MARKETING MIX ĐỂ NÂNG CAO SỰ QUAN TÂM SỬ DỤNG DỊCH VỤ NGÂN HÀNG ĐIỆN TỬ CỦA AGRIBANK

MARKETING MIX TO IMPROVE THE INTENTION TO USE E-BANKING SERVICES OF AGGRIBANK Table of Contents List of Tables List of Figures Abstract The objective of the study is to use marketing mix to strengthen the performance of ebanking services at Agribank Hai Duong The author adopts qualitative research method with the data to be collected among 397 e-banking customers of the branch The marketing mix is measured by 17 items with the Likert scale to be adopted Obtained result shows that the branch records high customer satisfaction and customer loyalty with the e-banking services It is because of the branch has adopted good 4P’s marketing although there are still sources of improvement related to the price marketing strategy as well as the promotion marketing This study brings the evidence of current performance of the marketing mix at Agribank in general and at Agribank Hai Duong in specific It promotes the branch managers to pay attention to marketing programmes to further boost the intention to use the e-banking services from new customers as well as to better retain existing customers Keywords: product marketing, price marketing, place marketing, promotion marketing, customer satisfaction, customer loyalty Chapter Introduction 1.1 Background of the study Vietnamese banking industry is highly developed with the credit to the economy was about VND 8,694 trillion in the first months of 2020 and it was 6.08% higher than the end of 2019 (State Bank of Vietnam, 2021) It is said that banking industry has been contributing directly to the socio-economic development of the country, showing through the fact that it promotes the circulation of the capital and provides the funds to different economic activities (State Bank of Vietnam, 2018) Currently, Vietnam’s system of credit institutions is divided into banks, non-banks, micro-finance institutions, and foreign bank branches and representative offices The most active category is banks with Stated-owned commercial banks, 31 joint-stock commercial banks, and wholly foreign-owned banks The Stateowned banks refer to the banks with 100% or part of their shares to be under the management of the State Bank of Vietnam This group has banks and Agribank is the largest one with the charter capital of VND 30,496 billion This bank plays prominent role in the country’s socioeconomic development since it provides the credit accessibility for agricultural and rural development Agribank is also nominated as social security supporter of the economy throughout many long-term funding projects which help to reduce the poverty and to further renovate the infrastructure and the life quality of people in rural and mountain area Currently, Agribank has more than 200 convenient banking products and the bank has presented in all cities and provinces of Vietnam through more than 2,300 branches and transaction offices Recently, Agribank also pays attention to the application of new technologies in banking area given to the industrial revolution 4.0 The bank has been participating into the National Strategy for Financial Inclusion of Vietnam and following the direction from the government of further developing digital economy and promoting noncash transactions In fact, Agribank has already been providing several banking services that not require the cash payment from the customers Among these services, the electronic banking (e-banking) is the core services It includes the Internet banking and mobile banking in which the Internet banking allows the customers to perform banking transactions over the Internet and it can be done through their Internet browsers while the electronic mobile banking is a mobile application which was developed by Agribank and it is installed in the customers’ smartphone so that the customers can perform banking transaction on the go Currently, the number of e-banking customers of Agribank has exceeded million and it is increasing in coming years 1.2 Rationale Agribank has recognized the importance of adopting and implementing new technologies, showing through the fact that the bank successfully deployed the Business Strategy and the Product Strategy during 2016-2020 These two strategies helped to further improve e-banking services However, one of the concerns related to e-banking services of Agribank is that the number of customers has been decreasing recently From 2018 to 2020, the number of newly registered e-banking customers was decreased from 341,000 to 257,000, leading to the total number of e-banking customers in the end of 2020 was only 3.1 million which was lower than in 2018 and 2019 The number of e-banking customers in these two years are 3.37 million and 3.26 million respectively This situation is faced also in Agribank Hai Duong Table 1.1: Overview of Agribank Hai Duong Business Indicators 2019 Capital mobilization, VND billion 11,979 1.1 By currency a Vietnam Dong 11,875 b US Dollar 104 1.2 By customers a Individuals 11,473 b Non-individuals 506 1.3 By terms a No terms 381 b Term less than 12 months 3,931 c Term between 12 months and 24 months 7,577 d Term more than 24 months 90 Outstanding, VND billion 5,460 2.1 By loan terms a Short-term 3,443 b Medium-term 1,969 c Long-term 48 2.2 By customer types a Individuals 4,678 b Non-individuals 782 Non-performing loans, VND billion 43 Total cards 54,942 Card fees collection, VND billion 2.1 E-banking accounts 65,797 E-banking fees collection, VND billion Total fees collection, VND billion 20 Source: Internal Reports of Agribank Hai Duong 2020 14,034 13,953 81 13,583 451 491 4,046 9,427 70 6,277 4,284 1,930 63 5,234 1,043 54 68,585 3.6 60,918 23 Table shows that Agribank Hai Duong achieved good performance during 2020 in term of capital mobilization and outstanding loans During 2020, the branch successfully mobilized VND 14,034 billion that was 17% higher than in 2019 Similarly, the outstanding loans in 2020 was VND 6,277 billion and it was 15% higher than in 2019 Total fees collected in all banking services in 2020 was stood at VND 23 billion and it was VND billion higher than in 2019 Along with that, the branch successfully controlled the non-performing loans, showing through the fact that the NPL ratio in 2020 was less than 1% (0.86%) although it was still higher than 2019 that had been 0.79% The branch also had more than 68,000 cards such as ATM cards, debit cards, credit cards, etc E-banking is among the weakness points in the branch’s business because of the number of e-banking accounts was significantly dropped, from 65,797 accounts in 2019 to 60,918 accounts in 2020 or it was down by 7% Due to the number of e-banking account was decreased, the fees collected from this banking service was also decreased from VND billion in 2019 to VND billion in 2020 It is said that e-banking service is important business in Agribank Hai Duong since it contributed to 25% of total fees collected amount in 2019 The decrease in the number of e-banking accounts in 2020 mad the contribution ratio was down to 17% that signifies concern of the performance of e-banking services in this branch The decrease of e-banking customers raises a concern related to the service performance and a worry related to the lack of motivational scheme to boost newly registers De Leon (2019) indicated that the intention to use e-banking can be increased through aggressive marketing promotions Alkhaldi & Kharma (2019) also recommended that the banks should deploy effective marketing campaign in order to attract new e-banking users and to maintain existing customers Also, Ali (2016) addressed that the banks should conduct suitable marketing programme in order to communicate with the customers about the availability of e-banking services and it helps to improve the e-banking service portfolio 1.3 Research objective and Research questions Given to the rationale above, a main research objective of using marketing mix to strengthen the performance of e-banking services at Agribank Hai Duong is selected This research objective is supported by following research questions: − How the customers perceive about the e-banking services offered by Agribank Hai Duong 2? − How the customers perceive about the price or the fee of the e-banking services offered by Agribank Hai Duong 2? − How the customers perceive about the promotion offers by Agribank Hai Duong in the e-banking services? − How the customers perceived about the place strategy selected by Agribank Hai Duong when they distribute the e-banking services to the customers? 1.4 Scope of work The object of the study is e-banking service offered by Agribank Hai Duong The location of the study is in Hai Duong and the time of conducting this study is started from March 2021 1.5 Significance of the study By conducing this study, it is expected that the departments of Agribank Hai Duong 2which are responsible of e-banking services have an evidence of the current performance of the bank’s marketing mix strategy Also, this study will point out the key weaknesses of current marketing mix programmes and therefore the managers of Agribank Hai Duong can provide better decisions to address the existing problems Other researchers are promoted to develop a research about marketing mix in e-banking services They can use this study’s result as reference for their own research 1.6 Structure of the study The study has five chapter with the summary of each chapter’s content is as below: Chapter Introduction This chapter provides the background of Vietnamese banking industry and Agribank The rationale of developing this study is provided along with research objective and research questions Chapter Literature Review This chapter examines the concept of marketing mix In addition, related empirical evidences are collected and explored to understand the role of each marketing mix factor to the use of ebanking services Chapter Research Methodology This chapter is established in order to select the suitable research method given to selected research objective This chapter also provides the data collection planning and how the questionnaire is designed to help collecting required information Chapter 4: Research Results This chapter presents the results retrieved from the collected data The current performance of each marketing mix factor of Agribank Hai Duong is put into the evaluation in the case study of Agribank Chapter Conclusion and Recommendations This chapter summarizes the findings from previous chapters The recommendations are developed to address the current weaknesses and to attain the current strengths so that Agribank can gain higher e-banking service performance Chapter Literature Review 2.1 Overview of marketing mix Marketing mix was originated from McCarthy (1964) and it is a framework with four elements, namely product, price, place, and promotion Marketing mix is important, and it contributes into the success of transaction marketing and operational marketing plan (Constantinides, 2006) and it acts like a reference to direct the way the markets fulfill their responsibilities to the customers (Konhäusner et al., 2021) According to Bahador (2019), effective marketing mix programmes helped the companies to achieve greater business performance in both short-term and long-term perspective An empirical evidence provided by Badi (2018) confirmed that the marketing mix programme also influences the competitive position of the firms through the creation of competitive advantage against other rivalries Nurmartiani et al (2020) explicated that the marketing mix programmes also strengthen the firm-customer relationship and it is achieved through effective communication and relationship marketing activities Jarad (2020) indicated that marketing mix can act like a tool to help the marketers to better utilize their competitive advantages in line with the understanding of other competitors’ advantages and to better use of available resources for supporting each marketing mix component Over the time, there were a lot of empirical evidences which were developed by other researchers to confirm the roles of marketing mix For example, Nguyen (2017) studied the effect of the 4Ps marketing mix on customer satisfaction and loyalty in Vietnam’s air cargo industry Nguyen identified that all four marketing mix factors had positive and significant effects on customer satisfaction, and it resulted better customer loyalty Similarly, Waithaka & Walmalwa (2020) also found an empirical evidence that supported the significant effects of marketing mix factors on customer satisfaction with mini supermarkets Baig et al (2020) collected the data among 501 online customers and identified that marketing mix factors significantly improved the customer value and it led to higher customer loyalty Harsono (2016) conducted a research to identify the impact of 4Ps marketing mix factors on customer loyalty with Toyota Avanza Obtained empirical evidence showed that customer loyalty received a significant impact from product factor Nurmartiani et al (2020) surveyed 280 customers in the West Java region and found that marketing mix factors significantly strengthened the customer relationship and it contributed to the higher customer trust with the products and services Also, the previous researchers proved the significant effect of 10 communication programme In fact, most of the branch’s employees have the credit background or they have limit understandings of communication marketing Figure 4.23: The reputation of Agribank Hai Duong through word of mouth Finally, the reputation of Agribank Hai Duong is analyzed through the word of mouth effect PMO5 examines how the customers to be influenced by their reference people such as family member, colleagues Obtained result shows that 212 respondents strongly agreed and agreed with the information of Agribank Hai Duong that is communicated through their reference people while 119 others selected neutral option and only 66 indicated their strongly disagreed and disagreed attitude The mean score of PMO5 is captured at 3.38 It means the customers received the communication message about Agribank Hai Duong 2, but the intensity of the communication is not so high In the realm of the communication marketing, the word of mouth plays a significant role in wide spreading the brand reputation and it plays prominent role in unlocking the purchase intention of the new customers Since the word of mouth level for Agribank Hai Duong is not so high, the branch may face up with a challenge in finding new customers for the e-banking services in the future 4.6 The effect of marketing mix on customer satisfaction and customer loyalty level with e-banking services in Agribank Hai Duong Since the survey contained the questionnaire items related to the customer satisfaction and customer loyalty level with e-banking services, it is possible to run a regression analysis to capture the quantitative impact of each marketing mix factor Before that, the level of customer satisfaction and loyalty is explored through the frequency analysis Figure 4.24: Customer satisfaction level with E-banking services It is identified that the satisfaction level of the customers with the e-banking services offered by Agribank Hai Duong is high due to the mean score of this variable is 3.54 It is because of there were 223 respondents imposed their satisfied and very satisfied level In addition, 164 respondents shared their neutral assessment while 11 others felt dissatisfied Based on this finding, it is concluded that Agribank Hai Duong is now offering the e-banking services at good performance and the customer satisfaction with this service is reasonably high Figure 4.25: Customer loyalty level with E-banking services 32 The customer loyalty with the e-banking services of Agribank Hai Duong is also high with the mean score of 3.58 The number of the respondents who were loyalty with this service is 232 and the number of the respondents who were not loyalty is only 10 It is also captured that there were 155 respondents had neutral loyalty level or neither loyalty nor disloyalty This finding is similar to the result obtained in the demographic characteristics analysis whether many respondents have been using the e-banking services for more than years Then, the regression analysis is performed between the dependent variables (customer satisfaction and customer loyalty) and the independent or the explanatory variables (product, price, place, and promotion) Obtained result is summarized as below in which the R-square, the F-test and T-Test, and the coefficient estimated for each marketing mix factor are the key outputs of the regression analysis Table 4.3: Regression Analysis Result Variables Constant Product Price Place Promotion R-square F-test Customer satisfaction as dependent variable Coefficient T-Test -0.226 -1.962** 0.290 17.331*** 0.238 10.018*** 0.242 14.216*** 0.299 15.700*** 0.77 326.111*** Customer loyalty as dependent variable Coefficient T-Test 0.089 0.586 0.290 13.122*** 0.198 6.316*** 0.200 8.890*** 0.306 12.139*** 0.63 164.959*** (***) statistically significant at 0.01; (**) statistically significant at 0.05; (*) statistically significant at 0.1 Regarding the relationship between 4P’s marketing mix factors and customer satisfaction, it is identified that 77% of the variance of customer satisfaction is significantly explained by the marketing mix factors The coefficients are estimated for each marketing mix factor In which, the coefficient of product is estimated at 0.290, meaning that when product marketing is improved by unit, customer satisfaction with the e-banking services is improved by 0.290 unit Similarly, when price marketing mix, place marketing mix, and promotion marketing mix is improved by unit, customer satisfaction is improved by 0.238 unit, 0.242 unit, and 0.299 unit, respectively T-test statistics are also generated for each independent variable in order to check the null hypothesis of the coefficient is equal to zero Obtained result shows that all T-test statistics are statistically significant at 0.01 or 1% Among the marketing mix factors, promotion has highest coefficient, meaning that customer satisfaction receives the largest effect from this marketing mix factor In the contrast, price marketing mix has smallest impact on the customer satisfaction due to it has smallest coefficient The equation 33 related the relationship between customer satisfaction and marketing mix factors is stated as below: Customer Satisfaction = -0.226 + 0.290 x Product Marketing + 0.238 Price Marketing + 0.242 Place Marketing + 0.299 Promotion Marketing The relationship between four marketing mix factors and customer loyalty with the e-banking services offered by Agribank Hai Duong is also explored It is captured that 63% of the variance of customer loyalty is significantly explained by four marketing mix factors (Rsquare = 0.63; F-test = 164.959) Herein, the predictiveness power of customer loyalty is reduced, showing that there are other variables which can explain for the change of customer loyalty or customer loyalty with the e-banking services may be depended on other factors rather than marketing mix programmes The coefficients of product, price, place, and promotion are estimated at 0.290, 0.198, 0.200, and 0.306 This result implies that one unit increases in product, price, place, and promotion results 0.290 unit, 0.198 unit 0.200 unit, and 0.306 unit increase in customer loyalty level It means the largest effect factor is promotion marketing while price marketing has smallest effect on customer loyalty In overall, all coefficients are statistically significant at 0.01 or 1% level with all T-test statistics are significant Behind of that, these marketing mix factors have positive effect on customer loyalty, and it is similar to the finding in the regression between customer loyalty and four marketing mix The equation related the relationship between customer loyalty and marketing mix factors is stated as below: Customer Loyalty = 0.089 + 0.290 x Product Marketing + 0.198 Price Marketing + 0.200 Place Marketing + 0.306 Promotion Marketing It is concluded that four marketing mix factors are good explanatory variables for the variance of customer satisfaction and customer loyalty Agribank Hai Duong should pay attention to its marketing programme since it largely impacts on the customer satisfaction and customer loyalty with the e-banking services The most effect variable is promotion marketing while the least effect variable is price It is also identified that the role of each marketing mix factor on customer satisfaction and customer loyalty are very similar, showing the reliability of the data and consistency in the result results Moreover, it is revealed that the effect of promotion marketing is stronger in case of customer loyalty is treated as dependent variable compared to when customer satisfaction is set as dependent variable In addition, the effect of product marketing is similar in both regression cases Otherwise, the effects of price and place marketing are smaller in the relationship with customer loyalty It means that 34 promotion marketing plays more important role in retaining customers The role of product marketing is the same to both customer satisfaction and customer loyalty 35 Chapter Conclusion and Recommendations 5.1 Conclusion The study is developed with the objective of using marketing mix to strengthen the intention to use the e-banking services of Agribank Hai Duong It is identified that the customers have high satisfaction and loyalty with this service, thanks to the effective use of product, price, place, and promotion marketing mix programmes Obtained result from the data analysis shows that the customers of the e-banking services offered by Agribank Hai Duong is young and they have high frequency use of this service In addition, it is identified that the product marketing mix has been well-developed with diversified e-banking products and good pricing strategy However, the branch should pay attention to the quality of the staffs and the use of modern communication marketing channels to further leverage the use of the e-banking services among the customers 5.2 Recommendations First, Agribank Hai Duong should provide adequate training for its staffs The training content must be specified in how to communicate with the customers as well as the management of the customers’ expectation and demands The training must be conducted to both new and existing staffs and the test should be provided to ensure that the staffs are learnt well Second, Agribank Hai Duong should revise its pricing strategy The branch should adopt the single e-banking fees in which it covers all the related services such as inter-bank transfer, internal bank transfer, cancelling fees, account inquiry fees, etc The pricing level of the ebanking services should be revised at least one time per year to align with the average market price so that the customers have good price fairness perception Third, Agribank should review the location of its transaction office to ensure the good network coverage The branch should inform the customers about the benefit of opening the e-banking account in different branch Moreover, the branch may need to work with third party vendors such as mobile wallet services to increase the intention to use of the e-banking services from young customer group Fourth, Agribank Hai Duong needs to improve the communication marketing through the application of modern marketing tools such as the Facebook and the Instagram to increase the intention to use the e-banking services from the customers in Hai Duong Province The branch may want to allocate one head count to be in-charge the communication marketing 36 and this person must work with the marketing team in the head quarter to design unique communication marketing that is 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USE E-BANKING SERVICES OF AGGRIBANK” Hence, I would like to invite you to this survey to explore how the branch’s marketing mix performance Please help to fill the answers for each questionnaire item below I commit that all your personal information and your input are protected and only used for studying purposes Kind regards, Part I: Demographic Information Gender o Male o Female Age o o o o o o o 18-20 21-25 26-30 31-35 36-40 41-45 Over 45 Education o Master & PhD o University o Below University E-banking services length with Agribank Hai Duong o o o o Less than year 1-3 years 3-5 years Over years Frequency of using e-banking services from Agribank Hai Duong o o o o Less than once in a week Once in a week Twice in a week More than twice in a week Part II: Your evaluation of marketing mix Please use following scale to provide your opinion related following statements: 44 – Strongly Disagree, – Disagree, – Neutral, – Agree, – Strongly agree Factors Product marketing Price marketing Place marketing Promotion marketing Items E-banking service of Agribank Hai Duong is welldiversified E-banking service of Agribank Hai Duong is easy to understand and to use E-banking services of Agribank Hai Duong meets my demands E-banking services of Agribank Hai Duong is modern and secure The monthly fees to use e-banking services of Agribank Hai Duong is reasonable The money transfer fee in E-banking provided by Agribank Hai Duong is lower than other banks I only need to pay single fee to use all banking services in e-banking platform of Agribank Hai Duong I continue to use e-banking services of Agribank Hai Duong even if the fee is increased I can register e-banking services at any transaction offices of Agribank Hai Duong Agribank Hai Duong has wide network in my area I receive calls/personal contacts from Agribank Hai Duong to offer me using e-banking services Time interval between registration and actual use of ebanking services is short Agribank brand creates confidence and peace of mind Agribank’s ads of e-banking services is frequent and impressive Frequently interested, caring staff of Agribank Hai Duong Frequently receive information from Agribank, personal communication and through mass media Frequently heard relatives, colleagues, … talk about Agribank Hai Duong 2 Please specify your satisfaction level with the e-banking services of Agribank Hai Duong 2: o o o o o Very dissatisfied Dissatisfied Neutral Satisfied Very satisfied 45 Please specify your loyalty level with the e-banking services of Agribank Hai Duong 2: o o o o o Very disloyalty Disloyalty Neutral Loyalty Very loyalty 46 ... product is important element in marketing mix framework since it connects with and determine other marketing mix components 11 2.3 Price marketing mix Price marketing mix refers to the value of a... e-banking services of Agribank 4.5 Evaluation of promotion marketing for the e-banking services of Agribank Hai Duong The promotion marketing mix has five items The first item is ? ?Agribank brand creates... e-banking services is improved by 0.290 unit Similarly, when price marketing mix, place marketing mix, and promotion marketing mix is improved by unit, customer satisfaction is improved by 0.238