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CHAPTER I INTRODUCTION Fund mobilization is essential to banks’ success. Recently, banks face with strong competition in attracting and retending depositors. Many banks fail to mobilize funds while others are able to understand better depositors and depositors’ behavior in bank patronage and take advantadge of their knowledge to win the game. In the study, the researcher would like to address the issue of depositors’ behavior and bank patronage. 1.1 Background of the Study Vietnam economy has been in the fast growth track for a decade. Vietnam GDP growth is mainly come from government capital expenditure and private sector investment. The fast infrastructure development and urbanization process require huge source of funding. One of the engine to lure the growth is the expansion of credit by banking sectors. The banking sector in Viet Nam consists of 5 state owned banks, 37 commercial joint stock banks, 53 foreign – related banks, 30 financial companies and finance lease companies, 1 Central People Credit Fund and 1,057 local people credit funds (Nguyen C.T., 2011). The number is quite big giving the Vietnam’s GDP per capital is 1,300 USD by 2011 (Dantri, 2011). The competition is high in the sector, especially in main economic and political areas like Ha Noi and Ho Chi Minh cities. The interest income contributes a major part of banks income. Most banks have their income heavily dependent on lending activities with interest income to total income ratio of some banks reaching above 90% in 2010 (Quach, 2011). This causes many 1 banks concentrating on fund mobilization. One of key sources of fund would be the depositors’ funding. The source of fund is viewed as a stable funding and counts for a big part in banks’ balance sheet. Many strategies that banks persuad to lure their deposit growth including branch network expansion, high interest rate offer, attractive promotion campaigns. Due to the fact that the banking sector plays a key part in the economic activities and economic development, and social stability as well, the banking activities in Vietnam have been highly regulated. There are still many different experts’ opinions on if the banking sector needs to be moving more deregulation or regulation. However, taking the reason to prevent banks’ failure, the State Bank of Viet Nam put in place a very high level on banks supervision. Some regulations that directly affect banks’ expansion of credit and fund mobilization include control of capital adequacy, bank liquidity ratio, and the banks’ branch network expansion. Even though, the State Bank of Viet Nam tries to communicate and act to prevent the banks’ failure in the future. However, depositors are always facing with risk of losing their fund in case of banks’ run or bankruptcy. For deposit insurance, the depositors can receive is 30 million VND at maximum as per law. To study the depositors’ behavior is always necessary for banks to serve better their clients. In fact, a few information of depositors’ behavior have been made available in public sources in Viet Nam. Information is normally in the form of observation and experts’ opinion. In late 2013, there is a doctorate study on individual customers’ depositing behavior at banks made by Le Thi Thu Hang, which is available at the Viet Nam Instiute of Social Science. Le T.T.H (2012) scoped her study at nationan-wide scale and focused on individuals who had or did not have a deposit at banks. However, there has not been a similar study of the correlation 2 between depositors’ behavior and bank patronage in Ha Noi that the researcher could identify in the public sources. In addition, depositors’ behavior would always reflect through certain factors. Therefore, the study of the correlation of depositors’ behavior and bank patronage should be a key success factor for banks to win in the deposit competition race in Ha Noi and for those who want to get knowledge of the study. 1.2 Objectives of the Study The main objective of the study is to determine and analyse the correlation of depositors’ behavior and bank patronage in the inner districts of Ha Noi. Besides, the search aims to achieve the following objectives: 1. To describe the background of the general economic environment and the banking industry in Ha Noi 2. To determine and analyse comsumer behavior model and to determine depositors’ behavior model 3. To characterise the profile of the depositors in Ha Noi 4. To identify the factors that influence the depositors’ behavior in selecting banks in the inner districts of Ha Noi. 5. To determine the correlation of depositors’ behavior and bank patronage in the inner districts of Ha Noi. 6. To identify the winning strategies for banks in fund mobilization. 1.3 Statement of the Problem Funding mobilization is very ctitical to banks in Vietnam, especially in Ha Noi as a large number of banks with too high credit growth (Quach, 2011) with the limited source of owners capital need to maintain their growth and liquidity by seeking 3 deposits from public. In addition, banks face with stiff competition in deposit mobilization and this makes banks more difficult in attracting and keeping depositors. Ha Noi is a big city where all banks have presence and try to gain advantage over competitors. Understanding depositors’ behavior in Ha Noi would help banks adapt their funding strategies accordingly. However, there is a very limited knowledge of depositors’ behavior available in the research or at bank strategists’ desk. Therefore, it should be an opportunities for researchers to study the depositors’ behavior and make it useful to all stakeholders. To understand the depositors’ behavior in bank patronage. The following questions will be addressed: 1. What is the background of banking industry in Ha Noi? 2. What are the profile of depositors in Ha Noi? 3. What are the implications of depositors’ behavior? 4. How are the depositors’ behavior and bank patronage correlated? 5. What are the factors that influence the depositors’ behavior in selecting banks? 6. How do depositors prioritize the factors? 7. What are the winning strategies for the banks in fund mobilization? 1.4 Hypotheses of the Study The following hypotheses will be tested: Hypothesis 1: Depositors’ behavior in bank patronage is positively correlated to the level of interest rates that banks offer for taking deposits. Hypothesis 2: Depositors’ behavior in bank patronage is positively correlated to the availability of the bank. 4 Hypothesis 3: Depositors’ behavior in bank patronage is positively influenced by referral from friends or relatives. Hypothesis 4: Depositors’ behavior in bank patronage is positively correlated with the promotion campaigns that banks offer to depositors. Hypothesis 5: Depositors’ behavior in bank patronage is positively correlated with the bank reputation in the market. Hypothesis 6: Depositors’ behavior in bank patronage is positively correlated with the service quality that depositors experience with banks. Hypothesis 7: Depositors patronize the banks when their deposit is secured. 1.5 Significance of the Study The study is important as it addresses to answer several key questions and it benefits researchers and banks in setting up their strategy in fund mobilization. The study is to identify the factors that influence depositors’ behavior in selecting banks for placing their deposits. For the banking industry’s regulator, it finds out the gap between the fact and polices for fund mobilization, implication for strenthening the policy environment. For the banks, they understand factors to influence the depositors’ behaviors; through which banks would be able to address key issues that influence depositors in bank patronage and able to reshape their policies and strategies to win the competition. For marketers, the understanding of depositor behavior and influencing factors would help them to develop suitable and effective marketing campaigns. For researchers and students, they would have a valuable information about depositor behavior in Ha Noi and apply in the work and study. 5 1.6 Scope and Limitation of the Study The study focused on the Ha noi urban city area where the competition among banks is fierce and the main source of bank funding come from. The subject is on depositors who used to or place their deposits at financial institutions in Ha Noi urban areas. The survey questionnaire is developed to address several factors influencing depositors’ behavior. The direct interview method is used to collect primary data from depositors. The questionnaire could be handled directly by the researcher or agents. The interviews would be conducted from November 2012 to February 2013 within the inner districts of Ha Noi city. The limitations that have direct bearing on the results of the study consist of the following: (i) Duration of the study is short and resource is limited, these would not allow a large scale interview to be made. Therefore a reasonable sample size is expected to fit with the scope of the study; (ii) Ha Noi is a big city and it has just merged with Ha Tay province where over 80% population living in rural areas with limited access to banks, the study is only to conduct in the inner districts of Ha Noi urban city areas where population is highly condensed and well informed of banks and their services; (iii) Depositors are selected randomly and due to a low ratio of deposit access, it is not easy for interviewers to approach successfully interviewees at any time, hence it would take time and resources; (iv) there is limited information on the research available and there has not been any official research made, the identification of factors could be come from the review of literature and researcher’s experienced observations. 6 1.7 Definition of Terms 1. Bank is a credit institution which has the right to involve in all banking activities (Law on Credit Institutions, 2010). 2. Bank availability means bank office’s location that measured by a distance from bank to depositors’ place or the time they spend to reach the bank. 3. Bank patronage is a business give to a bank by its customers. 4. Behavior is simply a response of an individual or a group to an action, environment, person or stimulus. 5. Commercial bank is a bank which is allowed to provide all kinds of banking activities for profit. 6. Credit Institution is an entity to involve in one, some or all banking activities. Credit institutions include banks, non-bank credit institutions, micro finance institution and People’s credit funds (Law on Credit Institution, 2010). 7. Customer behavior is response that customer reveals during the process of acquiring goods or services and usage and influenced by subjective and objective factors. 8. Deposit is an amount of money that a depositor places in bank with expectation to add value, keep secure and convenient for use. 9. Depositor is a person/individual who places his/her money at banks in term of savings, or buys banks’ term deposit certificate or bond. 10. Depositors’ attitudes are defined as depositors’ evaluation of the banks in terms of service quality and bank brand, operating conditions. 11. Depositors’ behavior is the depositor’s selection of bank, kind of money, term, and kind of deposit, originated from his motivation, perception and attitudes and the behavior is influenced by subjective factors such as age, professional, work 7 experiences and income, and objective factors like bank influencers, social and economic environment. 12. Depositors’ motives are to seek for value added, to ensure safety and convenience for their money. 13. Depositors’ perception is defined as the depositors’s understanding and knowledge of banks and their products and services. 14. Foreign banks are are commercial banks having branches or establishing 100%own banks in Viet Nam. 15. Funds mobilization is banks’ activities to mobilize funds or deposits from different sources including funds from depositors. 16. Gross Domestic Product (GDP) is the market value of all officially recognized final goods and services produced with a country in a given period of time. 17. Human behavior refers to the range of behaviors by humans and influenced by culture, attitudes, emotions, values, ethics, authority, rapport, hypnosis, persuasion, coercion. 18. Interest rate is the price that banks offer to pay depositors for taking deposits with commitment to return deposit amount in full plus interest at the end of deposit period. 19. Joint Stock Banks are the commercial banks established in Viet Nam with capital contribution from individuals and entities. 20. Non-performing Loans (NPL) is the loans at banks that overdue more than 90 days. 21. Promotion is the marketing campaigns adding more value to depositors that banks offer to them. 22. Referral is recommendation or advice from depositors’ friends or relatives to use a bank or products. 8 23. Reputation is the bank image and brand name. 24. Service quality is the quality of products or services that banks offer and could be measured through depositors’ satisfaction. 25. State Owned banks are the commercial banks established in Viet Nam with the state controls more than 50% owner capital. 26. The State Bank of Viet Nam (SBV) is the central bank of Viet Nam who is responsible to manage and supervise the banking system of Viet Nam. 27. Viet nam dong (VND) is the official currency of Viet Nam 28. Viet Nam General Statistical Office (GSO) is the government entity providing the statistical data. 29. United States Dollars (USD) is the official currency of the United States of America. 9 CHAPTER II REVIEW OF LITERATURE AND STUDIES The chapter presents the discussion of the overview of Viet Nam economic development and the literature review of banking industry, the consumer behavior model, similar studies of depositors behavior and, the review of influencing factors to depositors as well. Deposit formulates a key part in banks’ balance sheet. Banks are only able to fund its growth of balance sheet size by attracting more deposit. Giving the strong competition in the banking industry, banks’ survival in the long- run would very much depend on whether they are able to attract depositors and retain them. Therefore, the study on the depositors’ behavior in bank patronage is the key to help the researcher and banks to address better the issue of winning depositors’ interest. 2.1. Economic Development 2.1.1. Viet Nam Economy Viet Nam population is 86.9 million, of which 30% lives in urban areas and 70% lives in rural areas (General Statistic Office (GSO), 2010). The country has experienced bouts of macroeconomic turbulence in recent years—double-digit inflation, depreciating currency, capital flight, and loss of international reserves—eroding investor confidence. Rapid growth has revealed new structural problems. The quality and sustainability of growth remain a source of concern, given the resource-intensive pattern of growth, high levels of environmental degradation, lack of diversification and value addition in exports, and the declining contribution of productivity to growth. Vietnam’s competitiveness is under threat because power generation has not kept pace with demand, logistical costs and real 10 estate prices have climbed, and skill shortages are becoming more widespread (world Bank (WB), 2012). The Socio-Economic Development Strategy 2011-2020 gives attention to structural reforms, environmental sustainability, social equity, and emerging issues of macroeconomic stability. It defines three "breakthrough areas": (i) promoting human resources/skills development (particularly skills for modern industry and innovation), (ii) improving market institutions, and (iii) infrastructure development. The overall goal is for Vietnam to lay the foundations for a modern, industrialized society by 2020 (WB, 2012). 2.1.2. Ha Noi Economic Development Ha Noi is the capital of Viet Nam. In 2008, Ha Noi expanded in geographical area by merging with Ha Tay province, extending to 3,3 million km2 with population of 9 million (GSO, 2012). The average GDP growth rate per annum: 10% (20112015), 9% (2016-2020), and about 8% (2021–2030) and GDP per capita: about US $3,300 (by 2015), US $5,300 (2020) and US $11,000 (2030 as projected (Xuan Hong, 2009). According to the strategy on socio-economic development to 2030, Ha Noi continues to function as the country’s administrative and political center and an ecological city of thousand-year civilization. Hà Nội will focus on building a knowledge economy, nurturing talents and skilled human resource, so as to become a high-grade training center in the region. The city will further prioritize hi-tech industries and modern services, especially finance, banking, insurance, securities, post and ICT, health, education and scientific services. Meanwhile, agriculture will be 11 modernized through applying technical advances. Under the strategy, Hà Nội will be an urban complex with modern technical infrastructure (Xuan Hong, 2009). 2.2. Regulation of Banking Industry 2.2.1. Background of Vietnam Banking Industry Vietnamese banking sector consists of 99 banks and foreign bank branches including 6 state owned banks (including VCB and CTG), 34 jointstock commercial bank, 55 foreign banks and foreign bank branches, and 4 joint venture banks. Only 11 out of 40 domestic banks (25.6%) have chartered capital of VND5,000 billion and above. Small banks account for a large proportion in the banking sector currently. Most of these were initially rural commercial banks but are now pursuing the strategy of becoming national banks. This transition enabled them to achieve fast expansion in terms of assets and high growth of loans within a short time, however, risk management and corporate governance were not accordingly improved to mitigate risks (Quach, 2011). Banks have strongly grown not only in number but also in size of operating network. However, the development strategy of each bank determines the way it expands the geographical coverage of branches, transaction offices and ATMs. Table 1 bellow provides classification of banks by ownership and some key indicators of the banks in Viet Nam. There are only 6 SOBs but they dominate the market with nearly 40% marketshare while 34 JSCBs also have the same portion of market share and the remaining 10% for foreign banks and joint ventrure banks. The Appendix A.1 to A.5 provide details of name, capital, location of head office and some key information of all participants in the banking industry. It is obvious that most of the banks based their head offices in Ha Noi and Ho Chi Minh Cities where having concentration of commercial and economic activities and big size of healhy 12 population. Some few JSCBs locate their head offices in provinces, mainly historically for license in the fast, but their operation also concentrate in Ha Noi and Ho Chi Minh and some other healthy areas. Table 1 Bank classification by ownership and key indicators as of 30 June 2013 Total Assets Type of banks State Owned Banks (SOBs) Jointstock Commercial Banks (JSCBs) Foreign and Jointventure Banks Total Own Capital Statutory Capital ROA (billion VND) (billion (billion VND) VND) 2,220,182 135,854 111,852 2,181,901 609,161 5,011,244 175,207 95,083 406,144 178,847 76,149 366,848 % ROE CAR % % 0.29 4.23 10.15 0.18 0.31 0.23 1.95 1.90 2.52 13.83 28.58 13.41 Source: The State Bank of Viet Nam 2.2.2. Key Challenges Facing the Banking Industry According to Quach, 2011, the Viet nam baking sector is summarized by the following characteristics : (i) Banking sector experienced dramatic growth in both quantity and total assets during 2005 – 2010, (ii) High NPL ratio, small size, credit growth much higher than deposits and GDP growth, and income heavily depending on lending are key characteristics of the banking sector. NPL ratio of the whole sector was 3.1% in June 2011 and is expected to reach 5% in 2011 year end. Average credit growth during 2000-2010 was 32%, higher than 29% of deposit growth and 7.15% of GDP growth, which might cause negative impacts on the health of the economy. (iii) Since the beginning of 2011, the banking sector has gone through hard times, due to instability of the interest rate and multiple changes in the credit policy. The SBV has continually adjusted policy rates and imposed a rate cap on VND and USD deposits in 13 an effort to control inflation and stabilize the macro economy. Credit growth was slow during the first 7 months of 2011 due to inefficient capital flow among banks and markets. Interest rate racing among banks and a large gap maintained between USD and VND credit growth were highlights in this period. After the too fast expansion and growth of the banking industry, it is projected that the banking industry would face with a consolidation period. The clear signals were starting from mid of 2012 as (i) the banking industry faced with serious liquidity problems and many of them had to ask for the help of last resort from State Bank, (ii) the Sate Bank of Viet Nam stopped giving licenses for banks to open new branches, (iii) the governor of the State Bank of Viet Nam warmed that strong actions should be taken with weak banks through restructuring process or mergered with other banks and there would be 5 to 8 banks should be mergered in 2012, following of the merger of 3 banks in 2011 including SCB, Ficobank and VNtinnghia bank. According to Vu H., 2013, 9 weak banks have been placed under restructruring program innitiated by SBV, including (i) the merger of three banks (SCB, Ficombank, and Vntinnghia bank, (ii) the merger of Habubank into SHB bank, (iii) restructure of Trust bank, and (iv) the merger of Western bank and PVFC – a financial company. Besides, DaiA Bank and HDBank annouced their merger at shareholders’ meeting on 15 June 2013 (Giaoduc.net.vn, 2013). Also, Vu H., 2013 mentioned that the restructuring of banks has made significant progress as the safety of banking system improves, the signal of banking system colapse is over, deposit withdrawal is served on time, and the money market is stabilized. Even during financial crisis time and consolidation of the banking system, the figure showed an increase of public deposits in banking system. This indicated the depositors’s confidence on the banking system in general. The increase of deposits in 14 the banking system was by 11.23%, while credit increased only by 1.4% at of August 2012, in compared with the year beginning (Vneconomy.vn, 2012). Other inplication of the situation is that depositors might not have better choices of investment, rather than making deposits at banks. 2.3. Background of Ha Noi Banking Industry 2.3.1. Banking Industry in Ha Noi According to SBV HN (2012), in Ha Noi, there are 2,041 branches and transaction offices, belong to 403 credit institutions. Total assets of all credit institutions are 1,455,497 billion VND, of which 471,296 billion VND for sate owned banks, 566,294 billion VND for joint stock banks, 153,571 billion VND for foreign banks, 5,726 billion VND for joint venture banks, 132,834 billion VND for financial companies, and 115,330 billion VND for others. Ha Noi is Viet Nam’s capital where most of banks locate their head office. Banks are providing full range of banking products and services. According to Kim C., 2013, total fund mobilization in Ha Noi reaches 857,473 billion VND while credit reaches 616,600 billion VND as of the end of February 2013. This figure indicates that a part of funds mobilized in Ha Noi should be used to fund credit growth in other markets. As Ha Noi is considered as a pool of funds, all banks concentrate in the market and competion become very strong. 2.3.2. Practice in Deposit Mobilization in Ha Noi For a long period of time from 2005 – 2011, the average credit growth rate of the banking system is 30% per year. This causes the fierce competition among credit 15 institution to mobilize fund for their asset growth. In consequence, the competition in saving mobilization is very strong and always causes the increase of interest rates. To prevent the over-increase of the cost of funds that would negatively impact the economy and economic activities, the State Bank of Viet Nam set the cap on deposit rates. At the same time, SBV also regulated to limit the withdrawal of deposit before due by applying the demand rates which are low to every before-due withdrawal. In fact, deposits at credit institutions are mainly short term deposits less than 3 months (SBV HN, 2012). Due to the regulated cap on deposit rates, small banks are loosing advantage in compared with bigger banks. To attract deposits and keep depositors, small banks use many ways to compensate depositors, which eventually increase the cost of fund much higher than the cap. Given the difficulties in the banking system and the economy, the fund mobilization in Ha Noi for the first half of 2013 increases by 5.74% compared with 31 December 2012 while credit increases ony by 1.8% (Nguyen T., 2013). This means that depositors still increase their deposits at banks and consider banks as an attractive channel for investment or keep their money safe. 2.4. Consumer Behavior Consumer behavior is a complex process involving the activities people engage in when seeking for, choosing, buying, using, evaluating and disposing of products and services with the goal of satisfying needs, wants and desires. Arnould, Price & Zinkhan (2002) defines consumer behavior as individuals or groups acquiring, using, and disposing of products, services, ideas, or experiences. A range of factors; both internal and external take to influence consumer behavior. These factors range from short‐term to long‐term emotional concerns . Understanding the process of 16 how a purchase decision is reached is fundamental as this forms the foundation that can be used to analyze any given product or services. In the following, the researcher discusses two conceptual models of consumer behavior that form the foundation of the study, namely the Engel, Kollat and Blackwell model and the Hawkins, Best and Coney model. Hawkins, Best & Coney (1998) presents a conceptual model of consumer behavior. External and internal factors contribute to the formulation of self-concept and lifestyle, which take an impact on the consumer decision process. During this process, experiences and acquisitions update the original external and internal influences. Figure 1 Conceptual Model of Consumer Behavior Source: Hawkins, Best & Coney (1998) In the model, the individual's self-concept and life-style will be influenced by both external and internal factors. The external influences are mainly sociological and 17 demographic, including constructs such as culture, demographics, social status, reference groups and family. The internal influences are mainly psychological and physical, including constructs such as perception, learning, memory, motives, personality and attitudes. According to the conceptual model, the individual's selfconcept and life style generate needs and desires, some of which are satisfied by consumption decisions. The individual is confronted with situations that trigger the consumer decision process. The stimuli may include products, retail outlets, sales personnel, advertisements, etc. The consumer responds to the stimuli after following a problem-solving process which includes problem recognition, information search, alternative evaluation and selection, outlet selection and purchase, and post purchase processes. The stimuli is said to activate and create a state of dissatisfaction or problem that the consumer will engage in solving. In this conceptual model the general structure of the stimulus-organism-response models, wherein the internal processes leading to the individual's response are stated in terms of informationprocessing and problem-solving or decision-making. Hawkins, Best, & Coney (1998) in bellow also describes a conscious problem solving and learning model of consumer behavior. This model shows the development in customer behavior. In the model there are five stages, this involves problem recognition, alternate evaluation, search for alternatives and purchase and outcomes. It is not essential for the customers to go through all those stages. 18 Figure 2 Conscious Problem Solving and Learning Model of Consumer Behavior Source: Hawkins, Best, & Coney (1998) The customers would get data from marketing and non marketing research; this would influence the problem recognition. This is the first stage of the decision making process for the customer. If the customers have still not come to a final decision, the consumer would go to the next stage of the model. This model has a good description of active information seeking and evaluation processes of consumer. The information processed in this model is the stimulus. The consumer decision 19 processes act upon this stimulus in order to determine a response to it. The model attempts to explain each stage and shows interrelated between the stages of consumer buyer behavior from the stimulus, through the purchase to post purchase behavior. 2.5. Review of Related Studies There are many related studies available in the public sources, both overseas studies and domestic studies. There is not a same captioned studies of the correlation between depositors’ behavior and bank patronage. However, the depositors’ behavior had been studied by many scholars or researchers in conjunction with economic environment, insurance system, during a financial crisis time, and with bank characteristics. According to Schmukler S., Peria M.S.M., and Levy E. (2009), depositors respond to increases in bank risk- reflected in bank-specific characteristics by demanding higer interest rates on their deposits or by withdrawing their funds, penalizing managers for excessive risk-taking. Macroeconomic risks can influence depositors action, both regardless of and through bank-specific characteristics. The effects can take place when worsening macroeconomic conditions directly threathen the value of market participants’ assets such as bank deposits. Macroeconomic factors are significant drivers of depositor behavior in crisis periods, at times overshadowing the role of bank-specific characteristics. Babolola (2009) mentioned that although trust is the conerstone of the banking industry, the perceptual factors influence the customers’ choice of banks. Attitudes are important in a consumer environment and attitudes influence thoughts, feelings, and most importantly behavior. Also, the overriding choice of the customers may depend on a number of external factors. 20
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