focused to analyze in this research for supporting problem solving Figure The organizational structure of HD bank Vung Tau branch General Director Vice director Customer service department Technical & IT support department Vice director Transaction offices & business points system Administrative & Human Resource Department Accounting department Management & support credit department (Source: Administrative & human resource department of HD bank-Vung Tau) 1.1 The background of the problem In order to understand about the problems HD bank Vung Tau branch is facing, author explores the survey data about Viet Nam banking sector From 2007, Viet Nam banking industry split into two stages of development by the evaluation of banking experts The first stage from 2007 to 2011, HD bank and its’ competitors reached many achievement in asset as well as human resource capital In general, the total asset size and operational capacity of the banking system in the country continued to grow and develop After years, total assets of credit institutions increased by 2.65 times, loan portfolio increased by 2.3 times; network increased 2.1 times compared to the end of 2007 The investment and the application of technology banking increasingly promoted and developed Banks have invested and completed the core banking 10 Mr Hung: That true, my department receiving more customer complaints Interviewer: Do you know things which farmers unhappy about? Mr Hung: Yes, they tell me that they almost impossible to meet the requirements of bank loan Such as money transfer, the income proving forms…However, the loan form is the general apply for very HD bank branch How can we change those forms! Interviewer: Is there anything else that farmer unhappy about? Mr Hung: Well, they call and tell about the disbursement period slower from four to six days than the day that the bank staff promises, so that they have difficulty in purchase the seed and fertilizer on time Interviewer: Can you suggest some reasons for this problem? Mr Hung: Well, it depend on some situation, may be they must wait for the processing of difference departments such as appraisal borrowing property department, risk management department, dead of department and branch’s managers for approval Interviewer: Thanks for your sharing It will help me a lot in my research Bank’s branch staff: Ms Nguyen Thi Hoa Ly Time: 10:27 am, 18 th November 2015 Place: phone call interview Type of interview: In-depth interview Interviewer: Ms Thuong Transcript: Interviewer: Hello! My name is Thuong At present, I am performing the MBA thesis at ISB Institute of University of Economy The topic of my thesis is the services quality, customer satisfaction in HD bank Vung Tau city Please spend a little bit of your time for sharing your opinions regarding to the solutions for improving the efficiency of lending activity of HD bank Firstly, tell me your name, and what is your working position in HD bank Vung Tau branch? Ms Ly: My name is Hoa Ly I work as a teller 53 Interviewer: Do you directly worked with the farmers when they came to lend? Ms Ly: Yes, I Interviewer: Recently, you aware of more and more farmers express dissatisfaction about the bank’s services? Ms Ly: Yes, I know, Interviewer: Do you know things which farmers unhappy about? Ms Ly: Customers feel uncomfortable and quit the bank after listening to the policies and procedures that banks are required Interviewer: So what loan requirement which farmers unhappy about? Ms Ly: Some customers argue that loan files many complicated and require more papers than other banks such as require detailed proof loan purpose, repayment sources Interviewer: So what you think about their opinions? Ms Ly: Well, because of the high pressure in reaching target number of loans, some bank staff made up the loan file They simply require customers provided the red book After that, they finished all the rest of records for customers In HD bank we have the rule restricts that action Interviewer: Do you know about customers comment that the cash disbursement time was slower from four to six days? Ms Ly: Well, in some case the famers themselves take responsible for the delay time because the bank staff must wait longer to help them prepare necessary paper and rewrite loan forms In some case, we need more time to consider the loan file Interviewer: Why you need more time to consider the loan file? Can you suggest some reasons for this problem? Ms Ly: Obviously, I am a bank staff In university, they just taught about banking technic and how to analyzing the numbers However, to assess the source of income of farmers, i need to understand what they need to invest, and how long they will get return of capital This information did not atomically come to you You must have time to read even asking their customers We have so little information about agriculture products’ price; customers as well as the valuation of agricultural land are facing many difficulties Interviewer: Thanks for your sharing It will help me a lot in my research 54 Bank’s branch manager: Mrs Bui Thi Anh Tuyet Time: 10:27 am, 19 th November 2015 Place: phone call interview Type of interview: In-depth interview Interviewer: Ms Thuong Transcript: Interviewer: Hello! My name is Thuong At present, I am performing the MBA thesis at ISB Institute of University of Economy The topic of my thesis is the services quality, customer satisfaction in HD bank Vung Tau Please spend a little bit of your time for sharing your opinions regarding to the solutions for improving the efficiency of lending activity of HD bank As I know, are you Mrs Anh Tuyet, the vice director of HD bank Vung Tau branch, right? Mrs Tuyet: Yes, you are right Could you tell me more about the reason you call for me? Interviewer: Yes, the branch financial result reflects a negative loans growth rate Could you tell me more about this issue? Mrs Tuyet: It reflected the amount of famers was decreasing HD bank Vung Tau branch has losing their advantage in Vung Tau financial market Interviewer: As a manager, what you think about this problem? What is the reason for this? Mrs Tuyet: There is always one reason that is the loan policy of HD bank did not meet customers’ demand Interviewer: Could you tell me more detail about that? Can you suggest some reasons for this problem? Mrs Tuyet: It has many cause related to this problem May be the location of branch difficulty to asset, the bank staff has poor support for their customers May be the cause come from the time for loan process is too long, the high interest rate…Some reason we not have the authority fix it 55 Interviewer: Recently, you aware of more and more farmers express dissatisfaction about the bank’s services? Mrs Tuyet: Yes, I know As I mention above, the problem relate to the loan policy of HD bank HD Bank is the joint-stock bank The primary purpose of us is making profits If customers not qualify in the ability to repay, we will not approval lending Interviewer: But how about these opinions of the good financial repay condition, they argue that bank branch to far from their resident So what you think about their opinions? Mrs Tuyet: Yes, it true HD Bank has total six branches, two transaction offices operate in six wards in Ba Ria-Vung Tau province Although HD bank had six branches, but mostly concentrated in Vung Tau city There are two branches in Chau Duc and Phuoc Tinh These are near by the region's agricultural production area However, HD bank Vung Tau did not invest these offices in human resources capital Interviewer: So, have your bank had plans for expand the bank network? Mrs Tuyet: HD also has faced many difficulties in network expansion Starting from in September 2013, the State Bank issued Circular 21/2013/TT-NHNN regulating the conditions established new branches in the country's banks In order to control the non-performing loans ratio at the time of year the proposal does not exceed 3% of total loans, or a lower percentage will follow the decision of the Governor of the State Bank Interviewer: Now, many bank has choose the solution to modernise their transactions, how about your bank? Mrs Tuyet: In year 2016, HD bank will systematically modernize our banking system in Vung Tau city It will allow customers to more actively trade on phone, computer Thereby reducing our branches in Vung Tau city and expand the transactions to the surrounding areas like Xuyen Moc, Dat Do However, this problem will be solved in the long-term plan Interviewer: Another opinion that the HD bank’s percentage support lending base on collateral values too low So what you think about their opinions? Mrs Tuyet: Starting on 07/25/2015, the decree 55/2015 /ND-CP will be applied and replaces the decree 41/2010/ND-CP According to Decree 55 of the government, the new credit policy will allow individuals and families who invested in crop, livestock and fisheries can access a 56 bank loans from 50 million to billion without collateral and income proving paper So, HD Bank is also preparing to change the policy raising the capital support up to 70% -80% to better suit the needs of farmers and increase competitiveness for the bank loan services Interviewer: Do you know about customers comment that the cash disbursement time was slower from four to six days? Mrs Tuyet: Well, we have the rule for the day each department process the loan file But in some case, the reason came from the external elements For example, the bank staff must waiting notary, Environment & Resources and others department process the collateral and loan file Another reason, this is the time we first loan the agriculture products so the bank staff may face difficulties Interviewer: Can you suggest some difficulties that your employees must deal with? Mrs Tuyet: It could be the lack of time They need more time to come to the household find the suitable products for farmers, evaluated the ability to return the loan capital of famers Agriculture is quite peculiar because income of farmers depend on many factors Understanding customer financing ability requires not only knowledge about agriculture, but also understanding about the unique characteristics of each area and each plants and livestock Interviewer: Thanks for your sharing It will help me a lot in my research PART 3: Qualitative Research Report Firstly, in this part, author synthetic the basic information and common theme of opened-end of six interviewers As mention on research methodology, interviewers who paid the interest on time and come from Xuyen Moc, Tan Thanh, Chau Duc provinces were selected to interview Most of interviewers form 30 to 47years old They had a low background education, only one-person reach high school level (nine grades) Most of them had using the loan services of HD bank Vung Tau branch Most of them use their loan for plant fruit trees, and pepper Only one person uses his loan for expanding the land Their duration of account is from three months to three years Each farmer has the difference time of loan account The longest time is three years account The shortest time loan account is only three months Most 57 of farmers are married for over ten years ago In the next part, after asked for some basic information, author continues to ask more open-end questions and these results were present in the next part: Question: Do you recognize some characteristic of HD bankVung Tau branch different from other banks? Summary the answer: The purpose of this question find out whether interviewers can recognize the bank’s brand through the color, staff’s uniform, signs and the main color of the desk, chairs or not The result is most of customers recognize and distinguish HD bank from other banks Customers often recognize by brand thought the color of signs of the bank branch After these questions make sure customers could recognize the bank brand, author asked about which issue or element that the borrowers consider importance when they had a bank loan Question: Which issue is the most important when you consider a bank loan? Summary the answer: These issues are including loan procedure, transaction costs, loan amount, the interest rate, the supporting services, the disbursement and debt collection plan Most of famer recognizes some importance elements are loan procedure, loan amount and the interest rate There are six customers answered that the interest rate In addition, loan procedures are the elements of four people concerned about This show how importance these elements have affected to HD bank branch clients attitude Question: Is the loan interest rate reasonable for you? Summary the answer: most of interviewees felt that the interest rate is reasonable for their family income Question: Are you satisfied with the bank’s services? How about the loan procedures, Are these simple for you? 58 Summary the answer: most of customers give their opinions on their experience about the lending process They also complain about the capacity of the branch’s employees through the lending process Most of them feel the loan produces make them hard to understand Most of famers did not understand about the paper and the lending process After employees in bank gave explanations and advice, most of them feel unsatisfied with the explanations of bank staff Question: will you continue to use HD bank services, will you recommendation for their friends and their relatives using HD bank services? Summary the answer: when were asked about whether they introduce friends and their relatives to choose the HD bank’s loans products, most of customers give similar answer With this attitude about the bank’s loan, if they found another bank with better understanding about their need and services quality, they will choose it instead of HD bank Question: Is there any issue that made you unhappy during business in bank? Summary the answer: This question was designed to define the probably reason for the decrease in individual loan growth rate at HD bank The answers of customers reveal the fact that the bank network still does not meet the demand of most of customers They have to spend a lot of time to come to the bank Some customers talk about the loan amount still lower than they expect Most of them feel the answer of bank staff when they ask more question about the loan produce is unaccepted Secondly, author synthetic the basic information and common theme of opened-end of three interviewers including the manager and the bank staff Because of some questions for employees and manager quite difference, so author summaries the bank staff answers first Question: Do you directly work with the farmers when they came to lend? Summary the answer: two bank staff directly cooperates with customers 59 Question: Recently, Do you aware of more and more farmers express dissatisfaction about the bank’s services? Summary the answer: The bank employees are aware about the problem Question: Do you know things which farmers unhappy about? Is there anything else that farmer unhappy about? Summary the answer: most of them knew about these issues of their customers The problem is the loan procedure Question: Is there anything else that farmer unhappy about? Summary the answer: They added about the delay time from four to six days compare with their promise Question: Can you suggest some reasons for this problem? Summary the answer: with the problem come from loan procedures One staff told the reason come from the external element For him, these problems about the loan procedures cannot be fixed Another admitted these belong to the regular of the bank system About the delay time, one staff told the reason come from the external element Another told about the lack of information and knowledge The part above is all the information about the common theme of two banks staff though the interviews In this next part, author will briefly present the bank manager answers Question: Yes, the branch financial result reflects a negative loans growth rate Could you tell me more about this issue? The answer in brief: It reflected the amount of famers was decreasing 60 Question: As a manager, what you think about this problem? What is the reason for this? The answer in brief: The loan policy of HD bank did not meet customers’ demand Question: Could you tell me more detail about that? Can you suggest some reasons for this problem? The answer in brief: Some reason such as: the location difficulty to asset, the poor support of the bank staff, the longtime loan process and the high interest rate Question: Recently, you aware of more and more farmers express dissatisfaction about the bank’s services? The answer in brief: The bank cannot approval for those who not qualify in the ability to repay loan capital The primary purpose of HD bank is making profits Question: But how about these opinions of the good financial repay condition, they argue that bank branch to far from their resident Therefore, what you think about their opinions? The answer in brief: Yes, it true HD Bank has six branches of but concentrated mostly in Vung Tau city, two branches Chau Duc and Phuoc Tinh district have not been invested in human resources capital Question: Has your bank had plans for expand the bank network? The answer in brief: HD also has faced many difficulties in network expansion because of the new rule of the State Bank Question: Now, many bank has choose the solution to modernize their transactions How is about your bank? 61 The answer in brief: In year 2016, HD bank will systematically modernize the banking system in Vung Tau city However, this problem will be solved in the long-term plan Question: Another opinion was the HD bank’s percentage supporting for loan too low Therefore, what you think about their opinions? The answer in brief: according to Decree 55 of the government, HD Bank is also preparing to change the policy raising the capital support up to 70% -80% to better serve the needs of their customers Question: Do you know about customers comment that the cash disbursement time was slower from four to six days? The answer in brief: some reasons including the external elements and the difficulties of bank staff Question: Can you suggest some difficulties that your employees must deal with? 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More specific, the first problem was the. .. less to serve them than the new customers will, because their transactions are routinized In case of HD bank Vung Tau branch, though the interview, most of customers denied to continue using HD bank