The Urgency of the Subject

Today, with the cooperation of countries to bring about a growing economy, the cooperation for integration is a matter of concern because it is accompanied by very fierce competition, along with all banks. Today's commerce, to survive and develop sustainably, it is necessary to depend on whether the customer is the main one, whether or not they can be satisfied and whether or not they can deliver their expectations, which is a very worrying issue today.

To maintain their loyalty is a problem that banks have to solve a lot. With a customer to easily transact with any commercial bank if they want and they will also be disloyal if that party does not provide them with a need. Because nowadays, commercial banks always consider customers as the top priority in all their activities. So, building a good customer relationship will bring a lot of benefits and help Vietcombank Ho Chi Minh City (VCB HCMC) take better care of customers and promote loyalty, sustainability and maximum customer trust. about customer needs. Besides, it also means that it will help VCB reduce costs, increase efficiency in the business process and improve the fierce competition like now. Therefore, this is the reason why the authors have chosen the topic: " Customer relations at Vietcombank Ho Chi Minh City" [1]. 

Object and Scope of Research

Research Object: Theoretical and practical basis of customer    relationship    management    activities  at   VCB. Research scope: On the basis of theory as well as practical activities of CRM at VCB, thereby building a CRM system at VCB [2-5].

Research Methods

The article uses different research methods, in which mainly dialectical materialism, historical materialism, analytical approach and systematization of objects such as statistical tools, analytical tools, etc. extrapolation, qualitative and quantitative comparative methods for research [6-9,10,11].

Scientific and Practical Significance 

• Orientation of CRM activities for sales of products and services at VCB

• Analyze customers to have an overall picture of customers and understand their requirements through which to build reasonable policies to satisfy the increasing needs of customers.

• Develop policies for each target customer group

• Improve customer loyalty through CRM activities           

THEORETICAL BASIS OF CRM

Overview of the CRM System: CRM stands for Customer Relationship Management. It is the strategy of companies in developing close relationships with customers through research, thoroughly understanding the needs and habits of customers, approaching and communicating with customers systematically and effectively, manage customer information such as account information, needs, contact in order to better serve customers [12,13,14,15].

Through the customer relationship system, the customer information will be updated and stored in the database management system. Thanks to a special data detection tool, businesses can analyze and form a list of potential customers [16-21].  

A CRM system is simply the application of software to keep track of customer data. However, a more complex system requires a combination of factors: information, people, policies and the company's efforts to attract and retain customers [22,23,24,25].

CRM Operation Process

Talking about CRM activities, there are 5 main points that form a closed circle and when we start, we can start from any point (Note that customer-centric) [26,27,28].

• Sales: This can be considered as a main task of CRM, in sales operations, there are activities around such as: Transactions, mailing labels, emails, quotes, appointment schedules, contracts, shipment, collecting money

• Marketing: When a customer buys our products, that means a transaction has been made, the next step is to set up Marketing plans to entice customers to buy more of our company's products

• Service: When customers buy products from the company, the next job is to provide the best services to customers such as: giving gifts on the occasion of the company's establishment, February 14, March 8, November 20. The purpose is to attract customers back to buy from the company for the next time

• Analysis: When we create a list of target customers or customers who have purchased our company's products (Customers have made any transactions) The analysis will be considered as a key element for our companies. Sales, marketing, and service follow-up such as analysis by age, region, which products are best-selling, and generally analyze whatever the CRM user wants

• Collaborative: Provides the ability to interact with customers (phone, email, fax, web, sms, post, in person). CRM helps businesses interact with customers through all channels (direct contact, mail, fax, phone, web, e-mail) and supports the coordination between teams of employees with customer channels. row. Collaborative CRM is a solution that ties people, processes, and data together so businesses can better serve and keep their customers

CRM Implementation

Implementing a CRM program is more than simply buying the right software and installing it into the system. In order for a CRM program to be effective, organizations must first decide what types of customer information should be of interest and for what purposes [30,31,32].

For example, many financial institutions store customer "lifetime" information for the purpose of marketing insurance products to customers at appropriate intervals, close to customer needs.

Organizations then need to consider the different ways in which customer information is recorded, how and where customer data is stored, and how this data is currently being stored. use. A company can interact with customers in a variety of ways, such as by mail, website, physical store, call center, mobile sales force or marketing campaigns and advertisement.

The role of the CRM system in the business strategy of banks

CRM Helps to Centralize Customer Management: With a CRM, you no longer have to worry about the sales staff leaving their jobs with a list of customers, transaction history, customer debt, etc. CRM allows you to store customer information in a customer database in a straightforward way, collect all kinds of customer information such as: customer list, customer profile, transaction history and debt with every customer.

With CRM, employees don't need to save customer data on personal computers, don't need to record customers on a notebook anymore. The entire customer database (of the CRM system) is stored on the server (or in the cloud storage technology in a centralized way, so it is safe, secure and remotely accessible [33-40]. 

• Safety: customer database is backed up (backup) daily; Even if the sales staff quit, it's okay.       

• Security: every object accessing the customer database must have the correct name & password, all work tasks are controlled with proper responsibility and authority.    

• Remote access: any object, any work task can use a phone or computer to access the CRM system anytime, anywhere.     

CRM Helps Improve The Organization Of Customer Information Tin

Big data and science because customer information is as large and large as an encyclopedia of customers, classified, quantified, and organized in databases stored on servers or in storage technology. cloud 4.0 You and employees can now only operate on the computer or smartphone screen, both quickly and easily; For example, staff booking appointments to negotiate with customers is extremely convenient.

Detailed and automatic because customer psychology, customer behavior, or customer interactions with businesses are tracked and recorded automatically through customer clicks anytime, anywhere such as: surveys, reviews, product images on your website or landing page; click & open on email; like & follow on fanpage [41].

CRM Helps to Communicate Customer Information

The CRM system itself will remove that concern. A CRM system gives every employee access to the same customer details; In other words, the CRM system provides customer details to any employee who needs it. With CRM, individual customer and business You work from the same flow of complete, detailed and accurate customer information.

CRM Helps Improve Customer Service

According to a statistic, an average CRM system can retain business customers up to 30%. CRM not only does a good job of managing and taking care of new customers, but also supports and retains old customers, with available email / SMS scripts and templates. The email and SMS customer care system will automatically remind, notify, email, and send SMS messages to customers on birthdays and opening days; on special occasions, holidays.

CRM overall management of customer requests and contacts; and the answers, the feedback of the customer care staff. CRM also manages and tracks each customer's specific case; and clear and detailed handling solutions of specialized staff.

Features of CRM Systems at Banks  

Currently, there are a few commercial banks in Vietnam that have applied CRM technology and initially achieved positive results. Many banks in Vietnam are at CMS level - communication system. This partly limits the effectiveness of customer relationship management activities because banks have only built a common database system for finding customer information and sharing it between departments. marketing, sales and customer care exploitation.

What is CRM in banking?

CRM is the system to discover potential customers, turn them into customers and then keep customers coming back to use the company's services. Thus, CRM is the synthesis of many marketing techniques to the management of two-way information with customers. Like many different customer analysis tools, CRM analyzes the behavior of each market segment to the shopping behavior of each customer.

What effectiveness does CRM application bring in banking?

From a technology perspective, CRM in banks with supporting software is now divided into 3 basic parts: Marketing, sales and service:

• For the sales department         

• CRM is a tool to help automate sales force (Sale Force Automation)

• As a central tool to help answer customers (Call Center)

• As a supply chain management tool

• For customer support service         

• As a support service management tool

• Hotline tool

• On-premises services administration tool

• With the marketing department         

• Lead Management tool

• Tools to help analyze customer profitability

• Marketing campaign management tool

• Email Marketing Tools

• Other marketing automation tools

With the maximum exploitation and continuous updating of customer information, the application of CRM in banks is now one of the powerful tools to support sales staff in finding, Update and unify data. This information will include non-relationship customers and pre-relationship customers.

For managers, customer information updates such as meeting schedules, weekly plans, etc. will support the work control of junior credit officers. From there, the person in charge of directly will know what his employees are doing, where and how effective each job is. 

In addition, there are a few banks CRM development towards integration with some other utilities, for example: To approve the submission online, leaders of units of ca nh can monitor the progress made submission, modification and approval on the system; setting up appointments with the bank; create a forum exclusively for customer relations staff to exchange.

For the banking sector, how will the measurement of customer values ​​include many factors and requirements of the CRM system on customer satisfaction? Of course, in order to achieve such goals, there will need to be distinct changes in technology, in organizational structure and employee skills, training and recruitment.

The Method of Data Collection

For Secondary Data: Collect information and data related to Joint Stock Commercial Bank for Foreign Trade of Vietnam - Ho Chi Minh Branch, such as revenue, labor, etc. from the service department, corporate customer department, general department and department OF Administration and personnel of the branch.

For Primary Information

Collecting information through interview forms and customers using services of Joint Stock Commercial Bank for Foreign Trade of Vietnam – Ho Chi Minh branch.

Research Process

Sampling Method: Participate in interviews: for customers who are using at VCB and employees directly related to the bank's CRM activities. For the group of customers who are using related to enterprise's CRM activities. With total employees directly related to CRM work at the enterprise, including: teller, credit, customer department and investigation.

EVALUATING THE EFFECTIVENESS OF CRM AT VIETCOMBANK HCMC

History and characteristics of CRM system at Vietcombank: The former Vietnam Bank for Foreign Trade, now the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), officially came into operation on April 1, 1969 with the predecessor organization being the Foreign Exchange Department (under the State Bank of Vietnam). Vietnam). Bank for Foreign Trade of Vietnam officially operated as a joint stock commercial bank on June 2, 2008 mFull name: Joint Stock Commercial Bank for Foreign Trade of Vietnam Short name: Vietcombank Head office: 198 Tran Quang Khai, Hoan Kiem District, Hanoi.

Owning a modern banking technical infrastructure, VCB has many advantages in applying advanced technology to automatic processing of banking services, product development, and e-banking services based on the platform. high technology.

There are about 16,800 employees, and also developed Autobank system with more than 2,536 ATMs and over 60,000 Card-accepting units nationwide.

Strengths and weaknesses of CRM system at VCB compared to other Big4 banks

The "Big 4" includes the four largest banks in Vietnam today such as Agribank, BIDV, VietinBank and Vietcombank.

Strength

Compared with 3 banks Agribank, BIDV, VietinBank, loan balance is higher and Vietcombank is much lower than those 3 banks.

• Regarding deposits, one of the factors that helped improve Vietcombank's profit margin was that the bank had the largest amount of demand deposits, showing its advantage in cheap capital.

• Vietcombank's bad debt ratio is at least 1%. Meanwhile, BIDV is the highest with 1.8% Agribank and VietinBank at 1.6%.

• Although not having the highest revenue, Vietcombank has the leading profit before tax, moreover, it is far behind the other 3 banks. Vietcombank's profit before tax in 2018 was more than VND 18,000 billion and twice higher than that of BIDV, Agribank or Vietinbank. Why is that so? The main reason lies in the cost of risk provisions; Vietcombank while criticizing VND 7,400 billion, BIDV is up to VND 18,259 billion, Agribank is VND 21,707 billion, Vietinbank is VND 7,692 billion. BIDV's provision expenses will be a burden for this business. 

• Vietnam's strongest products and services, wide network. VCB's card products are diverse, meeting the different needs of customers. Most of VCB has a very wide network throughout the units, always offering preferential programs for customers such as using international credit cards branded Visa, MasterCard, American Express with the benefit of using credit limits. Used to spend at card-accepting units worldwide. With a wide network of 43,000 merchants and 2,407 ATMs across provinces and cities, ready to meet the needs of users.

• Strong brand, prestige and high credibility:

• Vietcombank is the bank with the strongest brand in the Vietnamese financial market, through many surveys from consumers, individuals and organizations.

• Foreign exchange activities with the highest turnover.

• With international payment and trade finance sales of VCB in 2019 reaching 78.3 billion USD, up 21.5%. With that goal, VCB continues to maintain its leading position in the market in terms of foreign currency trading and services.

Weakness

• The bank's information technology resources are lacking in both human and machinery         

• There is a shortage of senior officials and policy analysts, and the leadership team and staff all have university degrees or higher. Vietcombank's ATM system has caused many inconveniences to customers about the status of the machine being faulty, broken, and out of money

• Products and services are not uniform, the website has not been changed         

• Although the products are quite diverse for different customers, there is not a variety of connections, so it has not attracted much attention. In addition, VCB's marketing is not good, it is also possible that the product launched may not be suitable for the majority of customers.

• On- balance sheet bad debt, Vietcombank increased slightly by several million USD.         

• Among the four banks, Vietcombank has the smallest outstanding loans and deposits from customers. Followed by Vietinbank, BIDV, and Agribank, which currently have the largest outstanding loans and deposits from customers, all of which have exceeded 40 billion USD.         

Promoting and exploiting the strengths of the CRM system at VCB HCMC 

• In order to improve the financial situation and improve business performance, the bank needs to increase revenue and expenses so that the growth rate of revenue is higher than the growth rate of costs, thus ensuring the bank operating profitably.

• Stepping into the developing economy, prioritizing investment in infrastructure and industries with comparative advantages, creating a strong development step when participating in international integration, maintaining the growth rate. economic and sustainable.

• Upgrading, promoting innovation, perfecting and capturing a large market share in the area

• Strengthening internal inspection, strictly controlling activities to detect shortcomings and timely repair, helping Vietcombank stay on the right track and bring efficiency to the bank itself and the country's economy.

• The organization is comprehensive, promoting the training and retraining of human resources

Overcoming Weaknesses of CRM system at VCB HCM Branch

• Mobilized capital has increased but not high, the proportion of total capital is still visible. The reason is that Vietcombank's deposit market share is not really large

• Improve the staff in the bank. Training more courses to improve the shortcomings, flawed analytical policies that occur in the bank

• Improve Vietcombank's ATM system in terms of problems such as line failure, old machines that have faded all numbers, broken, often run out of money without updating. Upgrade the transmission line to avoid the situation of customers waiting too long due to weak transmission lines

• Improve banking services: the bank has not paid much attention to customer service, especially security. Although the security guard is very crowded, he does not know how to allocate work and also does not help customers in guiding and supporting parking and driving for customers.

• Overdue debts are recovered very little due to inefficient production, so borrowers do not have any revenue to pay debts, dealing with overdue debts encounters many difficulties.

• There is a shortage of senior officials and policy analysts, and the leadership team and staff all have university degrees or higher.

• Vietcombank's ATM system has caused a lot of trouble to customers about the status of the machine being faulty, broken, and out of money.

In the context of a competitive economy and extensive integration, improving competitiveness is an important and vital condition for Vietcombank to survive and thrive. Affirming its leading position in the Vietnamese commercial banking system, step by step reaching out to regional and world markets.

Through the analysis of the bank's business activities, we can see some achievements of the bank in recent years. See the financial capacity as well as business of the bank. The achievements that Vietcombank has achieved are the result of the whole system, the efforts of all staff, the whole system. These spirits are more and more necessary in the coming time when we have integrated with the world.

Thereby focusing on analyzing and evaluating the current competitive situation of Vietconbank compared to Vietnamese commercial banks. Besides the results that the bank has achieved, the bank also has many limitations. Although Vietcombank is currently the leading bank among commercial banks in Vietnam, there are still limitations and in order to be able to maintain such a position, especially keeping up with international commercial banks. As one of the commercial banks in Vietnam, Vietcombank needs to improve its competitiveness to develop sustainably in the integration trend. For international integration, Vietcombank needs to make more efforts to promote existing resources, take advantage of strengths and opportunities to affirm the bank's position.

In business, besides putting profit as the top priority, the bank always focuses on creating trust in customers, creating favorable conditions, meeting customers' needs well, making customers feel comfortable. comfortable and satisfied about the bank. Vietcombank must make its activities more and more developed in a good direction, focusing on marketing and service activities, quickly solving customers' needs.

Recommendations and suggestions            

For VCB HCMC bank leaders: Improve capital mobilization efficiency: it is necessary to diversify forms of capital mobilization to increase Vietcombank's equity. This is one of the most important contents in the development process of the bank. Although equity accounts for a small proportion of total assets, it plays a key role in determining the size, competitiveness and level of risk protection. Increase equity by developing bonds, issuing shares, attracting domestic and foreign investors to participate in equity purchase.

Promote the application of arising operations, strengthen measures to increase foreign currency sources, develop and improve the efficiency of foreign currency trading activities. Develop and expand correspondent banking system.

Improving management and administration capacity, foreign trade banks operate with a nationwide network. Foreign trade banks need to build a new business mechanism to improve governance capacity. Make clear assignment and division of responsibilities between departments as well as in each executive position. This is a prerequisite to ensure transparent and smooth operation.

Develop a reasonable salary and bonus regime to encourage employees to make positive contributions to the development of the bank. Create a convenient working environment, with promotion opportunities for qualified employees… to motivate employees to work more effectively.

Building the brand name of Joint Stock Commercial Bank of Vietnam in the integration process. Banks need to choose the scope of branding on their market development strategy. Banks should develop their strengths in selected market segments such as: development in the international credit card market and international payment.

For marketing, sales, and customer service departments at VCB HCMC

Having a plan for training and developing human resources should be formed on the basis of the process of management and standardization of staff. In which, the standardization of sets is based on the minimum requirements that must be met in terms of qualifications, education and experience. Requirements on skills of each type of job title in the bank. The training of human resources of the bank must be combined with many forms, especially in which training and retraining to improve the existing implementation capacity according to new requirements, combining professional skills training with job training to improve moral quality of vocational careers of officials of staff. Combining training with innovation and structure, transaction network. Training in banking management knowledge to meet the requirements of banking management in accordance with international practices through international training programs and projects combined with staff training abroad.

Banks need to promote marketing to attract depositors. Promote propaganda, publicity, widely about banking services, forms and policies of capital mobilization, deposit attraction. so that customers know about such services. Organize a customer care department, a reasonable business strategy segment.

Diversify products and services and deploy new methods to improve service quality. Widely deploying electronic payment service activities, investing and widely applying new payment instruments according to international standards.

Foreign trade banks need to build up the external symbols of their banks: staff uniforms, layout of sales and purchases.

For individual customers and institutional customers of VCB HCMC

• Vietcombank promotes processes and policies that are adjusted in line with the current market situation and will naturally meet the requirements of customers. In addition, Vietcombank has also completed the adjustment of the regulation on savings for individual customers, adjusted the management of product codes, interest rate codes and decision-making authority for standard products.

• Improving customer satisfaction, processes and procedures have been changed in the direction of more friendly and fast, of course there is stiff competition in terms of quality and good service. This will help improve the attachment and loyalty of individual or institutional customers to the bank's services.

• Vietcombank switched to a customer-centric approach and used modern customer segmentation models. Enables customers to provide comprehensive omnichannel experiences, enabling products and services to be tailored to the needs of individual and institutional customers; and will manage risks flexibly and dynamically.

• Centralize and automate transaction processes to provide accurate, fast and efficient services. Customers will enjoy a great experience, while staff will focus on loan advice and support, asset management and investments.

• Vietcombank has also provided many customer support channels through mobile applications, multi-service ATMs and communication channel partners, expanding and strengthening the relationship.

Solution to develop CRM system to face future business challenges at VCB HCMC

Plan the right CRM strategy before implementation:

• Implementing CRM activities is a combination of all human factors, technology and business strategy of the whole bank. The strategy shows the goal of CRM implementation and is a decisive factor to the effectiveness of CRM activities at the bank. When implementing CRM activities, it is necessary to:

• Define the bank's CRM objectives, including the value the bank offers to customers and the values ​​the bank wants to receive.         

• Analyze the factors affecting CRM activities including: culture and brand of the bank, people, technology and budget that the bank spends on CRM activities. On that basis, choose the right CRM strategy for the bank.         

• Design plans to execute the planned strategy with respect to time, actions and desired results         

Establishing a CRM implementation department

In order to successfully implement CRM activities, banks need to set up a specialized department to plan, organize, implement and evaluate the effectiveness of CRM activities in each unit. In addition, it is necessary to clearly define CRM activities as the responsibility of all departments and individuals in the bank. Establishing a department dedicated to CRM implementation should ensure:

• Identify rights and responsibilities in implementing customer relationship management;     

• Set specific requirements for each department, based on the overall strategy of the bank     

• Training staff to operate, manage and exploit customer value     

• Regularly check the operation of that department during the interaction and implementation, in order to adjust the operation.     

Build quality human resources

Implementing human resources is considered the most important factor in the implementation of CRM activities at the bank. In order for the customer service operation to be really effective, the object that the bank needs to pay the most attention to is the customer service staff, who directly interact with the customers.

Focus on encouraging employees to appreciate innovation and expand peer relationships. With the above training method, internal information is clearly shared, ensuring that the collection and management of customer information is easier and more accurate. In addition to training to improve professional qualifications and skills for employees, so that the staff can devote all their attention to their work.

VCB needs to make sure that they are respected and that CRM activities benefit them. Factors that need to be considered to encourage employees are:

• Enhancing employee opinions: The staff is the person who directly implements CRM activities at the bank, so when implementing CRM activities, the administrator needs to get suggestions from the staff.         

• Compensation and reward policy: CRM activities are also a function and task in the bank. The bank needs to develop a remuneration policy for individuals who successfully complete the assigned work.  

Choosing the Right Technology Solution Pháp

Currently there are many technology solutions for CRM implementation, but whether these solutions are really effective or not, it must be suitable for the organization VCB wants to deploy. What factors should be considered when choosing CRM technology solutions for banks. Some criteria that need to be considered are:

• The technology solution must be consistent with the CRM strategy that the bank built before.

• The Bank must grasp and master the technologies deployed in the system.

• Interoperability of the CRM software with the bank's customer data source and the various services the bank provides.

• The bank's readiness with CRM technology solution includes: Budget for CRM activities, human resources, technology infrastructure, customer size to ensure smooth and high efficiency of operations.

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