INTRODUCTION
History, vision and mission
Established in 1988 after separating from the State Bank of Vietnam, Vietinbank aims to be a modern, effective, and multipurpose state-owned bank Targeting to rank among the top 20 strongest banks in the Asia-Pacific region by 2030, Vietinbank seeks to lead the banking industry's development in Vietnam while delivering optimal value to customers, shareholders, and employees The bank prioritizes efficiency, security, and sustainability, alongside fostering customer loyalty, innovation, and prosperity, which it considers essential for its success.
Logo and slogan
The word “Vietinbank” is highlighted by a simple font and modern color Blue means freshness, stableness and absolute faith towards development of the bank in the future
The logo design is inspired by a historical Vietnamese cash coin, embodying a blend of tradition and modernity in the banking and finance industry The colors red and blue reflect the harmony of yin and yang, with the upper two-thirds of the coin painted blue to symbolize the sky, while the lower third, colored red, represents the solidity of the earth.
The meaning of the slogan “Improving the values of life” refers to a positive attitude of enhancing material and mental wellbeing as well as prosperity and accomplishment of its customers.
Business activities
There are three main services and products dedicated to individual customers:
• Deposits: including many different types such as term and demand deposits, accumulated savings, online savings, term savings with super floating rates
• Loans: containing consumption loans (for purchase of houses, cars, study abroad) and business loans (for normal production, retail stores, farm owners)
• Cards: Prepaid card, Interior and International Debit (MasterCard Debit, Visa
Debit) card, Interior and International Credit (MasterCard credit, Visa Credit) card And other services such as oreign currency trading, digital banking, insurance, etc
Domestic competitors
Vietinbank, Vietcombank, and BIDV are the top three state-owned commercial banks in Vietnam, dominating the market Vietcombank, established in 1963 from the Foreign Exchange Bureau of the State Bank of Vietnam, has consistently been recognized as “The Best Banking in Vietnam” by prestigious global organizations and was ranked among the 500 strongest banks in the Asia-Pacific in 2019 Similarly, BIDV, founded in 1957 as the Bank for Construction of Vietnam, emerged as the largest bank in Vietnam by asset scale in 2019.
The table below describes strengths and weaknesses of both these 3 banks:
• Brand and reputation have been continuously affirmed with prestigious awards recognized by prestigious organizations in the domestic and international financial markets
• Experienced leadership of the executive board helps planning suitable and innovative policy into enormous development from now to future
• Cares about risk management mission
• Has firm and great capital itselves
• Polices, interests and benefits satisfy needs of customers
• Be a powerful and prestigious bank with high reliability
• Recieves special support and priorities from State Bank in Government projects such as power system and transportation infrastructure
• Card products are extremely diversified that are able to satisfy most of the requirements of customers, especially Vietcombank is the only bank in Vietnam accepting
• Has a large network with nearly 190 branches and bank agencies in Vietnam
• Has plentiful and stable amount of capital providing enough demand of credit to clients and efficiency of capital use
• Supplies a variable product system with 9 main product lines and 3 proprietary trading product lines (currency, foreign currency, bond)
• Most of the firm's business activities have been
7 payment of 7 common oversea cards such as Visa, UniPay, JCB, etc
With over 43,000 departments for card acceptance and more than 2,400 ATM locations nationwide, our extensive network includes strong partnerships with nearly 2,000 banks and financial institutions globally Powered by the SIBS system, we facilitate online transactions and enhance service delivery through innovative distribution channels such as home banking, ATMs, and POS systems.
• Product lines have some similarities with the others, although services are diversified but monotonous and uninteresting
• Account safety and security problems still exist that may affect personal information and property of customers
• Organizational structure is still not suitable according to modern commercial bank custom yet
• Has an indistinct business culture, thus it lacks
To effectively enhance brand image and market share, businesses must develop cohesive customer, business, and marketing strategies Currently, many firms fail to optimize their activities, resulting in subpar outcomes Additionally, inconsistent connections between branches and agencies hinder overall performance and growth.
• Services are not interesting enough to attract a majority of customers encouragement of
• Shortage of effective marketing campaigns and activities.
FLOWER OF VIETINBANK’S SERVICE
Facilitating services
Each transaction desk is clearly labeled to indicate its specific function, allowing customers to easily identify where to go for their banking needs For instance, those wishing to deposit money can head directly to the "Cash Deposit Counter." This signage helps customers save time by guiding them to the appropriate counter for their transactions.
Due to the extensive information regarding card services, loan and insurance packages, banks are unable to display a comprehensive price list for all services publicly Instead, employees will provide this information directly to customers Additionally, updates on securities information are made available through an electronic board to ensure timely access.
At the bank's transaction desk, promotional banners highlight the latest programs, including attractive offers like "Zero Interest Loans," "Long-Term Savings for Lasting Value," and "Preferential Loans with Gratitude Interest."
For customers to arrive on time for the bank's operation, the bank places its banner of working hours in front of the bank gate and the transaction room
Before approving loans, banks require customers to submit specific information for screening purposes Those who fail to meet the bank's criteria, such as having a poor credit history or significant health issues, may be denied financing.
Vietinbank requires various documents based on customer needs and purposes; for instance, students seeking a loan must present their admission certificate to the bank.
On site order fulfillment means that individuals who want to work out with Vietinbank can transact right on Vietinbank’s transaction room
App banking order means that customers can directly transact with Vietinbank through Vietinbank Ipay (an online application) They are unnecessary to go to the transaction place
The transaction room is designed to accommodate customers comfortably, featuring ample seating with soft, cushioned chairs Additionally, the layout of the Counter Area ensures that the distance between each customer's chair and the teller is conveniently close, enhancing the overall customer experience.
Customers can independently transfer, withdraw, and deposit money into their bank accounts using the innovative R-ATM model Additionally, they can easily open a bank account online with the help of Vietinbank's advanced eKYC technology solution.
In summary, customers can conveniently conduct transactions with Vietinbank through ATMs or the mobile banking system, eliminating the need to visit a physical branch This approach not only saves time and reduces costs but also prioritizes health safety during the Covid-19 pandemic.
1.3.2 Automatic Deduction from Financial Deposits
When the customer wants to open the card, the card issuance fee will be collected by toll collectors at the transaction counter
Transaction fee (inter-bank online money transfer) or card maintenance fee will be automatically deducted from the customer's account without going through tellers (Automated systems)
Cash withdrawal fee at ATM or mobile banking is automatically deducted (Automatic Deduction from Financial Deposits)
All customers' transactions on the Vietinbank Ipay are always stored Customers can follow easily and check at any time
Customers at Vietinbank receive an invoice upon completing transactions, ensuring transparency and trust in their banking experience For online transactions via Vietinbank Ipay, customers are provided with an electronic invoice, enhancing their sense of security when utilizing the service.
Enhancing elements
Consultation serves as a valuable supplementary service that enhances overall service delivery by adding appeal for clients Vietinbank offers personal consultations both in-branch and through online platforms, including the website, Facebook, and telephone exchanges, ensuring clients receive tailored advice for their banking needs.
Exceptional hospitality plays a crucial role in customer retention and loyalty within the service industry At Vietinbank, the foundation of their service hospitality lies in their warm-hearted staff, who effectively communicate service information in a clear and coherent manner, ensuring it is easy for customers to hear and understand.
Vietinbank prioritizes customer information security, ensuring that clients can confidently use banking services without the fear of data theft or financial loss.
For customer complaints and handling issues, Vietinbank uses online complaints via its website or can be contacted via an online switchboard.
DIMENSIONS AND GAPS OF VIETINBANK QUALITY ANALYSIS 12 1 Dimensions of Vietinbank Quality analysis
Tangible
Tangible elements, as defined by Parasuraman, Zeithaml, and Berry (1985), include visible aspects such as the appearance of physical facilities, equipment, staff attire, and communication materials.
The tangible value of Vietinbank’s service quality is shown by these following things:
Vietinbank ensures easy identification of its ATMs and transaction rooms through distinctive banners and staff uniforms The bank prominently features its logo colors, blue and red, along with the name "Vietinbank" displayed on banners positioned at the front of ATMs and transaction areas Additionally, staff members wear synchronized blue t-shirts, allowing customers to quickly recognize the bank and access services efficiently.
Vietinbank offers convenient transaction options for customers, making it easy to access banking services whenever needed As per statistics from Vietnam Biz, Vietinbank ranked among the top 10 banks in Vietnam for the highest number of transaction points in 2020, further enhancing its extensive transaction network across the country.
13 over 1,000 points, about 155 branches and 958 transaction offices nationwide [1] Thanks to being located in every province, individuals who exchange with it can handle their requests quickly
Vietinbank features an expanded transaction space equipped with advanced technology, organized into three distinct areas: the teller area, digital banking area, and priority area for customers This layout allows customers to select the area that best suits their needs, minimizing wait times For those who do need to wait, comfortable seating and televisions are provided The teller area boasts a luxurious design that aligns with Vietinbank's brand standards, fostering a professional and welcoming atmosphere The digital banking area is outfitted with touch screens, iPads, and Kiosk Banking, catering to tech-savvy young customers and facilitating online transactions Finally, the priority area is elegantly designed to offer exceptional service to valued clients.
Vietinbank offers a wide range of tangible facilities; however, improvements are necessary to enhance customer experience Many of its transaction offices are small and inadequately equipped, particularly in remote provinces, where they lack the latest technological advancements Additionally, the failure to regularly clear garbage from ATMs negatively impacts customer satisfaction.
Reliability
Reliability refers to the likelihood that a service will meet customer expectations It is crucial for staff to fulfill their responsibilities as outlined in their job descriptions When customers do not receive the desired resolutions, their trust in the service diminishes, leading them to avoid using it in the future.
There are many signals which show how Vietinbank gets the trust from their users
Vietinbank aims to fulfill essential banking services by mobilizing and receiving deposits from both organizations and individuals for short, medium, and long terms Additionally, it provides loans of various durations, facilitates payments between entities, conducts foreign currency transactions, and offers discounting services for commercial papers, bonds, and other valuable securities.
Vietinbank operates effectively by employing a diverse workforce, with staff members fulfilling various roles, although only a few have direct customer interaction To enhance customer service, Vietinbank prioritizes professional knowledge through rigorous entrance exams and ongoing training for its employees The bank encourages a culture of open communication, emphasizing the importance of listening and refraining from negative responses During peak periods, such as the Tet holidays in 2017, Vietinbank proactively ensured cash availability by preparing a substantial amount of currency in advance and providing clear instructions to its branches to manage cash flow effectively, thereby preventing shortages at ATMs.
Responsiveness
Responsiveness is the act of proactively and promptly handling customers' questions and problems There are some signals that show Vietinbank’s responsiveness
ATMs are strategically located near transaction rooms to swiftly resolve unexpected issues Vietinbank cardholders experiencing problems such as lost cards, incorrect money transfers, or forgotten PIN codes can easily visit nearby transaction offices for prompt assistance.
Vietinbank offers round-the-clock support through its "24/7 Customer Service Center," ensuring assistance is available every day of the week, including weekends and holidays, such as Tet This service caters to both domestic and international customers in English, Vietnamese, and Japanese Customers can easily find the contact number on the bank's Facebook page and website.
The R-ATM, a new model introduced by Vietinbank, enhances customer convenience by allowing money deposits into bank accounts, in addition to traditional functions such as cash withdrawal, savings deposits, transfers, and bill payments This innovative feature enables users to conduct transactions anytime, day or night, without relying on bank hours or waiting in line.
VietinBank has introduced innovative technology solutions to enhance customer service, including the eKYC (Electronic Know Your Customer) feature This allows customers to open accounts online without visiting a transaction counter, enabling them to complete registration and verification processes conveniently from anywhere using the VietinBank iPay Mobile app Consequently, customers benefit from significant time savings and a more streamlined transaction experience.
Vietinbank's innovative Face-pay solution utilizes facial recognition technology to authenticate transactions, allowing customers to enable face authentication for all financial activities within the app This modern and convenient feature significantly reduces transaction time, enhancing the overall user experience.
To sum up, to increase service experience Vietinbank provided many solutions that are advantageous There is success in responding to the needs of its customers.
Assurance
In the banking sector, assurance is crucial for customer confidence during transactions, as highlighted by Christine Ennew, Nigel Waite, and Roisin Waite (2013) Vietinbank exemplifies this assurance through various measures that enhance customer security and trust in their banking experience.
To distinguish itself from competitors, Vietinbank emphasizes its prestige and professionalism through its branding and visual identity The bank showcases its expertise by prominently displaying certifications on signage and employee badges, as well as in promotional materials like leaflets and emails This approach enhances customer trust and provides a sense of security during transactions.
Vietinbank - VBI Insurance is renowned for its commitment to customer satisfaction, encapsulated in the motto "Peace of Mind, Enjoy Life." The company offers dedicated support through its online call center and a team of highly qualified professionals, ensuring customers receive attentive assistance in resolving issues and completing necessary paperwork efficiently.
Most of the employees of Vietinbank are capable of answering customers' questions professionally As a result, they understand customers' problems and process transactions quickly and accurately
VietinBank's privacy policy for personal transaction information helps customers feel secure when using services and transactions In addition, they can interact directly with the bank through a secure mailbox
However, the service fee at Vietinbank is also assessed to be higher than other banks and the deposit interest rate is low This can become a hindrance for Vietinbank
Bank to compete with other competitors while having the same style and frequency of service.
Empathy
Parasuraman (1998) emphasized that a deeper understanding of customer expectations, coupled with personalized care and attention, significantly enhances customer satisfaction Essentially, employees provide assistance driven by empathy, which often goes beyond their official job responsibilities.
In 2019, during a visit to Vietinbank in Dong Xoai city, Binh Phuoc province, I witnessed a memorable moment when a crying baby in the waiting area was comforted by his mother Despite her efforts, the baby continued to cry until the bank staff switched the TV to a Tom & Jerry program The engaging animation captured the baby's attention, effectively calming him down without disturbing other customers, showcasing a thoughtful approach to customer service in a bank setting.
While Vietinbank's job descriptions do not explicitly require employees to engage with children accompanying adults, the staff's inherent empathy allows them to connect with customers on a personal level This thoughtful and sensitive approach enhances the overall customer experience, positively shaping Vietinbank's reputation in the eyes of its clients.
GAPs of Vietinbank Quality analysis
The knowledge gap refers to the difference between service management understanding and consumer expectations This gap arises when service providers fail to accurately grasp their customers' insights, desires, and needs.
Distance 1 results from the difference between what the customers expect and what the board of directors of Vietinbank notice The basis of this difference is that the managers do not fully understand the characteristics that make up the quality of services as well as how to deliver them to customers to satisfy their needs In accordance with customer
18 requirements, if it is only considered from the perspective of service providers, it will lose the objective of customer assessment of service qualities
Customers expect a warm welcome from bank clerks upon entering a bank, including friendly smiles and inquiries about their needs In contrast, bank managers believe that instructional signs and maps are sufficient for guiding customers This perspective reveals a significant underestimation of the importance of personal interaction in fostering customer relationships.
Bank traders are crucial in effectively communicating with customers and meeting their needs However, poorly trained employees can exhibit negative attitudes, such as offering a lukewarm reception and using inappropriate language, which fosters dissatisfaction This lack of respect can lead customers to feel undervalued and ultimately decide to discontinue their services with the bank.
Customers expect efficient and prompt service when visiting a bank, but frontline staff often struggle to meet these expectations Factors such as fatigue and unfamiliarity with procedures can lead to delays in processing transactions Additionally, staff may prioritize assisting colleagues over completing customer transactions, further extending wait times Ultimately, time is money, and customers are frustrated by the unnecessary delays they encounter.
The gap in service quality at Vietinbank stems from insufficient marketing strategies and a lack of understanding of customer expectations The bank has not prioritized research aimed at enhancing service quality, which may be compounded by excessive decentralization in management, leading to miscommunication and inaccurate information flow.
To bridge the gap in customer satisfaction, Vietinbank should effectively manage customer records to gain insights into their preferences and needs Conducting a sample survey is recommended to gather information on current customer expectations regarding services before implementing any changes.
The Policy Gap refers to the disconnect between a firm's understanding of consumer demands and its ability to translate that understanding into effective value designs and service processes This gap often arises due to various factors, including limited time, budget constraints, and insufficient material and human resources Additionally, organizations may focus solely on their own perceptions of what is correct, resulting in a failure to meet customer expectations adequately.
Vietinbank faces challenges in aligning its service quality with customer expectations due to difficulties in translating business perceptions into actionable service characteristics Despite understanding customer needs, factors such as the professional competence of service providers and significant fluctuations in service demand have led to misaligned service quality standards To address this gap, Vietinbank must thoroughly understand customer needs and develop specific offerings that ensure the services provided meet and exceed expectations.
Example 1: Management found that customers not knowing clearly about services they intended to use wanted to be interpreted evidently when arriving at the bank agency
To ensure effective customer service, it is recommended to have 2 to 3 counselors available However, to reduce labor costs, management has limited the number of employees assigned to this role to just 1 or 2.
Customers expect immediate responses when they reach out via the hotline, but various challenges can hinder this process High call volumes can lead to slow line speeds, causing delays in communication Additionally, there may be insufficient customer service representatives available during peak times, and a lack of expertise among staff in resolving service issues can further contribute to customer dissatisfaction.
I experienced a frustrating wait of over 10 minutes to connect with an agent When I finally reached her, she recommended that I leave my contact information for the bank to follow up with me However, after three days, I still had not received any phone call.
Vietinbank faces challenges due to a failure to meet committed service quality and a lack of understanding regarding the practical feasibility of its services To address these issues, service managers must assess service levels prior to implementation and establish standards based on the classification of service beneficiaries Additionally, investing in well-trained professional skills for frontline staff is crucial, along with the flexibility to adjust service criteria to better meet customer needs.
The Delivery Gap is the gap between the established service quality standards of the business and the actual service quality provided
To register for a credit card at Vietinbank, customers are advised to first call the bank's hotline to confirm their eligibility before visiting a nearby branch After receiving confirmation, they should proceed to the transaction counter to complete the application process However, it can be frustrating when, upon arrival, the bank staff claims the application is invalid and exhibits a negative attitude towards the customer.
After prolonged discussions, the staff reluctantly created a profile for the customer, but their unfriendly demeanor and the complicated processes led to significant delays, leaving customers waiting without clear explanations.
MEASURES OF VIETINBANK QUALITY
Hard measure
Hard measures refer to quantifiable operational activities and processes, along with their outcomes and impacts These metrics must align with established standards, ensuring that each step of the service delivery is clearly defined and measurable.
Commonly, the firm measures in terms of time and quantity such as service response level The general standard of the Call center industry is 80/20, which means 80
Only 24% of phone calls are answered within the first 20 seconds, highlighting a significant issue for Vietinbank, where customers often endure wait times exceeding 10 minutes This prolonged delay reflects a poor customer experience and indicates the bank's overall performance is lacking.
The time taken to complete a transaction is a crucial metric for assessing service quality, yet standardizing this aspect proves challenging For instance, consider a customer visiting a bank to make a deposit at noon Factors such as the bank teller's fatigue from a busy morning or a lack of professionalism and skill can result in a slow and unenthusiastic service experience Even in a relatively uncrowded setting, this can lead to customer discomfort and dissatisfaction.
The success of Vietinbank's customer service department hinges on customer satisfaction with its products and services To enhance service development effectively, the bank should implement measurement methods for customer experience, as these tools are essential for evaluating performance and planning improvements.
Soft measure
Vietinbank, a state-invested enterprise, prioritizes both prestige and service quality, recognizing that exceptional customer care is crucial to its success To uphold and enhance its market image, Vietinbank invests in comprehensive training for its staff, equipping them to effectively manage emergency situations and engage positively with customers This commitment to service excellence ensures that every employee, including security personnel, greets customers with a friendly smile, reinforcing the bank's dedication to customer satisfaction.
Although such training sessions are very expensive, the results make all Vietinbank customers very satisfied with their services.
MARKETING STRATEGIES FOR VIETINBANK (7Ps)
Product
One of the most important activities in service marketing is to create trust for customers by increasing the visibility of products and services
After understanding the market context and selecting the target customers who are generation z for a unique card opening campaign, Vietinbank's product strategy will include:
First, Core product is new card registration service for Gen Z
Vietinbank is set to launch two stylish card designs, IStyle and ICreate, featuring trendy aesthetics for both domestic and international debit cards These cards will showcase a youthful appearance with eye-catching accents along the borders, appealing to a modern audience.
With the IStyle card, customers can select from a variety of simple templates, including designs featuring flowers, animals, and stars, during the registration process to personalize their card.
The ICreate card allows customers to personalize their banking experience by submitting a photo to the bank for a custom cartoon-style portrait, which will then be printed on their card, creating a unique personal imprint.
Supplementary services will enhance the customer experience by providing essential information during card registration, including pricing details and attractive incentives for Gen Z, such as free card management for the first year Our enthusiastic staff are readily available to guide customers through the card opening process, ensuring a smooth experience without any concerns Once a customer decides to proceed, our team promptly handles the registration, data entry, and invoice generation, streamlining the entire process.
Gen Z values quick registration times for services, prompting Vietinbank to prioritize professional staff and efficient information processing To meet this demand, the bank must enhance its capabilities and modernize task handling processes to ensure a systematic and streamlined approach.
In addition, the process of providing services and customer care when using card services should be improved as follows:
Before providing the service: Creating a database of customers from which to introduce customers to the services that Vietinbank provides in a dedicated and detailed
26 manner, making customers interested and understand better understand the services by emphasizing the benefits and differences of such services
While providing services: Transactors guide customers to carry out procedures quickly and conveniently with a kind and gracious attitude, a professional style and with the utmost support through modern facilities
After delivering our services, we prioritize the supplementation, updating, and categorization of customer data to enhance future service offerings and facilitate after-sales support, including surveys and customer reviews By classifying customers effectively, we can address their needs promptly and securely, fostering confidence in Vietinbank’s services This approach not only strengthens our database but also allows us to continuously improve service quality and meet the evolving expectations of our customers.
Price
Banking service prices refer to the fees customers must pay to access funds for a specified duration or utilize the services offered by their bank.
To successfully launch a new line of debit cards, Vietinbank should adopt a market penetration pricing strategy This approach is essential as customers may initially be hesitant to embrace new products, questioning whether the new debit cards offer greater benefits than their existing ones By implementing a low-price strategy during the initial phase, Vietinbank can create incentives that encourage customers to open new accounts, facilitating a smoother transition to the new offerings.
Gen Z, as early adopters of digital technology, demonstrates a keen sensitivity to social networks and the internet Consequently, Vietinbank will implement a dual pricing strategy that encompasses both offline and online segments This approach will streamline transactions and enhance customer options when utilizing the bank's services.
To effectively implement this pricing strategy, Vietinbank needs:
Vietinbank charges a fee of 50,000 VND for the issuance of domestic debit cards at branches across the country Additionally, customers are required to pay a maintenance fee of 50,000 VND upon the initial registration of their account.
27 domestic debit card If customers choose to register online through Vietinbank's website, the service fee will be 30,000 VND for each account and the account maintenance fee is also 50,000 VND
Vietinbank charges a fee of 70,000 VND for opening international debit cards at branches across the country Additionally, customers must pay a one-time account maintenance fee of 50,000 VND when registering for their international debit card For those opting to register online via Vietinbank's website, the service fee is reduced to 50,000 VND per account, with the same 50,000 VND account maintenance fee applicable.
Printing an image on a debit card incurs a service fee of 100,000 VND per account for available images If customers opt for custom cartoon portraits, the fee increases to 200,000 VND per account.
Place
A place for people to access online card registration if it is not inconvenient to move
After being provided with a card, customers use the app to use available services
Increase customer experience (with parking lots, air conditioners, close to the city center, confectionery, drinking water, )
There is a staff of Vietinbank to introduce and advise students on card opening services
Give students the opportunity to experiment with card design and award prizes to the person who gets the most votes
Time Website and app are always active, customers only need to submit registration information and the Banking department will receive it during office hours (8am - 16h30)
Transactional branches serve customers during office hours from Monday to Friday (8am - 16h30)
The Bank's staff and collaborators will evenly distribute the time each month, specifically, opening a direct consultation desk at the University once every 2 months
Form There are banners displayed on the homepage of the website about instructions to apply for a card
There is a separate link that leads customers to the design section It will show some demos for customer reference
Pop-ups appear when customers open the website and encourage them to fill in their email to help them update the latest information
Each waiting table is equipped with a magazine that is updated every month about the Bank so that customers do not have to wait for a long time
Display on the small screen at the Bank information about card openings and available campaigns
29 about the bank as well as the services available
Information There is a call center to support all questions about card opening
Respond within an hour when there is a customer feedback or complaint
A minimum of 10 online consultants is required
The customer care department has well-trained staff, usually two people on weekdays, peak hours or holidays with 3-5 people.
People
People are crucial to Vietinbank's success, as their contributions extend beyond mere human resources to the overall development of the bank To foster a motivated workforce, Vietinbank should promote a friendly and open business culture that encourages creativity and dedication among employees, ultimately enhancing work efficiency and customer satisfaction It is essential for the management team to standardize the recruitment process, ensuring that candidates possess the necessary skills and expertise in the banking industry By hiring qualified individuals, Vietinbank can deliver exceptional services and cultivate a positive image among consumers.
Bank tellers play a crucial role in customer service by understanding customer psychology and maintaining an open-minded attitude Clients prefer interacting with representatives who are willing and capable of addressing their concerns To provide exceptional service, employees must receive professional training and possess in-depth knowledge of the latest product specifications.
Vietinbank can enhance its personnel quality by collaborating with universities and training centers to establish talent recruitment programs that identify potential candidates and experts Additionally, developing internal training programs focused on communication, sales skills, and business knowledge for management is essential, along with regular staff competency assessments The bank's leadership should implement a comprehensive welfare policy that rewards outstanding employees, linking performance to salary and bonuses Furthermore, organizing skilled worker contests and promoting exceptional individuals can significantly boost employee motivation and productivity.
Understanding customer insights and needs is crucial for Vietinbank to enhance their products and services Customers choose to engage with the bank not only based on product quality and knowledge but also due to after-sales support and psychological factors To foster loyalty and retain existing customers, Vietinbank must prioritize delivering exceptional service experiences By doing so, they can strengthen their relationship with current patrons and attract new ones, ensuring long-term success in a competitive market.
The success and sustainability of a firm heavily rely on its workforce, as employees play a crucial role in determining the company's overall performance and outcomes.
Process
Individual customers can access a range of services, including payment and savings deposits For added convenience, home collection and payment services for savings deposits are available Additionally, customers who are unable to visit the transaction office can register for home advisory services.
VietinBank provides a diverse array of deposit products and account management services, enabling businesses to effectively manage their cash flow Key offerings include demand deposits, multi-purpose investment deposits, margin deposits, regular term deposits, and automatic term deposit investments, all designed to meet various financial needs.
Vietinbank offers an online savings option, allowing customers to deposit funds without visiting a physical branch This convenient service enables users to manage their monthly savings deposits through electronic devices with internet access.
To ensure a smooth and secure savings experience at Vietinbank, customers should invest time in understanding the various savings packages and interest rates offered This knowledge will empower them to make informed decisions regarding their savings.
The process of implementation between the customer and the Bank in the specific deposit service is as follows:
• Customers will learn about Vietinbank deposit interest rates
To ensure a smooth and secure savings experience at Vietinbank, customers should invest time in understanding the various savings packages and their corresponding interest rates Detailed information about these savings interest rates can be easily accessed through Vietinbank's official channels.
Before visiting the bank, customers can access valuable information through the main website or the home advice center, or consult directly with a teller This provides them with multiple options and essential information After receiving advice, customers can evaluate their choices based on their interests, goals, and personal plans, ultimately deciding on the best option to pursue.
• The customer chooses the deposit term and completes the procedure (then the customer and the bank agree on a certain interest rate)
Customers will make a decision based on their financial capabilities and preferences, then proceed to complete the deposit service registration form provided by Vietinbank This involves filling in personal details such as their full name, date of birth, ID number, address, and phone number, followed by signing to confirm their acceptance of the terms.
During this process, the teller will confirm and record the deposit service for the customer, ensuring it is signed by both the trader and their supervisor Additionally, a duplicate will be provided to the customer as proof of the transaction.
* The customer returns the file to the bank teller and proceeds to put money in and pay some registration fees
• After about 5-10 minutes, the teller opens the deposit book and issues the passbook to the customer
Customer information is entered into Vietinbank's bank database under strong security, avoiding account disclosure
The deposit transaction is considered successful from the date VietinBank completes the accounting of the deposit transaction according to the agreed contents in the Deposit Contract
• The deposit period comes into effect and the customer will receive benefits depending on the services they have previously selected
• Finally, the customer will receive interest periodically
• Learning about life insurance (LI) packages for customers
Vietinbank offers a variety of insurance products, including "VBI Care Health Insurance," "VBI Safe Extended Accident Insurance," "Cancer Insurance," "Travel Insurance," and "Borrower Insurance." Detailed information about each insurance type is available on the Vietinbank website, or customers can visit a branch for personalized advice During this consultation, customers can gain essential insights into the insurance packages, including coverage limits, premiums, and eligible individuals.
• Select the payment term and complete the procedure
Customers, after reviewing various insurance packages, select the options that align with their financial circumstances They then proceed to provide their personal information to finalize the process.
The interaction between customers and users is facilitated by an essential backstage step, which often goes unnoticed This crucial phase involves the customer and the bank reaching an agreement on liability levels and contractual terms, setting the foundation for their direct engagement.
In this step, the customers pay the guaranteed money according to the deadline and the committed amount
=> At backstage, staff entered data of individuals who agreed insurance packages into the data set of Vietinbank
This step is a core service of the Vietinbank insurance process since the agreement of the two sides comes into effect
• When the insured event occurs, people buying insurance have to prepare documents to claim insurance coverage
=> At backstage, Vietinbank receives documents Checking the customers' documents whether the customer's case matches the insurance terms that the customer bought or not
• Vietinbank pays the insurance money or indemnifies according to the term as agreed in the insurance contract
In summary, purchasing insurance is an intangible information process, as customers are unable to physically see, touch, or hold the benefits they have paid for, such as cash and health guarantees.
Physical
Facilities play a crucial role in ensuring customer comfort at bank branches Disappointment can arise when a reputable institution fails to meet service expectations Therefore, it is essential for Vietinbank to continuously update and enhance its physical environment and equipment to boost employee efficiency and minimize technical issues, thereby protecting its image and creating a positive first impression for customers.
The bank should ensure that the parking lot is spacious enough to prevent customers from parking in nearby buildings and adequately shaded to protect their vehicles from sun damage Additionally, the seating and transaction areas must be kept clean and well-lit, as these are the first spaces customers interact with and significantly impact their overall experience.
To enhance the walking paths, it is essential to eliminate obstacles such as equipment and disorganized chairs, as these can make the area feel cramped Additionally, customers frequently utilize toilet facilities and expect a high standard of hygiene; thus, the bank must ensure these areas are kept clean and free from unpleasant odors.
To enhance its appeal during various holidays, Vietinbank should consider decorating its premises with themed concepts tailored to each special event For instance, during Tet, the bank could adopt a vibrant red color scheme, feature a stunning giant apricot blossom centerpiece, and have employees don uniforms that reflect the festive spirit This approach can be similarly applied for occasions like Christmas and Valentine's Day Such festive decorations not only attract customers conducting transactions but also draw in bystanders eager to take photos, effectively boosting Vietinbank's image and visibility.
To enhance customer experience, Vietinbank should install utilities like hydrogen water generators, self-serve bars, and vending machines at major branches, offering a diverse range of beverage options In light of the COVID-19 pandemic, it is crucial for the bank to also provide hand sanitizers and medical equipment to help prevent the spread of the virus.
In a targeted campaign, it's crucial to emphasize details that attract customers Painting walls or small zones with elements from custom card designs allows for easy identification and familiarity Customers can quickly recognize problematic shapes and suggest changes to new ones These design elements will align with the bank's iconic blue and white palette, ensuring consistency throughout the campaign.
Sound, smell, and music significantly enhance customer experiences both consciously and subconsciously Given the unique nature of banking, creating an atmosphere of comfort and relaxation is essential for both customers and employees Vietinbank should consider playing soft instrumental music that features a harmonious and pleasant melody with a modern twist to align with the campaign's vibe Additionally, the furniture in transaction areas and offline booths should be thoughtfully arranged alongside banners and other artifacts, while finished cards should be presented in synchronously designed envelopes before being handed to customers.
Promotion
Object Make Gen Z express himself, step out of his comfort zone
• Introducing Vietinbank, emphasize it as the state bank
• Launched to issue a number of new card free of charge
Building the image of Vietinbank in customers' mind, creating demand for Vietinbank's services
• Officially launched a new card ULC collection
• Sponsor the national high school exam
• Series consulting services to open ATM cards Vietinbank
• Preferential programs when using atm Vietinbank cards
Activation & Sampling, TVC, PR, seeding, FB Ads, Packaging, SEO, Kenh 14, Kols, sale people, Tiktok
FB ads, google ads, SEO, TVC, Kenh 14,
From 18 to 25 years old They are students preparing to graduate from high school and college students are going to work
Target customers for ATM cards include students preparing for university, who require new bank accounts to manage living expenses and pay tuition fees Additionally, future employees rely on bank cards for receiving salaries and managing their finances.
Provinces and cities in Vietnam
Until now, Vietinbank has mainly focused on customers who are Millennials However, soon, this generation will make way for Generation Z in most shopping and transaction activities
According to research from BAI, an independent nonprofit organization that provides financial services industry behaviors and trends The highlights they studied about Gen Z include:
• Nearly half of respondents said they were willing to pay for additional services
• They interact more with their financial services institutions than other generations
Gen Z is currently using the same financial services as their parents, yet over two-thirds are open to switching for more innovative options Recognizing this trend, Vietinbank is seizing the opportunity to engage more effectively with Gen Z customers.
The target audience of the campaign is Gen Z (born from 1995 to 2003) These subjects have become the primary labor force, so the demand for banking services is increasing
Gen Z is drawn to affordable products and services that exude a sense of luxury and trendiness, seeking attention and recognition from others While they find banking topics uninteresting, banks must prioritize both quality and image to engage this demographic Despite their high expectations, Gen Z is open to exploring new experiences, even with lesser-known brands.
The target group is familiar with technology, social platforms, and is willing to test new ideas They are happy to share and comment if an interesting topic comes up
To achieve the above goal, Vietinbank must first attract the attention of this dynamic generation by stimulating their creativity
Vietinbank is launching a Personalized Card Plan tailored for Gen Z, allowing customers to customize their card designs during the registration process This unique offering sets Vietinbank apart from competitors and is expected to attract younger clients While there is a fee for this customization feature, the cost will vary based on individual preferences Customers can choose from two customization options: designing their cards using simple templates like flowers, animals, and stars, or submitting a photo to the bank for a cartoon portrait.
“Mở thẻ mới - Phong cách mới”
Reaches almost everyone Target customers can be classified Target customers can be tracked Vietinbank's fangpage currently has 108,111 followers
Easy to squeeze interaction There are many virtual accounts that are difficult to control
Vietinbank's Youtube currently has 4.24 N subscribers
The cost is quite high
Instagram The user is young and dynamic
There is only one fixed group of customers
In Vietnam, with its rapid growth, TikTok has up to 12 million users Our target audience is young people, between the ages of 15 and 25, and this is our target audience
Kenh14.vn is one of the online news sites for young people with a huge amount of "huge" traffic from readers Most of the content of
Channel 14 belongs to entertainment and social topics, targeting young readers such as teenagers, students and students
Fake information, it's hard to distinguish
Blog Sharing is well received by many people
The majority of customers are loyal ones to that blogger
Customer data is real data
You can find customers through Zalo ads
Reaching customers is quite difficult
Can optimize search engine SEO
Cost, it is not possible to identify
41 the customer to be focused
1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 12 x x Gap nhau cuoi nam x Viral video x x x Officially launching the ULC collection x x Sponsor the national high school exam x x x x Advisory series for card opening x x x x TVC x x Rap Viet x x x x
Preferential programs when using atm
• Build complete CRM system correction
Gen Z often experiences a protective upbringing, leading to dependency and challenges in stepping outside their comfort zones to express themselves Despite their eagerness to break free from these constraints, fears of failure hold them back However, there is an inherent passion within them waiting to be ignited Vietinbank aims to fuel this passion by encouraging Gen Z to embrace their creativity and individuality, helping them to shine brightly.
Building an image in the minds of target customers of Vietinbank as a stylish- creative bank
Advisory series for card opening
1/1-31/12 However, the focus will be on 1/4-1/10/2021 The counseling campaign will focus on high schools, universities and colleges, and will take place nationwide
• Using the media Fb ads, Google ads, to spread the heat of 2 types of style- create cards of Vietinbank
• Hire KOLs, Bloggers to promote Vietinbank
• Besides: Select singer Den Vau as the brand representative
Preferential programs when using Vietinbank atm cards
• Offer for all iStyle-iCreate cards: 1 year free of charge for messaging service and account inquiry,
• Every time a customer makes a deposit transaction >500,000 VND Within
1 month, you will have the opportunity to own a prize of up to 1,000,000 VND The program is valid from September 1 to December 1, 2021
Officially launching the ULC collection
• In which there are 2 main lines of cards are iStyle and iCreate
• iStyle Card: Allows individuals to use their images as animated 3D images to make cards
• iCreate:Vietinbank card will create a free and copyright-free image data source, all individuals who want to make this card can go to the Website to
43 create a card that decorates to their liking and then send the picture to the nearest Vietinbank to make a card
• Card issuance period is limited to only 6 months: From April 1 to October
• The card's features are the same as normal Napas, Visa, and Master debit cards
• However, 100 special Gold cards will be issued to the 100 luckiest people during the card making period
Stage Activate Cost KPI Total
- Program sponsors 'gap nhau cuoi nam'
- Viral Clip reached 10 million views
- The show met at the end of the year reached top 1 trending youtube
- Officially launched a new card ULC collection
- Sponsor the national high school exam
- Series consulting services to open ATM cards Vietinbank
10 million views on youtube, reached 5 million hits on FB, Tiktok
- Preferential programs when using atm
Globalization is driving significant regional and global economic integration, leading to increased competition among banks as traditional monopolies fade The banking industry now faces immense pressure from rising customer expectations and demands for enhanced services In this competitive landscape, the role of science and technology becomes crucial; however, it also presents challenges, acting as a double-edged sword for the industry.
Alternative payment and money transfer services are increasingly dominating the market, with providers like Momo, ZaloPay, and ViettelPay actively diversifying their offerings This fierce competition among these service providers is essential for capturing market share as they continuously innovate and expand their product lines.
To maintain its leadership in the banking industry, Vietinbank must enhance service quality to better meet customer needs A significant breakthrough in technology is essential for consolidating its top position in Vietnam's banking sector.
Vietinbank has made significant strides in service development, yet there remain areas for improvement This report provides an overview of Vietinbank's services, examines five key components of service quality, identifies existing gaps, and proposes a marketing strategy aimed at enhancing overall service quality by 30%.
To ensure long-term success in the ever-evolving banking industry, Vietinbank must adapt to market trends and address the growing demands of its customers By understanding customer preferences and aligning their marketing strategy with market development trends, Vietinbank can enhance its revenue performance compared to 2020 and secure its position in a competitive landscape.
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The article by Tiến Lâm discusses the unique and distinctive features of Vietinbank's retail banking services It emphasizes the bank's commitment to providing exceptional customer experiences and innovative financial solutions The content highlights how Vietinbank differentiates itself in the competitive retail banking sector, focusing on customer-centric approaches and tailored services to meet diverse client needs This article serves as a valuable resource for understanding the bank's strategic positioning and its efforts to stand out in the marketplace.
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