CHAPTER 1: THEORETICAL BASIS FOR CARD ISSUANCE AND BUSINESS
2.2 Analysis of the actual situation of card issuance and business at Vietcombank30
2.2.4 Marketing activities and customer services
In the period of 2016-2018, Vietcombank has implemented a number of prominent marketing, promotion and introduction programs for bank card products as follows:
Table 2.9: Card service marketing activities Program Implementation
time
Content Implementation (million dongs) Fulfill your
dream of
flying with VCB Connect card 24
01/04/2016 to 31/12/2016
promotion program for customers who have used Vietcombank cards, 09 customers with the highest card payment turnover on online ticket purchase via website:
www.vietnamairlinees.com.vn will be awarded 09 domestic flight tickets for any flights on Vietnam Airline flights
186
Free VCB
Connect 24 card issuance
30/4/2016 to 01/05/2016
Vietcombank offers free card issuance service to all customers who register for card accounts nationwide to celebrate April 30 and May 1.
467
First year annual fee waiver for Vietnam
Airlines American Express cardholders
01/07/2017 to 30/09/2017
Waive annual fee for the first year when issuing new cards, add more utilities with special offers on services such as: Free 01 Vietcombank debit card product, first year annual fee waiver for 01 Visa/Mastercard branded credit card products, free credit line confirmation, free card reissue and free credit limit change.
Especially, customers using Vietcombank Vietnam Airlines American Express gold card also have priority in retail banking services of Vietcombank: Priority at transaction counters, free confirmation of deposit account balance, free of charge SMS service fee notifies account balance fluctuation, etc.
986
Travelling to Malaysia with international debit card VCB
Mastercard - stylish card
15/07/2018 to 15/08/2018
Vietcombank cooperates with Mastercard international card organization. Winners have the opportunities to make trips to Malaysia (scheduled for the period from August 31 to September 2, 2018 and easily shop for world famous brand products at up to 70% off at the super promotion festival). Biggest annual sale held in Malaysia
325
Source: Vietcombank
In recent years, Vietcombank has implemented many promotions with many different forms and gained high profits. However, the form of customer conferences is rarely implemented, only large branches such as Thang Long, Hanoi, Ho Chi Minh deploy this. Some gift giving promotions do not have agreement among affiliates.
There are a number of branches that implement their own gift giving programs,
causing Vietcombank's internal competition. At the same time, promotional gifts are not diverse, mainly raincoats, calendars, envelopes, Minh Long ceramics, towels, notebooks, so it has not really attracted customers.
For customer policies: Vietcombank has implemented the card customer segment including special card, yellow card and standard card to provide the most suitable customer care policies for each card product, specifical policy for each card class is as follows:
Table 2.10. Vietcombank’s customer policies Customer with special
cards
Customer with golden cards
Customer with standard cards Standard
classification
Group of customers with income from 30 million
Group of customers with income from 20 million
Group of customers with income from 5 million
Card product supply
Visa Platinum MasterCard Amex Platinum Cashback Plus American Expres
American Express Vietnam Airlines American Express UnionPay
Connect 24 Visa Connect 24
Incentives Get special privileges when using services, shopping in the system of major partners of the bank, giving gifts,
reward points
corresponding to the number of transactions In case customers do not come to the branches to make transactions and they just call the dedicated line for VIP customers, there will be separate staffs to listen, receive requests, perform and report back. All are fast, accurate and confidential.
The customer shall be immediately received a formal reception and is given priority
to transact
immediately in a separate room, equipped with wireless internet, books, magazines, coffee and requested tea.
Not eligible for the special incentive program
Source: Vietcombank
Thus, the bank has built separate incentive policies for each customer segment of each card category, including high-income customers - special card customers, good- income customers - Golden card customers and customers of middle income - standard cards. However, the identification and analysis of customer information to evaluate customer ratings and applied policies is still inaccurate and incompatible with actual conditions because the grading of the main criteria is just mainly based on information that customers provide. This information is sometimes provided dishonestly, and the customer classification is subjective.
In addition, during the implementation and development of incentive programs for customers, the bank just mainly cares about large customers and VIP customers without offering incentives for small customers attract them. At the same time, Vietcombank has not been able to locate the target customer, so the customer policies that the bank has issued are not linked to each customer segment and have not fully served the needs of customers.