Tài liệu Research fdi customers satisfaction with products and services of techcombank, bac ninh branch

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH --------------------- NGUYỄN THỊ MINH PHƯƠNG RESEARCH FDI CUSTOMERS SATISFACTION WITH PRODUCTS AND SERVICES OF TECHCOMBANK BAC NINH BRANCH NGHIÊN CỨU SỰ HÀI LÒNG CỦA KHÁCH HÀNG DOANH NGHIỆP FDI VỚI SẢN PHẨM DỊCH VỤ CỦA NGÂN HÀNG TECHCOMBANK CHI NHÁNH BẮC NINH LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2018 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH --------------------- NGUYỄN THỊ MINH PHƯƠNG RESEARCH FDI CUSTOMERS SATISFACTION WITH PRODUCTS AND SERVICES OF TECHCOMBANK BAC NINH BRANCH NGHIÊN CỨU SỰ HÀI LÒNG CỦA KHÁCH HÀNG DOANH NGHIỆP FDI VỚI SẢN PHẨM DỊCH VỤ CỦA NGÂN HÀNG TECHCOMBANK CHI NHÁNH BẮC NINH Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS. HOÀNG ĐÌNH PHI Hà Nội - 2018 DECLARATION The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article. The other’s research result and documentation (extraction, table, figure, formulaand other document) used in the thesis are cited properly and the permission (if required) is given. The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business, and the laws for above-mentioned declaration. Hanoi, date of …… / …… /…….. ACKNOWLEDGEMENT I would like to express my deep gratitude to the teachers of the Hanoi school of Business and Management, Vietnam National University, especially the teachers who imparted to me a lot of knowledge and helped me. Carry out this essay. I would like to express sincere gratitude to Assoc. Prof. Hoang Dinh Phi has spent a lot of time, dedicated guidance, only told me during the course of the topic. I would like to express my sincere thanks to Techcombank Bac Ninh and for helping me in collecting data and information needed for the study of this thesis. I sincerely thank family, friends and colleagues for encouraging and supporting me in the process of study and research. TABLE OF CONTENTS ABBREVIATION ....................................................................................................... i LIST OF TABLES ..................................................................................................... ii LIST OF FIGURES................................................................................................... iii INTRODUCTION .......................................................................................................1 CHAPTER 1: THEORETICAL FRAMEWORK ON FDI ENTERPRISES AND SATISFACTION OF FDI ENTERPRISES TOWARDS THE PRODUCTS AND SERVICES OF COMMERCIAL BANKS .................................................................6 1.1 FDI enterprises ..................................................................................................6 1.1.1 Concepts ....................................................................................................6 1.1.2 Characteristics ..........................................................................................7 1.2 Satisfaction of FDI enterprises towards the products and services of commercial banks ...................................................................................................8 1.2.1 Concept and measurement of satisfaction .................................................8 1.2.2 Characteristics of banking services ........................................................10 1.2.3 Research models of customer satisfaction towards the quality of commercial banks’ services..............................................................................11 1.2.4 Proposed model of the study ...................................................................17 1.3 Experience in improving the satisfaction of FDI enterprises of commercial banks and lessons for Techcombank - Bac Ninh Branch .....................................18 1.3.1 Experience of some commercial banks ...................................................18 1.3.2 Lessons for Techcombank - Bac Ninh Branch ........................................20 CHAPTER 2: REALITY OF SATISFACTION OF FDI ENTERPRISE CUSTOMERS TOWARDS PRODUCTS AND SERVICES OF TECHCOMBANK – BAC NINH BRANCH ...........................................................................................22 2.1 Introduction of Techcombank – Bac Ninh Branch and FDI enterprises in Bac Ninh Province .......................................................................................................22 2.1.1 Introduction of Techcombank – Bac Ninh Branch ..................................22 2.1.2 Overview of industrial parks and FDI enterprises in Bac Ninh Province .....26 2.1.3 Reality of exploiting FDI enterprise customers of Techcombank – Bac Ninh Province ...................................................................................................30 2.2 Overall assessment of the satisfaction of FDI enterprise customers ..............60 2.2.1 Achievements ...........................................................................................60 2.2.2 Limitations ...............................................................................................60 2.2.3 Causes of limitations ...............................................................................61 CHAPTER 3: SOLUTIONS TO ENHANCE THE CUSTOMER SATISFACTION TOWARDS PRODUCTS AND SERVICES OF TECHCOMBANK – BAC NINH BRANCH ..................................................................................................................63 3.1 Development orientations and strategy of Techcombank - Bac Ninh Branch ......63 3.1.1 General development orientation ............................................................63 3.1.2 Orientations for developing FDI enterprise customers ..........................64 3.1.3 Development plan for 2017 .....................................................................65 3.2 Solutions to improve the satisfaction of FDI enterprise customers at Techcombank - Bac Ninh Branch .........................................................................65 3.2.1 Basis for proposing solutions ..................................................................65 3.2.2 Contents of solutions ...............................................................................67 3.3 Recommendations ...........................................................................................72 3.3.1 Recommendations to the State .................................................................72 3.3.2 Recommendations to the bank association..............................................76 CONCLUSION .........................................................................................................77 REFERENCES ..........................................................................................................79 APPENDIX ...............................................................................................................81 ABBREVIATION Abbreviation Meaning of acronym 3D Three-dimensional images UK United Kingdom IEC International Electrotechical Commission NAPAS JSC National Payment Services Joint stock company ISO International quality standard ATM Automated Teller Machine POS Point of Sale i LIST OF TABLES Table 2.1: Industrial Parks in Bac Ninh Province .....................................................26 Table 2.2: Locations FDI enterprises in Bac Ninh Province ....................................27 Table 2.3: Characteristics of FDI enterprises in Bac Ninh Province ........................29 Table 2.4: Products and services operated by Techcombank - Bac Ninh Branch ....32 Table 2.5: Number of transaction offices of Techcombank – Bac Ninh Branch’s competitors ................................................................................................................36 Table 2.6: Number of ATMs of competitors at industrial parks ...............................38 Table 2.7: Strengths of competitors ..........................................................................40 Table 2.8: Gender ......................................................................................................42 Table 2.9: Age ...........................................................................................................42 Table 2.10: Educational background ........................................................................43 Table 2.11: Job positions...........................................................................................44 Table 2.12: Income of employees ............................................................................45 Table 2.13: Reliability of the scale ..........................................................................46 Table 2.14 Convergence of the scale ........................................................................48 Table 2.15: Correlation among factors .....................................................................49 Table 2.16 Regression results ...................................................................................50 Table 2.17 Evaluation on Convenience ....................................................................52 Table 2.18: Evaluation on Tangibles ........................................................................53 Table 2.19: Evaluation on Serving Style of the staff ...............................................54 Table 2.20: Evaluation on Contact with customers ..................................................56 Table 2.21: Evaluation on Trust ................................................................................57 Table 2.22: Evaluation on Image of the bank ..........................................................58 Table 2.23: General evaluation on Customer satisfaction ........................................59 ii LIST OF FIGURES Figure 1.1: Characteristics of FDI enterprises ............................................................7 Figure 1.2 SERVQUAL model of customer satisfaction .........................................12 Figure 1.3: CBSQ model of Xin Guo et al. (2008) ..................................................14 Figure 1.4 FTSQ model (GrÖnroos, 1984) ..............................................................15 Figure 1.5 Research model of the thesis ...................................................................18 Figure 2.1: Organizational structure of Techcombank – Bac Ninh Branch .............24 Figure 2.2: Number of FDI enterprise customers at Techcombank – Bac Ninh Branch .....31 Figure 2.3: Contribution of FDI enterprises in TOI after DP of the branch .............34 Figure 2.4: Contribution proportion of FDI enterprises ...........................................35 iii INTRODUCTION 1. Statement of the problem Since the country opened its economy and received foreign investment capital, FDI enterprises have become an important part of the economy. In the current context, FDI enterprises play an important role in the Vietnamese economy. The labor force employed alone accounts for about 3 million workers, accounting for over 20% of the total capital of the economy. The FDI sector has a large proportion of GDP in some provinces such as Bac Ninh, Ho Chi Minh City, Binh Duong (Vietnamplus.vn, 2016). This is a dynamically developing area, helping to increase capital for the economy, create jobs, increase export turnover and make a great contribution to revenue. At the same time, this area is more effective than other economic sectors, FDI accounts for about 70% of total export turnover, industrial production accounts for nearly 60% (Hai Quan Newspaper, No. 10 / 2015) As for the banking sector, the potential of the FDI sector in this sector is enormous in the context of Vietnam's integration with developed economies around the world through agreements trade. Consequently, the demand for financial services - banking of FDI enterprises is very large. However, the number of foreign banks in Vietnam is not much and the network is limited. Therefore, this is the segment of potential customers, reducing the competitive pressure in the development of banking products and services for our commercial banking system. However, most FDI enterprises are multinational corporations with investment experience in many countries and have a strong financial foundation and deep international business knowledge. It therefore requires banks to provide the most comprehensive and up-to-date service. On the other hand, the "landing" of foreign banks in the coming time will cause increased competition pressure on domestic banks in this segment of customers. Therefore, at this point the commercial banking system needs more measures to get closer and faster to this potential customer. Understanding that market trend, many commercial banks in Vietnam have taken the first steps in promoting cooperation, modeling, finishing products, 1 services and modernizing banking technology to attract the maximum number of FDI customers. With a slower start point than other commercial banks in the field of international payment, Techcombank did not have much access to and attracted FDI firms using services provided by the bank. Recognizing the role of attracting FDI enterprises using banking products and services, in the period 2012-2015, Techcombank branch in Bac Ninh deployed in-depth product and service development strategy to meet the needs of FDI enterprises in the area. However, due to the competition among banks in the area, especially internal banking factors such as product policy, banking size, etc., the ability to attract groups of FDI enterprise customers has not yet achieved high results: its market share was only at the expense of 6% of market share, equivalent to nearly 50 FDI enterprises in the province. So how to enhance customer satisfaction towards the products and services and expand market share of Techcombank - Bac Ninh Branch are the issues that Techcombank - Bac Ninh Branch is concerned about. Therefore, as a branch director of Techcombank - Bac Ninh Branch located in the area where there are many FDI enterprises, the author conducted the research entitled "A study on FDI enterprise customers’ satisfaction towards the products and services of Techcombank - Bac Ninh Branch" as his graduation thesis. 2. Literature review In general, FDI is an array of scientific research content that is extremely diverse and attracts the attention of scientific researchers. However, most of the studies are on the range as a country, region, province or economic sector. There is very rare study about attract the existing FDI enterprises to become partners, business customers in the fields of the economy in general and in the banking sector in particular. These followings are related to this research content. Le Sang (2014), focused on analyzing the important role of foreign direct investment enterprises (FDI-enterprises) of Vietcombank. This study confirms the role of FDI in the development of Vietnam in many ways such as promoting economic growth, improving the efficiency of domestic investment resources, technology transfer, international payments, export development, improving 2 competitiveness in all three levels: National - Enterprise - and products… With Vietcombank, customer attraction in group of FDI enterprises has much contributed in total income of Vietcombank. To achieve this result, Vietcombank managers have pushed on active many efficiency solutions such as: diversify of banking services, flexibility to meet FDI enterprises’ requirements… However, the analysis in this research is just only based on the author's view, but on any specific theoretical frameworks to analyze. Khue Nguyen (2015) focused on analysis the necessity as well as the solutions to attract customers in group of FDI enterprises for commercial banks. This study confirms the importance of the customer in FDI enterprises group with commercial banks. Because FDI enterprise customers have large capital investment, higher capital requirements, professional activity, high credit level ... so hold this market segment is an important business target that commercial banks of Viet Nam should perform. At the same time, the author also points out a number of solutions to attract customers among FDI enterprises group such as: letter of credit, customer development department specifically for FDI customer, unsecured loans (trust loans), widen credit level... This study achieved some practical results with commercial banks. However, the author has not done to assess the effectiveness of the solutions that were implemented at the banks. Also, the lack of scientific basis for proposed solutions. Oanh, Giang (2009) has done a study on attracting FDI enterprises at Vietcombank with the main contents include: banking services for corporate customers in general and FDI in particularity, the solutions that Vietcombank has developed. One of the solutions is high appreciated that cooperation agreement signed with the Foreign Investment Agency (FIA). Since then, the Vietcombank became the first official partner of the FIA in providing banking services for FDI enterprises in Vietnam. Therefore, the Vietcombank has early access to foreign partners intend to invest in Vietnam. At the same time, through the FIA, foreign partners have confidence in Vietcombank; create favorable conditions for future cooperation. This study provides commercial banks a truly effective solution in 3 finding partners FDI. However, this solution is not the author's offer (this solution is the actual operation was performed Vietcombank). Therefore, the findings are not really the solution to this author's own. Le Trinh (2015) conducted a study on attracting FDI enterprises HDBank. Contents of this study refer to services provided by HD Bank for FDI partners such as: account services, support liquidity, funding, projects investment and export financing, electronic services, project consulting... Based on this analysis, the authors evaluate the effectiveness of each solution that HD Bank has done. In particular, the solution of "Japan Desk" is considered as a intelligent solution and efficient. According to the author, the implementation of the strategy dedicated to a specific customer group (Japan) could be a strategic direction for each bank. But the author just assessed the effectiveness of solutions that was proposed by HDBank without added another new solutions. Thus, although there is quite a lot of related research, there are always exists certain limitations. Previous studies have not clarified the satisfaction aspects of FDI with existing banking services. At the same time, there is no appropriate theoretical background in the evaluation of the effectiveness of solutions to attract FDI as well as the specific evaluation indicators. On the other hand, at Techcombank-Bac Ninh branch, there is not any research about this content array. This is the “research gaps” that author are expected to fill in this study. 3. Research objectives 3.1 General objective This research focuses on studying the FDI enterprise customers’ satisfaction towards the products and services of Techcombank - Bac Ninh Branch. 3.2 Specific objectives - Systemize basic theoretical framework on FDI enterprises and satisfaction of FDI enterprises towards the products and services of commercial banks. - Present the reality of satisfaction of FDI enterprise customers towards products and services of Techcombank – Bac Ninh Branch. 4 - Propose solutions to enhance the customer satisfaction towards products and services of Techcombank – Bac ninh Branch. 4. Research object The object of the research is the satisfaction of FDI enterprises towards the products and services of Techcombank-Bac Ninh. 5. Research scope This study will be carried out at Techcombank-Bac Ninh Branch and FDI enterprises located in Bac Ninh province. 6. Research methodology Comparative method: this method is applied in: + Analysing the change number of FDI enterprises who use the Techcombank-Bac Ninh services and other banks in Bac Ninh over the years + Analysing the change number of banking products and services for these customers over the years Descriptive statistics method: this method is applied in: + Calculate the average of the results of surveys of customers are FDI enterprises in Bac Ninh province, + Determine the level of FDI customers satisfactionin Bac Ninh province with the banking system (in general) and banking service of Techcombank-Bac Ninh via 5 level of Likert scale. 7. Research structure The thesis is divided into three chapters as follows: Chapter 1: Theoretical framework on FDI enterprises and satisfaction of FDI enterprises towards the products and services of commercial banks. Chapter 2: Reality of satisfaction of FDI enterprise customers towards products and services of Techcombank – Bac Ninh Branch Chapter 3: Solutions to enhance the customer satisfaction towards services of Techcombank – Bac Ninh Branch 5 CHAPTER 1: THEORETICAL FRAMEWORK ON FDI ENTERPRISES AND SATISFACTION OF FDI ENTERPRISES TOWARDS THE PRODUCTS AND SERVICES OF COMMERCIAL BANKS 1.1 FDI enterprises 1.1.1 Concepts * Enterprise An enterprise is an economic unit established to carry out business activities for the purpose of profitability. According to the amended law on enterprises of our country in 2014: Enterprises are economic organizations with their own names, assets, stable transaction offices and business registration in accordance with the provisions of law for the purpose of implementing business activities. According to the Institute for Statistics and Economic Research of France (2004): An enterprise is an economic organization (agent) whose principal function is to produce goods or services for sale. * FDI enterprise FDI can be understood in English as Foreign Direct Investment. However, the definition of FDI enterprises in Vietnamese law is still unclear and inconsistent. According to the Law on Investment (2005): FDI enterprises are foreigninvested enterprises, including enterprises established by foreign investors to carry out investment activities in Vietnam or Vietnamese enterprises which are sharepurchased, acquired, or merged by foreign investors; in which, foreign investors are foreign organizations and individuals who spend capital conducting investment activities in Vietnam. According to the Circular No. 213 of the Ministry of Finance issued in 2012, FDI enterprises are enterprises established by non-Vietnamese nationality individuals operating under foreign laws or enterprises established and operating under the law of Vietnam with 100% foreign capital or member fund, or individual stock investment companies which the foreign party is entitled to own 49% of chartered capital. 6 According to the Decree 01 issued in 2014 by the Government, FDI enterprises are enterprises in the following cases: - Being an organization established by non-Vietnamese nationality individuals. - Being an organization operating under foreign laws or an enterprise established and operating under the law of Vietnam with 100% foreign capital. - Being an organization established and operating in Vietnam with a foreign capital contribution of over 49%. 1.1.2 Characteristics From different definitions of enterprises and FDI enterprises, the main characteristics of enterprises in general and FDI enterprises are summarized as follows: FDI enterprises A A Combi Prod place group nation uctio harm to of of n for to the seek people produc sale profits with tion (outp organi factors ut zation (input factor and factors s) hierarc ) Profit division Worker Owner Cause enviro nment Creditor Supplier hy Figure 1.1: Characteristics of FDI enterprises - FDI enterprises are organizations and units established mainly to carry out business activities. 7 - FDI enterprises are large-scale business entities (exceeding the size of domestic enterprises, individuals, households) such as cooperatives, companies and factories. The term “FDI enterprises” is conventional to distinguish with independent workers or workers and their households. - An FDI enterprise is a living entity. Therefore, it also has its own life cycle from the beginning of its intention, decline or growth, ups and downs or destruction. To sum up, FDI enterprises are large-scale business entities which carry out business activities. Due to their large scales, their demands for products and services of commercial banks are also much higher than those of other enterprises. In addition, meeting the satisfaction of FDI enterprises is also the goal that commercial banks in our country are aiming at due to the large potentials of these enterprises. 1.2 Satisfaction of FDI enterprises towards the products and services of commercial banks 1.2.1 Concept and measurement of satisfaction Concept Customer satisfaction is the state/ perception of customers towards the service providers after using the services (Terrence Levesque & Gordon H. Mc McDougall, 1996). Oliva, Oliver, and Bearden (1995) argue that customer satisfaction is the task of an organizational expressed through the relationship between the values of the products or services and the customers’ expectations towards them. Parasuraman et al. (1988) and Spreng et al. (1996) point out that customer satisfaction is a customer’s reaction to the difference between the known experience and expectations. That is, the customer's experience in using a service and the results after the service is provided. In other words, customer satisfaction is the customers’ mood, perception of the products when their expectations are met or exceeded during the life cycle of the products or services. Satisfied customers will be loyal and continue to use the products of the organization. 8 Zineldin (2000) states that customer satisfaction is the emotional response/ perception of a customer to a service provider on the basis of comparing the difference between what they receive and what they expected. According to Forbes (2008), satisfaction has a positive impact on the following activities: Loyalty, Share of wallet, Word-of-mouth and cost efficiencies. Kotler (2000) argues that satisfaction is determined by comparing the results obtained from the service and the expectations of the customers on the following three levels: If the results are less than expected, customers will be dissatisfied; If the results are as expected, customers will be satisfied; If the results are more than expected, customers will be very satisfied and enjoy the service. Meanwhile, Susmita Sharma (2002) states that customer satisfaction is associated with the following factors: Feelings / attitudes towards service providers; Customer expectations about the ability to meet the needs of service providers; Service performance/ values provided by the service; Intention to continue using the service. Based on the concepts of customer satisfaction above, the author defines the satisfaction of FDI enterprises towards banking services as the attitudes and perceptions of FDI enterprises towards the quality of products and services that commercial banks provide. Commercial banks always strive to improve the satisfaction of customers in general and FDI enterprises in particular in order to increase the number of FDI enterprises using products and services provided by the banks. Methods of measuring customer satisfaction towards banking services - Measure regularly to collect information from each customer when delivering products and services. This measurement method helps to capture customers’ opinions right away and make timely corrections to inappropriate points. - Research periodically to collect information from different customer groups at different time periods after delivering products and services. This measurement method captures customers’ expectations and experience but is not regular. - Directly measure key customer groups: This method is conducted through interviews, meetings with key customer groups of commercial banks. The main tool for conducting discussions among the key customer groups is the leading of the 9 chairperson. A variety of survey questions and issues to be discussed will be arranged in a logical sequence. The chairperson uses instructions to suggest participants to express their opinions and experience as many as possible. However, the chairperson must ensure that the discussion does not go into other direction. - Measure by questionnaire via mail This method is very convenient for customers because they can control the contents in the survey form, so they are often more willing to respond. Also, clear and specific question will make it easier for them to answer. If the questionnaire is longer than one page, the response rate will be lower. So it needs to be well presented to attract customers’ attention and not make them boring. The organization must better prepare the customer database so that it is easy to recognize and identify the type of customers that needs to be sent. 1.2.2 Characteristics of banking services 1) The process of providing and consuming banking services takes place simultaneously The process of providing and consuming banking services is carried out simultaneously. Especially, there is direct participation of customers in the process of providing services. At the same time, each service follows a certain process that can not be divided into different types of services such as appraisal procedures and loan procedures. This means banking services can not be stored but areprovided directly to the customers on demand. Therefore, banks often create, maintain and develop relationships with customers and other banks by improving the quality of services, developing customer care activities of the bank staff and modernizing the supply system to create the special characteristics of these services. 2) Banking services are unstable and uncertain Banking services are not heterogeneous. The services are closely linked to the process of service delivery of commercial banks. Therefore, the quality of banking services depends on service transaction staff (qualifications, skills, etc.). 10 Moreover, with the same service transaction staff, the quality of banking services sometimes changes over time. (3) Banking services are unstorable The banking services of commercial banks are invisible and therefore can not be stored. Meanwhile, the demand for services often fluctuates but but the banks can not produce and store when the demand suddenly rises. For example, the services of payment and money transfer at the end of the year are huge, but the banks must increase their means as well as human resources to ensure the most effective transactions. Therefore, the costs of banking services must be relatively high to meet the needs and satisfaction of customers. 4) Banking services are invisible This is the main characteristic to distinguish banking services from the services of other material industries in the national economy. Banking services can not be seen, felt, heard before buying them like any other services. Customers coming to the banks can not know for sure whether their money is safe or not or whether the payment to them is on time. Therefore, to overcome this limitation, the business of the banks must be based on trust. The operations of the banks must focus on strengthening and creating trust to customers using services by improving the quality of services, increasing the visibility of services, increasing the banks’ images, prestige and facilitating customers to participate in propaganda activities for the banks. 1.2.3 Research models of customer satisfaction towards the quality of commercial banks’ services 1.2.3.1 SERVQUAL model (Parasuraman, 1988) This is the most common research model on service quality used in marketing research. According to Parasuraman, service quality can not be determined in general but depends on customers' perception of the service and this perception conseidered on many factors. The success of the model is a great breakthrough for economic organizations in general and commercial banks in 11