Resource based view of banking website service in creating customer value evidence from vietnamese comercial banks

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Xuan Hieu RESOURCE – BASED VIEW OF BANKING WEBSITE SERVICE IN CREATING CUSTOMER VALUE –EVIDENCE FROM VIETNAMESE COMERCIAL BANKS ID: 21120004 MASTER OF BUSINESS (Honours) Ho Chi Minh City – Year 2014 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Xuan Hieu RESOURCE – BASED VIEW OF BANKING WEBSITE SERVICE IN CREATING CUSTOMER VALUE –EVIDENCE FROM VIETNAMESE COMERCIAL BANKS ID: 21120004 MASTER OF BUSINESS (Honours) SUPERVISOR: Dr PHAM NGOC THUY Ho Chi Minh City – Year 2014 i ACKNOWLEDGEMENT At the first of my thesis, I would like to thank all people who made this thesis possible and an unforgettable experience for my studying Especially, I would like to send my deep thanks to Dr Pham Ngoc Thuy - my research supervisor, for her thoughtful guidance and advice, recommendations from research proposal to thesis report I really appreciate her patience during the whole instructing process for me to be able to complete this study despite some location difficulties Besides, I would like to thank my friends include my classmates, my co-workers and others whom encouraged and support me completed this thesis Completing this work would have been all the most difficult were it not for the support and friendship provided by the all of those members Last but not the least; I would like to thank my family I also wish thank all people who spent through their time and generous support made this thesis project I cannot complete this thesis without all those supports October 2014 Ho Chi Minh City, Viet Nam NGUYEN XUAN HIEU ii ABSTRACT The banking products and services has developed strongly in recent years, to be delivered to customers quickly, online, 24 consecutive hours per day and days per week These services not depend on space and time, through electronic distribution channels and internet access device such as a computer terminal, ATM, POS, telephone, mobile phone (e-banking services) There are many research that investigated the impact of web site design on users’ behavior or the web layout effects on consumer behavior in the context of web retail banking However, similar studies on banking website in Viet Nam are still limited, this study was expanded by viewing tools of the banking website as alternative human resources in the provision of products and services to the market, there is a specific market Vietnam The study was carried out with stages, preliminary research to discover, edit and perfect scale of concepts in study's context of research through surveying 20 clients and professionals Main research is done formally through surveys 250 customers who are using banking website in Vietnam The results of the data analysis contributes to the body of knowledge by demonstrating the above factors are critical in creating customer perceived value in a developing country context The implications of the results form is a good basis for providing practical recommendations to leaders of Vietnamese Banks, and directions for further work Key words: Resource – Based view, Customer perceived value, Usability, Article, Database, Ressposiveness, and Discussion iii LIST OF TABLE Table 3.1: Scales used in the questionnaire Table 4.1: Descriptive Statistics of Sample Table 4.2: Reliability analysis results Table 4.3: EFA analysis results for the independent variables after handling Table 4.4: EFA analysis results for the dependent variable Table 4.5: Describe the correlation among variable Table 4.6: Multiple Regressions results of Customer Perceived Value to independent Table 4.7: Hypotheses Testing Results Table 4.8: Summary results of the hypotheses iv LIST OF FIGURES Figure 2.1: Sai Gon Thuong Tin commercial Join Stock Bank Figure 2.2: Joint stock commercial Bank for Foreign Trade of Vietnam Figure 2.3: Vietnam Bank for Agriculture and Rural Development Figure 2.4: Nam A commercial Join Stock Bank Figure 3.1: Customer use and evaluations of e-banking service value propositions Figure 3.2: Research process needed to achieve the research objectives Figure 4.1: Research model after testing by EFA Figure 4.2: Multiples Regression Result v TABLE OF CONTENTS ACKNOWLEDGEMENT i ABSTRACT ii LIST OF TABLE iii LIST OF FIGURES iv TABLE OF CONTENTS v CHAPTER 1: INTRODUCTION 1.1 Research background 1.2 Problem statement 1.3 Research objective 1.4 Research scopes 1.5 The structure of thesis 1.6 Summary CHAPTER 2: LITERATURE REVIEW 2.1 Theoretical background 2.2 Banking website 2.3 Some basic characteristics of the website interface in Vietnam 11 2.4 E-banking services 11 2.5 Service process and value creation in web site banking website services 12 2.6 Service contentand value creation in web site banking website services 14 2.7 Research Model 17 2.8 Summary 18 CHAPTER 3: RESEARCH METHODOLOGY 20 3.1 Research process 20 3.2 Measurement of variables 21 3.3 Data source 25 3.4 Sampling 26 3.5 Main survey and Data collection 27 vi 3.5.1.Exploratory Factor Analysis (EFA) 3.5.2 Reliability Analysis 3.5.3 Multiple Regression Analysis 3.6 Summary CHAPTER 4: DATA ANALYSIS 4.1 Descriptive Data Analysis 4.2 Measurement Scale Assessment 4.2.1.Cronbach Alpha Reliability Analysis 4.2.2 Exploratory Factor Analysis 4.3 Testing relationship of independent factors and dependent factor 4.4 Hypotheses Testing 4.4.1.Testing Assumption of multiple Regressions 4.4.2.Evaluate and test the relevance of the model 4.4.3 Testing hypotheses on the impact of In 4.4.4 Regression analysis results 4.5 Result Discussion 4.6 Summary CHAPTER 5: CONCLUSIONS AND IMPLICATIONS 5.1 Overview 5.2 Main Findings 5.3 Managerial Implications 5.4 Contributions of the study 5.5 Limitations of Study and Future Research REFERENCES APPENDICES APPENDIX APPENDIX APPENDIX CHAPTER 1: INTRODUCTION The introduction chapter identifies the research background, present the problem statement, and introduce the research objectives as well as the scope of research Furthermore, the research implication is also outline 1.1 Research background Vietnam Banking System is in the innovation process towards deeper integration, broader to international financial system area; and gradually implements the standards, and practices as well as international commitments, especially after Vietnam has joined the World Trade Organization According to the State Bank of Vietnam, at the end of the first quarter of 2014, Vietnam had 48,046,195 bank accounts; 63.17 million ATM cards have been issued (including 61.83 million domestic cards and 6.72 million international cards); 15.3498 Automatic Teller Machine (ATM); 137,774 types of equipment including: Point of Service (POS), Electronic Fund Transfer Point of Service (EFTPOS), Electronic Data Capture (EDC) Vietnam is seen as a major potential market for the development of electronic banking (e-banking), a financial product tech Since its appeared in Vietnam, online banking service had been round about 10 this year, this services are increasingly popular, attracting more and more users According to estimates, until the end of 2013, the number of people using the Internet Banking service (IB) has increased by 45% Vietnam Banking Association said so far, 40 banks have announced deployment IB system at different levels Electronic commerce (e-commerce) services has been strong growth in recent years and become a hot topic in any public workshop on information technology E-commerce has become an inevitable trend of the process of modernization and industrialization Marketing theory is increasingly moving towards a “service perspective”, whereby value is understood as being created by customers and services are posited as resource inputs in the customers valuecreation processes (Groănroos, 2006; Vargo and Lusch, 2004, 2008) Ma Weihua, president of Merchant Bank in China, said: "E-commerce has brought to the banking industry weapon to remove the restrictions on the banking business previous and expand the types of new services".E-commerce has become a very important technological advancement for businesses in changing business practices (Brodie et al., 2007; Gonza´lez et al., 2008; Lichtenstein and Williamson, 2006) E-commerce created a new form of competition forced banks to choose the services that customers need, decide the size of the bank branches in the system and expanded the system interbank payment… Facing requests that the bank has for many new services: banking services telephone with telephone PIN number, or voice recognition; banking services by the Internet, the customer’s only need a personal computer with internet connection, then they can trade with banks directly without having to go to the bank That is the form of a new type of banking, electronic banking, also known as e-banking The reality in Vietnam also showed the trend of using the electronic services of the bank via the internet or mobile phones become more popular, and not miss the opportunity, banks are in a "race" aggressively to gain market share on their side "Pie" electronic banking and foreign banks are interested in and assess the potential is enormous in the context of the growing economy and the needs of the increasing population 1.2 Problem statement In many developing countries such as Belgium, France, Canada, the value of non-cash expenses of the population accounts for over 90% of all daily transactions Meanwhile, in Vietnam, MasterCard's statistics showed that 97% of transactions are paid in cash and 60% of 59 Vargo, S.L and Lusch, R.F (2008), “Service-dominant logic: continuing the evolution”, Journal of the Academy of Marketing Science, Vol 36 No 1, pp 1-10 Vrechopoulos, A.P., O’ Keefe, R.M., Doukidis, G.I and Siomkos, G.J (2004), “Virtual store layout:an experimental comparison in the sector of grocery retail”, Journal of Retailing, Vol 80, pp 13-22 Wolfinbarger, M and Gilly, M (2003), “E-TailQ: dimensionalizing, measuring and predictinge-tail quality”, Journal of Retailing, Vol 27, pp 183-98 Woodall, T (2001), Six Sigma and service quality: Christian Groănroos revisited, Journal of Marketing Management, Vol 17 No and 6, pp 595-607 Yang, Z., Cai, S., Zhou, Z and Zhou, N (2005), “Development and validation of an instrument to measure user perceived service quality of information presenting web portals”, Information and Management, Vol 42 No 4, pp 575-89 Zeithaml, V.A., Parasuraman, A and Malhotra, A (2002), “Service quality delivery through websites: a critical review of extant knowledge”, Journal of the Academy of Marketing Science,Vol 30 No 4, pp 362-75 60 APPENDICES APPENDIX SURVEY FORM Dear Ladies and Gentlemen My name is Nguyen Xuan Hieu, a students of MBA program at International School Business Institution (ISB) - University of Economics Ho Chi Minh City Now, I am study about factors that customers interest when using banking services on banking website We wish you to take the time to answer this survey Note, there is no right or wrong answer All reviews of Ladies/Gentlemen are valuable for this study PART 1: GENERAL INFORMATION Are you use the banking website to conduct banking transactions?  No  Yes If not, please stop the interview Thank you very much because you had participated in the interview If yes, please respond to the following questions What banking website are you use frequently to transaction ? (1 choice)  Sacombank  Vietcombank  Agribank  Nam A Bank  Other (detail): …… How often did you logged into the banking website in week:  < times  3-5 times  6-10 times  > 10 times The following statement will call "X" is the bank's website where you choose in question 61 PART II: INFORMATION SERVICES Please indicate the level of agreement of the He/ She for the following statement by ticking (√) in the box corresponding to : Box 1: Complete disagree Box 5: Complete agree As for the other levels in the box number 2, 3, 4, 5, respectively Pages download quickly Information is displayed in reasonable chunks It is easy to navigate back and forth between pages I can select the default page after logging helps to become faster operation Overall, I am very satisfied with the structure of the interface Overall, I am very satisfied with the design of the interface I believe that my information will be security by X I don’t mind that my question and the advice of staff are posted in the search engine I trust X does not collect information about me 10 X is interested in customers’ feedback 11 X develops its services based on customers’ feedback 12 I get important information from others in the discussion groups 13 I enjoy supporting others by writing messages 14 I get support from others in the discussion groups 15 The messages are of high quality 16 I get the answer (consultant) quickly 17 Overall, I am very satisfied with the discussion groups 18 I have benefited from the service that X provide 19 From the X site I can easily find points nearest trasactions (network) 62 20 X integrates diverse data and accuracy of the partners as electricity, water, telephone, internet, finance companies, help me facilitate transactions 21 Overall, I am very satisfied with the database service 22 I find X’s articles very informative 23 I have benefited from the information in articles 24 The articles are current 25 The articles are interesting 26 Overall, I am very satisfied with the articles 27 Overall, X offers high quality service 28 The time I spend on X’s site is time well spent 29 Overall, I value X’s services highly 30 I enjoy using X’s services PHẦN III: THÔNG TIN KHÁC Please tell us the your personal information to serve the classification and presentation of statistical data: Age:  Male  Female Gender:  ≤ 25 olds Marital Status:  26-35 olds  Singel Education  Bachelors : Carreer:  Manager  36-45 olds > 45 olds  Married  Graduate  Staff  Worker  Postgraduate  Freelancing  Others: ………………  Housekeeping Thank you so much for your kind support  Others:……… 63 PHIẾU KHẢO SÁT Kính chào Anh/chị! Tôi tên Nguyễn Xuân Hiếu, học viên cao học Viện Đào tạo Quốc tế (ISB)- Trường Đại học Kinh Tế TPHCM, nghiên cứu yếu tố mà khách hàng quan tâm sử dụng dịch vụ website ngân hàng Rất mong Anh/Chị dành thời gian trả lời Phiếu khảo sát Lưu ý khơng có câu trả lời hay sai, tất ý kiến phản hồi có giá trị cho nghiên cứu PHẦN I: THÔNG TIN TỔNG QUÁT Anh/Chị có sử dụng website ngân hàng để thực giao dịch?  Không Nếu Không, xin dừng vấn Rất cảm ơn Anh/Chị tham gia vấn Nếu Có, xin trả lời tiếp câu sau Anh/Chị thường xuyên sử dụng dịch vụ website ngân hàng nào? (1 lựa chọn)  Sacombank  Vietcombank  Agribank  Nam A Bank  Khác (xin ghi rõ tên): …………………………………………… Số lần trung bình Anh/Chị đăng nhập vào website ngân hàng tuần:  < lần  3-5 lần  6-10 lần  > 10 lần Các phát biểu tiếp sau gọi “X” website ngân hàng mà Anh/chị chọn câu  Có 64 PHẦN II: THÔNG TIN VỀ DỊCH VỤ Xin cho biết mức độ đồng ý Anh/Chị với phát biểu sau “X” cách Còn với mức độ khác đánh vào số 2, đánh dấu (√) vào tương ứng, với: Ơ số 1: Hồn tồn khơng đồng ý Ơ số 5: Hoàn toàn đồng ý Các trang website X tải (download) cách nhanh chóng Thơng tin website X trình bày theo phần hợp lý Việc di chuyển qua lại trang website X thật dễ dàng Sau đăng nhập, chọn trang mặc định để thao tác nhanh Nói chung, tơi hài lịng với cấu trúc giao diện website X Nói chung, tơi hài lịng với thiết kế giao diện website X Tôi tin thông tin cá nhân website X bảo mật Tôi không nghĩ trao đổi riêng nhân viên ngân hàng có đăng (post) cơng cụ tìm kiếm website X Tơi tin tưởng website X không thu thập cá nhân 10 Nhân viên website X ý đến phản hồi khách hàng 11 Website X dựa vào phản hồi khách hàng để phát triển dịch vụ 12 Tôi biết thông tin quan trọng xem/tham gia diễn đàn website X 13 Tôithấy vui hỗ trợ người khác cách gửi tin nhắn diễn đàn website X 14 Tôi nhận hỗ trợ từ người khác diễn đàn website X 15 Các tin nhắn/thông tin trả lời diễn đàn X có chất lượng cao 16 Tơi nhận câu trả lời/tư vấn nhân viên website X nhanh chóng 17 Nói chung, tơi hài lòng với nội dung diễn đàn website X 18 Tơi nhận nhiều lợi ích từ dịch vụ website X cung cấp 65 19 Từ website X tơi dễ dàng tìm thấy điểm/mạng lưới dịch vụ ngân hàng 20 Website X tích hợp liệu đa dạng xác đối tác (điện, nước, điện thoại, internet ) giúp thuận tiện giao dịch tốn 21 Nói chung, tơi hài lịng với sở liệu có website X 22 Các viết/ báo đăng website X có nhiều thơng tin 23 Thơng tin từ viết/ báo website X mang lại lợi ích cho tơi 24 Những viết/ báo website X có tính thời 25 Những viết/ báo website X thú vị 26 Nói chung, tơi cảm thấy hài lịng với viết/ báo đăng website X 27 Nhìn chung, website X cung cấp dịch vụ có chất lượng cao 28 Thời gian tơi tiêu phí để sử dụng dịch vụ website X đáng giá 29 Nói chung, đánh giá cao dịch vụ website X 30 Tơi thấy thích thú sử dụng dịch vụ website X PHẦN III: THÔNG TIN KHÁC Xin Anh/Chị cho biết số thông tin cá nhân sau để tiện cho việc phân loại trình bày liệu thống kê Giới tính:  Nữ Nhóm tuổi: ≤25 Tình trạng hôn nhân: Học vấn:  Trung cấp  Nam  26-35  36-45  Độc thân  Có gia đình  Đại học Nghề nghiệp:  Doanh nhân/Quản lý > 45  Trên đại học  Nhân viên VP  Khác: ……………  Công nhân  Nghề tự  Nội trợ  Khác: …… …………………… Xin chân thành cám ơn hợp tác Anh/Chị! 66 APPENDIX EXPLORATORY FACTOR ANALYSES AND MULTIPLES REGRESSION RESULT Table 2.1 KMO and Barlett’s Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity Table 2.2 Exploratory Factor Analyses analysis results for the independent variables Total Variance Explained Factor 67 10 11 12 13 Table 2.3 KMO and Barlett’s Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity Table 2.4 Exploratory Factor Analyses result of dependent variable 68 APPENDIX HISTOGRAM, NORMAL PROBABILITY PLOT Residuals Statistics Predicted Value Residual Std Predicted Value Std Residual a Dependent Variable: VALUE Figure 3.1: Histogram, normal probability Plot a 69 ...UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Xuan Hieu RESOURCE – BASED VIEW OF BANKING WEBSITE SERVICE IN CREATING CUSTOMER VALUE ? ?EVIDENCE FROM VIETNAMESE. .. creating customer value of website banking of Vietnamese commercial banks The finding of this study can help the managers in the banking sector offer more suitable strategies in their field in. .. importance of banking website in the commercial banking system Then report the problem has been determined to have an overview of banking website in Vietnam The scope of the study is the use of customer