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MINISTRYOFEDUCATION ANDTRAINING

THES T A T E BANKOFVIETNAM

HOCHIMINHUNIVERSITY OFBANKING

HUYNHTHILAMPHUONG

Factors influencing customer satisfaction with
theInternationalpaymentservice:ThecasestudyoftheJoint Stock
Commercial Bank for Investment
andDevelopmentofVietnam(BIDV),BinhDinhBranch

BACHELORTHESIS
MAJOR: BUSINESS
ADMINISTRATIONCODE:7340101

HOCHI MINH CITY,2022


MINISTRYOFEDUCATION ANDTRAINING

THESTATEBANKOFVIETNAM

HOCHIMINHUNIVERSITY OFBANKING

HUYNHTHILAMPHUONG

Factors influencing customer satisfaction with
theInternationalpaymentservice:ThecasestudyoftheJoint Stock
Commercial Bank for Investment


andDevelopmentofVietnam(BIDV),BinhDinhBranch
BACHELORTHESIS
MAJOR: BUSINESS
ADMINISTRATIONCODE:7340101
SUPERVISORPHAM
HUONGDIEN,Ph.D

HOCHIMINH CITY,2022


1

ABSTRACT
Customer satisfaction plays a pivotal role in driving the success and
growthof every business organization in the way that it helps generate repurchase
fromsatisfiedcustomers,formsstrongbrandloyaltyaswellasfacilitatesword-of-mouth
marketing.
In the context of gradual economy recovery after the 4th outbreak of Covid19

in

Vietnam,

there

is

huge

pressure


among

banks

to

increase

their

charter

capitaltoenhancefinancialcapacityandrevenuediversificationinnews e r v i c e s . Cust
omer satisfaction is crucial because in banking industry where products arehighly
homogeneous,

quality

of

service

is

primary

factor

that


influence

customer’schoiceofbank.
The thesis elaborates on “Factors influencing customer's satisfaction
withthe International payment service: The case study of the Joint Stock
CommercialBank for Investment and Development of Vietnam (BIDV), Binh
Dinh
Branch”withtheaimofidentifyingfactorsbehindcustomersatisfactionin asp
ecificareaof service - International payment at a leading Vietnamese bank - BIDV, assessinglevel of current
performance of BIDV Binh Dinh branch in each area of customersatisfaction
determinants and proposing recommendations for improvement. Thiswillin
turnsupportsthe bank’slong-termgrowthandbrandequity.


DECLARATIONOFAUTHENTICITY
I the undersigned declare that all material presented in this paper is my
ownworkorfullyandspecificallyacknowledged whereveradaptedfromothersources.
IunderstandthatifatanytimeitisshownthatIhavesignificantlymisrepresented
material

presented

here,

any

degree

or


credits

awarded

to

me

on

thebasicofthatmaterialmayberevoked.
I declared that all statements and information contained herein are
true,correctandaccurate tothe bestofmyknowledgeandbelief.

HoChiMinhCity, May2022

Name
HuynhThi LamPhuong


ACKNOWLEDGEMENT
First and foremost, the author would like to express the deepest gratitude
tothededicatedsupervisorDr.PhamHuongDienforhergreatguidanceandmeaningfula
dviceswithoutwhichthethesiswouldnotbecompleted.
Inaddition,throughouttheprocessofdoingresearch,theauthorhasreceivedaloto
fattentionandvaluablesupportfromteachers,friendsa n d relatives.Thus,theauthorwo
uldliketotakethisopportunitytosendd e e p gratitudeto:
- AlllecturersfromBusinessAdministrationDepartmentofBankingUniversit
y based in Ho Chi Minh city who have provided favorable conditions

fortheauthortohavetheopportunitytoenhanceknowledgeofb u s i n e s s administrati
on as well as banking industry and sharpen practical skills during thelastfouryears.
- All senior colleagues from the International payment service team
atBIDV Binh Dinh for their enthusiastic help with providing necessary data for
thethesis.
- Parents,relativesand friendsfortheirtechnicalandmentalsupport.
Due to limited time, knowledge and research experience, the article can
notavoidlimitations.Therefore,theauthorwouldliketoreceivecomments
fromteacherstobettercomplete herthesis nexttime.

HoChiMinhCity, May2022


Name
HuynhThi LamPhuong

TABLEOFCONTENTS
CHAPTER1.I N T R O D U C T I O N ......................................................................1
1.1.

Researchstatement........................................................................1

1.2.

Research ObjectivesandQuestions...............................................2

1.3.

Researchsubjectand scope............................................................3


1.4.

ResearchMethodology..................................................................3

1.5.

Researchsignificance.....................................................................3

1.6.

Structure ofthethesis.....................................................................4

Summary ofChapter 1...............................................................................4
CHAPTER2.L I T E R A T U R E REVIEW.............................................................6
2.1.

ConceptandTheory........................................................................6

2.1.1. Service.........................................................................................6
2.1.2. Servicequality..............................................................................7
2.1.3. BankingserviceandInternationalpayment service.........................8
2.1.4. Customer satisfaction.................................................................10
2.1.5. Ther e l a t i o n s h i p b e t w e e n s e r v i c e q u a l i t y a n d c u
s t o m e r satisfaction....................................................................................11
2.1.6. Customer satisfactionusinginternationalpaymentservices...........13
2.2.

Previouss t u d i e s o n f a c t o r s i n f l u e n c i n g c u s t o

m e r satisfaction..........................................................................................13

2.3.

Researchmodeland hypothesis....................................................15


2.3.1. Knowledgeableand experiencedconsultantteam..........................16
2.3.2. Tangibles...................................................................................16
2.3.3. Responsiveness..........................................................................16
2.3.4. Convenience..............................................................................17
2.3.5. Assurance..................................................................................17
2.3.6. Competitiveprice........................................................................17
Summary ofChapter 2.............................................................................20
CHAPTER3.R E S E A R C H METHODOLOGY................................................22
3.1.

Researchprocess..........................................................................22

3.2.

Research design...........................................................................23

3.2.1. Datacollection............................................................................23
3.2.2. Designingquestionnaire..............................................................23
3.3.

Dataanalysis.................................................................................26

Summary ofChapter 3.............................................................................26
CHAPTER4.D A T A ANDSITUATIONAL ANALYSIS.....................................28
4.1.

Bank

OverviewofBankForInvestmentandDevelopmento f Vietnam and
For

Investment

and

Development

of

Vietnam,

BinhDinh

branch
……………………………………………………………………28
4.1.1. BankForInvestmentandDevelopmentofVietnam........................28
4.1.2. Bankf o r I n v e s t m e n t a n d D e v e l o p m e n t o f V i e t n a m , B i n
h D i n h branch...........................................................................................29
4.1.3. Mainbusinessactivities................................................................30
4.1.4. Organization of apparatus at
BankF o r I n v e s t m e n t a n d Developmentof Vietnam,
BinhDinhbranch

31



4.2.

InternationalpaymentserviceatBankForInvestmentandDevelopme

ntofVietnam,Binh Dinh branch...............................................................32
4.2.1. InternationalpaymentservicesatBankForInvestmentandDevelopm
entof Vietnam, BinhDinhbranch.............................................................32
4.2.2. International

payment

operation

process

at

Bank

For

InvestmentandDevelopmentof Vietnam,BinhDinh branch......................35
4.3.

Performanceofinternationalpaymentdepartment,atBankForInv

estmentandDevelopmentofVietnam,BinhDinhbranchduring2017–2021
37
4.3.1. Marketdevelopment....................................................................37
4.3.2. Financialperformance.................................................................38

4.4.

SWOTanalysisofcustomerserviceoftheinternationalpayment

atBIDVBinhDinh branch........................................................................42
4.4.1. Strengths....................................................................................42
4.4.2. Weaknesses................................................................................42
4.4.3. Opportunities.............................................................................44
4.4.4. Threats.......................................................................................45
4.5.

Survey dataanalysis.....................................................................46

4.5.1. Customer satisfaction.................................................................47
4.5.2. Factorsinfluencingcustomersatisfaction......................................47
Summary ofChapter 4.............................................................................52
CHAPTER5.C O N C L U S I O N S ANDRECOMMENDATIONS.....................54
5.1.

Conclusions..................................................................................54

5.2.

Recommendations.......................................................................56

5.2.1. Price...........................................................................................56


5.2.2. Assurance..................................................................................58
5.2.3. Responsiveness..........................................................................59

5.2.4. Tangibles...................................................................................61
5.2.5. Knowledgeableconsultantteam...................................................62
5.2.6. Convenience..............................................................................63
5.3.

Researchlimitationandfutherstudy............................................64

REFERENCES......................................................................................................65
Appendix 1.............................................................................................................69
Appendix 2.............................................................................................................72
Appendix 3.............................................................................................................75


LISTOFABBREVIATIONS
Abbreviations

Fullmeaning

AI

Artificialintelligent

ATM

Automaticteller machine

CES

Customereffortscore


D/A

Documentaryagainstacceptance

D/P

Documentaryagainstpayment

FDI

Foreigndirectinvestment

GSI

Growthstrategiesinternational

ICC

Internationalchamberofcommerce

IPO

Initialpublicoffering

IT

Informationtechnology

L/C


Letterof credit

NPS

Netpromoterscore

T/T

Telegraphic transfer

SWIFT
UCP

SocietyforWordwideInterbank
FinancialTelecomunications
Uniformcustomand practicefor
documentarycredits

UPASL/C

Usancepayableatsightletterof credit

URC

Uniformrulesforcollection

VIP

Veryimportantperson


WTO

WordTrade Organization


LISTOFFIGURES
Nameoffigures

Page

2.1Factorsinfluencingcustomersatisfaction

14

2.2-Researchmodel

18

4.1OrganizationalchartofBIDVBinhDin
hbranch

30


LIST OF TABLES
Nameoftables

Page
36


4.1Numberofinternationalpaymentcustomers
atBIDV BinhDinhbranch
4.2-I m p o r t -

37

exportrevenueatBIDVBinhDinhbranch
4.3 -Number of international

38

paymenttransactionsatBIDVBinhDinhbranch
4.4 -Number of international

39

paymenttransactionsatBIDVBinhDinhbr
anch,bymethodofpayment
40

4.5Revenuefrominternationalpayments
ervices
4.6-Customergroup

45

4.7-Customersatisfactionresults

74


4.8-Tangiblessurveyresults

74

4.9-Responsivenesssurveyresults

75

4.10-Assurancesurveyresults

75

4.11-Convniencesurveyresults

75

4.12 - Price competitiveness

75

surveyresults
4.13-Knowledgeable consultant team

76


1

CHAPTER1.
1.1.


INTRODUCTION

Researchstatement

Customer satisfaction is critical to success and growth of every
businessorganizationinthewaythatitboostsrevenueviarepurchasefromsatisfiedcusto
mers,formsstrongbrandloyaltyasafundamentalspringboardfornewcustomer
acquisition and facilitates word-of-mouth marketing. Its widely observedthat
companies such as Amazon, Apple, Starbucks,…which consistently do theirbest
to meet and exceed customer expectations reap sustainable business growth.Sam
Walton - the legendary founder of the world’s biggest retail chain Walmartonce
emphasized

the

importance

of

customer

satisfaction

to

enabling

companies’competitiveness:“Thereisonlyoneboss.Thecustomer.Andhecanf i r e ev
erybody in the company from the chairman on down, simply by spending

hismoneysomewhereelse.”
In the context of lockdown removal and gradual economy recovery after
the4th

outbreak

of

Covid-19

in

Vietnam,

there

is

huge

pressure

among

banks

toincreaset h e i r c h a r t e r c a p i t a l t o e n h a n c e f i n a n c i a l c a p a c i t y . T o g
e t h e r w i t h t h i s , there is increasing need for revenue diversification, which is reflected in banks’shift from
deposit service as theirprimary traditional source of sales to otherservices
including


payment,

insurance,

securities

as

a

new

growth

driver.

Withinservicesector,customersatisfactionplaysacrucialrolebecauses a t i s f i e d cu
stomers are likely to stay loyal to their chosen banking services, to try
newserviceofferingsandtorecommendthebanktoothercustomers.
Due to aforementioned reasons, the author decided to write a thesis
on“Factors influencing customer's satisfaction with the International
paymentservice: The case study of the Joint Stock Commercial Bank for
Investmentand Development of Vietnam (BIDV), Binh Dinh Branch”with the
aim ofidentifying factors behind customer satisfaction in a specific area ofservice
-Internationalp a y m e n t a t a l e a d i n g V i e t n a m e s e b a n k BIDV,assessinglevelof


currentperformanceofBIDVBinhDinhbranchineachareaofcustomersatisfaction
determinants and proposing recommendations for improvement. Thiswillin

turnsupportsthe bank’slong-termgrowthandbrandequity.
1.2.

ResearchObjectivesandQuestions

The thesis aims to achieve the overall objective is to investigate the
currentsituationoftheinternationalpaymentservicesprovidedbyBIDVBinhD i n h bra
nchinodertorecommendnecessarysolutionstoimprovingthecustomersatisfaction.
First, Thesis provides a brief explanation of customer satisfaction andits common
measures, followed by the identification of key factors influencingcustomer
satisfaction. Then, present overall current process of customer service
ininternationalpaymentatBIDVBinhDinhbranch.Basedonthat,makeanassessment
of

performance

level

in

each

identified

customer

satisfaction

factor.


Asaresult,itpointsoutareasofimprovementincurrentcustomerinternationalpaymentserv
icepracticeatBIDVBinhDinhbranchandp r o p o s e recommendations

to

help

enhance level of customer satisfaction. Specifically, theauthoraimsat three
detailed objectives as followed:
To discuss the internal and external factors that influence the satisfaction
ofthecustomers.
To propose conceptual framework and some managerial implications
toBIDV Binh Dinh Branch to improve their services in oder to level up the
customersatisfaction.
Based on the above objectives, the current study is to answer the
followingresearchquestions:
Howi s t h e s i t u a t i o n o f t h e I n t e r n a t i o n a l p a y m e n t s e r v i c e a t B I D V B i
nh
Dinh?
What are the influencing factors of customer satisfaction on the
internationalpaymentservicesof BIDVBinhDinhbranch?


How does each factor influence customer satisfaction with the
InternaionalpaymentservicesatBIDVBinhDinhbranch?
WhatcanBIDVBinh Dinhdotoimprovetheircustomers’satisfaction?
1.3.

Researchsubject andscope


The

subject

of

research

is

the

customer

satisfaction

on

the

internationalpaymentservice
The scope of research is BIDV Binh Dinh branch in terms of geography
andfrom 2017-2021 in terms of time. In 2017 the services was launched for the
firsttime.Toservetheresearch,thecustomerswhohavebeenusingtheservices
willbesurveyed.
1.4.

ResearchMethodology

The research uses the secondary data with analysis and summarization

oftheories from trusted articles, reports and related studies. Also, questionaires
arebuilttosurveycustomers’opinions.
Almost all previous studies related to customer satisfaction in
internationalpayment service applied quantitative method as core method.
However, in thisthesis, due to the scope of research is BIDV Binh Dinh branch
where number ofinternational payment customers is quite limited (only 39
customers),

number

ofsamplesissmallandnotsizeableenoughtoapplyquantitativea p p r o a c h . Therefo
re,theauthordecidedtoapplyqualitativeapproachforthethesis.
1.5.

Researchsignificance

As majority of customers of international payment at BIDV Binh
Dinhbranch are B2B customers possessing high volume transaction, a huge
amount ofeffort should be devoted to customer satisfaction improvement in order
to retentthese customers as a key source of revenue for this activity. This research,
viaidentifyingfactorsthatdeterminecustomersatisfactionandproposerecommendatio
ns

for

service

enhancement

andloyaltyofthecompany.


contribute

to

the

customer

retention


1.6.

Structureofthethesis

Thethesisisdividedintofivechapters:
Chapter 1. Introduction: This chapter provides background information
ofther e a s o n s f o r c h o o s i n g t h e t o p i c , o b j e c t i v e s , s c o p e a n d m e t h o d s o f c
o n d u c t i n g theresearch.
Chapter 2. Literarture review: This chapter compares previous studies
onfactors influencing customer satisfaction as well as introduces the
Internationalpayment servicein general. Futhermore, the conceptual framework of
factors isbuiltbased onthesuitabilityinVietnamcontext.
Chapter 3. Research methodology: This chapter consists of the overview
oftheresearchprocess,researchdesignanddata analysis.
Chapter4.Dataandsituationalanalysis:Inthischapter,thereisthedevelopment
history of BIDV in general and BIDV Binh Dinh branch in particular,alongwiththemain
businessactivitiesofthisbranch.Moreover,theInternationalpayment operation process and performance of
this service are also depicted indetails. This chapter is aimed at analyze and

identify the current situation for eachfactor influencing the customer satisfaction
with

the

International

payment

servicesatBIDVBinhDinhbranchthroughsurveyresultsanddepartment’sinternaldocu
ments.
Chapter 5. Conclusions and recommendations: This chapter sums up
theoverallperspectiveandgivesrecommendationsassociatedwitheachfactortoimrprove
thelevelofcustomersatisfactionwiththeInternationalpaymentserviceatthe branch.

SummaryofChapter1
Int h e c o n t e x t o f i n c r e a s i n g c o m p e t i t i v e n e s s a n d r e l a t
i v e l y h i g h homogeneityofproductsinbankingindustry,thereisthecrucialneed
tocreate


andbuildoutstandingcustomerserviceasafundamentalwaytoincreasecustomer
retention,grow revenuevia cross-purchase and purchaseu p a s w e l l as fuel new
customer

acquisition

via

improved


brand

reputation.

Therefore,

theauthorwouldliketowritethethesisonfactorsthatdeterminecustomersatisfactionini
nternationalpaymentserviceatBIDVbank.
The thesis applies secondary data which is based on multiple
previousstudiesandresearch.Dataiscollectedandanalyzedfrom
surveyssenttocustomers at BIDV Binh Dinh branch during the period of 2017
to 2021. Thethesis aims to figure out the situation of the international payment
service
atBIDVBinhDinh,influencingfactorsofcustomersatisfactionontheinternational
payment services at the branch, salience of impact of each factoraswellas
recommendation for improvement.


CHAPTER2.
2.1.

LITERATUREREVIEW

ConceptandTheory
2.1.1. Service
According to Philip Kotler (1987), services are intangible products

andare not associated with ownership of anything. Since it is a product, the
serviceis still provided by one entity to another, the production of the service may

ormaynotbetiedtoaphysicalproduct.
Gronröos(1990)argued

thata

service

isone

or

aserieso f a c t i v i t i e s with more or less intangible nature in it and
manifests itself in the interactionsbetween the customer and the service staff
or

the

service

provider's

system.Servicesareprovidedintheformofsolutionstosolvecustomercertainproble
ms.
According to Bui Nguyen Hung (2004), "Service is a process
consistingof after-sales activities and front-end activities, where customers and
serviceproviders interact with each other. The purpose of this interaction is to
satisfythe needs and wants oft h e

customer


in

the

way

the

c u s t o m e r e x p e c t s , a s w e l l ascreates value forthecustomer.”
AccordingtoNguyenThuongThai(2006),thetheoryofservicemarketing
states

that

services

consist

of

four

basic

characteristics:

intangible,heterogeneous,inseparableandcannotbestored.
First, most services are considered intangible products. They cannot
bemeasured in quantity nor test for quality before purchase. Given reasons
relatedtointangibility,thecompanyfindsitverydifficulttounderstandh o w custom

ersperceivetheserviceandassesstheservicequality.
Second, services are heterogeneous, especially those with a high
contentof human labor. This is because the operation of the service often varies
fromserviceproviders,fromcustomers,andthequalityofserviceprovidedis


consistentlythesameorinotherwords,subjecttotheskilloflaborprovidingit.
Third,productionandconsumptionformanytypesofservicesareinseparable
. The quality of the service cannot be produced in a factory and thendelivered
tocustomers. For services with a high laborcontent,s e r v i c e q u a l i t y is
reflectedintheinteractionbetweencustomersandemployeesoftheserviceprovider.
Finally, because services are intangible, they cannot be stored, stored,
orshipped by both providersandcustomers. Service isa productthatis usedimmediately after its creation
and finished immediately, hence it is not possibletocheckthequalitybeforedelivery,onlypossible
toknowaftercustomer'sexperienceand evaluation.
Thus, from the above statements, it can be understood that in a
generalway service is a product of goods but immaterial, creating useful
values forindividualsororganizationsthroughthecapacityof serviceproviders.
2.1.2. Servicequality
Unliketangibleproducts,whichcanbemeasuredbyd u r a b i l i t y indicators
andthenumberofdefects(Crosby1979;Gavin1983),serviceisanintangible. Therefore, the assessment
of service quality often has no specificstandards and is generally defined in
different ways depending on the researchenvironment.
AccordingtoJosephM.Juran(2001),"Qualityofserviceisthesuitabilityofus
e,whichisassessedbytheuser".
The definition and method of quality assessment that researchers
oftenrefertointheirresearchisthegapbetweencustomer’sexpectationsandperceptions
afterusingtheservice(Parasuraman,ZeithamlandBerr,1985,1988).



In

addition,

the

concept

of

servicequality

is

theresult

of

customercomparison,createdbetweentheirexpectationsoftheserviceandtheirperc
eption of using that service (Lewis et al. Booms, 1983; Gronroon,
1984;Parasuramanetal.,1985,1988,1991).
2.1.3. Bankingservice andInternationalpayment service
Currently, there are many different views on banking services, in
theresearchcontentof the thesis,wecan mention someofthefollowingviews:
AccordingtoNguyenChiTrung(2006)"Bankingservicesareunderstooda s b a n
k i n g o p e r a t i o n s i n t e r m s o f c a p i t a l , c u r r e n c y , p a y m e n t . . . i n the way
that

banks


provide

activities

to

meet

customers

and

business’

needsincludingp r o f i t g e n e r a t i o n , d a i l y l i f e f u n c t i o n , h i g h v a l u e a
s s e t s t o r a g e . . . a s wellascollectthedifferenceininterestrates,exchangeratesor
c h a r g e s throughservices".
Meanwhile,a c c o r d i n g t o H a T h a c h ( 2 0 1 2 ) , " B a n k i n g s e r v i c e s i n
c l u d e allbankingoperationssuchascapitalmobilization,lending,payment,foreignexchange, etc. commercial
goods

these

services

are

supplied

to


the

economy”.AndNguyenThanhCongsaid:“Bankingservicesarealli n t e r m e d i
a r y activitiesi n c u r r e n c y , c r e d i t , p a y m e n t , f o r e i g n e x c h a n g e , e
t c . , o f a b a n k t o meettheneedsofcustomersandg e n e r a t e profit”.
From the above points of view, it can be seen that in Vietnam there
isstillnoofficialconceptofbankingservices,buttherearestillsomecommonalities.
Within the research scope of the thesis, we can understandbanking services
including

activities

related

to

money,

credit,

payment,

foreignexchanget h a t b a n k s p r o v i d e t o c u s t o m e r s . T h i s v i e w i s a l s o c o n s i
s t e n t w i t h thatoftheWorldTradeOrganization(WTO)andisappliedinmanydevelopedcountries.
International payments, also known as cross border payments or
globalpayments,a r e t r a n s a c t i o n s t h a t i n v o l v e m o r e t h a n j u s t b a n k
s.Theyconnect




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