2.3.5 Mean value test
2.3.5.1 Testing the average value of factors affecting the decision to choose
Select customer bank
Assumption:
H 0 : Level of customer agreement with factors influencing decision
Bank selection by Test Value µ
H 1 : The level of customer agreement with factors influencing decision
choose another bank Test value µ
Table 14: Testing the average value of factors
Criteria
Average value | Test value µ | I observe | level of intention meaning | |
Promotion | 3.5312 | 3 | 8,090 | 0.000 |
Product quality | 3.5219 | 7,660 | 0.000 | |
Bank reputation | 3.7500 | 8,186 | 0.000 | |
Accessibility | 3.4948 | 6,939 | 0.000 | |
Brand awareness | 3.6328 | 7,941 | 0.000 |
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(Source: Results of survey data processing)
Based on the above data processing results, we see that most customers rate the factors affecting their decision to choose a bank in the range of 3.4 to 3.7. In addition, the significance level of all these factors is equal to 0.000, less than 0.05. This means that within the scope of the survey sample, we have grounds to say that customers' assessments of these factors are above neutral (because the observed t is greater than 0, so we can say that the average value is greater than the test value). Initially, it can be said that the activities that banks offer such as promotions, improving the quality of products and services, promoting the bank's brand to increase prestige, expanding the network to increase accessibility for customers... have all been rated above neutral by customers, meaning that they have had a certain effect, thereby affecting customers' psychology. But that level of impact is still not really big enough to make customers rate these factors as acceptable.
2.3.5.2 Test of mean value for customer comments on bank selection decision
Table 15: Mean value test on bank selection decision
Comment
Average value | Value inspection | t observe | Significance level ( Sig) | |
Choose Maritime Bank is the right decision | 3.7031 | 3 | 9,023 | 0.000 |
4 | -3.810 | 0.000 |
(Source: Survey data processing results) The test result with the value of 3 gives us sig. equal to 0.000, through which we can conclude that within the allowable sample range, customers evaluate the Maritime selection factor as the correct decision above the neutral level (observed t is greater than 0). But in the opposite direction, when testing with the value of 4 (agree), then with sig. = 0.000 but observed t is less than 0, we can accept that the above comment is still not agreed by customers. This is explained by the fact that the factors affecting the decision to choose a bank are not highly appreciated by customers (in the above section), leading to a decrease in the overall assessment of customers. Therefore, to make customers more satisfied, banks need to have measures to improve customer service capabilities, making customers satisfied.
and further agree with the criteria considered above.
2.3.6 Testing for differences
2.3.6.1 By gender
Table 16: Independent Samples Test results by gender
Inspection variance | Independent Samples Test | |||||
F | Sig. | Distinctive of GTTB | t | df | Sig. | |
Equal variance | 2,115 | 0.148 | -0.11241 | -0.720 | 126 | 0.473 |
Unequal variances | -0.11241 | -0.724 | 123.8 | 0.470 | ||
(Source: Results of survey data processing)
The Levene's Test results give a Sig. value > 0.05, which allows us to conclude that the variances of these two samples are homogeneous. Therefore, we will use the test results in the first row, Assuming equal variances.
From the statistical test results, we see that Sig. = 0.473 > 0.05, so we have no basis to reject the hypothesis H 0 , that is, there is no difference in the level of agreement with the opinion of choosing a bank of male and female customers in the total sample surveyed.
2.3.6.2 Hypothesis testing for age group differences
To test the two statistical hypotheses above, we first need to test for homogeneity.
of variance between age groups.
Table 17: Test for age differences
Levene's test results for homogeneity of variance by age
Sig. | 0.100 | ||||
OneWay Anova test results by age | |||||
Sig. | 0.005 | ||||
Post Hoc test of age differences in Customer reviews on bank selection decisions | |||||
Dependent variable | Year old | Compared to age | Distinctive Average value | Sig. | Conclude |
Customer reviews for bank selection decision | Under 25 4 | 25 – 40 | -0.582 | 0.109 | Are not |
40 – 55 | -1.121 | 0.003 | Distinctive | ||
Over 55 | -0.636 | 0.105 | Are not | ||
25 – 40 3 | Under 25 | 0.528 | 0.109 | Are not | |
40 – 55 | -0.539 | 0.003 | Distinctive | ||
Over 55 | -0.054 | 0.795 | Are not | ||
40 – 55 1 | Under 25 | 1.121 | 0.003 | Distinctive | |
25 – 40 | 0.539 | 0.003 | Distinctive | ||
Over 55 | 0.484 | 0.040 | Distinctive | ||
Over 55 2 | Under 25 | 0.636 | 0.105 | Are not | |
25 – 40 | 0.054 | 0.795 | Are not | ||
40 – 55 | -0.484 | 0.040 | Distinctive | ||
(Source: Results of survey data processing)
The test results show that there is no difference in the homogeneity of variance between different age groups (Sig. = 0.100 > 0.05), so we can use the Anova test to test the difference between these customer groups of different ages. Continuing to use the Anova test to test the difference between age groups, we have Sig. = 0.005 < 0.05, which means that within the scope of the research sample, we can conclude that the level of agreement with the decision to choose a bank of customer groups of different ages is different.
Looking at the results of the Post Hoc in-depth test, we see that the group of customers aged 40 – 55 years old has the highest level of agreement with this statement. Next is the group of customers aged 55 and above. In contrast, the group of customers under 25 years old has the lowest level of agreement with the above statement.
2.3.6.3 By educational level
Table 18: Test for differences by educational level
Levenne's test for homogeneity of variance
Sig. | 0.015 | |
Kruskal–Wallis non-parametric test | ||
Chi-square statistics | ||
Asymp. Sig. | 0.015 | |
Results of Kruskal-Wallis one-factor analysis of variance | ||
Average | Middle School, High School, | 60.62 |
Secondary, college | 52.42 | |
University | 67.11 | |
Postgraduate | 97.00 | |
(Source: Results of survey data processing)
To be able to use the Oneway Anova test to test whether the difference in the Level of Agreement with the decision to choose a bank of customers with different education levels is different or not, we first check the homogeneity of variance of the groups. The result shows that Sig. of Levenne's test = 0.015 < 0.05, so we conclude that the variance of the groups is not homogenous, so we cannot use the Anova test to test the difference, but we have to switch to the non-parametric Kruskal - Wallis test to test. Asymp. Sig. result of the non-parametric Kruskal test
– Wallis = 0.015 < 0.05, so within the scope of the research sample, we can conclude that
There are differences between groups of customers with different educational levels in their agreement with the decision to choose a bank. Specifically, customers with postgraduate education have the highest level of agreement (mean = 97.0), followed by customers with university education (mean = 67.11), customers with secondary and high school education have an average of 60.62, and customers in the intermediate and college group have the lowest level of agreement with the decision to choose a bank (52.42).
From the Kruskal-Wallis test results, the group has the following comparison:
After the Great
learn
Grand
learn
Secondary, College
Middle School, High School
2.3.6.4 According to customer income level
Table 19: Test for differences by income level
Levene's test results for homogeneity of variance across income levels
Sig. | 0.717 | ||||
OneWay Anova Test Results by Income Level | |||||
Sig. | 0.046 | ||||
Post Hoc Test of Differences Between Income Levels on customer comments on bank selection decision | |||||
Dependent variable | Level income | Compared to the level income | Distinctive Average value | Sig. | Conclude |
Customer reviews for bank selection decision | Under 3 million | From 3-5 million | 0.578 | 0.018 | Distinctive |
From 5-10 million | 0.130 | 0.578 | Distinctive | ||
Over 10 million | 0.400 | 0.150 | Are not | ||
From 3-5 million | Under 3 million | -0.578 | 0.018 | Distinctive | |
From 5-10 million | -0.448 | 0.021 | Are not | ||
Over 10 million | -0.178 | 0.459 | Are not | ||
From 5-10 million | Under 3 million | -0.130 | 0.578 | Distinctive | |
From 3-5 million | 0.448 | 0.021 | Are not | ||
Over 10 million | 0.269 | 0.251 | Are not | ||
Over 10 million | Under 3 million | -0.400 | 0.150 | Are not | |
From 3-5 million | 0.178 | 0.459 | Are not | ||
From 5-10 million | -0.269 | 0.251 | Are not | ||
(Source: Results of survey data processing)
Based on the test results, with 95% confidence, there is sufficient statistical evidence to draw the following conclusions:
There is no difference in customers' comments on their bank selection decisions for the income groups of 3-5 million, 5-10 million and over 10 million. In other words, customers in these 3 income groups all rate their bank selection decisions equally.
There is a difference between the group of customers under 3 million compared to the 2 higher income groups. More specifically, this group believes that choosing Maritime Bank is a more accurate decision than the other 2 groups. This is also understandable, because the group of customers with low income can more easily decide to choose a bank for them, they do not need or have a lower demand for additional additional service elements of the bank, this is the opposite compared to the customer groups with higher income.
2.3.6.5 According to customer's profession
Table 20: Test for differences by occupation
Levenne's test for homogeneity of variance
Sig. | 0.008 |
Kruskal–Wallis non-parametric test | |
Chi-square statistics | |
Asymp. Sig. | 0.308 |
(Source: Results of survey data processing)
Levenne's test gives us a Sig. value < 0.05, so we will use a non-parametric test to check if there is any difference between customers in different occupational groups?
The result of the Kruskal – Wallis non-parametric test gives us Asymp. Sig. = 0.308 > 0.05, so within the scope of the survey sample, we can conclude that there is no difference between occupational groups in agreeing with the decision to choose Maritime Bank to use deposit services.
2.3. Summary of Chapter 2
This chapter 2 presents the current status of factors affecting customers' decision to choose a bank in Hue city through the survey results of 128 customers using savings deposit services at Maritime Bank. To evaluate the level of
To evaluate the reliability of the scale, the study used Cronbach's Alpha coefficient, normal distribution test and EFA exploratory factor analysis. In addition, regression techniques and T-test were also used to quantify the factors affecting the bank selection behavior of customers at Maritime Bank in Hue city.
The results of interviews with 128 customers show that when deciding to use deposit services at the bank, customers are most concerned about the interest rate on savings deposits, meaning that because they want to increase the amount of money they have, they deposit their money in the bank, which is correct and true in practice.
Through regression, the study identified factors influencing customers' decision to choose a bank, including: Promotional programs, Quality of products and services, Reputation of the bank, Accessibility to the bank and Customer brand awareness of the bank. In which, the most influential factors are Promotional programs and Quality of products and services.
Although customers are most interested in interest rates when saving at banks, the Promotion Program is an important factor to attract customers to save at Maritime Bank. This is explained by the following two reasons: first, the interest rates at banks are similar and there is no significant difference between banks, customers want to increase their money from saving, this is what all banks can meet for customers. Second, only the promotion programs between different banks are different, this is what makes customers interested and choose MSB bank as the place to save their money.
In addition, demographic factors - personal characteristics of customers also have certain impacts on customers' decisions. These are factors such as Age, Education Level and Income Level of customers. Although each customer is in a different group, the level of influence of these factors on their decision to choose a bank is different.
The next chapter will present some orientations and solutions to help managers and banks have certain strategies to bring efficiency to the bank's business operations.
CHAPTER III
ORIENTATION AND SOLUTIONS
3.1. Orientation
-Development goals:
Maritime Bank Hue branch is currently improving to meet the increasing demand for banking services of customers in the area and improve business efficiency. Therefore, the bank's core goal is sustainable and long-term development for the bank, customers and society.
-Long term orientation:
Expanding scale, capturing market share to increase revenue, commensurate with
reputation of Maritime Bank.
-Short term orientation:
Strengthening promotion and introducing Maritime Bank's image to customers in Thua Thien Hue.
As a newly established bank with a short time of operation, in this initial stage, cost is the top concern. Therefore, financial planning and creating working capital to be proactive in all activities are always focused on. By doing this well, Maritime Bank Hue will be more proactive in implementing activities with the aim of attracting customers to the bank.
Strengthening management and administration.
Focus on recruitment and training to build a complete management system and team.
Good employees meet the increasingly demanding requirements of the job.
Help customers access banks more easily, remove barriers and create the best conditions for customers when transacting at banks.
3.2. Solution
Through the research results, we can see that to make a decision to use deposit services at Maritime Bank, customers are mainly influenced by groups of factors: Promotion, Quality of products and services, Bank reputation, accessibility, Brand awareness. Each customer has different assessments of the
factors that influence their decision to use the service. Most customers agree that all of these factors tend to have a positive influence on their decision to choose, but some other factors are not highly appreciated by customers. Therefore, to have a relatively large number of customers agreeing on all of these factors, the author of this topic himself proposes some solutions for each factor as follows:
3.2.1 Improve the quality of promotional programs, and organize
events to communicate to customers about Maritime Bank
One of the strongest factors that stimulates customers' attention to using the service is the promotional factor. A bank with a large promotional program with attractive promotional products will always have an advantage over other banks.
At Maritime Bank, the promotional program factor affecting the decision to choose a bank is only rated above neutral but below agreement by customers, which shows that if the level of customer satisfaction with promotional programs increases, the level of customer attraction of the bank will increase significantly.
Therefore, grasping this information, banks need to focus on investing more heavily in promotional programs with attractive gifts, organizing lottery programs with large prize structures, but lower winning chances to limit promotional costs for banks. MSB should build promotional programs on holidays that are suitable for the target customers of that holiday so that customers always feel the attention from the bank.
3.2.2 Group of solutions to improve the quality of services
In order to mobilize a large amount of deposits from the population, banks need to diversify and enrich the types of products and services. The solution for banks is to develop a rich and diverse range of existing products, which has been done quite well at Maritime Bank.
What matters to customers when considering the quality of a bank's service is the superior features of the product, its convenience and ease of access to the service.
Outstanding features of the product include the flexibility of the deposit (easy withdrawal and deposit), flexibility of interest rates, and incentives for customers.
Additional services to increase information for customers about their bank accounts, if implemented well, will help customers feel more secure. To do this, MSB should deploy Internet Banking and SMS Banking services for depositing customers, making customers feel the level of convenience when depositing money here.
Implement some programs with preferential interest rates for some loyal customers who have used the bank's services for a long time and have large deposits. There are attractive programs, encouraging new customers to try the service for the first few months to help them feel and be satisfied with the service package right from the start.
In addition, understanding and recognizing the value of the bank's deposit products and services also helps customers move from deciding not to deposit savings to term deposits at banks, so explaining to customers about the advantages of the bank's products and services compared to other banks also helps customers more easily decide to choose Maritime Bank to deposit money there.
3.2.3 Group of solutions to increase bank reputation
When choosing to use a service or product package, every customer compares and evaluates the benefits they receive between this company and another company. For banking services, it is different. In order for the money they deposit to be truly safe and have the potential to generate high profits, the first and most important factor is the reputation and brand of that bank. In this factor, customers who have used and are using the bank's deposit service all agree that this factor strongly affects their decision to use the service. This means that the bank's reputation and brand are highly appreciated by customers. Therefore, banks need to maintain and create more solid trust in the future to be able to mobilize a large amount of money from idle sources among the population.
Some activities to increase MSB's reputation have been well implemented by the management in the past time. To maintain and increase its reputation, MSB can refer to some specific activity proposals such as:
- Organize programs to sponsor social activities such as festivals, sports festivals, humanitarian programs... to show customers that this is a public bank.
- Implement programs with the main participation of the bank's customers such as mobilizing customers to donate clothes and books to children and those in difficult circumstances. Organize press conferences to solve difficult problems regarding interest rates with large customers and have the ability to help the bank expand its customer base to find ways to solve difficult problems, while making customers more confident in Maritime Bank.
3.2.4 Group of solutions to increase access to banking
Currently, the bank's consulting staff or sales staff is still relatively small, so the ability to approach and care for current customers is still limited, while customers often have questions about the bank's products and services. If MSB strengthens its consulting staff and sales staff, it will have more opportunities to answer questions for current customers, and the staff can approach and attract new customers. Thus, more customers will agree to choose Maritime Bank to trust and deposit money in the bank.
The bank's team of consultants and product introduction staff for new customers still encounter some confusion when consulting, not being clear and coherent, leading to customers still having questions when accessing products and services, so I would like to propose:
- At Hue branch bank: regularly organize basic training classes, practice fluently the operations before direct contact with customers to help employees confidently and patiently persuade customers to use the service.
- Branch staff must be continuously sent to short-term training courses conducted by the main bank by leading domestic experts and experts working in the banking and finance sector so that staff can learn more experience from their predecessors, have solid professional skills, and have many typical examples to convince customers well.
In addition, the first fees customers must pay when accessing the products
Bank services such as card opening fees and contract fees are also a limiting barrier.
The effort to access the bank of customers, so the reduction of moderate fees, the fee shows competition with other banks to help customers more easily agree to pay fees and use the services of Maritime Bank.
3.2.5 Brand awareness factor
To help customers easily recognize the bank's brand through mass media in the fastest way, in addition to hanging banners, posters or through leaflets, newspapers, TV channels..., a tool that helps customers recognize the brand relatively well, positively affects the decision to use the bank's services quickly, which businesses tend to use a lot today is PR. With this tool, banks do not need to talk much about their bank's brand but will use experts... to talk about the bank's brand.
Specifically, the logo and brand identity of Maritime Bank also regularly appear in game shows, programs that have a great influence on society by MSB sponsoring those programs, helping to award valuable scholarships to poor students who are diligent in their studies...
In addition, organizing events can also make customers pay attention to their bank. MSB has previously been building large PR programs such as: Sponsoring the Hue Festival International Fair 2012, special children's program on June 1, road shows on the streets... These activities have affected customers' psychology, attracting customers to initially learn about the bank, helping to increase the possibility of being chosen to deposit money.