vietnam retail banking in 2016 - b&company...

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: [email protected]


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


5

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


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


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


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


10

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


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


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


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


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 (%)

B&Company Vietnam

COMPANY INTRODUCTION

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Company Overview

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• Established year: 1997

• Service focus:

Strategic Consulting Financial Consulting Venture Investment & Advisory Foreign Business (ASEAN) Consulting


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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