vietnam retail banking in 2016 - b&company...
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B&Company Vietnam
2016, January
VIETNAM RETAIL BANKING IN 2016
Free to use version
COPYRIGHT © 2016 B&COMPANY. ALL-RIGHTS RESERVED.
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About this report
• This report is published for free to all readers.
• The goal of this report is understanding about customer behavior in Vietnam retail banking sector. Other aspects related to retail banking industry may not be included in here.
• By using online survey method, the limited sampling cannot represent the whole population of Vietnam. However, we have minimized the issues by cross analyzing using only some demographic factors that fit with the real population.
• This report and all materials directly related to it are properties of B&Company. All rights reserved. No parts of this report may be reproduced or transmitted in any form or by any means without the prior written permission.
• Should you wish to use this report for any purposes, please kindly contact B&Company through the following given email address for further reference about the terms of use: info@b-company.jp
COPYRIGHT © 2016 B&COMPANY. ALL-RIGHTS RESERVED.
In general, people use some most popular banks in Vietnam, with a good level of satisfaction. Customers know about banks from various sources, and consider some criteria before using, such as location, staffs’ attitude, interest rate
Key Findings
Content Key Finding
Generally Particularly
1 Bank Using Behavior
• Most popular banks are Vietcombank, Agribank, Vietinbank, BIDV, DongA Bank, Techcombank, Sacombank
• More than 60% of people use basic services such as money transfer/receive and bank card
• More men make insurance investment or use bank loans compare to women, while women tend to use saving accounts more than men
2 Customer Satisfaction & Future Intention
• Around 70% of people are satisfied with the services of their most frequently used banks, and they are very likely to continue using or introduce to others
• People rate their likelihood to continue using or introduce to others the current bank at an average 4 point out of 5
3 Approach to Customers
• 72% of people know their current bank via their friend/ relatives
• Bank location, Bank staffs attitude and Interest rate are the top 3 criteria that consumers consider when choosing a bank
• Women are more affected by word of mouth than men since many women know bank information via School/ workplace and relative/ friend sources compared to men
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Table of content
1. Survey Overview
2. Bank Using Behavior
3. Customer Satisfaction & Future Intention
4. Approach to Customers
Conducted by online survey, this report helps understand more about Vietnam retail banking customer behavior
Survey summary
1. Survey Overview
Topic Customer behavior of retail banking in Vietnam
Objective Understand Vietnamese customer behavior in bank usage, customer’s future intention and effective approach to potential customers
Sample • 1,323 respondents • People who have done any activities that related to banking service
Research methodology Online survey
Timeline Dec 28th, 2015 to Jan 25th, 2016
Questionnaires 18 questions, in which: • 10 main questions related to the topic to understand about:
o Bank using behavior o Customer satisfaction & future intention o Approach to customers
• 8 questions related to respondents information.
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Most respondents are under 30 and have education level above high school
Source: Beansurvey
Respondent Profile (%)
32
27
41
Location
Others
HCM
Hanoi
100% = 1,323 respondents
52
48
Gender
Male
Female 48
30
19
3
Age
40 older
18 – 24
25 – 29
30 – 39
1 6
17
70
6
Education
Post-graduate
High school
College
University
Under High school
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1,323 1,323 1,323
Around 60% of respondents are office workers, most have personal income below 10 million VND/month and household income below 25 million VND/month
Source: Beansurvey
Respondent Profile (%)
61
26
13
Occupation
Others
Student
Office worker
8
21
23
33
9
6
Personal Income(MVND/month)
10 - <15
< 3
3 - <5
5 -< 10
15 or higher
No income 9
18
24
19
9
18
3
Household Income(MVND/month)
10 - <15
< 5
5 -< 10
25 or higher
15 - <20
20 - <25
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Refuse to answer
6
100% = 1,323 respondents 1,323 1,323
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2. Bank Using Behavior
27
4
4
6
6
11
11
16
20
30
32
35
Others
Eximbank
Maritime Bank
VP Bank
MB Bank
Techcombank
Sacombank
DongA Bank
BIDV
Vietinbank
Agribank
Vietcombank
Bank Currently Using
100% = 1,323 respondents
Bank popularity and using frequency (%) Biggest state-owned banks (Vietcombank, Agribank, Vietinbank, BIDV) are the most popular and also the ones that people use most frequently
10
1
1
2
2
4
4
9
9
16
19
22
Others
SCB
Maritime Bank
VP Bank
MB Bank
Sacombank
Techcombank
DongA Bank
BIDV
Vietinbank
Agribank
Vietcombank
Bank Mostly Used
100% = 1,323
MA. Which banks are you currently using their services? SA. Which bank do you mostly use their services?
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Bank Service Usage in Most Frequently Used Bank (%)
0
6
13
34
41
44
63
76
Others
Insurance
Bank loans
Mobile banking
Saving accounts
Internet banking
Bank card (ATM, credit, paymentcard etc.)
Money transfer/receive
100% = 1,323 respondents
MA. What services are you using?
Money transfer/receive is the most used service, with about 76% respondents using it
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Bank Service Usage in Most Frequently Used Bank - by gender (%)
MA. What services are you using?
Men somehow make more insurance investment or get more bank loans compare to women, while women tend to use saving accounts more than men
4
10
33
44
45
62
75
Insurance
Bank loans
Mobile banking
Internet banking
Saving account
Bank card (ATM, credit,payment card etc.)
Moneytransfer/receive
Female
8
15
35
44
38
64
77
Male 100% = 681 respondents 100% = 642
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For each bank service, the rate of satisfaction is quite high (above 70%). Particularly, money transfer/receive service is rated highest, with 82% of respondents satisfied
82
74
80
73
79
74
79
17
23
18
25
18
22
15
1
3
2
1
3
4
6
Money transfer/receive
Bank card (ATM, credit,payment card etc.)
Internet banking
Saving accounts
Mobile banking
Bank loans
Insurance
SA. In general, how do you evaluate about each service in your most frequently used bank?
3. Customer Satisfaction
Dissatisfied Neutral Satisfied 100% = 1,004 respondents
833
580
547
449
168
84
Bank Service Satisfaction (%)
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70% of customers are satisfied with current bank that they use, and will likely to keep continue using or introduce to others
70
28
2
Overall Evaluation
Bank evaluation
SA. Consider all aspects, please evaluate your SA. Objectively, please rate your likelihood to continue using or most frequently used bank compared with other banks? introduce the services of your most frequently used bank to other people? * Scale from 1 to 5, with 1 is totally disagree and 5 is totally agree.
Current Bank Evaluation and Intention (%)
Bad
Neutral
Good
100% = 1,323 respondents
4.2 4.1
Continueto use
Willing tointroduce
Likelihood to continue using or introduce (point*)
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Word of mouth and Internet are the most popular sources to know information of a specific bank
Information sources (%)
MA. How do you know about banks of which you are using services?
1
7
8
14
17
17
44
72
Others
Poster/ leaflet
From school/ work place
Outdoor advertising
Television advertising
Newspaper/Magazine
Internet
Family/relative/friend
100% = 1,323 respondents
4. Approach to Customers
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Women are more affected by word of mouth than men since many women know bank information via School/ workplace and relative/ friend sources compared to men
MA. How do you know about banks of which you are using services?
Information Sources - by Gender (%)
9
6
17
21
21
51
70
Male
5
10
11
13
13
38
74
Poster/ leaflet
From school/ workplace
Outdoor advertising
Television advertising
Newspaper/Magazine
Internet
Family/relative/friend
Female
100% = 642 100% = 681 respondents
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14
2
36
45
48
49
52
62
66
Others
Bank working time
Diversified services/ products
Promotion for customers
Bank reputation
Interest rate
Attitude of bank staffs
Convenience of bank location
100% = 1,323 respondents
MA. What factors do you consider when choosing a bank ?
The geographical characteristic of bank and the attitude of bank staffs greatly affect decisions of choosing bank
Criteria in Bank Selection (%)
Vietnam Office – Hanoi & HCMC
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Company Overview
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Originated from Japan with local offices in 2 big cities of Vietnam, B&Company promises to provide top-quality solutions for your business with our deep local understanding
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