Đánh giá độ thỏa mãn của khách hàng đối với dịch vụ thẻ của vietinbank

VIETNAM NATIONAL UNIVERSITY, HA NOI SCHOOL OF BUSINESS DO THI THEM NGOC CUSTOMER SATISFACTION ASSESSMENT ON VIETINBANK’S CARD SERVICE QUALITY Major : Business Administration Code : 60 34 05 Master of business administration thesis Supervisor: VU ANH DUNG, PhD HA NGUYEN, MBA Hà Nội 11/2011 TABLE OF CONTENTS ACKOWLEDGEMENT i LIST OF TABLES vii LIST OF FIGURES viii INTRODUCTION CHAPTER - CONCEPTUAL FRAMEWORK 1.1 Service quality 1.1.1 Service definition .5 1.1.2 Quality definition .7 1.1.3 Service quality 1.1.4 Bank card service quality .11 1.2 Measurement of service quality 12 1.2.1 Review of multi- attribute concept 12 1.2.2 Review of Nordic Model 13 1.2.3 Review of Servqual model .14 1.2.4 Review of Servperf model .17 1.2.5 Review of Kano model 19 1.3 Suggested model 23 1.4 Previous research 24 1.4.1 Previous research outside Vietnam 24 1.4.2 Previous research in Vietnam 29 CHAPTER 2- RESEARCH METHODOLOGY 31 AND OVERVIEW ON VIETBANK 31 2.1 Research methodology 31 2.1.1 Research design 31 v 2.1.2 Sample design .35 2.1.3 Data collection 36 2.1.4 Data processing 37 2.2 Overview on Vietinbank’s card service .38 2.2.1 Overview on VietinBank 38 2.2.2 Overview on Vietinbank card business activities 40 CHAPTER 3: FINDINGS AND ANALYSIS 46 3.1 Characteristics of the sample 46 3.2.Customer satisfaction on Vietinbank’s card 49 3.3 Comparison between customers’ satisfaction toward each service attribute and the overall satisfaction level 54 3.4 Comparison of Vietinbank’s and other banks’ card service quality 58 CHAPTER 4- CONCLUSIONS AND RECOMMENDATIONS 64 CHAPTER 4- CONCLUSIONS AND RECOMMENDATIONS 64 4.1 Conclusions 64 4.2 Recommendations 64 4.2.1 Suggestions to improving debit card service quality .65 4.2.2 Suggestions for Vietinbank to improving credit card service quality 67 4.2.3 Suggested action plan for Vietinbank to improve card service quality in the next two years .68 REFERENCES 69 APPENDICES 72 Appendix 2: Data from survey 73 Q 2: Gender of respondents 73 vi LIST OF TABLES TABLE 1.1- SERVICE ATTRIBUTES 10 TABLE 1.2- SERVICE ATTRIBUTES 11 TABLE 2.1- MEASUREMENTS OF INDICATORS 33 TABLE 2.2- VIETINBANK’S CARD 41 TABLE 3.1- CUSTOMER SATISFACTION ON VIETINBANK’S CARD SERVICE QUALITY 54 TABLE 3.2- CUSTOMER PERCEPTION OF VIETINBANK’S CARD SERVICE 60 TABLE 4.1- SUGGESTED ACTION PLAN FOR 2012 AND 2013 68 vii LIST OF FIGURES FIGURE 1.1: THE KANO DIAGRAM 21 FIGURE 2.1- DEBIT CARD MARKET SHARE IN 2010 40 FIGURE 2.2- MARKET SHARE OF INTERNATIONAL CARD IN VIETNAM, 2010 42 FIGURE 2.3- BANKS’ POINT OF SALE IN VIETNAM, 2010 44 FIGURE 2.4- REVENUE OF INTERNATIONAL CARDS IN VIETNAM, 2010 44 FIGURE 3.1- AGE OF RESPONDENTS 46 FIGURE 3.2- GENDER OF RESPONDENTS 46 FIGURE 3.3- WORKING FIELD OF RESPONDENTS 47 FIGURE 3.4- RESPONDENTS’ USE OF BANK CARD 48 FIGURE 3.5- DECISIVE FACTORS TO CHOOSE BANK CARD SERVICE 49 FIGURE 3.6- USE OF BANK CARD SERVICE 49 FIGURE 3.7- CUSTOMER SATISFACTION ON VIETINBANK CARD SERVICE RANKING BY SATISFACTION LEVEL 51 FIGURE 3.8- CUSTOMER SATISFACTION ON VIETINBANK CARD SERVICE RANKING BY DISSATISFACTION LEVEL 52 FIGURE 3.9- TROUBLE IN TRANSACTION 53 FIGURE 3.10- CUSTOMER SATISFACTION TOWARD TROUBLE SOLVING OF VIETINBANK 53 FIGURE 3.11- CUSTOMER SATISFACTION OF VIETINBANK CARD 54 FIGURE 3.12- SPIDER CHART OF VIETINBANK’S CARD SERVICE QUALITY 56 FIGURE 3.13- HISTOGRAM DIAGRAM OF SATISFACTION LEVEL 57 FIGURE 3.18- COMPARISON OF VIETINBANK AND OTHER BANKS’ CARD SERVICE 59 FIGURE 3.15- COMPARISON OF CUSTOMERS’ EVALUATION ON VIETINBANK’S AND OTHER BANKS’ CARD SERVICE QUALITY 63 viii INTRODUCTION Problem identification Retail banking services especially bank card services are increasingly popular in daily life (Hue, 2010) Most of banks in over the world develop retail services having remarkable contributions to their revenue and profit Nowadays, banks not only concentrate on traditional service including deposit, loan and letter of credit but also develop value added services such as card, internet and mobile banking These services have been becoming really important because they created differentiation among banks In Vietnam, bank card services have been toughly competitive (Hue, 2010) Among 47 domestic banks, 37 joint stocked commercial banks together with four 100% foreign banks including Citibank, ANZ bank, HSBC and Standard and Charter Bank can issue cards and have point of sales through which customer could pay by cards However, financial experts in Vietnam believed that banking card market in Vietnam is still in early stage as the market size is much smaller than the financial market Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) is one of three biggest banks in Vietnam in terms of capital and revenue Up to now, the card service has been provided by Vietinbank for 17 years Among 41 bank card issuing organizations in Vietnam, Vietinbank holds about 20% of market share at the moment and thus, is believed to be one of two leading banks in card market In addition to that, bank card services are paid attention in Vietinbank’s business strategy in coming time However, Vietkinbank has never measured customer satisfaction on card services to make sure if the services conform to customer requirements Data collected by the Service Department of Card Centre showed that many customers complained about poor services and said they expected quality improvement In order to better serve customer, Vietinbank need to assess customer satisfaction and look for the opportunity to improve card service quality Objectives With the above problem, the objectives of the research are as follows:  Study on the models used to measure service quality and customer satisfaction and choose the most suitable one to analysis  Attempt to apply the selected model to measure customer satisfaction of Vietinbank card services in comparison with other banks’  Draw conclusions and make recommendations on what Vietinbank should to increase customer satisfaction toward its card services Research questions In this study, the author will find out the answers to the following questions  Which service quality model should be used to measure customer satisfaction toward bank card service?  What are dimensions of bank card service quality?  How are Vietinbank’s customers satisfied with card service quality?  What should Vietinbank to improve its card service quality? Research Scope The research focuses on Vietinbank card service quality The survey is conducted from January to June, 2011 in Hanoi Comments are given to Vietinbank up to 2020 Data resource There are two kinds of information sources using for analyses First, the secondary data is collected from annual reports, magazines, newspapers and previous researches Second, the primary data is gotten by a survey with customers of private banking service sector through questionnaires delivery and in- dept interviews Method The research is based on the quantitative and qualitative method For the quantitative method, questionnaire delivery was used to collect information Quantitative data is process by SPSS (Statistical Products for Social Services) software For the remaining, in- dept interview technique was used Qualitative data is processed by NVIVO principle These approaches will be presented in details in Chapter Significance After finishing the thesis, theory of customer satisfaction and framework of customer satisfaction measurement on bank card service quality are completed Besides, the research can get information on customer satisfaction toward Vietinbank card services through research result The thesis is also a reference material guiding for other banks in assessing customer satisfaction Research result The research result suggests the most suitable model to assess customer satisfaction in bank card service quality It also recommends what Vietinbank should to improve customer satisfaction toward its card service Limitations Due to time constraints, the research has some limitations as follows: First, the survey is conducted in Hanoi only The results are supposed to have representatives If the survey is conducted in larger scope, such as in Hanoi and Ho Chi Minh City or even all over Vietnam, the representative of the sample would be better Second, the convenient sampling method is used in this paper If the author had used better method, the research results would have been better Structure of the research report Regardless of the introduction, references and appendices, the thesis has four major parts as followings: Chapter 1: Conceptual framework, that presents the literature about service quality and measurement of service quality Chapter 2: Research methodology and overview on VietinBank: This part is divided into two sections Research methodology: This is the most important part where the framework to measure customer satisfaction toward bank card service is developed In this part, the sample and data collection procedures are designed and finally data processing procedure is identified Overview on VietinBank: Introduction to VietinBank and the card business activities of VietinBank Chapter 3: Findings and analysis, the most interesting part Descriptive information about the sample characteristics is presented The customer satisfaction toward Vietinbank’s card service is shown Some comparison between customer satisfaction toward Vietinbank’s and other banks’ card service quality are made Chapter 4: Conclusions and recommendations The chapter gives some conclusions about customer satisfaction toward Vietinbank’s card service quality Some suggestions for further study are also given CHAPTER - CONCEPTUAL FRAMEWORK This part presents the literature about service quality and customer satisfaction and information about previous in research in Vietnam and aboard Then more specific information about Vietinbank card service and bank card market in Vietnam is also introduced 1.1 Service quality 1.1.1 Service definition There are many definitions on service Most of them are defined from the distinction of service from goods In the simple way, service is everything except manufacturing, growing, processing Afterwards, people said that services are intangible things which are derived from an activity or some activities Some other said services are intangible things which are derived from a process or some processes Recently, International Organization for Standardization (ISO) reckons that services are set of activities between customers and providers and within provider to satisfy customer’s demand Services are different from products because of its components They are derived from four components including customers, facilities, enclosed products and service providers For example, in order to provide training service, training organization need to have customer to take part in training program They also need buildings with rooms and equipment for customers use Some enclosed products are also necessary for classes such as pen, chalk, etc Finally, there must be trainers to conduct and deliver lecture The importance of each component is depended on the unique feature of service In addition to that, services have also some remarkable characteristics in comparison with goods They are intangible, inseparable, heterogeneous, un-stored and difficult to measure (Phan, 1999) First, service is intangible People cannot see, feel, taste, or touch in the same manner as tangible goods The characteristic leads to some problems in marketing programs Vietinbank has provided Mobile Vietinbank’s card service fee is low and internet banking services however these services are poor for example inquiry, transfer and bill payment These services cannot be replaced for all face to face services because of customers’ habit and suspicion So Vietinbank’s services not satisfy customer who has time constrain to make transaction at Vietinbank’s offices during office hours Credit Interest rate of Vietinbank credit Credit card issuing procedure of card card is lower than many other banks, Vietinbank is complicated To Vietinbank credit card interest rate is be granted credit limit, 16% per year whereas HSBC, ANZ, customers have to apply many Techcombank, ACB have interest papers especially for credit limit nearly 20%per year without mortgage Credit card holders can pay for used Vietinbank policies in granting credit in many ways including auto credit limit is strict which payment, transfer or cash deposit at ignores Vietinbank office system limited and private companies with charter capital Vietinbank are supplying for credit under 20 billion VND Many card holders many added services potential customers work in with charter such as the SMS banking service to organizations alert customers by each transaction capital under 20 billion VND, which help customers manage their they have demand for credit 61 spending and unused credit card using but they are ignored Vietinbank also provides customer credit limit granted the installment services Vietinbank has not provided registration card issuing though internet, telephone and SMS Credit card of Vietinbank are constrain in card types It does not have customized card for one typical customer meanwhile other banks such as Eximbank or Dong A bank has card for teachers and doctors Source: Data from survey Finally, customers evaluate the card service quality of other banks including Vietcombank, BIDV, Agribank, Techcombank and Dong A Bank Figure 3.17 presents the result of the survey The smaller pie presents customer measurements of Vietinbank’s card service quality whereas the bigger presents customer evaluation of other banks’ The data shows that Vietinbank card service’s quality level is lower than other banks’ Among 32 respondents those use both Vietinbank’s and others’ card service, 37.5% revealed they are satisfied with the service whereas this number in other banks is 43.8% The customers also shows some reasons for the low measurements as Vietinbank’s complicated procedures, long order processing time and not so nice attitude of tellers 62 Figure 3.15- Comparison of customers’ evaluation on Vietinbank’s and other banks’ card service quality Dissatisfied 6.3% Satisfied 43.7% Very satisfied 3% Dissatisfied 6% Satisfied 34% Normal 57% Normal 50.0% Qualitative data from interviews shows that customers highly evaluated Vietinbank’s card service in such aspects as transaction security, wide transaction system, nice design of card and bill, transaction accusation and service fee These ideas assure the findings above in quantitative data 63 CHAPTER 4- CONCLUSIONS AND RECOMMENDATIONS 4.1 Conclusions Banks in developing country, especially in Vietnam, play a central role in the economy as they are central of economic growth There are a lot of reasons for this important role such as banks provide liquidity in the economy Banks are compared with blood system whereas the economy likes the alive body For that reason, support this sector always needed and significantly meaningful to the nation Researches with ultimate goal of improving banks’ service quality should be made for all banks in Vietnam There are several models to measure service quality of bank card such as P (perception) model and P-E (perception - expectation) model By using P model, this report shows quite good result of the research Card service quality of a bank can be measured based on five groups of indicators They are reliability, assurance, tangibles, empathy and responsiveness Each group composes of several indicators As in the case of Vietinbank’s card service, the quality level is just acceptable On average, there are about 41.4% customers satisfied with the service This number is quite low in comparison with the level of 59% provided in 2011 World Retail Banking Report, which use data in 2010 of bank industry in the world Majority of customers are satisfied with transaction security and attitude of tellers and dissatisfied with ATM screen’s design, cash withdraw limitation per time and wide transaction system Customers’ evaluation of other banks’ card service quality seem to be the same as of Vietinbank The service quality level is acceptable Vietinbank is better than others in some indicators as acceptance payment on various website, nice design of bill and card, transaction security, payment for various services, and wide transaction system On the opposite side, other banks seem to be better than Vietinbank in attitude of tellers, processing time, simple procedure and accurate transaction 4.2 Recommendations Given the fact that debit card and credit card services are quite different, 64 recommendations to improving card service are given to each separately The suggestions are as follows: 4.2.1 Suggestions to improving debit card service quality Product innovation: Vietinbank should create more value added services for customers They would make Vietinbank cards differentiate from other banks’ cards Otherwise, Vietinbank should differentiate from each product line which exploit the potential demand from customer Vietinbank launched product lines with different fees and targeted into five different market segments However, these products have differences transaction limitation only meanwhile this transaction limitation is not exceeding other bank’s cards So increasing transaction limitation is one way to add more value to cards products of Vietinbank Moreover, VietinBank should concentrate on developing many services for card product It doesn’t need to clarify so many products meanwhile their characteristics nearly the same VietinBank could combine card account and current account which help customers use VietinBank’s services easier Moreover, VietinBank has not provided overdraft for domestic debit card This is one of the most favorite services for card holders Many organizations denied using payroll services of VietinBank because VietinBank lacks overdraft service Increasing rate of active card: the number of active cards should be increased to prevent Vietinbank from waste of card issuing costs and to raise revenue due to the increase of customers VietinBank should focus on potential customers which requires VietinBank staffs evaluate customers demand exactly Internet and mobile banking service development: these services help VietinBank attract customers who lack time to make direct transaction Moreover, developing online payment on many websites helps VietinBank to increase revenue from shopping online For these reasons, Vietinbank should develop international credit card and inter-bank transfers VietinBank should also concern with distribution card 65 via internet which help customers register to issue card easier By supplying internet and mobile banking services, VietinBank gain fee from customers Facility: Vietinbank should concentrate on improving ATM in term of quality and image to attract customers It should avoid running out of money in ATM It also checks other facilities, for example, air conditioning and camera in each ATM box which increases customer satisfaction in using card service at ATM In addition to that, VietinBank should expand transaction network by providing other kinds of machines such as kiosk banking and combine internet services and ATM services By this way, customers can use internet banking services at ATM system VietinBank should also concentrate on security solution for customer when making transaction at ATM When ATM skimming is problem for banks to protect card holders from ATM hacker, VietinBank could use anti-skimming equipments as well as warn customers some tactics to reduce risky possibility Loyal Customer program: Vietinbank should take care much for customers who have high transaction frequency and values This method is very popular for telecoms companies Vietinbank can base on statistic at the end of fiscal year to gift customers who have great contribution to revenue of Vietinbank which influent on the customer retention rate for Vietinbank Further more, VietinBank should promote point of sale accepting VietinBank cards Promotion campaign for point of sales: promotion campaign for point of sales should be conducted By this way, VietinBank can push merchants accept card payment in enthusiasm Cashiers can process the transaction smoothly when they use regularly and card holders realize convenience of card payment VietinBank should takes care of payment equipment for merchants so that they will not face to error transaction 66 4.2.2 Suggestions for Vietinbank to improving credit card service quality Improving card issuing procedure: card issuing procedure should be simplified to make customers more convenient when applying The issuing procedure is now quite complicated in Vietinbank because of two reasons Firstly, there are many forms needed to be filled and personal documents, to be submitted It takes about days for bank to process these documents It, thus, results in inconvenience for customers Secondly, requirements for card issuance should be lower to make the service open to more customers The current issuance policy is opened for state officials and big companies’ employees Thus, potential customers such as small enterprise’s owner and/ or manager who may have high income are ignored Promotion campaign: VietinBank should take care for both card holders and point of sales For card holders, they should be given incentives such as bonus point, discount program and VIP reception VietinBank has deployed many promotion campaigns however low bonus value does not incentive customers to pay by card In addition to that, they should be given some new value added services such as online payment, search for internet transaction Platinum card level providing: Platinum card level should be provided to customers with high income Besides, the way to classify customers should be reconducted Encourage card service at branches: card service should be paid more attention in branches On average, sales from card service currently account for less than 5% of branches’ revenue In addition to that, employees, those are in charged of card service at branches, are not specialized not only in card service but also in some others Since their resource for card service is constraint, the service is not well developed Besides, VietinBank card center could coordinate better with branches to develop card business activities Pay attention to improving quality of human resource: Employees should be trained to be better serve customers There are three characteristics of employees 67 should be improved They are health, knowledge and skills and mentality The solution should focus on improve all of them 4.2.3 Suggested action plan for Vietinbank to improve card service quality in the next two years The result of the survey revealed that in the near future, Vietinbank should implement some actions to immediately improve its card service quality In table 4.1, suggested action plan for the year 2012 and 2013 is presented to overcome some shortcomings Table 4.1- Suggested action plan for 2012 and 2013 Timetable for action Goals - Reduce the failure percentage from 33.1% to 20% December 2013 (failure percentage is calculated by the ratio between customers having trouble in transaction and the total customers) - Increase customer satisfaction level 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91-99 71 APPENDICES Appendix Table A1- Cash withdraw limitation: account for the highes level card of each bank No Banks Debit card Cash withdraw Cash withdraw limitation per day limitation per (million) time (million) Vietcombank Connect24 20 BIVD Harmony 40 Agribank Success 20 Techcombank Fast Access 10 DongAbank Đa Năng 20 10 VietinBank E-parrtner G card 45 Table A2- Transfer at ATM: Account for the highest level card No Banks Debit card Transfer limitation per day (without fee) (million) Vietcombank Connect24 20 BIDV Harmony 60 Agribank Success 20 Techcombank Fast Access 10 DongAbank Đa Năng 20 VietinBank E-partner G card 45 Table A3- Bill payment No Banks Bill payment Application Dong A Bank Hochiminh electricity Internet, SMS, Mobile FPT telecoms banking Gia Dinh water provider Saigon telecoms VNPT in Hochiminh Vietcombank Telecoms (Vinaphone, ATM Mobilephone, EVN, Vietel) Internet (only for Vietel Electricity telecoms) Water Assurance Vietinbank Electricity Train ticket Telecoms Tax Appendix 2: Data from survey Q 2: Gender of respondents Valid Frequency Percent Valid Percent Cumulative Percent Nam 55 45.5 45.5 45.5 Nu 66 54.5 54.5 100.0 Total 121 100.0 100.0 Q 3: Age of respondents Frequency Percent Valid Valid Percent Cumulative Percent Tu 15- 22 40 33.1 33.1 33.1 Tu 22- 35 41 33.9 33.9 66.9 35- 45 26 21.5 21.5 88.4 45- 55 13 10.7 10.7 99.2 Tren 55 8 100.0 Total 121 100.0 100.0 Q 4: Respondents’ working field Frequency Percent Valid Percent Cumulative Percent Valid Administrative sector 28 23.1 23.1 23.1 Business sector 30 24.8 24.8 47.9 banking and 19 15.7 15.7 63.6 (students and 42 34.7 34.7 98.3 100.0 Finance, insurance Education pupils) Other 1.7 1.7 Total 121 100.0 100.0 Q 7.1: frequent use of card service Valid Frequency Percent Valid Percent Cumulative Percent Rarely use 3.3 3.3 3.3 Normal 56 46.3 46.3 49.6 Frequently use 32 26.4 26.4 76.0 Always use 29 24.0 24.0 100.0 Total 121 100.0 100.0 Q 7.2 Frequent use of ATM billing Frequency Percent Valid Percent Cumulative Percent Valid Hardly use 89 73.6 74.2 74.2 Rarely use 11 9.1 9.2 83.3 Normal 16 13.2 13.3 96.7 Frequently use 2.5 2.5 99.2 Always use 8 100.0 Total 120 99.2 100.0 Missing System Total 121 100.0 Q 7.3 Frequent use of payment via internet Frequenc Percent Valid Percent y Valid Cumulative Percent Hardly use 89 73.6 73.6 73.6 Rarely use 13 10.7 10.7 84.3 Normal 16 13.2 13.2 97.5 Frequently use 2.5 2.5 100.0 Total 121 100.0 100.0 Q 7.4 Frequent use in payment at point of sale Valid Frequency Percent Valid Percent Cumulative Percent Hardly use 87 71.9 71.9 71.9 Rarely use 10 8.3 8.3 80.2 Normal 17 14.0 14.0 94.2 Frequently use 4.1 4.1 98.3 Always use 1.7 1.7 100.0 Total 121 100.0 100.0 ... 2.1.4 Data processing 37 2.2 Overview on Vietinbank? ??s card service .38 2.2.1 Overview on VietinBank 38 2.2.2 Overview on Vietinbank card business activities 40 CHAPTER... 33 TABLE 2.2- VIETINBANK? ??S CARD 41 TABLE 3.1- CUSTOMER SATISFACTION ON VIETINBANK? ??S CARD SERVICE QUALITY 54 TABLE 3.2- CUSTOMER PERCEPTION OF VIETINBANK? ??S CARD SERVICE... CUSTOMER SATISFACTION TOWARD TROUBLE SOLVING OF VIETINBANK 53 FIGURE 3.11- CUSTOMER SATISFACTION OF VIETINBANK CARD 54 FIGURE 3.12- SPIDER CHART OF VIETINBANK? ??S CARD SERVICE QUALITY 56