Các yếu tố ảnh hưởng đến sự hài lòng của khách hàng doanh nghiệp với dịch vụ tín dụng

FACTORS AFFECTING ENTERPRISE CUSTOMERS’ SATISFACTION
OF CREDIT SERVICES PROVIDED BY COMMERCIAL BANKS
IN THAINGUYEN PROVINCE

A DISSERTATION PAPER
Presented to
the Faculty of the Graduate Program
of the College of Business and Accountancy
Central Philippine University, Philippines
In Collaboration with
Thai Nguyen University, Vietnam

By
NGO THUY HA

OCTOBER 2016


i
ACKNOWLEDGEMENT

The author wishes to convey the gratitude to the following persons who
wholeheartedly devoted and helped make this piece of work a reality:
To Dr. Do Dinh Long for his advices, guidance, supervision, suggestions and precious
time in enthusiastically reading and checking the manuscript, providing the author useful
materials;
To Professor Teodoro C. Robles, President of the Central Philippine University,
Philippines and Professor Dang Kim Vui, President of the Thai Nguyen University, Viet Nam
for their incomparable contribution and support to the development of Doctor of Business
Administration programe in Thai Nguyen University;
To Dr. Mario Tajanlangit, Dr. Reynaldo Nene Dusaran, Dr. Tran Nhuan Kien, Dr. Do

Dinh Long, Dr. Pham Van Hanh, members of the oral examination committee, for their
comments and suggestions to further improve this manuscript;
To the leadership of International Cooperation Center for Training and Study Abroad
and their staff for their enthusiasm to support executive for the participants completed the
study program.
To Mrs Pham Thi Minh Khuyen who unselfishly shared her expertise in research, for
her patience and understanding as an adviser.
To the faculties and researchers of Thai Nguyen University of Economics and
Business Administration and the respondents of the study, for their active involvement and
cooperation which made the conduct of the study possible;
To my family and friends for their love and support in one way or another, and to all
who have contributed to make this study a success.
Finally, to my God, my Creator, my Savior who guide and lead me there and make
everything possible.
Thank you so much!

NGO THUY HA


TABLE OF CONTENTS

ACKNOWLEDGEMENT ........................................................................................................ i
TABLE OF CONTENTS
LIST OF TABLES .................................................................................................................... ii
LIST OF FIGURES ................................................................................................................. iv
LIST OF ABBREVIATIONS ................................................................................................. vi
ABSTRACT ............................................................................................................................ vii
CHAPTER 1: INTRODUCTION ........................................................................................... 1
1.1. PROBLEM STATEMENT .......................................................................................... 1
1.2. OBJECTIVES ............................................................................................................... 3

1.2.1. Objectives of research ............................................................................................. 3
1.2.2. Specific objectives ................................................................................................... 3
1.3. THEORETICAL FRAMEWORK .............................................................................. 3
1.4. CONCEPTUAL FRAMEWORK................................................................................ 8
1.5. RESEARCH HYPOTHESES .................................................................................... 10
1.6. OPERATIONAL DEFINITION AND MEASUREMENT OF VARIABLES ...... 11
1.7. SIGNIFICANCE OF THE STUDY .......................................................................... 13
1.8. SCOPE AND LIMITATION ..................................................................................... 13
1.8.1. Research scope ...................................................................................................... 13
1.8.2. Research limitation ............................................................................................... 14
CHAPTER 2: LITERATURE REVIEW ............................................................................. 15
2.1. INTRODUCTION ...................................................................................................... 15
2.2. RELATED LITERATURE........................................................................................ 15
2.2.1. Definition of satisfaction ...................................................................................... 15
2.2.2. Definition of service quality and relation with satisfaction ................................ 17
2.2.3. Satisfaction measurement model.......................................................................... 19
2.2.4. Service customers’ satisfaction measurement model .......................................... 25
2.2.5. Organization’s satisfaction measurement model ................................................ 27
2.3. RELATED STUDIES IN BANKING SECTOR ...................................................... 30
2.4. PROCESS TO APPLY THE RESULTS OF ASSESSING CUSTOMERS’
SATISFACTION IN BUSINESS............................................................................... 33
CHAPTER 3: RESEARCH METHODOLOGY ................................................................. 36
3.1. RESEARCH DESIGN ................................................................................................. 36


3.1.1. Proposed factor after literature review ................................................................ 37
3.1.2. Qualitative research .............................................................................................. 39
3.1.3. Pilot survey ............................................................................................................ 40
3.2. POPULATION AND SAMPLE RESPONDENTS ................................................... 40
3.2.1. Population ............................................................................................................. 40

3.2.2. Sample respondents .............................................................................................. 41
3.3. SAMPLING TECHNIQUE ........................................................................................ 41
3.4. DATA GETHERING AND INSTRUMENTS .......................................................... 42
3.4.1. Data gathering ........................................................................................................ 42
3.4.2. Instruments ............................................................................................................. 43
3.5. DATA PROCESSING AND ANALYSIS .................................................................. 44
3.5.1. Data processing ...................................................................................................... 44
3.5.2. Information analyzing method .............................................................................. 44
CHAPTER 4: DATA PRESENTATION, ANALYSIS AND INTERPRETATION ........ 49
4.1. CHARACTERISTIC OF SURVEY SAMPLE ......................................................... 49
4.1.1. Characteristic of respondents ................................................................................ 49
4.1.2. Characteristic of sample enterprises...................................................................... 49
4.1.3. Credit services provided by commercial banks in Thai Nguyen province ........... 53
4.1.4. Importance of effecting factors to enterprises satisfaction with credit service .... 59
4.2. EVALUATION THE RELIABILITY OF EFFECTIVE FACTORS TOWARD
ENTERPRISE’S SATISFACTION MODEL SCALES.......................................... 63
4.2.1. IMA – Image of Bank ............................................................................................ 64
4.2.2. UTI - Utility ............................................................................................................ 64
4.2.3. EMP – Empathy ..................................................................................................... 65
4.2.4. ASS - Assurance ..................................................................................................... 66
4.2.5. PRI – Price.............................................................................................................. 67
4.2.6. BS - Buying situation ............................................................................................. 67
4.3. ANALYSIS THE EXPLORE FACTOR (EFA) ........................................................ 68
4.4. THE EFECTIVENESS OF FACTORS TOWARD ENTERPRISE’S
SATISFATION WITH CREDIT SERVICES OF THAI NGUYEN
COMERCIAL BANKS .............................................................................................. 71
4.5. LEVEL OF SATISFATION WITH CREDIT SERVICES OF THAI NGUYEN
COMMERCIAL BANKS .......................................................................................... 76
4.5.1. General Enterprises’ satisfaction with credit services of commercial Banks at
Thainguyen Provinces .......................................................................................... 76

4.5.2. Differences in assessing the satisfaction of enterprises with bank credit services
of old and new bank group. .................................................................................. 78
4.5.3. Differences in assessing the satisfaction of small, medium and large enterprises
with bank credit services. ...................................................................................... 81
4.5.4. Differences in assessing the satisfaction of respondents in different position in
enterprises with bank credit services. ................................................................... 84
4.6. RECOMMENDATIONS FROM ENTERPRISES TO BANKS ............................. 85
4.7. RESEARCH FINDINGS ............................................................................................. 85
CHAPTER 5: CONCLUSION AND POLICY RECOMMENDATIONS ........................ 87
5.1. SUMMARY OF THE RESEARCH RESULTS ........................................................ 87
5.2. CONCLUSIONS .......................................................................................................... 90
5.2.1. Conclussions ........................................................................................................... 90
5.2.2. Orientation to develop credit Service of Thainguyen banking system ................. 91
5.3. POLICY RECOMMENDATIONS ............................................................................ 96
5.3.1. Policy Recommendations to commercial Banks at Thainguyen province ........... 96
5.3.2. Policy Recommendations to Thai Nguyen government ...................................... 103
5.3.3. Policy Recommendations to State Bank of Viet Nam and Government ............ 104
REFERENCES ..................................................................................................................... 106
APPENDIX 1 ........................................................................................................................ 114
APPENDIX 2 ........................................................................................................................ 115
APPENDIX 3 ........................................................................................................................ 116
APPENDIX 4 ........................................................................................................................ 121
APPENDIX 5 ...................................................................................................................... 1218


ii

LIST OF TABLES

Table 2.1: Micro-Model of Customer Satisfaction ................................................................... 24
Table 2.2: Factors influencing satisfaction and trust in Bank .................................................. 31

Table 3.1: Proposed factor after literature review .................................................................... 38
Table 3.2: Structure of sample enterprises by type and capital ................................................ 42

Table 4.1: Location of sample enterprises ................................................................................ 51
Table 4.2: Main business area of sample enterprises ............................................................... 51
Table 4.3: Lifetime of sample enterprises ................................................................................ 52
Table 4.4: Ratio loan from bank ............................................................................................... 52
Table 4.5: Total transaction through the bank .......................................................................... 53
Table 4.6: Number of enterprise customers of Bank ................................................................ 54
Table 4.7: Most often used Bank .............................................................................................. 55
Table 4.8: Second often used Banks ......................................................................................... 56
Table 4.9: Credit services which are using in Second often used Banks ................................. 57
Table 4.10: Credit services which are using in Most often used Banks ................................... 58
Table 4.11: The important of Image of bank to enterprises‘ satisfaction ................................. 59
Table 4.12: The important of Utility to enterprises‘ satisfaction ............................................. 60
Table 4.13: The important of Empathy of bank to enterprises‘ satisfaction ............................ 61
Table 4.14: The important of Assurance to enterprises‘ satisfaction ....................................... 62
Table 4.15: The important of Price to enterprises‘ satisfaction ................................................ 62
Table 4.16: The important of Buying situation to enterprises‘ satisfaction ............................. 63
Table 4.17: Total Cronbach Alpha ........................................................................................... 63
Table 4.18: Reliability and Item-Total Statistics of Image of Bank groups ............................. 64
Table 4.19: Reliability and Item-Total Statistics of Utility group ............................................ 64
Table 4.20: Reliability and Item-Total Statistics of Empathy group ........................................ 65
Table 4.21: Reliability and Item-Total Statistics of Assurance group ..................................... 66
Table 4.22: Reliability and Item-Total Statistics of Price group .............................................. 67
Table 4.23: Reliability and Item-Total Statistics of Buying situation group............................ 67
Table 4.24: KMO and Bartlett's Test ....................................................................................... 68

Table 4.25: Total Variance Explained ...................................................................................... 68
Table 4.26: Rotated Component Matrix ................................................................................... 69


iii
Table 4.27: Pearson Correlations.............................................................................................. 72
Table 4.28: Model Summary by Enter method ........................................................................ 72
Table 4.29: ANOVAa by Enter method ................................................................................... 73
Table 4.30: Regression Results ................................................................................................ 73
Table 4.31: Total satisfation to credit services of the most used Bank .................................... 76
Table 4.32 : Satisfaction with credit services of Most often used Banks ................................. 77
Table 4.33: Satisfaction with credit services of Second often used Banks .............................. 77
Table 4.34: Total satisfation to most used bank divided by group of Bank ............................. 78
Table 4.35: Results of T-test by group of Bank ....................................................................... 79
Table 4.36: Satisfaction by scale of enterprises ....................................................................... 81
Table 4.37: Test of Homogeneity of Variances ........................................................................ 82
Table 4.38: Results of Anova by scale of enterprise ................................................................ 82
Table 4.39: The results of the Tukey Post Hoc Tests ............................................................... 83
Table 4.40: Satisfaction by position of respondents ................................................................. 84
Table 4.41: Test of Homogeneity of Variances ........................................................................ 84
Table 4.42: Results of Anova by position of respondents ........................................................ 85

Table 5.1: Results of research hypothesis ................................................................................ 89


iv

LIST OF FIGURES
Figure 1.1: Five dimensions of Perceived service Quality [Parasuraman et al., 1988]............... 4
Figure 1.2: The Impact of Corporate Image on Quality, Customer Satisfaction and Loyalty of

Andreassen and Lindestad, 1998b ......................................................................... 6
Figure 1.3: Model of the formation of SMEs‘ satisfaction with banks‘ services ....................... 6
Figure 1.4: The Webster and Wind Model of organization Buying Behaviour ......................... 7
Figure 1.5: Influential factors to enterprises‘ satisfation with banking services ........................ 8

Figure 2.1: Related literature of the study ................................................................................ 15
Figure 2.2: Traditional Macro-Model of Customer Satisfaction .............................................. 20
Figure 2.3 : Swedish Customer Satisfaction Barometer (SCSB) Model ................................. 22
Figure 2.4. American Customer Satisfaction Index (ACSI) Model ......................................... 22
Figure 2.5. European Customer Satisfaction Index (ECSI) Model .......................................... 23
Figure 2.6: SERVQUAL model ............................................................................................... 26
Figure 2.7: Dimensions of Overall customer Satisfaction ........................................................ 28
Figure 2.8 The Satisfaction/dissatisfaction model of B2B buyer behavior .............................. 29
Figure 2.9: Drivers of customer satisfaction ............................................................................ 30
Figure 2.10: 5 step process to make longer – term improvements customer satisfaction ........ 34

Figure 3.1: Research process .................................................................................................... 37
Figure 3.1: Structure of enterprises in ThaiNguyen divided by types of enterprise ................. 41
Figure 3.2: Structure of enterprises in ThaiNguyen divided by size of capital ........................ 41

Figure 4.1: Characteristic of respondents ................................................................................. 49
Figure 4.2: Structure of sample enterprises divided by types of enterprise ............................. 50
Figure 4.3: Structure of sample enterprises divided by size of capital ..................................... 50
Figure 4.4: Plot of Means by group of banks ........................................................................... 79
Figure 4.5 : Differences in assessing the satisfaction of enterprises with bank credit services of
old and new bank group ...................................................................................... 80
Figure 4.6: Plot of Means by scale of enterprise ...................................................................... 83

Figure 5.1: Digital innovation in banking offers potential rewards and losses. ....................... 91

v
Figure 5.2: Drivers for financial inclusion and financial awareness ........................................ 92
Figure 5.3: Sample of evaluating effective factors to satisfaction basing on means and
importance of each factors. ............................................................................... 100


vi

LIST OF ABBREVIATIONS
Abbreviation
Agribank

Meaning
Bank of Agriculture and Rural Development

ASCI

American Customer Satisfaction Index

ATM

Automated Teller Machine

B2B

Business-to-business

B2C

Business-to-consumer

BIDV
BOD
CMA and FCA
CRM

Bank for Investment and Development
Board of directors
Finacial Conduct Authority, Competition & Markets Authority
Customer relationship management

CSI

Customer satisfaction index

CVP

Customer value proposition

ECSI

European customer satisfaction index

JSCBs

Joint stock commercial banks

NCSB

Norwegian Customer Satisfaction Barometer

SBV

State Bank of Vietnam

SCSB

Swedish Customer Satisfaction Barometer

SMEs

Small and medium sized enterprises

SOCBs
Vietcombank
Vietinbank

State-owned commercial banks
The Bank for Foreign Trade of Vietnam
Vietnam Industrial and Commercial Bank


vii

FACTORS AFFECTING ENTERPRISE CUSTOMERS’ SATISFACTION
OF CREDIT SERVICES PROVIDED BY COMMERCIAL BANKS
IN THAI NGUYEN PROVINCE

NGO THUY HA

THAI NGUYEN UNIVERSITY OF ECONOMICS AND BUSINESS ADMINISTRATION
Supervised by PhD. Do Dinh Long

ABSTRACT

The general objective of the research is to analyse factors affecting enterprise
customers‘ satisfaction with the credit services that the bank had provided when they use
credits services of commercial banks in Thai Nguyen province. To accomplish the research
objectives of the thesis, the researcher carried out some specific objectives.
Firstly, by systematizing the theories on factors that affect satisfaction of enterprise
customers who used bank credit services, author construct research framework to assess
satisfaction, and the factors that affect enterprises‘ satisfaction towards credit services offered
by the Banks.
Secondly, author also carry out a research to analyze factors affecting satisfaction of
enterprises group using credit services from commercial banks in Thai Nguyen provinces;
measure the satisfaction level of enterprises customers group who used credit services from
old and new commercial banks in Thai Nguyen province and compare the differences in
assessing the satisfaction between small, medium and large sized enterprises toward credit
services of banks
After analyzing data from the research, author find out some characteristics of
enterprises at Thainguyen province when they use credit services of commercial banks and
assess their satisfaction as following:
(1) Many of enterprises at Thainguyen province are SMEs and are hard to loan capital
from bank. The ratio of enterprises which have bank loan in total business capital below 20%
are up to 61.2% and it‘s not good situation especially with new start-up enterprise and SMEs.


viii
(2) Many enterprises have to use credit services of more than one bank at the same time
because the borrowing limit is lower than the business capital they need and if the condition

of using credit services are more suitable they really want to lend more money from banks
and other credit organization.
(3) Lack of collateral and complex procedure are the main barriers to enterprises to
approach the bank loans.
(4) The results of regression analysis process show that all 6 initially proposed factors of
the research framework are significant to customer satisfaction. The factors influence
customer satisfaction in the order of decreasing importance as follow: Empathy, buying
situation, utility, image of bank, price, and assurance.
(5) The T - test shows that there is mean difference between groups of banks that
enterprises most used in Thainguyen province. The trend shows that the enterprises using the
credit services of bank in old group are more satisfied than ones using the credit services of
bank in new group (µ = 3.41 vs. µ = 3.18)
(6) The One-Way Anova test and Tukey Post Hoc Tests also show that the small
enterprises group is significantly different from the medium enterprises group in accessing
their satisfaction (Tukey Post Hoc Tests has p–value = 0.023 < 0.050).
(7) The One-Way Anova test shows that there isn‘t mean difference between groups by
position of respondents in accessing the satisfaction with credit services of banks at
Thainguyen province.
Finally, after analyzing on the research results and analyzing global developing trend of
banking credit sector and credit service development orientation of Vietnam banking system
to 2020, author recomend some solutions to improve customer satisfaction which are the basis
to plan overall business strategy in the short and long term, marketing strategy to penetrate
deeply into the market, the process of providing services, and customer relationship
management.
Basing on the research results, we can confirm that all 6 proposed factor: image, utility,
empathy, assurance, buying situation and price have positive correlations with enterprise‘s
satisfaction and buying situation and empathy have strongest correlation with enterprise‘s
satisfaction. Therefore, to enhance enterprises‘ satisfaction, commercial banks at Thainguyen
province must improve the real point of these factors in the banks. To choose best policies
banks need look at the customer satisfaction data to see where there are low absolute scores

and low scores relative to the competition and pay particular attention to those issues that are
important to customers: Keep up the good work when customer assess mean of factor


ix
approximate with the importance, and concentrate to improve factor that customer assess
mean of factor lower than the importance. Author will recommend the process to use the
results of customer satisfaction research effectively in the following part of this chapter.
Result of testing H7 that there are differences in assessing the satisfaction of enterprises
with bank credit services of old and new bank group recommend banks in each group must
have different solutions to their target enterprise customers for credit services.
Segment the enterprises into groups will help banks have more suitable polices with
each group of enterprise, the result of testing H8 that the small enterprises group is
significantly different from the medium enterprises group in assessing their satisfaction will
supply a tool for banks in segmenting their customers.


1
CHAPTER 1
INTRODUCTION
1.1.

PROBLEM STATEMENT
Customer is one of the critical factors to the existence and development of organizations

in general and banks in particular. Therefore, to develop sustainably in long term banks need
to attract more customers. In the current period, the banking industry is facing a market that is
rapidly changing; new technologies are being introduced; there is fear of economic
uncertainties, fierce competition, more demanding customers and the changing climate have
presented an unparalleled set of challenges (Lovelock, 2008). It requires banks to find

solutions to attract, retain customers and especially to make good relationship with loyal
customers groups; this problem is considered to be one of the key tasks to create long-term
competitive advantage for the banks. To gain this achievement, banks must understand
consumer behaviors, especially the factors that affect their satisfaction with the banking
services they utilize.
Customer satisfaction is influenced by customers‘ perceptions of quality (Zeithaml and
Bitner, 2000). Service quality is an antecedent of the broader concept of customer satisfaction
(Gotlieb et al., 1994; Buttle, 1996; Zeithaml and Bitner, 1996; Lee et al., 2000). The European
and American customer satisfaction indices models, however, suggest that service quality is a
component of satisfaction (Fornell et al., 1996). Firms that provide superior service quality
also have a more satisfied customer base (Gilbert et al., 2004; Gilbert and Veloutsou, 2006).
A lot of researches in the world as well as in Vietnam suggest that providing an
impeccable customer service has become the factors that make the difference, which is
regarded as an important weapon in meeting customer demand, creating satisfaction and
loyalty of customers with suppliers (Oliver, 1993; Anderson and Sullivan, 1993; Fornell et al,
1996; Zeithaml et al., 2006; Wilson et al., 2008); this is the basis of the competitive advantage
that all organizations or businesses want to have ownership.
In banking business, Titko and Lace (2010) accentuate that the competitive power and
survival of a bank lies in the degree of its customer satisfaction. Banks therefore pay particular
attention to customer satisfaction (Kattack and Rehman, 2010). According to Stafford (1996),
due to the fact that banks sell undifferentiated products, the only effective tool they can use to
survive in the market is the quality of service. Bowen and Hedges (1993) claim that banks that
offer very high quality services have a competitive advantage because the benefits of
improving service quality are large market shares increased in profits and increased in
customer retention. In addition, Zeithmal et al (1996) submits that the reputation of the banks


2
is enhanced, new customers are captured and there is an increase in financial performance.
Yeung et al (2002) on the other hand intimate that customers bring new customers to the bank

through word-of-mouth and thereby reducing the cost of marketing.
Banks normally divide their customers into individual and corporate (enterprises) ones.
Satisfaction with the policy of commercial banks regarding small and medium enterprises
(SMEs) is one of the most important factors affecting the success of commercial banking
activities (Adamonienė and Trifonova, 2007; Madill et al., 2002; Viktorija Skvarciany, 2014).
These studies identify and investigate the factors influencing satisfaction of small and
medium-sized enterprises with the policy of commercial banks concerning SMEs, i.e.,
granting of loans corresponding business needs, offering appropriate financial services to
business, creating favorable loan conditions, flexible response to changing business needs,
business support by a bank during successful company activities period, business support by a
bank in the critical moments of company activities, making timely financing decisions.
In Vietnam, there are not many studies about customer satisfaction, especially about
bank customers. These are made with customers of some specific banks. So the application of
these studies‘ results have been limited (Le Xuan Huy, 2007; Hoang Xuan Bich Loan, 2008;
Ha Khanh Nam Giao, 2011).
In 2010, ThaiNguyen city was recognized as a first class city of Vietnam, whereby, the
economic and social development in general and the services industry, especially banking
services in particular in Thai Nguyen had made a very important progress. Up to the time of
August 2015, there have been 18 commercial banks (see APPENDIX 1) setting up branches in
Thai Nguyen; the system of commercial banks has important contributions in promoting the
socio-economic development of Thai Nguyen province. Among them, some of the banks have
organized business activities in long time such as: Bank of Agriculture and Rural Development
(Agribank), Vietnam Industrial and Commercial Bank (Vietinbank), Bank for Investment and
Development (BIDV), The Bank for Foreign Trade of Vietnam (Vietcombank); some other
banks have less uptime in Thai Nguyen; these banks are new enters markets of the Thai
Nguyen province, and they face difficulties in reaching and attracting customers as well as
competing with the leading banks groups.
In Thai Nguyen province, organizational customers are often small and medium
enterprises which have big loan demands to serve production and business activities.
Currently, the number of enterprises which are registered business in Thai Nguyen province is

about 2,000. These customers group has big number of transactions and the capital
transactions accounted for most of the total capital transactions of the bank.


3
Wishing to help the commercial banks system in Thai Nguyen province understand the
factors affecting satisfaction of the enterprises customers when using the credits services of
the bank, thereby building development policies, marketing policies, customer service
processes which have better quality to attract and retain customers, especially loyal customer
groups, the author chose the topic “Factors affecting enterprise customers’ satisfaction of
credit services provided by commercial banks in Thai Nguyen province” as research title.
1.2.

OBJECTIVES

1.2.1. Objectives of research
The general objective of the research is to evaluate, measure the level of satisfaction of the
enterprises customers group using credits services of commercial banks in Thai Nguyen
province, analyze factors affecting customer satisfaction for the service that the bank had
provided, and then propose solutions to further improve the customer satisfaction. This will help
commercial banks to plan for the business strategies, especially marketing strategies to penetrate
deeply into the provincial market, and to create conditions that help promote the social and
economic development of Thai Nguyen province.
1.2.2. Specific objectives
To be able to accomplish the research objectives of the thesis, the researcher will carry
out the specific objectives as follows:
1. Systematizing the theories on factors that affect satisfaction of customers who used
bank credit services.
2. Analyzing factors affecting satisfaction of enterprises group using credit services
from commercial banks in Thai Nguyen provinces.

3. Measuring the satisfaction level of enterprises customers group who used credit
services from old and new commercial banks in Thai Nguyen province and compare the
advantages of old and new commercial banks.
4. Comparing the factors affecting satisfaction of small, medium and large enterprises
with bank credit services to show which strategies are suitable with each enterprise groups.
5. Proposing solutions to improve customer satisfaction which are the basis to plan
overall business strategy in the short and long term, marketing strategy to penetrate deeply
into the market, the process of providing services, and customer relationship management.
1.3.

THEORETICAL FRAMEWORK
The theoretical framework of this study is proposed by modifying from the theory of

Parasuraman et al (1988) with SERVQUAL model to assess influent factor on satisfaction


4
and the theory of Webster and Wind with Organization Buying behavior to discover the
differences of assessing satisfaction of enterprise.
SERVQUAL model (Parasuraman et al., 1985, 1988) is the most notable contribution to
the measure of service quality in the 1980s.
Tangible

Reliability

Responsiveness

Perceived service Quality
SERVQUAL

Assurance

Empathy
Figure 1.1: Five dimensions of Perceived service Quality [Parasuraman et al., 1988]
According to this theory, assessment of perceived service quality is conceptualized as a
discrepancy or gap between what the customer expects by way of service quality from a class
of service providers and their evaluation of the performance of a particular service provider.
This evaluation is not simple because service quality is a multidimensional construct
having 5 components: reliability, assurance, tangibles, empathy and responsiveness (RATER)
defined as follows:
Reliability: Ability to perform the promised service dependably and accurately;
Assurance: the knowledge and courtesy of employees and their ability to convey trust
and confidence;
Tangibles: the appearance of the physical facilities, equipment, personnel and
communication materials;
Empathy: provision of caring, individualized attention to customers;
Responsiveness: willingness to help customers and to provide prompt service;
When Oliver (1980) introduced his definition of customer satisfaction as the result of
experimenting the service‘s quality and comparing it to the customer‘s previous expectations,
he opened the door for the researchers who had the vision to create a model and a related


5
instrument through which satisfaction could be measured. Then, throughout the years the
SERVQUAL model has also known a wide application in the field of determining customer
satisfaction, especially since the models construct utilizes the ―perceptions‖ minus
―expectations‖ approach (Souca Maria Luiza, 2011).
This dissertation adopted theory to find out the effective factors to enterprise customers
to bank‘s credit service. However, in this dissertation, Utility is added by replacing group of
Tangible (the appearance of the physical facilities, equipment, personnel and communication

materials) and Responsiveness (the willingness to help customers and to provide prompt
service) in SERVQUAL model. Utility is the ability of a good or service to satisfy one or
more needs or wants of a consumer. It relates to the tangible utility and the responsiveness of
enterprises' staff. The higher a consumer‘s total utility, the greater that consumer‘s level of
satisfaction (Libby Rittenberg, 2009). And Assurance is used as the knowledge and courtesy
of employees and their ability to convey trust and confidence (assuarance in SERVQUAL
model) and willingness to help customers and to provide prompt service (responsiveness in
SERVQUAL model).
In addition, as experiences from researches on assessing customer satisfaction with
services, especieally enterprise customers in banking sector (Madill et al., 2002;
Mačerinskienė et al., 2008; Souca Maria Luiza, 2011; Mačerinskienė et al., 2012…); the
following elements have been selected to insert for this research:
-

Image of bank;

-

Total price of service;

-

Buying situation.

Image of Bank: The relationship between image of coperation and customer satisfation
was first introduced in the Norwegian Customer Satisfaction Barometer (NCSB) model
(Andreassen and Lindestad, 1998 a; b) and used in other later customer satisfaction index.
The first NCSB model was identical to the original American model with the exception that it
included corporate image and its relationships to customer satisfaction and customer loyalty.
Andreassen and Lindestad, 1998b study apllied this theory and shown that image have a

positive effect on both customer satisfaction and loyalty (Figure 1.2).
Many new researches (also including experimental studies in banking sector) indicate
that it is an important component of the customer satisfaction model (e.g., Kristensen et al.,
1999, Martensen et al., 2000; Adamonienė and Trifonova, 2007;… )


6

+

Image
Value

+
Customer
Loyalty

Perceived
Quality

Customer
Satisfaction

Figure 1.2: The Impact of Corporate Image on Quality, Customer Satisfaction and Loyalty
of Andreassen and Lindestad, 1998b
Total price of service: Many researches in banking sector showed that total service price
was a very effective factor to organizational customers (Madill et al, 2002; Adamonienė and
Trifonova, 2007; CMA and FCA, 2014; Viktorija Skvarciany, 2014). According to the
analysis results of Viktorija Skvarciany (2014) the model of an overall small and medium
sized enterprises‘ satisfaction with banks‘ business-oriented services was created (see Figure

1.2). In addition, Herrmann et al (2007) showed that price perceptions directly influence
satisfaction judgments: ―The research demonstrated the influence of perceived price fairness
on satisfaction judgments empirically.‖

Overall customers‘
satisfaction

Accessibility satisfaction

Price satisfaction

Satisfaction with
service quality
Figure 1.3: Model of the formation of SMEs’ satisfaction with banks’ services
Source: Viktorija Skvarciany (2014)


7
Buying situation: is adopted from small and medium enterprises‘ satisfaction
measurement model of Morley Roy (2004). Nigel Hill, Jim Alexander (2006) and Holzing
(2008) also showed that customers used different standard in different buying task and
surrounding situation. Buying situation in this model was described as urgence of buying task
with organization and surrounding buying situation as enthusiasm, efficiency advisory staff
and incentive buying policies.
There are many underlying differences between consumer buying (B2C) and
organizational buying (B2B) behavior, organizational buying is a complex process and
involves many people from different functional areas, multiple goals and potentially
conflicting decision criteria (Webster and Wind, 1972, Anderson et al., 1987).

Environmental Variables

Physical, Technological, Economic, Poltical, Legal and Cultural

Organizational Variables
Technology

Structure

Goal and Tasks

Actors (People)

(For Purchasing)

(Buying centre)

(Buying task)

(Buying centre members)

Buying centre Variables
Interpersonal interaction
Group functioning: Buying task and non – task dimensions

Invidual Variables
Need and disires
Perception and learning …

Buying Decision Process
Invidual decision making process
Group decision making process …

Buying decision

Figure 1.4: The Webster and Wind Model of organization Buying Behaviour
Source: Webster and Wind, 1972
According to this theory of Webter and Wind, personal factors such as their position in
organization especially in buying centre would affect on organization decision including


8
satisfaction or not with products/services they used; organizational factors such as the type
and size of enterprise also would affect on organization decision including satisfaction.
So in this study, author wants to adopt some personal factors and organizational factors
as antecedent variables to test if it makes enterprise assess different level of satisfaction with
the bank‘s credit services.
1.4.

CONCEPTUAL FRAMEWORK
Applying all above theoretical framework, this dissertation will use the following model

to measure the satisfaction of enterprises towards credit services provided by commercial
banks in Thai Nguyen province:

Personal profile
- Gender
- Position in Enterprise

Influenced factors
- Image of bank
- Utility

Relationship

- Empathy
Enterprise profile
- Type/ Legal status
- Size
- Total Loans
- Credit services

Overall Customer
satisfaction

- Assurance
- Buying Situation
- Price
Differences

Figure 1.5: Influential factors to enterprises’ satisfation with banking services
Source: Author
Basing on the ideal to discover the specific factors that influence on enterprise
satisfaction with credit service of banks, this framework was built by modifying the basic
model of SERVQUAL (Utility: grouping Tangible and Responsiveness; Empathy;
Assuarance: Grouping Assuarance and Responsiveness), adding 3 factors adopted from
experimental studies in banking sector (Image of bank; Buying situation and Price) and put it
in some special influences of enterprise characteristics and invidual characteristics (of
members in buying centre of enterprise).
Firstly, some hypotheses about the relationships between influenced factors are tested
empirically.
Image of bank refers to the brand name and the kind of associations customers get from

the product/brand/company. According to Vegholm (2011) and Amin‗s et al. (2013),
satisfaction has a significant connection to the bank‗s image. In this context corporate image
becomes an issue of attitudes and beliefs with regard to customer satisfaction and consumer


9
behavior (Fornell 1992). Corporate image is consequently assumed to have an impact on
customers´ choice of company when service attributes are difficult to evaluate. Corporate
image is established and developed in the consumers´ mind through communication and
experience. Corporate image is believed to create effect on customers´ satisfaction judgment.
When customers are satisfied with the services rendered, their attitude towards the company is
improved. This attitude will then affect the consumers´ satisfaction with the company. In this
study, it is expected that image would have a positive effect on enterprises‘ satisfaction with
bank‘s credit services.
Utility relates to the tangible utility and the responsiveness of enterprises' staff. The
higher a consumer‘s total utility, the greater that consumer‘s level of satisfaction (Libby
Rittenberg, 2009). In this study, it is also expected that utility would have a positive effect on
enterprises‘ satisfaction with bank‘s credit services.
Empathy is defined as the provision of caring, individualized attention to customers
(Parasuraman et al, 1988). Empathy is about the personal attention extra care and better
understanding toward customers Researches showed that the satisfaction with the service
depend much on the emotion of both customers and suppliers, so empathy from both side will
increase the level of customer satisfaction. In this study, it is expected that empathy would
have a positive effect on enterprises‘ satisfaction with bank‘s credit services.
Assurance according to Vietnameses is known as the abilities of bank to trust their
customers about the bank and their services, so in this study author combine assurance and
reliability in SERVQUAL model to measure it, and it is expected that assuarance would have
a positive effect on enterprises‘ satisfaction with bank‘s credit services as many other
researches.
Buying situation: Organization markets have high and low involvement purchase. In

fact, organizational buying situation should be classified into three basic types: New task;
modified rebuy and straight rebuy. A new task purchasing situation will need more effort
from all buyers and sellers, and without experience, the buying promote and perceive quality
will decide the satisfaction. Pre - buying situation in banking sector especially organizational
service are often modified buying because of competing and quickly changing environment,
the way bank solve problem and remain their customers will decide the level of customers‘
satisfaction. In this study, it is expected that assuarance would have a positive effect on
enterprises‘ satisfaction with bank‘s credit services.
Price: is an important antecedent of customers' satisfaction as consumers depend on
price because it is extrinsic signal of quality. Total price of banking service includes the price


10
of services and the interest rate of credit services, is very effective factor to organizational
customers (Madill et al, 2002). To measure price satisfaction of customer, bank also need take
care about the perception if price fair with the service quality. A lot of surveys investigating
price satisfaction and overall customer satisfaction relationship were conducted.
Some authors use negatively evaluated method of price such as Zeithaml (1988) defined
price as ―what is given up or sacrificed to obtain a product‖ and Andaleeb and Conway (2006)
measured ―Price‖ following negative arrow of levels of evaluations; price is considered a
barrier of using service, so price has negative impact on overall customer satisfaction.
Other researchers have found that satisfaction with service‗s price has a positive impact
on overall customer satisfaction and loyalty (Matzler et al., 2005; Parahoo, 2010) when they
measured price as price fair with the service quality so price has negative impact on overall
customer satisfaction. In this study, it is expected that assuarance would have a positive effect
on enterprises‘ satisfaction with bank‘s credit services.
Seconly, author will test some hypothesis about influences some antecedent variables:
personal factors such as their position in organization especially in buying centre would affect
on organization decision including satisfaction or not with products/services they used;
organizational factors such as the size of enterprise also would affect on organization decision

including satisfaction. So in this study, author wants to adopt some personal factors and
organizational factors as antecedent variables to test if it makes enterprise assess different
level of satisfaction with the bank‘s credit services.
1.5.

RESEARCH HYPOTHESES
In view of analyzing the enterprises‘ satisfaction with the credit services of commercial

banks in Thai Nguyen province, the following hypotheses would be tested:
1. There is a positive relationship between Image and enterprises‘ satisfaction with bank
credit services of commercial banks.
2. There is a positive relationship between Utility and enterprises‘ satisfaction with bank
credit services of commercial banks.
3. There is a positive relationship between Empathy and enterprises‘ satisfaction with
bank credit services of commercial banks.
4. There is a positive relationship between Assurance and enterprises‘ satisfaction with
bank credit services of commercial banks.
5. There is a positive relationship between Buying situation and enterprises‘ satisfaction
with bank credit services of commercial banks.


11
6. There is a positive relationship between Price and enterprises‘ satisfaction with bank
credit services of commercial banks.
7. There are differences in assessing the satisfaction of enterprises with bank credit
services of old and new bank group.
8. There are differences in assessing the satisfaction of small, medium and large
enterprises with bank credit services.
9. There are differences in assessing the satisfaction of staff in different position in
enterprises with bank credit services.

1.6.

OPERATIONAL DEFINITION AND MEASUREMENT OF VARIABLES
Customer Satisfaction: Customer satisfaction is defined as an overall evaluation of a

firm‘s post-purchase performance or utilization of a service (Fornell, 1992). Satisfaction of
enterprise with credit services of two most used banks will be measured by Likert scale (5
points). The mean score of satisfaction with credit services of two most used banks will be
used as measure for total satisfaction.
Image of bank refers to the brand name and the kind of associations customers get from
the product/brand/company. Image has two principal components: functional and emotional
(Kennedy, 1977). The functional component is related to tangible dimensions that can be
easily identified and measured, while the emotional component is associated with the
psychological aspects that are manifested by individual experiences and attitudes toward the
company. In this study, image of bank is measured by 4 items (See Table 3.1) with 5 point
Likert scale and the mean score of these items will be used to measure Image of bank.
Utility was added by grouping Tangible (the appearance of the physical facilities,
equipment, personnel and communication materials) and Responsiveness (the willingness to
help customers and to provide prompt service) in SERVQUAL model. Utility is the ability of
a good or service to satisfy one or more needs or wants of a consumer. It relates to the
tangible utility and the responsiveness of enterprises' staff. The higher a consumer‘s total
utility, the greater that consumer‘s level of satisfaction (Libby Rittenberg, 2009). In this study,
utility is measured by 8 items (See Table 3.1) with 5 point Likert scale and the mean score of
these items will be used to measure utility.
Empathy in SERVQUAL model and is defined as the provision of caring, individualized
attention to customers (Parasuraman et al, 1988). It is used as a combination of the following
elements: Access (physical and social) - approachability and ease of contact; Communication
- keeping customers informed in a language they understand and really listening to them;

12
Understanding the customer - making the effort to get to know customers and their specific
needs. Because the respondents in this study are enterprises, so the author also adds the factor:
solving risk and development support policies (adopted from Mačerinskienė Irena and
Skvarciany Viktorija 2012). In this study, empathy is measured by 6 items (See Table 3.1)
with 5 point Likert scale and the mean score of these items will be used to measure empathy.
Assurance: Assurance is one of five dimensions of the SERVQUAL approach and is
defined as the knowledge and courtesy of employees and their ability to convey trust and
confidence (Parasuraman et al., 1988). It is also used as a combination of the following
elements: Competence - having the requisite skills and knowledge; Courtesy - politeness,
respect, consideration and friendliness of contact staff; Credibility - trustworthiness,
believability and honesty of staff; Security - freedom from danger, risk or doubt. The Author
adds reliability factor, the ability to perform the service accurately. In this study, assurance is
measured by 5 items (See Table 3.1) with 5 point Likert scale and the mean score of these
items will be used to measure assurance.
Buying situation: Organization markets have high and low involvement purchase. In
fact, organizational situation should be classified into three basic types: New task; modified
rebuy and straight rebuy. Morley Roy (2004), Nigel Hill, Jim Alexander (2006) also showed
that in different situation, organizational customers have the different assessing satisfaction
process. A new task purchasing situation will need more effort from all buyers and sellers,
and without experience, the buying promote and perceive quality will decide the satisfaction.
Pre - buying situation in banking sector especially organizational service are often modified
buying because of competing and quickly changing environment, the way bank solve problem
and remain their customers will decide the level of customers‘ satisfaction. In this study,
buying situation is measured by 4 items (See Table 3.1) with 5 point Likert scale and the
mean score of these items will be used to measure buying situation.
Price: is defined as ―what is given up or sacrificed to obtain a product‖. Price is an
important antecedent of customers' satisfaction as consumers depend on price because it is
extrinsic signal of quality. Total price of banking service includes the price of service, the
interest rate of credit services is very effective factor to organizational customers (Madill et al,

2002; Adamonienė and Trifonova, 2007). To measure price satisfaction of customer, bank
also need take care about the perception if price fair with the service quality. In this study,
price is measured by 3 items (See Table 3.1) with 5 point Likert scale and the mean score of
these items will be used to measure price.